Schedule of Investments (unaudited) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds — 122.3% |
| |||||||
Alabama — 2.6% |
| |||||||
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A: | ||||||||
5.80%, 05/01/34 | $ | 1,850 | $ | 1,878,342 | ||||
5.38%, 12/01/35 | 1,000 | 1,061,080 | ||||||
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A, 4.50%, 05/01/32(a) | 5,000 | 5,481,300 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(b) | 7,610 | 7,913,943 | ||||||
|
| |||||||
| 16,334,665 | ||||||||
| Alaska — 0.6% | ||||||||
City of Anchorage Alaska Electric Revenue, Refunding RB, Series A, 5.00%, 12/01/41 | 3,000 | 3,420,960 | ||||||
|
| |||||||
| Arizona — 5.6% | ||||||||
Arizona IDA, RB, S/F Housing, NCCU PropertiesLLC-North Carolina Central University Project, Series A (BAM), 4.00%, 06/01/44 | 1,435 | 1,539,841 | ||||||
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a) | 2,500 | 2,747,775 | ||||||
City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 07/01/20(b) | 2,000 | 2,044,260 | ||||||
City of Phoenix Arizona IDA, RB, Candeo School, Inc. Project: | ||||||||
6.63%, 07/01/33 | 2,245 | 2,555,439 | ||||||
6.88%, 07/01/44 | 3,440 | 3,889,436 | ||||||
City of Phoenix Arizona IDA, Refunding RB(a): | ||||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/35 | 600 | 652,752 | ||||||
Basis Schools, Inc. Projects, 5.00%, 07/01/45 | 760 | 808,670 | ||||||
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 | 1,125 | 1,223,910 | ||||||
Legacy Traditional School Projects, 5.00%, 07/01/45 | 700 | 741,321 | ||||||
City of Phoenix Civic Improvement Corp., ARB, Junior Lien Airport Revenue Bonds, Series B, AMT, 3.25%, 07/01/49(c) | 2,195 | 2,191,576 | ||||||
County of Maricopa Arizona Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 06/01/35 | 3,300 | 3,350,160 | ||||||
| Security | Par (000) | Value | ||||||
| Arizona (continued) | ||||||||
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 | $ | 9,805 | $ | 13,112,815 | ||||
|
| |||||||
| 34,857,955 | ||||||||
| Arkansas — 0.6% | ||||||||
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) | 3,790 | 4,015,202 | ||||||
|
| |||||||
| California — 3.3% | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) | 5,600 | 5,795,160 | ||||||
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43 | 2,800 | 3,271,660 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1: | ||||||||
5.00%, 06/01/47 | 855 | 879,889 | ||||||
5.25%, 06/01/47 | 1,025 | 1,061,213 | ||||||
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement DistrictNo. 2007-1, Election of 2008, Series B, 0.00%, 08/01/46(d) | 10,000 | 4,265,900 | ||||||
San Francisco City & County AirportComm-San Francisco International Airport, Refunding ARB, AMT, Series E, 4.00%, 05/01/50 | 5,000 | 5,522,100 | ||||||
|
| |||||||
| 20,795,922 | ||||||||
| Colorado — 0.9% | ||||||||
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) | 1,025 | 1,085,495 | ||||||
Colorado Health Facilities Authority, Refunding RB, AdventHealth Obligated Group, 4.00%, 11/15/43 | 2,320 | 2,596,498 | ||||||
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 | 1,000 | 1,048,160 | ||||||
Serenity Ridge Metropolitan District No 2, GO, Series A, 5.13%, 12/01/43 | 1,000 | 1,063,180 | ||||||
|
| |||||||
| 5,793,333 | ||||||||
| Connecticut — 0.6% | ||||||||
State of Connecticut, GO, Series A, 5.00%, 04/15/38 | 3,325 | 4,022,851 | ||||||
|
| |||||||
| Delaware — 0.9% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 | 2,500 | 2,594,350 | ||||||
| 1 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Delaware (continued) | ||||||||
State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43 | $ | 2,780 | $ | 3,269,586 | ||||
|
| |||||||
| 5,863,936 | ||||||||
| Florida — 9.7% | ||||||||
Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a): | ||||||||
5.00%, 05/01/32 | 905 | 975,527 | ||||||
5.00%, 05/01/48 | 2,270 | 2,384,726 | ||||||
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48 | 9,370 | 11,149,831 | ||||||
County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 07/01/42 | 3,750 | 4,053,225 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, SeriesA-1, 5.38%, 10/01/20(b) | 10,290 | 10,649,327 | ||||||
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami, Series A, 5.00%, 04/01/45 | 4,625 | 5,216,584 | ||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A (AGM), 5.00%, 07/01/35 | 8,900 | 9,077,555 | ||||||
Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49(e) | 4,570 | 4,571,229 | ||||||
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49 | 10,000 | 11,019,100 | ||||||
Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run Projects: | ||||||||
4.63%, 05/01/27 | 255 | 272,511 | ||||||
5.25%, 05/01/37 | 470 | 515,618 | ||||||
5.38%, 05/01/47 | 770 | 832,401 | ||||||
|
| |||||||
| 60,717,634 | ||||||||
| Georgia — 1.4% | ||||||||
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B, AMT, 5.00%, 01/01/29 | 1,070 | 1,110,778 | ||||||
County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49 | 1,575 | 1,751,825 | ||||||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 | 1,855 | 2,513,803 | ||||||
| Security | Par (000) | Value | ||||||
| Georgia (continued) | ||||||||
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/48 | $ | 2,745 | $ | 3,143,931 | ||||
|
| |||||||
| 8,520,337 | ||||||||
| Hawaii — 0.8% | ||||||||
State of Hawaii Harbor System, RB, Series A, 5.50%, 07/01/35 | 5,000 | 5,119,300 | ||||||
|
| |||||||
| Illinois — 10.8% | ||||||||
Chicago Board of Education, GO, Series C: | ||||||||
Dedicated Revenues, Series H, 5.00%, 12/01/36 | 865 | 992,544 | ||||||
Project, 5.25%, 12/01/35 | 2,785 | 3,090,626 | ||||||
Chicago Board of Education, GO, Refunding: | ||||||||
Dedicated Revenues, Series D, 5.00%, 12/01/25 | 1,560 | 1,773,704 | ||||||
Dedicated Revenues, Series G, 5.00%, 12/01/34 | 865 | 995,952 | ||||||
5.00%, 12/01/25 | 1,200 | 1,364,388 | ||||||
Chicago Board of Education, GO, Series D:: | ||||||||
5.00%, 12/01/46 | 995 | 1,128,987 | ||||||
5.00%, 12/01/46 | 2,575 | 2,755,070 | ||||||
City of Chicago Illinois O’Hare International Airport, GARB, Senior Lien, Series D, AMT, 5.00%, 01/01/42 | 1,450 | 1,681,464 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36 | 2,110 | 2,234,448 | ||||||
City of Chicago Illinois Wastewater Transmission, Refunding RB, 2nd Lien, Series C, 5.00%, 01/01/39 | 1,000 | 1,111,450 | ||||||
County of Cook Illinois Community College District No. 508, GO, University & College Improvements, 5.25%, 12/01/31 | 5,000 | 5,458,400 | ||||||
Illinois Finance Authority, RB, Memorial Health System, Series A, 5.25%, 07/01/44 | 1,785 | 1,970,908 | ||||||
Illinois Finance Authority, Refunding RB: | ||||||||
OSF Healthcare System, 6.00%, 05/15/20(b) | 3,205 | 3,273,875 | ||||||
OSF Healthcare System, 6.00%, 05/15/39 | 525 | 534,513 | ||||||
Presence Health Network, Series C, 5.00%, 02/15/41 | 3,600 | 4,262,580 | ||||||
Metropolitan Pier & Exposition Authority, RB: | ||||||||
Mccormick Place Expansion (BAM), 0.00%, 12/15/56(d) | 8,755 | 2,264,656 | ||||||
| 2 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57 | $ | 425 | $ | 470,118 | ||||
Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Expansion (BAM), 0.00%, 12/15/54(d) | 12,215 | 3,476,389 | ||||||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b) | 2,645 | 2,834,012 | ||||||
Regional Transportation Authority, RB: | ||||||||
Series A (AMBAC), 7.20%, 11/01/20 | 440 | 463,474 | ||||||
Series C (NPFGC), 7.75%, 06/01/20 | 805 | 830,349 | ||||||
State of Illinois, GO, Series D, 5.00%, 11/01/28 | 6,965 | 7,980,497 | ||||||
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/42 | 7,990 | 9,498,432 | ||||||
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 | 7,045 | 7,067,544 | ||||||
|
| |||||||
| 67,514,380 | ||||||||
| Indiana — 1.6% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 01/01/34 | 2,250 | 2,604,983 | ||||||
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, SeriesA-1(a): | ||||||||
6.63%, 01/15/34 | 700 | 776,874 | ||||||
6.75%, 01/15/43 | 570 | 626,156 | ||||||
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 | 2,640 | 2,876,280 | ||||||
State of Indiana Finance Authority, Refunding RB, Deaconess Health System, Series A, 5.00%, 03/01/39 | 3,000 | 3,402,840 | ||||||
|
| |||||||
| 10,287,133 | ||||||||
| Iowa — 1.7% | ||||||||
Iowa Finance Authority, RB, Lifespace Communities, Inc., Series A, 5.00%, 05/15/36 | 1,050 | 1,170,834 | ||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25 | 4,000 | 4,327,560 | ||||||
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, CAB, Series B, 5.60%, 06/01/34 | 1,000 | 1,001,240 | ||||||
| Security | Par (000) | Value | ||||||
| Iowa (continued) | ||||||||
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48 | $ | 3,950 | $ | 4,354,796 | ||||
|
| |||||||
| 10,854,430 | ||||||||
| Kansas — 1.0% | ||||||||
City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43 | 1,965 | 2,159,338 | ||||||
Wyandotte County-Kansas City Unified Government Utility System, RB, Series A, 5.00%, 09/01/40 | 3,700 | 4,278,162 | ||||||
|
| |||||||
| 6,437,500 | ||||||||
| Kentucky — 0.9% | ||||||||
County of Owen Kentucky, RB, Kentucky American Water Co. Project, Series B, 5.63%, 09/01/39 | 1,000 | 1,000,840 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/49 | 3,840 | 4,492,762 | ||||||
|
| |||||||
| 5,493,602 | ||||||||
| Louisiana — 3.8% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, SeriesA-1, 6.50%, 11/01/35 | 2,615 | 2,719,077 | ||||||
Parish of St. Charles Louisiana, RB, Valero Energy Corp., 4.00%, 12/01/40(e) | 2,210 | 2,333,163 | ||||||
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(e): | ||||||||
2.00%, 06/01/37 | 2,250 | 2,260,845 | ||||||
2.10%, 06/01/37 | 1,310 | 1,318,253 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: | ||||||||
5.25%, 05/15/31 | 3,420 | 3,575,371 | ||||||
5.25%, 05/15/32 | 4,375 | 4,701,681 | ||||||
5.25%, 05/15/33 | 4,750 | 5,102,355 | ||||||
5.25%, 05/15/35 | 1,500 | 1,651,095 | ||||||
|
| |||||||
| 23,661,840 | ||||||||
| Maryland — 2.5% | ||||||||
City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A, 4.50%, 09/01/33 | 545 | 584,665 | ||||||
| 3 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Maryland (continued) | ||||||||
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42 | $ | 4,935 | $ | 5,730,867 | ||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB: | ||||||||
Charlestown Community Project, 6.25%, 01/01/21(b) | 2,000 | 2,109,320 | ||||||
Meritus Medical Center Issue, 5.00%, 07/01/40 | 6,350 | 7,235,698 | ||||||
|
| |||||||
| 15,660,550 | ||||||||
| Massachusetts — 3.0% | ||||||||
Massachusetts Development Finance Agency, RB: | ||||||||
Emerson College Issue, Series A, 5.00%, 01/01/47 | 845 | 963,385 | ||||||
Emerson College Issue, Series A, 5.25%, 01/01/42 | 1,895 | 2,221,414 | ||||||
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43 | 4,480 | 5,193,709 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 01/01/40 | 1,620 | 1,893,569 | ||||||
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 | 1,785 | 1,804,099 | ||||||
Massachusetts Port Authority, Refunding ARB, Bosfuel Project, Series A, AMT, 4.00%, 07/01/44 | 6,180 | 6,752,021 | ||||||
|
| |||||||
| 18,828,197 | ||||||||
| Michigan — 0.3% | ||||||||
Michigan Strategic Fund, RB,I-75 Improvement Projects, AMT, 5.00%, 06/30/48 | 1,775 | 2,078,046 | ||||||
|
| |||||||
| Minnesota — 0.7% | ||||||||
City of Cologne Minnesota Charter School, LRB, Cologne Academy Project, Series A, 5.00%, 07/01/45 | 1,500 | 1,574,100 | ||||||
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43 | 1,940 | 2,137,802 | ||||||
| Security | Par (000) | Value | ||||||
| Minnesota (continued) | ||||||||
Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52(a) | $ | 695 | $ | 749,391 | ||||
|
| |||||||
| 4,461,293 | ||||||||
| Mississippi — 4.2% | ||||||||
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project: | ||||||||
Series A, 6.80%, 04/01/22 | 9,160 | 10,225,033 | ||||||
Series B, 6.70%, 04/01/22 | 4,500 | 5,013,000 | ||||||
Mississippi Development Bank, Refunding RB, Municipal Energy Agency Of Mississippi, Series A (AGM), 4.00%, 03/01/41 | 3,000 | 3,230,670 | ||||||
State of Mississippi, RB, Series A: | ||||||||
5.00%, 10/15/37 | 1,105 | 1,355,548 | ||||||
4.00%, 10/15/38 | 5,535 | 6,203,517 | ||||||
|
| |||||||
| 26,027,768 | ||||||||
| Montana — 0.1% | ||||||||
Montana State Board of Housing, RB, S/F Housing, SeriesB-2: | ||||||||
3.50%, 12/01/42 | 330 | 342,470 | ||||||
3.60%, 12/01/47 | 510 | 522,689 | ||||||
|
| |||||||
| 865,159 | ||||||||
| Nebraska — 1.1% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42 | 6,200 | 6,735,618 | ||||||
|
| |||||||
| Nevada — 2.5% | ||||||||
City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project, 5.00%, 09/01/42 | 2,250 | 2,599,943 | ||||||
City of Reno Nevada, Refunding RB, SeriesA-1 (AGM): | ||||||||
4.00%, 06/01/43 | 5,230 | 5,617,020 | ||||||
4.00%, 06/01/46 | 245 | 262,194 | ||||||
County of Clark Nevada, GO, Stadium Improvement, Series A: | ||||||||
5.00%, 06/01/36 | 4,080 | 5,009,342 | ||||||
5.00%, 06/01/37 | 1,500 | 1,838,760 | ||||||
|
| |||||||
| 15,327,259 | ||||||||
| New Jersey — 11.0% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 | 1,400 | 1,507,142 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey EDA, RB: | ||||||||
Continental Airlines, Inc. Project, Series A, AMT, 5.63%, 11/15/30 | $ | 1,530 | $ | 1,751,529 | ||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 | 10,000 | 11,197,600 | ||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34 | 1,050 | 1,173,092 | ||||||
School Facilities Construction, Series UU, 5.00%, 06/15/40 | 3,390 | 3,722,254 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32 | 4,670 | 4,924,795 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
CAB, Transportation System, Series A, 0.00%, 12/15/38(d) | 7,260 | 3,853,681 | ||||||
Series BB, 4.00%, 06/15/50 | 4,095 | 4,255,524 | ||||||
Transportation Program, Series AA, 5.25%, 06/15/33 | 8,750 | 9,686,512 | ||||||
Transportation Program, Series AA, 5.25%, 06/15/41 | 780 | 877,484 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 4,450 | 4,816,547 | ||||||
Transportation System, Series B, 5.50%, 06/15/31 | 8,000 | 8,465,280 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32 | 5,430 | 6,351,362 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.25%, 06/01/46 | 4,550 | 5,300,249 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 665 | 735,005 | ||||||
|
| |||||||
| 68,618,056 | ||||||||
| New York — 3.8% | ||||||||
Build NYC Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 01/01/35(a) | 2,145 | 2,367,994 | ||||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) | 3,500 | 3,547,775 | ||||||
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 | 4,435 | 4,436,819 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38 | 3,675 | 3,675,404 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2(a): | ||||||||
5.15%, 11/15/34 | $ | 460 | $ | 513,231 | ||||
5.38%, 11/15/40 | 1,145 | 1,292,739 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36 | 3,165 | 3,298,531 | ||||||
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | 1,785 | 2,005,091 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Tobacco Settlement Bonds,Sub-Series C, 5.13%, 06/01/51 | 2,740 | 2,942,733 | ||||||
|
| |||||||
| 24,080,317 | ||||||||
| North Carolina — 0.3% | ||||||||
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System (AGM), 4.00%, 01/01/55(c) | 1,125 | 1,235,430 | ||||||
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49(c) | 525 | 763,518 | ||||||
|
| |||||||
| 1,998,948 | ||||||||
| Ohio — 4.3% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2: | ||||||||
5.75%, 06/01/34 | 950 | 950,465 | ||||||
5.88%, 06/01/47 | 2,925 | 2,931,230 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20(b) | 2,875 | 2,933,449 | ||||||
County of Butler Port Authority, RB, StoryPoint Fairfield Project, SeriesA-1(a): | ||||||||
6.38%, 01/15/43 | 675 | 725,551 | ||||||
6.50%, 01/15/52 | 390 | 418,665 | ||||||
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 | 1,690 | 1,841,762 | ||||||
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b) | 1,915 | 2,113,509 | ||||||
County of Montgomery Ohio, RB, Catholic Health Initiatives, SeriesD-2, 5.45%, 11/13/23(b) | 7,430 | 8,622,218 | ||||||
| 5 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Ohio (continued) | ||||||||
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) | $ | 1,385 | $ | 1,527,572 | ||||
Ohio Air Quality Development Authority, Refunding RB, Ohio Valley Electric Corp., 3.25%, 09/01/29 | 5,000 | 5,138,900 | ||||||
|
| |||||||
| 27,203,321 | ||||||||
| Oklahoma — 0.4% | ||||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 | 2,205 | 2,597,710 | ||||||
|
| |||||||
| Oregon — 0.2% | ||||||||
State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42 | 800 | 961,416 | ||||||
|
| |||||||
| Pennsylvania — 11.7% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) | 1,725 | 1,932,190 | ||||||
Altoona Area School District, GO, (BAM), 5.00%, 12/01/36 | 365 | 419,378 | ||||||
City of Philadelphia PA Water & Wastewater Revenue, RB, Series B, 5.00%, 11/01/54 | 6,030 | 7,387,172 | ||||||
County of Delaware Pennsylvania IDA, Refunding RB, Covanta Project, 5.00%, 07/01/43 | 5,000 | 5,075,500 | ||||||
County of Delaware Springfield School District, GO: | ||||||||
5.00%, 03/01/40 | 2,955 | 3,590,148 | ||||||
5.00%, 03/01/43 | 2,145 | 2,597,531 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University: | ||||||||
Series A, 5.00%, 09/01/48 | 3,330 | 3,897,165 | ||||||
Project, 4.00%, 09/01/49 | 6,750 | 7,293,375 | ||||||
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community, 5.25%, 01/01/40 | 4,170 | 4,383,212 | ||||||
County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Lafayette College, 4.00%, 11/01/38 | 1,855 | 2,072,833 | ||||||
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 | 4,385 | 5,310,191 | ||||||
Pennsylvania Economic Development Financing Authority, RB: | ||||||||
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 | 2,565 | 2,901,143 | ||||||
| Security | Par (000) | Value | ||||||
| Pennsylvania (continued) | ||||||||
VRDN, Waste Management, Inc. Project, AMT, 2.15%, 07/01/41(e) | $ | 635 | $ | 643,242 | ||||
Pennsylvania HFA, RB, S/F Housing Mortgage, AMT, Series118-B, 4.05%, 10/01/40 | 1,360 | 1,419,854 | ||||||
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, 3.65%, 10/01/42 | 7,000 | 7,276,010 | ||||||
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41 | 1,700 | 2,023,476 | ||||||
Pennsylvania Turnpike Commission, RB: | ||||||||
SeriesA-1, 5.00%, 12/01/41 | 440 | 515,693 | ||||||
Sub-SeriesB-1, 5.25%, 06/01/47 | 5,680 | 6,733,981 | ||||||
Subordinate, Series A, 5.00%, 12/01/44 | 6,390 | 7,683,911 | ||||||
|
| |||||||
| 73,156,005 | ||||||||
| Puerto Rico — 5.1% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: | ||||||||
5.50%, 05/15/39 | 1,340 | 1,360,314 | ||||||
5.63%, 05/15/43 | 1,335 | 1,355,239 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 07/01/33 | 3,820 | 3,972,303 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: | ||||||||
6.00%, 07/01/38 | 1,360 | 1,380,019 | ||||||
6.00%, 07/01/44 | 2,455 | 2,491,162 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | ||||||||
CAB, SeriesA-1, 0.00%, 07/01/46(d) | 3,765 | 998,102 | ||||||
SeriesA-1, 4.75%, 07/01/53 | 2,921 | 3,016,079 | ||||||
SeriesA-1, 5.00%, 07/01/58 | 11,608 | 12,201,517 | ||||||
SeriesA-2, 4.33%, 07/01/40 | 1,890 | 1,911,829 | ||||||
SeriesA-2, 4.78%, 07/01/58 | 3,003 | 3,096,694 | ||||||
|
| |||||||
| 31,783,258 | ||||||||
| Rhode Island — 1.7% | ||||||||
Rhode Island Turnpike & Bridge Authority, RB, Series A(c): | ||||||||
3.00%, 10/01/37 | 750 | 751,942 | ||||||
3.00%, 10/01/39 | 240 | 240,449 | ||||||
4.00%, 10/01/44 | 170 | 188,634 | ||||||
| 6 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Rhode Island (continued) | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B: | ||||||||
4.50%, 06/01/45 | $ | 6,820 | $ | 7,123,626 | ||||
5.00%, 06/01/50 | 2,000 | 2,131,040 | ||||||
|
| |||||||
| 10,435,691 | ||||||||
| South Carolina — 1.8% | ||||||||
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43 | 2,690 | 3,181,947 | ||||||
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 | 750 | 842,048 | ||||||
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 | 6,450 | 7,438,011 | ||||||
|
| |||||||
| 11,462,006 | ||||||||
| Texas — 11.5% | ||||||||
Central Texas Regional Mobility Authority, RB, Senior Lien, Series A: | ||||||||
5.00%, 01/01/40 | 1,215 | 1,390,567 | ||||||
5.00%, 01/01/45 | 3,500 | 3,987,865 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: | ||||||||
5.75%, 01/01/21(b) | 1,000 | 1,048,640 | ||||||
6.00%, 01/01/21(b) | 4,300 | 4,520,719 | ||||||
Series A, 5.00%, 01/01/43 | 6,925 | 7,531,561 | ||||||
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29 | 2,665 | 2,970,329 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB,Sub-Series D, 5.00%, 07/01/37 | 4,005 | 4,925,029 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) | 850 | 999,201 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 08/15/20(b) | 4,630 | 4,785,753 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/44 | 3,500 | 3,822,070 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40 | $ | 1,100 | $ | 1,130,844 | ||||
New Hope Cultural Education Facilities Corp., RB: | ||||||||
Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35 | 500 | 545,560 | ||||||
Jubilee Academic Center Project, Series A, 5.00%, 08/15/37(a) | 2,000 | 2,044,160 | ||||||
New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 01/01/33 | 1,600 | 1,759,584 | ||||||
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.13%, 06/01/22(b) | 1,000 | 1,096,620 | ||||||
North Texas Tollway Authority, Refunding RB, Series A: | ||||||||
1st Tier, 5.00%, 01/01/48 | 5,350 | 6,354,676 | ||||||
5.00%, 01/01/38 | 5,000 | 5,748,450 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB: | ||||||||
Segment 3C Project, AMT, 5.00%, 06/30/58 | 3,575 | 4,157,582 | ||||||
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40 | 8,000 | 8,254,720 | ||||||
Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 | 4,710 | 4,728,840 | ||||||
|
| |||||||
| 71,802,770 | ||||||||
| Virginia — 4.5% | ||||||||
Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: | ||||||||
5.38%, 03/01/36 | 430 | 475,387 | ||||||
5.50%, 03/01/46 | 1,475 | 1,613,856 | ||||||
City of Portsmouth Virginia, GO, Refunding, Series D, 5.00%, 07/15/20(b) | 3,030 | 3,102,175 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Senior SeriesB-1, 5.00%, 06/01/47 | 3,665 | 3,665,000 | ||||||
Virginia Small Business Financing Authority, RB, AMT: | ||||||||
95 Express Lanes LLC Project, 5.00%, 07/01/49 | 1,990 | 2,100,107 | ||||||
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37 | 2,150 | 2,373,428 | ||||||
| 7 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Virginia (continued) | ||||||||
Senior Lien, Elizabeth River Crossings OpCo LLC Project, 5.50%, 01/01/42 | $ | 5,140 | $ | 5,584,353 | ||||
Transform 66 P3 Project, 5.00%, 12/31/49 | 7,895 | 8,980,799 | ||||||
|
| |||||||
| 27,895,105 | ||||||||
| Washington — 2.7% | ||||||||
Port of Seattle Washington, ARB, AMT: | ||||||||
Intermediate Lien, Series C, 5.00%, 05/01/37 | 4,905 | 5,796,631 | ||||||
Series A, 5.00%, 05/01/43 | 1,295 | 1,517,002 | ||||||
State of Washington, COP, Series B: | ||||||||
5.00%, 07/01/36 | 1,725 | 2,111,072 | ||||||
5.00%, 07/01/38 | 2,300 | 2,806,460 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 | 4,010 | 4,488,313 | ||||||
|
| |||||||
| 16,719,478 | ||||||||
| Wisconsin — 1.5% | ||||||||
Public Finance Authority, Refunding RB, The Evergreens Obligated Group, 5.00%, 11/15/49 | 1,095 | 1,257,093 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB: | ||||||||
Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44 | 4,080 | 4,914,931 | ||||||
ThedaCare, Inc., 4.00%, 12/15/49(c) | 3,220 | 3,496,598 | ||||||
|
| |||||||
| 9,668,622 | ||||||||
| Wyoming — 0.6% | ||||||||
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 01/01/42 | 1,120 | 1,306,861 | ||||||
Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 4.05%, 12/01/38 | 2,215 | 2,314,608 | ||||||
|
| |||||||
| 3,621,469 | ||||||||
|
| |||||||
Total Municipal Bonds — 122.3% |
| 765,699,042 | ||||||
|
| |||||||
| Security | Par (000) | Value | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
| |||||||
California — 2.9% |
| |||||||
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 | $ | 14,998 | $ | 17,927,260 | ||||
|
| |||||||
| Colorado — 1.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB,Sub-System, Series A, AMT, 5.25%, 12/01/43(a)(e)(g) | 6,504 | 7,921,914 | ||||||
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, | 3,285 | 3,509,333 | ||||||
|
| |||||||
| 11,431,247 | ||||||||
| Florida — 2.4% | ||||||||
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(b) | 14,747 | 15,216,395 | ||||||
|
| |||||||
| Illinois — 2.0% | ||||||||
State of Illinois Toll Highway Authority, RB, Series B, 5.00%, 01/01/40 | 10,976 | 12,664,193 | ||||||
|
| |||||||
| Kentucky — 1.5% | ||||||||
County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, River City, Inc., 1st Mortgage, Series A, 5.38%, 12/01/19 | 9,195 | 9,195,000 | ||||||
|
| |||||||
| Louisiana — 2.9% | ||||||||
City of Shreveport Louisiana Water & Sewer Revenue, RB, Junior Lien, Series B (AGM): | ||||||||
4.00%, 12/01/44 | 5,542 | 6,095,956 | ||||||
4.00%, 12/01/49 | 11,133 | 12,246,545 | ||||||
|
| |||||||
| 18,342,501 | ||||||||
| Maryland — 2.0% | ||||||||
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 | 4,898 | 5,811,089 | ||||||
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47 | 5,509 | 6,594,707 | ||||||
|
| |||||||
| 12,405,796 | ||||||||
| Michigan — 2.5% | ||||||||
Michigan Finance Authority, RB: | ||||||||
Mclaren Health Care, Series A, 4.00%, 02/15/44 | 6,646 | 7,316,218 | ||||||
| 8 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Michigan (continued) | ||||||||
Multi Model- McLaren Health Care, 4.00%, 02/15/47 | $ | 7,434 | $ | 8,183,827 | ||||
|
| |||||||
| 15,500,045 | ||||||||
| New York — 1.7% | ||||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g) | 10,001 | 10,812,690 | ||||||
|
| |||||||
| Oregon — 0.2% | ||||||||
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30 | 1,200 | 1,202,368 | ||||||
|
| |||||||
| Pennsylvania — 3.7% | ||||||||
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(a)(e)(g) | 7,250 | 8,048,370 | ||||||
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, | 10,009 | 10,846,254 | ||||||
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38 | 3,925 | 4,570,544 | ||||||
|
| |||||||
| 23,465,168 | ||||||||
| Texas — 5.5% | ||||||||
City of Houston Texas Higher Education Finance Corp., RB, Rice University Project, Series A, 5.00%, 05/15/20(b) | 10,000 | 10,171,997 | ||||||
County of Harris Texas Health Facilities Development Corp., Refunding RB, School Health Care System, Series B, 5.75%, 07/01/27 | 19,740 | 24,012,131 | ||||||
|
| |||||||
| 34,184,128 | ||||||||
| Virginia — 2.1% | ||||||||
County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47(g) | 6,960 | 8,290,404 | ||||||
| Security | Par (000) | Value | ||||||
| Virginia (continued) | ||||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 | $ | 5,002 | $ | 5,075,047 | ||||
|
| |||||||
| 13,365,451 | ||||||||
| Washington — 2.0% | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38 | 10,000 | 12,461,700 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.2% |
| 208,173,942 | ||||||
|
| |||||||
Total Long-Term Investments — 155.5% |
| 973,872,984 | ||||||
|
| |||||||
| Shares | ||||||||
Short-Term Securities — 0.1% |
| |||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(h)(i) | 901,716 | 901,806 | ||||||
|
| |||||||
Total Short-Term Securities — 0.1% |
| 901,806 | ||||||
|
| |||||||
Total Investments — 155.6% |
| 974,774,790 | ||||||
Other Assets Less Liabilities — 0.4% |
| 2,504,111 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.1)% |
| (107,126,425 | ) | |||||
VMTP Shares, at Liquidation Value — (38.9)% |
| (243,800,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 626,352,476 | |||||
|
| |||||||
| (a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| (c) | When-issued security. |
| (d) | Zero-coupon bond. |
| (e) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (f) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
| 9 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) |
| (g) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 15, 2021 to August 01, 2027, is $25,287,094. |
| (h) | Annualized7-day yield as of period end. |
| (i) | During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliate | Shares Held at 08/31/19 | Net Activity | Shares Held at 11/30/19 | Value at 11/30/19 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 16,623,641 | (15,721,925 | ) | 901,716 | $ | 901,806 | $ | 22,929 | $ | — | $ | 1,661 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
Portfolio Abbreviations
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
AMT — Alternative Minimum Tax (subject to)
ARB — Airport Revenue Bonds
BAM — Build America Mutual Assurance Co.
CAB — Capital Appreciation Bonds
COP — Certificates of Participation
EDA — Economic Development Authority
ERB — Education Revenue Bonds
GARB — General Airport Revenue Bonds
GO — General Obligation Bonds
HFA — Housing Finance Agency
IDA — Industrial Development Authority
IDB — Industrial Development Board
LRB — Lease Revenue Bonds
M/F — Multi-Family
NPFGC — National Public Finance Guarantee Corp.
RB — Revenue Bonds
S/F — Single-Family
VRDN — Variable Rate Demand Notes
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value / Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts |
| |||||||||||||||
10-Year U.S. Treasury Note | 77 | 03/20/20 | $ | 9,961 | $ | 11,314 | ||||||||||
Long U.S. Treasury Bond | 187 | 03/20/20 | 29,727 | 66,484 | ||||||||||||
5-Year U.S. Treasury Note | 38 | 03/31/20 | 4,521 | 2,841 | ||||||||||||
|
| |||||||||||||||
| $ | 80,639 | |||||||||||||||
|
| |||||||||||||||
| 10 |
Schedule of Investments (unaudited) (continued) November 30, 2019 | BlackRock MuniVest Fund, Inc. (MVF) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access |
| • | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Methodologies Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
| |||||||||||||||
Investments: |
| |||||||||||||||
Long-Term Investments(a) | $ | — | $ | 973,872,984 | $ | — | $ | 973,872,984 | ||||||||
Short-Term Securities | 901,806 | — | — | 901,806 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 901,806 | $ | 973,872,984 | $ | — | $ | 974,774,790 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) |
| |||||||||||||||
Assets: |
| |||||||||||||||
Interest rate contracts | $ | 80,639 | $ | — | $ | — | $ | 80,639 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | See above Schedule of Investments for values in each state or political subdivision. |
| (b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
| |||||||||||||||
TOB Trust Certificates | $ | — | $ | (106,867,488 | ) | $ | — | $ | (106,867,488 | ) | ||||||
VMTP Shares at Liquidation Value | — | (243,800,000 | ) | — | (243,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | — | $ | (350,667,488 | ) | $ | — | $ | (350,667,488 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
| 11 |
