UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-5611
Name of Fund: MuniVest Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., President, MuniVest
Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing
address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 08/31/05
Date of reporting period: 09/01/04 - 11/30/04
Item 1 - Schedule of Investments
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 4.4% $ 2,550 Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company), $ 2,730
Series A, 6.125% due 12/01/2024
7,500 Courtland, Alabama, IDB, Solid Waste Disposal Revenue Bonds (Champion 7,836
International Corporation Project), AMT, Series A, 6.50% due 9/01/2025
Huntsville, Alabama, Health Care Authority Revenue Bonds:
3,500 Series A, 5.75% due 6/01/2031 3,638
7,000 Series B, 5.75% due 6/01/2032 7,304
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Refunding Bonds 5,226
(International Paper Company Project), Series B, 5.50% due 5/01/2020
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.4% Anchorage, Alaska, Lease Revenue Bonds (Correctional Facility)(i):
3,575 6% due 2/01/2014 4,017
3,830 6% due 2/01/2016 4,285
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.3% 4,375 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools 4,308
Project 1), Series A, 6.75% due 7/01/2029
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project):
2,100 Series E, 7.25% due 7/01/2031 2,234
500 Series I, 6.10% due 7/01/2024 506
1,000 Series I, 6.30% due 7/01/2031 1,008
-----------------------------------------------------------------------------------------------------------------------------------
California - 19.5% California State Public Works Board, Lease Revenue Bonds:
5,000 (Department of Corrections), Series C, 5.50% due 6/01/2022 5,378
6,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 6,417
10,775 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125% 10,907
due 6/01/2029
California State, Various Purpose, GO:
13,570 5.50% due 4/01/2030 14,321
16,250 5.50% due 11/01/2033 17,102
5,240 California Statewide Communities Development Authority, Health Facility Revenue 5,624
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023
-----------------------------------------------------------------------------------------------------------------------------------
Portfolio Abbreviations
To simplify the listings of MuniVest Fund, Inc.'s portfolio holdings in the
Schedule of Investments, we have abbreviated the names of many of the securities
according to the list below.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
California (concluded) Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds:
$ 7,280 Series A-3, 7.875% due 6/01/2042 $ 7,899
3,750 Series A-4, 7.80% due 6/01/2042 4,051
1,375 Series A-5, 7.875% due 6/01/2042 1,492
13,900 Series B, 5.375% due 6/01/2028 14,310
8,850 Series B, 5.50% due 6/01/2033 9,272
15,000 Series B, 5.50% due 6/01/2033(f) 16,083
5,000 Series B, 5.50% due 6/01/2043(f) 5,325
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 2.6% Arapahoe County, Colorado, School District Number 005, GO (Cherry Creek):
5,750 6% due 12/15/2013 6,485
4,165 6% due 12/15/2014 4,698
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2:
1,175 6.60% due 5/01/2028 1,205
385 7.50% due 4/01/2031 397
3,000 Colorado Health Facilities Authority Revenue Bonds (Lutheran Medical Center), 3,027
Series A, 5.25% due 6/01/2034
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.7% Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement Revenue
Refunding Bonds (Priority Distribution):
2,810 6.25% due 1/01/2031 2,972
1,500 5.25% due 1/01/2033 1,455
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 2.8% 6,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds 6,172
(Adventist Health System), Series D, 5.375% due 11/15/2035
10,320 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds 10,823
(Adventist Health System), 5.625% due 11/15/2032
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 3.0% Georgia Municipal Electric Authority, Power Revenue Refunding Bonds:
4,600 Series W, 6.60% due 1/01/2018 5,486
250 Series W, 6.60% due 1/01/2018(e) 302
250 Series Y, 10% due 1/01/2010(e) 329
Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation):
4,390 5.50% due 9/01/2024 4,532
2,000 5.625% due 9/01/2030 2,042
4,785 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power 5,589
Corporation-Scherer), Series A, 6.80% due 1/01/2011
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.2% 1,145 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2, 1,148
6.90% due 1/01/2027
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 21.6% 3,005 Chicago, Illinois, GO (Neighborhoods Alive 21 Program), Series A, 6% 3,409
due 1/01/2016(f)
5,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue 5,439
Refunding Bonds, Third Lien, AMT, Series A, 5.75% due 1/01/2019(c)
Chicago, Illinois, O'Hare International Airport Revenue Bonds, AMT:
8,540 Series 368, DRIVERS, 8.985% due 7/01/2011(c)(j) 10,232
11,200 Third Lien, Series B-2, 6% due 1/01/2029(n) 12,206
7,000 Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, 8,195
DRIVERS, AMT, Series 253, 9.502% due 1/01/2020(c)(j)
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois (concluded) $ 135 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7% $ 136
due 3/01/2032(l)(m)
5,000 Cook County, Illinois, Community High School District Number 219, Niles Township, 5,674
GO, 6% due 12/01/2017(f)
10,000 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids 10,053
Management LLC Project), AMT, 6% due 11/01/2023
2,140 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation 2,254
Providers Facility), Series A, 6.50% due 7/01/2022
1,365 Illinois Development Finance Authority, Revenue Refunding Bonds (Community 1,419
Rehabilitiation Providers), Series A, 6% due 7/01/2015
6,040 Illinois HDA, Revenue Refunding Bonds (M/F Program), Series 5, 6.75% 6,174
due 9/01/2023
9,300 Illinois State Finance Authority Revenue Bonds (University of Chicago), Series A, 9,338
5% due 7/01/2034
5,245 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302, 6,571
GO, DRIVERS, Series 283, 9.532% due 2/01/2018(f)(j)
2,500 Kane Cook and Du Page Counties, Illinois, School District 46, Elgin, GO, 6.375% 2,875
due 1/01/2019(i)
Mc Lean and Woodford Counties, Illinois, Community Unit, School District Number
005, GO, Refunding(i):
5,000 6.25% due 12/01/2014 5,812
4,000 6.375% due 12/01/2016 4,679
18,550 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue 20,673
Refunding Bonds (McCormick Place Expansion), Series B, 5.75% due 6/15/2023(c)
Regional Transportation Authority, Illinois, Revenue Bonds:
3,500 Series A, 7.20% due 11/01/2020(h) 4,544
4,000 Series C, 7.75% due 6/01/2020(f) 5,550
3,000 Will County, Illinois, Environmental Revenue Bonds (Mobil Oil Refining 3,191
Corporation Project), AMT, 6.40% due 4/01/2026
Will County, Illinois, School District Number 122 (New Lenox Elementary), GO,
Series A (i):
1,475 6.50% due 11/01/2010(a) 1,739
505 6.50% due 11/01/2013 585
395 6.50% due 11/01/2015 458
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 6.8% 1,700 Fort Wayne, Indiana, PCR, Refunding (General Motors Corporation Project), 6.20% 1,801
due 10/15/2025
6,500 Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds 6,845
(Clarian Health Partners Inc.), Series A, 6% due 2/15/2021
4,290 Indiana State, HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 6.80% 4,297
due 1/01/2017(k)
8,195 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 6.80% 10,096
due 12/01/2016
15,335 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding 18,339
Bonds, Series D, 6.75% due 2/01/2014
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.7% 3,805 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds 4,046
(Mortgage-Backed Securities Program), AMT, Series A-4, 5.95% due 12/01/2033(m)
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.6% 4,000 De Soto Parish, Louisiana, Environmental Improvement Revenue Refunding Bonds 4,148
(International Paper Co. Project), AMT, Series B, 6.55% due 4/01/2019
10,575 Louisiana Local Government, Environmental Facilities, Community Development 11,633
Authority Revenue Bonds (Capital Projects and Equipment Acquisition), Series A,
6.30% due 7/01/2030(h)
-----------------------------------------------------------------------------------------------------------------------------------
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Maine - 0.3% Portland, Maine, Housing Development Corporation, Senior Living Revenue Bonds
(Avesta Housing Development Corporation Project), Series A:
$ 775 5.70% due 8/01/2021 $ 764
1,190 6% due 2/01/2034 1,169
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 7.7% 2,035 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, 9.25% 2,642
due 1/01/2011(e)
3,010 Massachusetts Bay Transportation Authority, Revenue Refunding Bonds (General 3,810
Transportation System), Series A, 7% due 3/01/2019
30,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50% 36,347
due 7/15/2019
Massachusetts State Water Resource Authority, Revenue Refunding Bonds,
Series A (f):
1,000 6% due 8/01/2014 1,141
2,480 6% due 8/01/2017 2,818
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 3.8% 7,695 Delta County, Michigan, Economic Development Corporation, Environmental 8,156
Improvement Revenue Refunding Bonds (Mead Westvaco-Escanaba), Series A, 6.25%
due 4/15/2027
Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B:
3,715 5.75% due 11/15/2025 3,537
5,250 5.875% due 11/15/2034 4,978
Michigan State Hospital Finance Authority, Revenue Refunding Bonds:
390 (Ascension Health Credit), Series A, 6.125% due 11/15/2009(a) 449
3,000 (Ascension Health Credit), Series A, 6.125% due 11/15/2009(a)(c) 3,455
1,300 (Detroit Medical Center Obligation Group), Series A, 6.25% due 8/15/2013 1,240
1,000 (Sinai Hospital), 6.70% due 1/01/2026 966
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.5% 7,235 Minneapolis, Minnesota, Health Care System Revenue Bonds (Allina Health System), 7,578
Series A, 5.75% due 11/15/2032
1,405 Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds (Saint Cloud Hospital 1,604
Obligation Group), Series A, 6.25% due 5/01/2017(i)
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 4.9% Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project):
3,650 Series A, 6.80% due 4/01/2022 4,332
4,000 Series B, 6.70% due 4/01/2022 4,702
20,705 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System 20,749
Energy Resources Inc. Project), 5.875% due 4/01/2022
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.5% 2,600 Missouri State Development Finance Board, Infrastructure Facilities Revenue 2,654
Refunding Bonds (Branson), Series A, 5.50% due 12/01/2032
390 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds 401
(Homeowner Loan), AMT, Series A, 7.50% due 3/01/2031(b)(d)
-----------------------------------------------------------------------------------------------------------------------------------
Montana - 1.0% 6,000 Forsyth, Montana, PCR, Refunding (Portland General Electric Company), Series A, 6,328
5.20% due 5/01/2033
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.2% 960 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C, 989
6.30% due 9/01/2028(l)(m)
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 2.3% 6,700 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 6.70% 6,894
due 6/01/2022(f)
1,600 Clark County, Nevada, Public Safety, GO, 6% due 3/01/2014 1,814
3,475 Nevada Housing Division, Multi-Unit Housing Revenue Bonds (Arville Electric 3,593
Project), AMT, 6.60% due 10/01/2023(b)
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Nevada (concluded) Nevada Housing Division Revenue Bonds AMT:
$ 1,235 (Multi-Unit Housing), Issue B, 7.45% due 10/01/2017(b) $ 1,262
265 (S/F Program), Senior Series E, 7% due 10/01/2019(k) 271
95 (S/F Program), Series A, 6.55% due 10/01/2012(k) 95
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.5% 2,675 New Hampshire Health and Education Facilities Authority, Revenue Refunding Bonds 2,753
(Elliot Hospital), Series B, 5.60% due 10/01/2022
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 5.0% New Jersey EDA, Cigarette Tax Revenue Bonds:
9,080 5.50% due 6/15/2024 9,243
2,885 5.75% due 6/15/2029 2,947
2,855 5.50% due 6/15/2031 2,864
6,695 5.75% due 6/15/2034 6,832
8,480 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7% 8,615
due 6/01/2041
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.5% 3,300 Farmington, New Mexico, PCR, Refunding (Public Service Company-San Juan Project), 3,330
Series A, 5.80% due 4/01/2022
-----------------------------------------------------------------------------------------------------------------------------------
New York - 12.8% 12,500 New York City, New York, City Municipal Water Finance Authority, Water and Sewer 12,512
System Revenue Refunding Bonds, Series B, 5% due 6/15/2036
7,875 New York City, New York, City Transitional Finance Authority Revenue Bonds, RIB, 10,286
Series 283, 5% due 5/15/2010(a)(j)
New York City, New York, GO:
630 Series I, 6.25% due 4/15/2007(n) 685
520 Series I, 6.25% due 4/15/2007(a) 572
1,680 Series I, 6.25% due 4/15/2007(a)(n) 1,848
380 Series I, 6.25% due 4/15/2017(n) 415
12,400 Series D, 5% due 11/01/2034 12,403
7,150 Series F, 5.25% due 1/15/2033 7,345
New York City, New York, GO, Refunding, Series A(f):
4,550 6.375% due 5/15/2010(a)(n) 5,341
3,450 6.375% due 5/15/2014 3,984
5,500 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, 5,581
Series A, 5% due 10/15/2032(h)
New York State Dormitory Authority, Revenue Refunding Bonds:
1,000 (Mount Sinai Health) Series A, 6.50% due 7/01/2025 1,036
11,875 RIB, Series 305, 10.03% due 5/15/2015(c)(j) 15,163
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 1.0% 2,000 Portland, Oregon, Airport Way, Urban Renewal and Redevelopment Tax Allocation 2,257
Refunding Bonds, Series A, 6% due 6/15/2015(h)
3,305 Portland, Oregon, Sewer System Revenue Bonds, RIB, Series 386, 9.96% 4,063
due 8/01/2020(f)(j)
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.0% 2,440 Pennsylvania State Higher Education Assistance Agency Revenue Bonds, Capital 2,835
Acquisition, 6.125% due 12/15/2010(a)(c)
6,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds 6,642
(University of Pennsylvania Medical Center Health System), Series A, 6%
due 1/15/2031
Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living
Revenue Bonds:
1,000 (Arbor House Inc. Project), Series E, 6.10% due 7/01/2033 960
1,355 (Rieder House Project), Series A, 6.10% due 7/01/2033 1,300
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania $ 9,280 Sayre, Pennsylvania, Health Care Facilities Authority Revenue Bonds (Guthrie $ 10,868
(concluded) Health Issue), Series B, 7.125% due 12/01/2031
1,750 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds 1,910
(Guthrie Healthcare System), Series A, 6.25% due 12/01/2018
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 1.6% 2,450 Medical University, South Carolina, Hospital Authority, Hospital Facility Revenue 2,609
Refunding Bonds, 6.50% due 8/15/2032
5,000 Richland County, South Carolina, Environmental Improvement Revenue Refunding 5,286
Bonds (International Paper), AMT, 6.10% due 4/01/2023
2,000 York County, South Carolina, Industrial Revenue Bonds (Hoechst Celanese 1,840
Corporation), AMT, 5.70% due 1/01/2024
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.6% 2,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling 2,002
Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022
Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Methodist Healthcare):
4,120 6.50% due 9/01/2012(a) 4,931
2,380 6.50% due 9/01/2026(e) 2,818
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 19.5% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A:
6,000 6.70% due 1/01/2028 6,347
1,290 6.70% due 1/01/2032 1,360
Brazos River Authority, Texas, PCR, Refunding AMT:
3,000 (Texas Utilities Electric Company Project), Series B, 5.40% due 5/01/2029 3,092
3,055 (Texas Utility Company), Series A, 7.70% due 4/01/2033 3,605
11,870 (Utilities Electric Company), Series B, 5.05% due 6/01/2030 12,204
11,460 Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental 12,588
Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7, 6.625%
due 5/15/2033
3,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue 3,474
Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2020(g)
10,250 Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste Disposal Facility 10,844
Revenue Bonds (E. I. du Pont de Nemours and Company Project), AMT, 6.40%
due 4/01/2026
4,000 Gulf Coast, Texas, IDA (Champion International Corp.), Refunding, 7.125% 4,097
due 4/01/2010
3,000 Gulf Coast, Texas, Waste Disposal Authority, Revenue Refunding Bonds 3,145
(International Paper Company), AMT, Series A, 6.10% due 8/01/2024
5,500 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior 6,078
Lien, Series G, 5.75% due 11/15/2020(c)
10,385 Harris County, Texas, Health Facilities Development Corporation, Revenue 13,444
Refunding Bonds, RITR, Series 6, 9.175% due 12/01/2027(e)(j)
1,800 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo), 1,819
AMT, 6.375% due 1/01/2023
2,030 Mansfield, Texas, Independent School District, GO, Refunding, 6.625% 2,332
due 2/15/2015
9,355 Matagorda County, Texas, Navigation District Number 1 Revenue Refunding Bonds 9,553
(Centerpoint Energy Project), 5.60% due 3/01/2027
5,225 Midway, Texas, Independent School District, GO, Refunding, 6.125% due 8/15/2014 5,943
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (concluded) $ 5,400 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A, $ 5,439
6.45% due 11/01/2030
5,000 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B, 5,075
6.70% due 11/01/2030
6,250 San Antonio, Texas, Electric and Gas Revenue Bonds, RIB, Series 469x, 9.56% 7,835
due 2/01/2014(j)
-----------------------------------------------------------------------------------------------------------------------------------
Vermont - 0.2% 1,000 Vermont Educational and Health Buildings Financing Agency, Developmental and 1,044
Mental Health Revenue Bonds (Howard Center for Human Services), Series A, 6.375%
due 6/15/2022
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.2% 1,425 Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company), 1,551
Series A, 5.875% due 6/01/2017
1,500 Isle of Wight County, Virginia, IDA, Solid Waste Disposal Facilities Revenue 1,535
Bonds (Union Camp Corporation Project), AMT, 6.55% due 4/01/2024
3,320 Virginia State HDA, Commonwealth Mortgage Revenue Bonds, Series J, Sub-Series 3,424
J-1, 5.20% due 7/01/2019(c)
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.4% Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS(j):
5,330 Series 248, 9.532% due 7/01/2018(c) 6,638
3,510 Series 255, 10.027% due 7/01/2018(h) 4,494
7,350 Series 256, 10.032% due 7/01/2017(c) 9,412
2,440 Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing 2,394
Project), 6.125% due 12/01/2032
8,100 Washington State, GO, Trust Receipts, Class R, Series 6, 9.904% 10,015
due 1/01/2014(i)(j)
14,320 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear 18,123
Project Number 1), Series B, 7.125% due 7/01/2016
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 2.6% 4,465 Badger Tobacco Asset Securitization Corporation, Wisconsin, Asset-Backed Revenue 4,422
Bonds, 6.125% due 6/01/2027
1,770 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 1,783
5,000 Wisconsin State Health and Educational Facilities Authority, Mortgage Revenue 5,191
Bonds (Hudson Memorial Hospital), 5.70% due 1/15/2029(k)
4,540 Wisconsin State Health and Educational Facilities Authority Revenue Bonds 4,762
(Synergyhealth Inc.), 6% due 11/15/2032
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 2.2% Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC Corporation
Project), AMT:
5,425 Series A, 7% due 6/01/2024 5,521
7,475 Series B, 6.90% due 9/01/2024 7,580
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Islands - 1.4% 8,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa 8,682
Coker Project), AMT, 6.50% due 7/01/2021
--------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $860,204) - 152.3% 924,005
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
15,458 Merrill Lynch Institutional Tax-Exempt Fund(o) 15,458
--------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $15,458) - 2.5% 15,458
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $875,662*) - 154.8% 939,463
Other Assets Less Liabilities - 0.2% 1,310
Preferred Stock, at Redemption Value - (55.0%) (334,017)
---------
Net Assets Applicable to Common Stock - 100.0% $ 606,756
=========
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (continued)
* The cost and unrealized appreciation/depreciation of investments as of
November 30, 2004, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 875,702
=========
Gross unrealized appreciation $ 64,995
Gross unrealized depreciation (1,234)
---------
Net unrealized appreciation $ 63,761
=========
(a) Prerefunded.
(b) FNMA Collateralized.
(c) MBIA Insured.
(d) GNMA Collateralized.
(e) Escrowed to maturity.
(f) FGIC Insured.
(g) Radian Insured.
(h) AMBAC Insured.
(i) FSA Insured.
(j) The interest rate is subject to change periodically and inversely based
upon prevailing market rates. The interest rate shown is the rate in
effect at November 30, 2004.
(k) FHA Insured.
(l) FHLMC Collateralized.
(m) FNMA/GNMA Collateralized.
(n) XL Capital Insured.
(o) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund (22,200) $ 67
--------------------------------------------------------------------------
MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2004 (concluded)
Forward interest rate swaps outstanding as of November 30, 2004 were as
follows:
(in Thousands)
-----------------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
-----------------------------------------------------------------------------------
Receive a variable rate equal to 7-Day Bond Market
Association Municipal Swap Index Rate and
pay a fixed rate of 3.476% interest
Broker, J.P. Morgan Chase Bank
Expires December 2014 $ 7,000 $ 126
Receive a variable rate equal to 7-Day Bond Market
Association Municipal Swap Index Rate and
pay a fixed rate of 3.691% interest
Broker, J.P. Morgan Chase Bank
Expires January 2015 $ 24,000 46
Receive a variable rate equal to 7-Day Bond Market
Association Municipal Swap Index Rate and
pay a fixed rate of 3.515% interest
Broker, J.P. Morgan Chase Bank
Expires January 2015 $ 43,500 733
Receive a variable rate equal to 7-Day Bond Market
Association Municipal Swap Index Rate and
pay a fixed rate of 3.619% interest
Broker, J.P. Morgan Chase Bank
Expires February 2015 $ 20,200 202
-----------------------------------------------------------------------------------
Total $ 1,107
===========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MuniVest Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
President
MuniVest Fund, Inc.
Date: January 13, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
President
MuniVest Fund, Inc.
Date: January 13, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniVest Fund, Inc.
Date: January 13, 2005