N-Q 1 d592872dnq.htm BLACKROCK MUNIASSETS FUND, INC. BlackRock MuniAssets Fund, Inc.

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 811-07642

Name of Fund:  BlackRock MuniAssets Fund, Inc. (MUA)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock MuniAssets Fund, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code:  (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2014

Date of reporting period: 07/31/2013

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2013 (Unaudited)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 1.4%

     

Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40

    $ 2,165      $ 2,395,421   

County of Jefferson Alabama, RB, Limited Obligation School, Series A:

     

5.25%, 1/01/17

      895        895,215   

5.25%, 1/01/19

      2,000        1,992,840   

5.50%, 1/01/21

      1,215        1,211,136   
    

 

 

  
               6,494,612   

Alaska — 1.2%

     

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:

     

4.63%, 6/01/23

      1,610        1,459,481   

5.00%, 6/01/32

      1,500        1,193,895   

5.00%, 6/01/46

      4,000        2,912,720   
    

 

 

  
               5,566,096   

Arizona — 2.4%

     

Maricopa County IDA, RB, Arizona Charter School Project, Series A, 6.63%, 7/01/20

      865        781,813   

Phoenix IDA Arizona, ERB, Great Hearts Academies — Veritas Project:

     

6.30%, 7/01/42

      500        492,510   

6.40%, 7/01/47

      425        421,944   

Phoenix IDA Arizona, Refunding RB, America West Airlines, Inc. Project, AMT, 6.30%, 4/01/23

      5,750        5,696,180   

Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37

      1,500        1,434,795   

Show Low Improvement District, Special Assessment Bonds, District No. 5, 6.38%, 1/01/15

      235        237,373   

Tempe IDA Arizona, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42

      720        722,938   

University Medical Center Corp. Arizona, RB:

     

6.25%, 7/01/29

      820        882,320   

6.50%, 7/01/39

      500        538,245   
    

 

 

  
               11,208,118   

California — 4.5%

     

California Pollution Control Financing Authority, RB:

     

Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37 (a)

      1,065        916,134   
Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

California Pollution Control Financing Authority, RB (concluded):

     

San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45

    $ 1,270      $ 1,160,196   

California Statewide Communities Development Authority, Refunding RB:

     

American Baptist Homes of the West, 6.25%, 10/01/39

      2,175        2,244,230   

Eskaton Properties, Inc., 5.25%, 11/15/34

      1,595        1,510,752   

City of Fontana California, Refunding RB, Special Tax Bonds, Community Facilities District No. 22-Sierra, Series H, 6.00%, 9/01/34

      2,320        2,333,595   

City of San Jose California, RB, Convention Center Expansion & Renovation Project:

     

6.50%, 5/01/36

      900        1,015,974   

6.50%, 5/01/42

      2,220        2,501,429   

Riverside County Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48

      2,885        2,832,753   

San Marcos County Unified School District, GO, CAB, Election of 2010, Series B (b):

     

5.69%, 8/01/40

      5,000        1,099,200   

5.81%, 8/01/51

      12,050        1,368,519   

Tobacco Securitization Authority of Southern California, Refunding RB, Senior Series A1, 5.00%, 6/01/37

      4,860        3,796,389   
    

 

 

  
               20,779,171   

Colorado — 1.2%

     

Plaza Metropolitan District No. 1 Colorado, Tax Allocation Bonds Public Improvement Fee Tax Increment:

     

8.00%, 6/01/14 (c)

      4,850        5,208,948   

Refunding, 5.00%, 12/01/40

      575        532,105   
    

 

 

  
               5,741,053   

Connecticut — 0.3%

     

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31

      1,370        1,370,123   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013    1

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Delaware — 1.0%

     

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40

    $ 1,000      $ 1,031,670   

Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45

      3,625        3,472,496   
    

 

 

  
               4,504,166   

District of Columbia — 0.9%

     

District of Columbia, RB, Methodist Home District of Columbia, Series A:

     

7.38%, 1/01/30

      1,665        1,653,129   

7.50%, 1/01/39

      1,615        1,587,868   

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33

      1,055        1,121,834   
    

 

 

  
               4,362,831   

Florida — 10.8%

     

Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43

      4,165        3,651,456   

Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43

      4,165        3,377,773   

Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33

      455        456,101   

Hillsborough County IDA, RB, National Gypsum Co. AMT:

     

Series A, 7.13%, 4/01/30

      3,000        2,999,850   

Series B, 7.13%, 4/01/30

      1,560        1,559,906   

Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US, Inc., AMT, 5.30%, 5/01/37

      4,500        4,108,815   

Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17

      1,095        1,181,625   

Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects, 8.00%, 5/01/40

      1,485        1,737,970   

Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40

      4,550        5,285,417   
Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

Midtown Miami Community Development District, Special Assessment Bonds, Series A:

     

6.00%, 5/01/24

    $ 1,165      $ 1,175,765   

6.25%, 5/01/37

      4,605        4,642,347   

Palm Beach County Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/33

      3,500        3,516,380   

Santa Rosa Bay Bridge Authority, RB, 6.25%,
7/01/28 (d)(e)

      4,832        1,932,353   

Sarasota County Health Facilities Authority, Refunding RB, Village On The Isle Project, 5.50%, 1/01/27

      955        976,325   

Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38

      3,825        3,154,439   

Tampa Palms Open Space and Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18

      1,300        1,300,507   

Tolomato Community Development District, Special Assessment Bonds:

     

Refunding, CAB, Series A-1, 6.65%, 5/01/40

      910        875,365   

Refunding, CAB, Series A-2, 7.12%, 5/01/39 (f)

      250        184,865   

Refunding, CAB, Series A-3, 7.54%, 5/01/40 (f)

      585        352,796   

Refunding, CAB, Series A-4, 8.04%, 5/01/40 (f)

      305        136,295   

Series 1, 6.65%, 5/01/40 (d)(e)

      70        51,570   

Series 2, 6.65%, 5/01/40 (d)(e)

      2,110        792,558   

Series 3, 6.65%, 5/01/40 (d)(e)

      710        7   

Village Community Development District No. 9, Special Assessment Bonds:

     

6.75%, 5/01/31

      1,880        2,078,885   

7.00%, 5/01/41

      3,025        3,352,093   

5.50%, 5/01/42

      1,365        1,367,594   
    

 

 

  
               50,249,057   

Georgia — 2.2%

     

City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31

      1,035        995,701   

County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33

      2,755        2,751,915   

 

                
2    BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Georgia (concluded)

     

County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29

    $ 3,365      $ 3,928,402   

DeKalb County Hospital Authority Georgia, Refunding RB, DeKalb Medical Center, Inc. Project, 6.13%, 9/01/40

      1,000        1,038,770   

Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2:

     

6.38%, 11/15/29

      700        747,824   

6.63%, 11/15/39

      880        938,678   
    

 

 

  
               10,401,290   

Guam — 0.7%

     

Guam Government Waterworks Authority, Refunding RB, Water and Wastewater System, 6.00%, 7/01/25

      1,265        1,286,860   

Territory of Guam, GO, Series A:

     

6.00%, 11/15/19

      615        634,729   

7.00%, 11/15/39

      1,115        1,182,134   
    

 

 

  
               3,103,723   

Illinois — 5.7%

     

City of Chicago Illinois, Refunding RB, American Airlines, Inc. Project, 5.50%, 12/01/30 (d)(e)

      7,000        7,874,790   

Illinois Finance Authority, Refunding RB:

     

CAB, Clare Water Tower, Series B, 0.00%, 5/15/50 (b)(d)(e)

      1,214        12   

Clare Water Tower, Series A-7, 6.13%, 5/15/41 (d)(e)

      3,129        31   

Friendship Village of Schaumburg, 7.25%, 2/15/45

      4,000        4,178,120   

Lutheran Home & Services Obligated Group, 5.63%, 5/15/42

      2,395        2,197,460   

Primary Health Care Centers Program, 6.60%, 7/01/24

      1,175        1,122,572   

Roosevelt University Project, 6.50%, 4/01/44

      4,170        4,416,447   
Municipal Bonds    Par  
(000)		     Value  

Illinois (concluded)

     

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 6.18%, 6/15/46 (b)

    $ 9,860      $ 1,333,368   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      1,400        1,556,296   

6.00%, 6/01/28

      710        774,709   

Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34

      1,800        1,819,422   

Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25

      1,465        1,386,198   
    

 

 

  
               26,659,425   

Indiana — 0.4%

     

Indiana Finance Authority, RB, Private Activity, Ohio River Bridges East End Crossing Project, Series A, AMT:

     

5.00%, 7/01/44

      470        420,542   

5.00%, 7/01/48

      1,555        1,373,780   
    

 

 

  
               1,794,322   

Iowa — 2.3%

     

Iowa Finance Authority, Refunding RB:

     

Iowa Fertilizer Co. Project, 5.00%, 12/01/19

      1,675        1,637,580   

Iowa Fertilizer Co. Project, 5.50%, 12/01/22

      4,090        4,039,775   

Iowa Fertilizer Co. Project, 5.25%, 12/01/25

      2,190        2,071,827   

Sunrise Retirement Community Project, 5.50%, 9/01/37

      1,355        1,163,295   

Sunrise Retirement Community Project, 5.75%, 9/01/43

      2,115        1,820,000   
    

 

 

  
               10,732,477   

Louisiana — 2.3%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32

      5,000        5,249,850   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013    3

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Louisiana (concluded)

     

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41

    $ 1,855      $ 2,025,178   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35

      3,745        3,668,527   
    

 

 

  
               10,943,555   

Maine — 0.7%

     

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41

      2,955        3,267,137   

Maryland — 3.2%

     

County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43 (g)

      2,840        2,770,392   

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35

      3,615        3,865,989   

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25

      4,785        4,992,286   

Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.50%, 7/01/38 (d)(e)

      1,000        279,800   

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital, 5.75%, 7/01/38

      3,110        3,037,413   
    

 

 

  
               14,945,880   

Massachusetts — 1.0%

     

Massachusetts Development Finance Agency, RB, Series A:

     

Foxborough Regional Charter School, 7.00%, 7/01/42

      1,025        1,127,859   

North Hill Communities Issue, 6.50%, 11/15/43

      2,020        1,942,371   

Massachusetts Development Finance Agency, Refunding RB:

     

Eastern Nazarene College, 5.63%, 4/01/19

      30        30,076   

Eastern Nazarene College, 5.63%, 4/01/29

      80        80,171   
Municipal Bonds    Par  
(000)		     Value  

Massachusetts (concluded)

     

Massachusetts Development Finance Agency, Refunding RB (concluded):

     

Tufts Medical Center, Series I, 6.75%, 1/01/36

    $ 1,490      $ 1,650,831   
    

 

 

  
               4,831,308   

Michigan — 2.8%

     

City of Detroit Michigan, GO, Taxable Capital Improvement Limited Tax (d)(e):

     

Series A-1, 5.00%, 4/01/16

      650        253,500   

Series A-2, 8.00%, 4/01/14

      3,185        1,242,150   

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A:

     

5.00%, 7/01/32

      1,610        1,456,293   

5.25%, 7/01/39

      2,785        2,542,566   

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39

      6,310        7,618,189   
    

 

 

  
               13,112,698   

Minnesota — 0.4%

     

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32

      1,785        2,057,766   

Missouri — 0.6%

     

Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39

      2,315        2,598,217   

New Jersey — 4.9%

     

New Jersey EDA, RB:

     

Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31

      2,250        2,425,028   

Patterson Charter School for Science and Technology, Inc. Project, Series A, 6.10%, 7/01/44

      1,085        1,095,318   

New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel, 7.00%, 10/01/14

      4,000        4,020,080   

New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (c)

      3,575        4,720,644   

 

                
4    BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New Jersey (concluded)

     

New Jersey Health Care Facilities Financing Authority, Refunding RB:

     

Barnabas Health, Series A, 5.63%, 7/01/37

    $ 2,650      $ 2,701,542   

St. Joseph’s Healthcare System, 6.63%, 7/01/38

      4,090        4,361,658   

New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC), 5.88%, 12/15/35 (b)

      6,210        1,698,311   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.63%, 6/01/26

      2,000        1,723,840   
    

 

 

  
               22,746,421   

New Mexico — 0.6%

     

New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42

      2,970        2,574,426   

New York — 5.1%

     

Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42

      3,695        3,765,833   

Dutchess County IDA New York, RB, St. Francis Hospital, Series B, 7.50%, 3/01/29

      1,000        1,014,180   

Dutchess County IDA New York, Refunding RB, St. Francis Hospital, Series A, 7.50%, 3/01/29

      1,400        1,419,852   

Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28

      2,000        2,346,280   

New York City IDA, RB:

     

American Airlines, Inc., JFK International Airport, AMT, 8.00%, 8/01/28 (h)

      1,765        1,955,673   

British Airways PLC Project, AMT, 7.63%, 12/01/32

      4,130        4,159,653   

Lycee Francais de New York Project, Series C, 6.80%, 6/01/28

      860        870,122   

Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/24

      610        587,345   

Special Needs Facilities Pooled Program, Series C-1, 6.63%, 7/01/29

      1,100        1,025,211   
Municipal Bonds    Par  
(000)		     Value  

New York (concluded)

     

New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49

    $ 1,270      $ 1,380,617   

Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42

      1,835        1,607,460   

Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36

      1,340        1,486,328   

Yonkers Industrial Development Agency, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41

      2,090        2,197,698   
    

 

 

  
               23,816,252   

North Carolina — 1.6%

     

North Carolina Medical Care Commission, Refunding RB, First Mortgage:

     

Deerfield Project, Series A, 6.13%, 11/01/38

      4,565        4,697,294   

Whitestone Project, Series A, 7.75%, 3/01/31

      1,000        1,077,850   

Whitestone Project, Series A, 7.75%, 3/01/41

      1,420        1,509,999   
    

 

 

  
               7,285,143   

Ohio — 2.9%

     

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2:

     

5.13%, 6/01/24

      1,350        1,121,944   

5.75%, 6/01/34

      6,745        5,106,639   

6.00%, 6/01/42

      3,040        2,339,493   

State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35

      4,880        5,039,186   
    

 

 

  
               13,607,262   

Oklahoma — 0.3%

     

Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32

      1,305        1,273,693   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013    5

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania — 6.5%

     

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:

     

5.00%, 5/01/35

    $ 1,815      $ 1,731,528   

5.00%, 5/01/42

      4,170        3,864,547   

Bucks County IDA, RB, Ann’s Choice, Inc. Facility, Series A:

     

6.13%, 1/01/25

      1,360        1,378,455   

6.25%, 1/01/35

      1,550        1,571,018   

Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39

      6,165        6,476,148   

Lancaster County Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26

      1,160        1,201,772   

Lehigh County General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32

      2,905        2,541,526   

Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care, 6.13%, 2/01/28

      2,330        2,311,243   

Pennsylvania Economic Development Financing Authority, RB, National Gypsum Co., Series A, AMT, 6.25%, 11/01/27

      1,250        1,183,363   

Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT, 7.75%, 12/01/17

      8,000        8,005,680   
    

 

 

  
               30,265,280   

Puerto Rico — 0.8%

     

Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series U, 5.25%, 7/01/42

      3,790        2,975,718   

Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C, 6.69%, 8/01/38 (b)

      4,445        857,841   
    

 

 

  
               3,833,559   

Rhode Island — 0.7%

     

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35

      4,225        3,293,768   
Municipal Bonds   

Par  

(000)

     Value  

Texas — 14.6%

     

Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45

    $ 5,040      $ 5,278,745   

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33

      5,080        329,997   

Central Texas Regional Mobility Authority, Refunding RB:

     

CAB, 5.77%, 1/01/28 (b)

      1,000        440,400   

CAB, 5.82%, 1/01/29 (b)

      2,000        825,880   

CAB, 5.97%, 1/01/30 (b)

      1,170        445,419   

CAB, 6.03%, 1/01/31 (b)

      2,000        710,660   

CAB, 6.11%, 1/01/32 (b)

      3,500        1,155,280   

CAB, 6.15%, 1/01/33 (b)

      3,690        1,138,254   

CAB, 6.20%, 1/01/34 (b)

      4,000        1,149,920   

Senior Lien, 5.75%, 1/01/25

      675        742,446   

Senior Lien, 6.25%, 1/01/46

      2,210        2,369,429   

Senior Lien, Series A, 5.00%, 1/01/33

      105        102,572   

Sub-Lien, 5.00%, 1/01/33

      375        351,079   

Sub-Lien, 5.00%, 1/01/42

      330        300,247   

City of Houston Texas, RB, Special Facilities Continental Airlines, Inc. AMT:

     

Series A, 6.63%, 7/15/38

      2,890        2,951,557   

Series E, 6.75%, 7/01/21

      4,550        4,551,547   

Clifton Higher Education Finance Corp., ERB, Idea Public Schools:

     

5.50%, 8/15/31

      955        954,971   

5.75%, 8/15/41

      720        721,354   

Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A, 4.40%, 12/01/47

      810        634,927   

Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (c):

     

7.13%, 12/01/18

      1,500        1,938,510   

7.25%, 12/01/18

      1,110        1,441,601   

Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 6.31%, 11/15/38 (b)

      10,000        2,078,200   

Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., Series A, 6.88%, 5/15/41

      595        664,966   

La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/44

      860        910,860   

 

                
6    BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

     

Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40

    $ 2,855      $ 2,774,175   

Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29

      2,090        2,298,331   

New Hope Cultural Education Facilities Corp., RB:

     

5.88%, 4/01/36

      1,210        1,182,485   

6.00%, 4/01/45

      1,845        1,791,421   

North Texas Education Finance Corp., ERB, Uplift Education, Series A:

     

5.13%, 12/01/42

      745        677,361   

5.25%, 12/01/47

      1,600        1,465,024   

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 5.98%, 9/01/37 (b)

      2,110        510,726   

North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31

      4,425        4,727,803   

Red River Health Facilities Development Corp., First MRB Project:

     

Eden Home, Inc., 7.25%, 12/15/42

      2,895        2,834,408   

Wichita Falls Retirement Foundation, 5.13%, 1/01/41

      900        766,620   

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A:

     

CC Young Memorial Home, 8.00%, 2/15/38

      1,745        1,873,938   

Senior Living Center Project, 8.25%, 11/15/44

      4,200        4,542,384   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Gas Supply, 5.00%, 12/15/29

      1,945        1,891,902   

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

     

LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40

      4,455        5,059,499   
Municipal Bonds  

Par  

(000)

     Value  

Texas (concluded)

    

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien (concluded):

    

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

   $ 3,000      $ 3,361,230   
   

 

 

  
              67,946,128   

Utah — 0.6%

    

Utah State Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 (g)

     2,950        3,016,287   

Vermont — 0.2%

    

Vermont EDA, Refunding MRB, Wake Robin Corp. Project, 5.40%, 5/01/33

     770        730,869   

Virginia — 3.4%

    

Fairfax County EDA, Refunding RB:

    

Goodwin House, Inc., 5.13%, 10/01/42

     2,500        2,490,425   

Vinson Hall LLC, Series A, 5.00%, 12/01/42

     1,330        1,167,208   

Vinson Hall LLC, Series A, 5.00%, 12/01/47

     1,735        1,502,788   

Lexington IDA, Refunding MRB, Kendal at Lexington, Series A, 5.38%, 1/01/28

     40        39,154   

Mosaic District Community Development Authority, Special Assessment Bonds, Series A:

    

6.63%, 3/01/26

     1,485        1,632,728   

6.88%, 3/01/36

     1,300        1,440,959   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OPCO, LLC Project, AMT:

    

5.25%, 1/01/32

     810        762,566   

6.00%, 1/01/37

     6,805        6,855,970   
   

 

 

  
              15,891,798   

Washington — 0.6%

    

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42

     1,495        1,404,358   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013    7

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Washington (concluded)

  

King County Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40

    $ 1,455      $ 1,474,934   
    

 

 

  
               2,879,292   

Wisconsin — 0.3%

     

Wisconsin Health & Educational Facilities Authority, Refunding RB, St. Johns Communities, Inc., Series A:

     

7.25%, 9/15/29

      425        458,809   

7.63%, 9/15/39

      855        926,820   
    

 

 

  
               1,385,629   
Total Municipal Bonds — 89.1%        415,268,832   
    
                  
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (i)		         

Colorado — 2.4%

     

Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 1/01/40

      11,475        11,391,347   

District of Columbia — 1.6%

     

District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 (j)

      6,679        7,482,028   

Florida — 3.3%

     

County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A, AMT (ACG), 5.25%, 10/01/33

      15,000        15,568,950   

Illinois — 3.1%

     

City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series A (NPFGC), 5.00%, 1/01/33 (j)

      6,510        6,550,036   

Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41

      7,180        7,640,597   
    

 

 

  
               14,190,633   

New York — 13.4%

  

Hudson New York Yards Infrastructure Corp., RB, Fiscal 2012, Senior Series A, 5.75%, 2/15/47 (j)

      4,520        4,798,502   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (i)		   

Par  

(000)

     Value  

New York (concluded)

     

New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System Second General Resolution:

     

Series CC, 5.00%, 6/15/47

    $ 14,180      $ 14,545,986   

Series EE, 5.50%, 6/15/43

      7,605        8,136,285   

Series HH, 5.00%, 6/15/31 (j)

      8,609        9,101,588   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43

      18,105        18,811,536   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j)

      6,600        7,146,018   
    

 

 

  
               62,539,915   

Washington — 1.8%

     

City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40

      7,966        8,236,867   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 25.6%		         119,409,740   
Total Long-Term Investments
(Cost — $535,894,866) — 114.7%		         534,678,572   
    
                  
Short-Term Securities    Shares         

FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)

      3,873,819        3,873,819   
Total Short-Term Securities
(Cost — $3,873,819) — 0.8%		         3,873,819   
Total Investments (Cost — $539,768,685*) — 115.5%        538,552,391   
Liabilities in Excess of Other Assets — (0.2%)        (1,092,468 ) 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (15.3%)

   

     (71,172,853 ) 
    

 

 

  
Net Assets — 100.0%      $ 466,287,070   
    

 

 

  

 

 

*   As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 468,743,055   
 

 

 

  

Gross unrealized appreciation

   $ 28,918,894   

Gross unrealized depreciation

     (30,252,541 ) 
 

 

 

  

Net unrealized depreciation

   $ (1,333,647 ) 
 

 

 

  

 

 

 

                
8    BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

 

Notes to Schedule of Investments

 

(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)   Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(c)   US 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.

 

(d)   Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

(e)   Non-income producing security.

 

(f)   Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

(g)   When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty   Value     Unrealized
(Depreciation)		  

Citigroup Global Markets

   $ 2,770,392      $ (9,201 ) 

Robert W. Baird Co

     3,016,287        (13,806 ) 

 

(h)   Variable rate security. Rate shown is as of report date.

 

(i)   Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

(j)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from January 1, 2015 to November 15, 2019 is $21,570,046.

 

(k)   Investments in issuers considered to be an affiliate of the Fund during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   Shares Held
at April 30,
2013		     Net
Activity		     Shares Held
at July 31,
2013		     Income  

FFI Institutional Tax-Exempt Fund

     9,209,652        (5,335,833 )      3,873,819      $ 304   

 

(l)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGM    Assured Guaranty Municipal Corp.      
     AMBAC    American Municipal Bond Assurance Corp.      
     AMT    Alternative Minimum Tax (subject to)      
     CAB    Capital Appreciation Bonds      
     EDA    Economic Development Authority      
     EDC    Economic Development Corp.      
     ERB    Education Revenue Bonds      
     GARB    General Airport Revenue Bonds      
     GO    General Obligation Bonds      
     IDA    Industrial Development Authority      
     MRB    Mortgage Revenue Bonds      
     NPFGC    National Public Finance Guarantee Corp.      
     RB    Revenue Bonds      

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013    9

Schedule of Investments (concluded)

    BlackRock MuniAssets Fund, Inc. (MUA)

 

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

Ÿ  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

Ÿ  

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)

 

Ÿ  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2013:

 

       Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 534,678,572         —      $ 534,678,572   

Short-Term Securities

   $ 3,873,819           —         —        3,873,819   
 

 

 

  

Total

   $ 3,873,819         $ 534,678,572         —      $ 538,552,391   
 

 

 

  

 

1  See above Schedule of Investments for values in each state or political subdivision.

     

 

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

   

       Level 1        Level 2        Level 3      Total  

Liabilities:

                 

Bank overdraft

     —         $ (9,187 )       —      $ (9,187 ) 

TOB trust certificates

     —           (71,142,983 )       —        (71,142,983 ) 
 

 

 

  

Total

     —         $ (71,152,170 )       —      $ (71,152,170 ) 
 

 

 

  

There were no transfers between levels during the period ended July 31, 2013.

 

                
10    BLACKROCK MUNIASSETS FUND, INC.    JULY 31, 2013   

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are 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.

 

BlackRock MuniAssets Fund, Inc.

   

By:  

   

/s/ John M. Perlowski

      
  

John M. Perlowski

      
  

Chief Executive Officer (principal executive officer) of

BlackRock MuniAssets Fund, Inc.

Date: September 24, 2013

   

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/ John M. Perlowski

      
  

John M. Perlowski

      
  

Chief Executive Officer (principal executive officer) of

BlackRock MuniAssets Fund, Inc.

Date: September 24, 2013

   

By:  

   

/s/ Neal J. Andrews

      
  

Neal J. Andrews

      
  

Chief Financial Officer (principal financial officer) of

   
  

BlackRock MuniAssets Fund, Inc.

Date: September 24, 2013