NPORT-EX 1 NPORT_11108684875879475.htm BlackRock MuniAssets Fund

Schedule of Investments  (unaudited)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 89.4%

 

Alabama — 1.3%

 

County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42

   $ 3,745     $ 4,422,021  

County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(a):

    

4.50%, 05/01/32

     380       412,528  

5.25%, 05/01/44

     485       538,044  

State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(b)

     1,165       1,230,345  
   

 

 

  
      6,602,938  
Alaska — 1.2%  

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

    

4.63%, 06/01/23

     190       190,224  

5.00%, 06/01/32

     1,500       1,500,390  

5.00%, 06/01/46

     4,290       4,290,000  
   

 

 

  
      5,980,614  
Arizona — 2.8%  

Arizona IDA, RB, Series A(a):

    

Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, 5.00%, 07/15/39

     520       573,045  

Lone Mountain Campus Project, 5.00%, 12/15/39

     250       274,200  

Arizona IDA, Refunding RB, Series A(a):

    

Basis Schools, Inc. Projects, 5.13%, 07/01/37

     960       1,046,160  

Odyssey Preparatory Academy Project, 5.50%, 07/01/52

     1,775       1,698,604  

City of Phoenix Arizona IDA, RB:

    

Great Hearts Academies — Veritas Project, 6.40%, 07/01/21(b)

     425       466,884  

Great Hearts Academies — Veritas Projects, 6.30%, 07/01/21(b)

     500       548,335  

Legacy Traditional Schools Project, Series A, 6.50%, 07/01/34(a)

     570       648,974  

Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(a)

     1,000       1,129,440  

City of Phoenix Arizona IDA, Refunding RB(a):

    

Basis Schools, Inc. Projects, 5.00%, 07/01/35

     305       328,427  

Basis Schools, Inc. Projects, 5.00%, 07/01/45

     855       900,289  

Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35

     260       279,971  
Security   Par
(000)		     Value  
Arizona (continued)  

Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46

   $ 290     $ 303,366  

Legacy Traditional School Projects, 5.00%, 07/01/35

     320       342,192  

Legacy Traditional School Projects, 5.00%, 07/01/45

     255       269,010  

County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48(a)

     875       916,125  

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

     1,650       2,161,054  

State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47(a)

     665       695,956  

State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47(a)

     1,765       1,904,329  
   

 

 

  
      14,486,361  
California — 6.2%  

California Municipal Finance Authority, RB, Urban Discovery Academy Project(a):

    

5.50%, 08/01/34

     315       336,839  

6.00%, 08/01/44

     665       716,331  

6.13%, 08/01/49

     580       624,492  

California School Finance Authority, RB:

    

Alliance for College Ready Public School — 2023 Union LLC Project, Series A, 6.40%, 07/01/48

     1,570       1,791,920  

Value Schools, 6.65%, 07/01/33

     435       496,892  

Value Schools, 6.90%, 07/01/43

     975       1,099,946  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center(a):

    

5.25%, 12/01/38

     580       678,977  

Series A, 5.00%, 12/01/46

     725       800,987  

Series A, 5.25%, 12/01/56

     620       688,560  

California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39

     2,175       2,188,985  

California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series B, 6.00%, 05/01/43

     1,650       1,651,056  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D(a)(c):

    

0.00%, 08/01/26

   $ 1,250     $ 929,575  

0.00%, 08/01/43

     1,500       463,395  

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

    

6.50%, 05/01/36

     900       977,679  

6.50%, 05/01/42

     2,220       2,399,709  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40

     375       439,144  

County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.:

    

5.70%, 06/01/46

     3,600       3,639,096  

5.60%, 06/01/36

     1,285       1,298,891  

County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 06/01/48

     2,885       3,224,968  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:

    

5.00%, 06/01/47

     790       798,880  

5.25%, 06/01/47

     610       621,053  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1:

    

4.75%, 06/01/25

     535       535,583  

5.00%, 06/01/37

     5,580       5,639,985  
   

 

 

  
      32,042,943  
Colorado — 1.5%  

9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48

     910       946,500  

Arista Metropolitan District, GO, Refunding, Series A, 5.00%, 12/01/38

     1,240       1,332,913  

Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/20(b)

     500       548,770  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a)

     575       604,463  

Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45

     720       755,222  

North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48

     500       517,715  
Security   Par
(000)		     Value  
Colorado (continued)  

Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48

   $ 760     $ 787,619  

Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34

     1,500       1,532,655  

Southlands Metropolitan District No. 1, GO, Refunding, Series A-1, 5.00%, 12/01/47

     410       450,246  
   

 

 

  
      7,476,103  
Connecticut — 0.9%  

Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(a)

     1,400       1,445,822  

Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(a)

     971       1,049,107  

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30(a)

     1,835       2,051,952  
   

 

 

  
      4,546,881  
Delaware — 0.8%  

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

     1,000       1,044,300  

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

     3,180       3,271,234  
   

 

 

  
      4,315,534  
District of Columbia — 0.5%  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

     2,260       2,410,177  
   

 

 

  
Florida — 9.0%  

Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 05/01/43

     1,420       1,460,243  

Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement Revenue Bond, Series A-1, 5.13%, 05/01/39

     1,495       1,581,964  

Capital Trust Agency, Inc., RB, Series A:

    

1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/44(d)(e)

     515       298,700  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/49(d)(e)

   $ 1,105     $ 640,900  

Paragon Academy of Technology and Sunshine, 5.75%, 06/01/54(a)

     940       970,945  

Silver Creek St. Augustine Project, 5.75%, 01/01/50(d)(e)

     655       641,900  

County of Charlotte Florida IDA, RB, Town & Country Utilities Project, AMT(a):

    

5.00%, 10/01/34

     245       268,662  

5.00%, 10/01/49

     1,170       1,250,917  

County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 05/15/44(a)

     630       625,848  

County of Miami-Dade Florida IDA, RB, Doral Academy Project, 5.00%, 01/15/48

     915       998,357  

County of Palm Beach Florida Health Facilities Authority, Refunding RB, Series A, 7.25%, 06/01/34

     500       568,565  

Florida Development Finance Corp., RB:

 

Renaissance Charter School, Series A, 5.75%, 06/15/29

     690       753,880  

Renaissance Charter School, Series A, 6.00%, 06/15/34

     835       909,933  

Renaissance Charter School, Series A, 6.13%, 06/15/44

     3,180       3,422,030  

Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a)(f)

     1,550       1,637,358  

Florida Higher Educational Facilities Financial Authority, RB, Jacksonville University Project, Series A-1, 5.00%, 06/01/48(a)

     1,115       1,206,809  

Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 05/01/43

     1,785       1,844,655  

Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 05/01/33

     370       370,988  

Lakewood Ranch Stewardship District, Special Assessment Bonds,(a):

    

Lakewood Centre & NW Sector Projects, 4.95%, 05/01/29

     425       455,689  

Lakewood Centre & NW Sector Projects, 5.50%, 05/01/39

     425       462,740  

Lakewood Centre & NW Sector Projects, 5.65%, 05/01/48

     665       721,186  
Security   Par
(000)		     Value  
Florida (continued)  

Northeast Sector Project — Phase 1B, 5.30%, 05/01/39

   $ 645     $ 705,727  

Northeast Sector Project — Phase 1B, 4.75%, 05/01/29

     565       610,483  

Northeast Sector Project — Phase 1B, 5.45%, 05/01/48

     1,150       1,253,925  

Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects, 4.00%, 05/01/21

     100       101,381  

Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New Sector Projects, 8.00%, 05/01/40

     1,485       1,633,441  

Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects:

    

4.25%, 05/01/26

     135       141,272  

5.13%, 05/01/46

     825       867,974  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b)

     4,550       5,142,683  

Midtown Miami Community Development District, Refunding, Special Assessment Bonds:

    

Series A, 5.00%, 05/01/37

     845       886,963  

Series B, 5.00%, 05/01/37

     495       519,582  

Santa Rosa Bay Bridge Authority, RB, 6.25%, 07/01/28(d)(e)

     3,650       2,832,312  

Tolomato Community Development District, Refunding, Special Assessment Bonds(g):

    

Convertible CAB, Series A4, 6.61%, 05/01/40

     305       262,959  

Series 2015-2, 6.61%, 05/01/40

     805       589,155  

Tolomato Community Development District(d)(e):

    

Series 1, 6.61%, 05/01/40(g)

     1,305       1,127,429  

Series 3, 6.61%, 05/01/40

     875       9  

Series 3, 6.65%, 05/01/40

     710       7  

Trout Creek Community Development District, Special Assessment Bonds:

    

5.38%, 05/01/38

     430       464,215  

5.50%, 05/01/49

     1,105       1,175,234  

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

    

6.75%, 05/01/31

     1,460       1,565,105  

7.00%, 05/01/41

     2,400       2,562,552  

5.50%, 05/01/42

     1,155       1,229,832  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

West Villages Improvement District, Special Assessment Bonds:

    

4.75%, 05/01/39

   $ 455     $ 468,227  

5.00%, 05/01/50

     940       970,907  
   

 

 

  
      46,203,643  
Georgia — 1.8%  

County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 06/01/29

     3,365       3,549,234  

County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2(b):

    

6.38%, 11/15/19

     700       710,563  

6.63%, 11/15/19

     880       893,904  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/35

     560       721,011  

5.00%, 05/15/36

     560       725,782  

5.00%, 05/15/37

     615       803,412  

5.00%, 05/15/38

     340       446,627  

5.00%, 05/15/49

     1,130       1,525,783  
   

 

 

  
      9,376,316  
Guam — 0.3%  

Territory of Guam, GO, Series A:

    

6.00%, 11/15/19

     140       141,785  

7.00%, 11/15/19(b)

     1,115       1,133,453  
   

 

 

  
      1,275,238  
Illinois — 6.6%  

Chicago Board of Education, GO, Dedicated Revenues, Series D:

    

Refunding, 5.00%, 12/01/31

     1,000       1,128,500  

Refunding, Series G, 5.00%, 12/01/44

     2,150       2,350,466  

Series H, 5.00%, 12/01/46

     720       786,110  

Project, Series C, 5.25%, 12/01/35

     1,655       1,797,529  

Chicago Board of Education, GO, Refunding:

    

5.00%, 12/01/27

     900       1,044,756  

Series B, 4.00%, 12/01/35

     745       746,907  

Series C, 5.00%, 12/01/25

     725       819,613  

Chicago Board of Education, GO:

    

Series A, 5.00%, 12/01/42

     1,020       1,060,688  

5.00%, 12/01/46

     600       662,448  

5.00%, 12/01/46

     1,555       1,634,772  

City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38

     1,260       1,473,746  
Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB:

    

Friendship Village of Schaumburg, 7.25%, 02/15/20(b)

   $ 4,000     $ 4,130,720  

Primary Health Care Centers Program, 6.60%, 07/01/24

     670       675,172  

Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34

     365       404,387  

Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45

     860       937,632  

Roosevelt University Project, 6.50%, 10/01/19(b)

     785       791,892  

Roosevelt University Project, 6.50%, 10/01/19(b)

     1,215       1,225,668  

Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project, :

    

Bonds, 0.00%, 12/15/56(c)

     5,005       1,096,696  

5.50%, 06/15/53

     2,370       2,667,672  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project Bonds, Series B, 0.00%, 12/15/54(c)

     6,980       1,666,684  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     180       194,180  

6.00%, 06/01/21

     710       772,345  

State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/29

     1,975       2,248,221  

State of Illinois, GO:

    

Series A, 5.00%, 01/01/33

     740       772,686  

Series D, 5.00%, 11/01/28

     1,365       1,538,642  

Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 03/01/34

     1,583       1,585,818  
   

 

 

  
      34,213,950  
Indiana — 2.4%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

    

6.75%, 01/01/34

     825       956,744  

7.00%, 01/01/44

     2,000       2,301,760  

City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29(a)

     2,175       2,238,010  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

    

6.63%, 01/15/34

     290       320,749  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

6.75%, 01/15/43

   $ 525     $ 575,132  

6.88%, 01/15/52

     2,450       2,678,879  

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

    

5.00%, 07/01/44

     470       510,961  

5.00%, 07/01/48

     1,555       1,684,609  

Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1,
6.38%, 01/15/51(a)

     1,190       1,268,861  
   

 

 

  
      12,535,705  
Iowa — 2.0%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(f)

     2,085       2,287,370  

Midwestern Disaster Area, 5.25%, 12/01/25

     2,190       2,399,298  

Iowa Tobacco Settlement Authority, Refunding RB:

    

Asset-Backed, CAB, Series B,
5.60%, 06/01/34(g)

     795       795,231  

Series C, 5.38%, 06/01/38

     4,900       4,927,146  
   

 

 

  
      10,409,045  
Kentucky — 0.9%  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 07/01/49

     4,000       4,343,000  
   

 

 

  
Louisiana — 2.2%  

Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(a)

     2,445       2,529,548  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, S/F Housing, University of Louisiana Monroe Project, 5.00%, 07/01/54(a)

     930       992,124  

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 05/01/41

     1,745       1,821,536  
Security   Par
(000)		     Value  
Louisiana (continued)  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35

   $ 5,570     $ 6,134,853  
   

 

 

  
      11,478,061  
Maine — 0.6%  

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41

     2,955       3,166,017  
   

 

 

  
Maryland — 1.2%  

County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43(a)

     2,825       2,892,461  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

     3,085       3,176,007  
   

 

 

  
      6,068,468  
Massachusetts — 1.0%  

Massachusetts Development Finance Agency, RB, Series A(b):

    

Foxborough Regional Charter School, 7.00%, 07/01/20

     1,025       1,079,991  

North Hill Communities Issue, 6.50%, 11/15/23(a)

     2,020       2,472,904  

Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I(b):

    

6.75%, 01/01/21

     895       965,920  

6.75%, 01/01/21

     595       642,148  
   

 

 

  
      5,160,963  
Michigan — 1.4%  

City of Detroit Michigan, GO:

    

5.00%, 04/01/34

     285       313,554  

5.00%, 04/01/35

     285       312,081  

5.00%, 04/01/36

     200       218,122  

5.00%, 04/01/37

     320       347,575  

5.00%, 04/01/38

     145       156,839  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     2,785       3,046,595  

Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44

     415       445,843  

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     920       995,127  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

   $ 1,200     $ 1,397,232  
   

 

 

  
      7,232,968  
Minnesota — 0.1%  

St. Paul Housing & Redevelopment Authority, Refunding RB, Hmong College Prep Academy Project, Series A:

    

5.75%, 09/01/46

     195       211,854  

6.00%, 09/01/51

     290       317,651  
   

 

 

  
      529,505  
Missouri — 0.8%  

City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A:

    

4.38%, 11/15/35

     685       737,937  

4.75%, 11/15/47

     760       806,489  

Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 05/15/20(b)

     2,315       2,444,408  
   

 

 

  
      3,988,834  
New Hampshire — 0.3%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a):

    

Series B, 4.63%, 11/01/42

     1,015       1,040,741  

Series C, AMT, 4.88%, 11/01/42

     485       498,502  
   

 

 

  
      1,539,243  
New Jersey — 4.6%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     1,065       1,161,319  

5.25%, 11/01/44

     770       839,700  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

     1,150       1,166,341  

New Jersey EDA, RB:

    

Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43

     2,155       2,400,584  

Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31

     2,160       2,542,126  

Provident Group-Kean Properties, Series A, 5.00%, 07/01/32

     165       186,335  

Provident Group-Kean Properties, Series A, 5.00%, 07/01/37

     260       289,458  
Security   Par
(000)		     Value  
New Jersey (continued)  

State House Project, Series B, Remark 10, 5.00%, 06/15/43

   $ 2,245     $ 2,543,787  

Team Academy Charter School Project, 6.00%, 10/01/43

     1,530       1,732,189  

New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A, 6.00%, 08/01/49(a)

     500       515,850  

New Jersey Transportation Trust Fund Authority, RB, Transportation Program:

    

Bonds, Series S, 5.25%, 06/15/43

     2,345       2,722,991  

Series AA, 5.25%, 06/15/41

     1,140       1,278,715  

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46

     5,970       6,462,465  
   

 

 

  
      23,841,860  
New Mexico — 0.6%  

New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 07/01/42

     2,970       3,157,971  
   

 

 

  
New York — 5.9%  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A:

    

6.25%, 06/01/41(a)

     5,300       5,415,964  

5.00%, 06/01/42

     3,155       3,155,000  

5.00%, 06/01/45

     1,185       1,184,964  

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B:

    

5.00%, 06/01/45

     2,655       2,813,238  

5.00%, 06/01/51

     1,900       2,012,233  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

     1,286       1,390,937  

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45

     2,890       2,890,896  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

     1,270       1,292,276  

3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

     4,705       5,160,021  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a)

   $ 455     $ 505,004  

3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a)

     1,080       1,209,384  

3 World Trade Center Project, Class 3, 7.25%, 11/15/44(a)

     1,565       1,895,325  

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

     1,340       1,409,559  
   

 

 

  
      30,334,801  
North Carolina — 0.5%  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A(b):

    

7.75%, 03/01/21

     1,000       1,103,850  

7.75%, 03/01/21

     1,420       1,567,467  
   

 

 

  
      2,671,317  
Ohio — 3.3%  

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

    

Senior Turbo Term, 5.75%, 06/01/34

     6,745       6,708,172  

Senior Turbo Term, 5.88%, 06/01/47

     5,570       5,475,032  

6.00%, 06/01/42

     3,040       3,036,626  

County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 01/01/46

     875       955,815  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     840       902,042  
   

 

 

  
      17,077,687  
   

 

 

  
Oklahoma — 1.4%  

County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37

     750       850,680  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B:

    

5.00%, 08/15/38

     2,990       3,439,816  
Security   Par
(000)		     Value  
Oklahoma (continued)  

5.25%, 08/15/43

   $ 2,690     $ 3,137,858  
   

 

 

  
      7,428,354  
Oregon — 0.7%  

County of Multnomah Oregon Hospital Facilities Authority, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49

     1,765       1,935,269  

Oregon State Facilities Authority, RB, Howard Street Charter School Project, Series A(a):

    

5.00%, 06/15/29

     120       126,756  

5.00%, 06/15/39

     565       580,888  

Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A:

    

5.13%, 07/01/35

     620       668,689  

5.38%, 07/01/45

     385       410,510  
   

 

 

  
      3,722,112  
Pennsylvania — 2.4%  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42

     2,140       2,238,804  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/36

     2,000       2,169,080  

County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 07/01/32

     1,800       1,896,678  

County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50

     1,135       1,168,607  

County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32

     1,855       2,120,803  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

   $ 2,710     $ 2,892,139  
   

 

 

  
      12,486,111  
Puerto Rico — 5.6%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43

     850       864,255  

Commonwealth of Puerto Rico, GO, Public Improvements, Series A, 5.25%, 07/01/26(d)(e)

     50       37,120  

Commonwealth of Puerto Rico, GO, Refunding(d)(e):

    

Public Improvement, 5.00%, 07/01/18

     90       66,817  

Public Improvement, Series A, 5.50%, 07/01/39

     970       597,961  

Series A, 8.00%, 07/01/35

     1,615       891,005  

Commonwealth of Puerto Rico, GO, Series A, 6.00%, 07/01/38(d)(e)

     750       556,805  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     270       271,898  

5.13%, 07/01/37

     200       201,998  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     4,290       4,335,774  

6.00%, 07/01/44

     1,445       1,459,450  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.75%, 07/01/37

     3,355       3,443,740  

5.25%, 07/01/42

     920       931,491  

Puerto Rico Electric Power Authority, RB(d)(e):

    

Series 2013-A, 7.00%, 07/01/33

     210       165,029  

Series 2013-A, 7.00%, 07/01/43

     190       149,312  

Series A, 5.00%, 07/01/29

     660       501,733  

Series A, 5.00%, 07/01/42

     1,315       999,664  

Series CCC, 5.25%, 07/01/26

     260       197,652  

Series CCC, 5.25%, 07/01/28

     85       64,617  

Series TT, 5.00%, 07/01/25

     100       76,020  

Series TT, 5.00%, 07/01/26

     225       171,045  

Series TT, 5.00%, 07/01/32

     190       144,438  

Series WW, 5.50%, 07/01/38

     205       155,841  

Series XX, 5.25%, 07/01/27

     110       83,622  

Series XX, 5.25%, 07/01/35

     60       45,612  

Series XX, 5.25%, 07/01/40

     480       364,897  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

Puerto Rico Electric Power Authority, Refunding
RB(d)(e):

    

Series AAA, 5.25%, 07/01/22

   $ 175     $ 133,035  

Series AAA, 5.25%, 07/01/29

     95       72,219  

Series ZZ, 5.25%, 07/01/21

     50       38,010  

Series ZZ, 5.25%, 07/01/24

     345       262,269  

Series ZZ, 5.25%, 07/01/26

     40       30,408  

Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series F (GTD), 5.25%, 07/01/24(d)(e)

     235       195,725  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/24(c)

     70       59,989  

CAB, Series A-1, 0.00%, 07/01/27(c)

     134       103,759  

CAB, Series A-1, 0.00%, 07/01/29(c)

     200       141,064  

CAB, Series A-1, 0.00%, 07/01/31(c)

     239       151,292  

CAB, Series A-1, 0.00%, 07/01/33(c)

     337       189,674  

CAB, Series A-1, 0.00%, 07/01/46(c)

     1,804       415,046  

CAB, Series A-1, 0.00%, 07/01/51(c)

     1,469       248,349  

Series A-1, 4.50%, 07/01/34

     139       143,362  

Series A-1, 4.75%, 07/01/53

     2,453       2,390,743  

Series A-1, 5.00%, 07/01/58

     3,904       3,895,841  

Series A-2, 4.55%, 07/01/40

     1,629       1,564,785  

Series A-2, 4.75%, 07/01/53

     21       19,707  

Series A-2, 5.00%, 07/01/58

     2,080       1,996,363  
   

 

 

  
      28,829,436  
Rhode Island — 2.0%  

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(d)(e)

     4,190       642,465  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     980       1,073,698  

Series B, 4.50%, 06/01/45

     5,055       5,174,399  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Rhode Island (continued)  

Series B, 5.00%, 06/01/50

   $ 3,330     $ 3,483,680  
   

 

 

  
      10,374,242  
South Carolina — 0.7%  

State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53

     3,275       3,635,938  
   

 

 

  
Tennessee — 0.4%  

County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A:

    

5.50%, 07/01/37

     925       1,029,063  

5.63%, 01/01/46

     1,085       1,196,538  
   

 

 

  
      2,225,601  
Texas — 9.6%  

Central Texas Regional Mobility Authority, Refunding RB:

    

CAB, 0.00%, 01/01/28(c)

     1,000       813,920  

CAB, 0.00%, 01/01/29(c)

     2,000       1,568,120  

CAB, 0.00%, 01/01/30(c)

     1,170       880,706  

CAB, 0.00%, 01/01/33(c)

     3,690       2,426,175  

CAB, 0.00%, 01/01/34(c)

     4,000       2,509,040  

Senior Lien, 6.25%, 01/01/21(b)

     2,210       2,363,241  

City of Houston Texas Airport System, Refunding ARB, AMT, :

    

Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38

     2,890       3,108,773  

United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29

     910       1,014,577  

County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 07/01/20(b)

     5,040       5,269,118  

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)

     475       566,685  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Senior Living Center Project, Series A, 8.25%, 11/15/44(d)(e)

     4,200       3,351,600  

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49

     865       940,541  
Security   Par
(000)		     Value  
Texas (continued)  

County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 01/01/21(b)

   $ 3,080     $ 3,335,763  

Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(a)

     890       954,347  

New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project:

    

5.88%, 04/01/36

     1,210       1,318,755  

6.00%, 04/01/45

     1,845       1,995,644  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic, Series A, 5.00%, 08/15/36(a)

     1,085       1,108,794  

Newark Higher Education Finance Corp., RB,
Series A(a):

    

5.50%, 08/15/35

     290       320,511  

5.75%, 08/15/45

     580       640,453  

North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47

     1,600       1,680,640  

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

    

Eden Home, Inc., 7.25%, 12/15/42(d)(e)

     2,895       1,851,633  

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

     900       935,586  

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

    

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     3,775       3,958,088  

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

     3,000       3,060,180  

Texas Transportation Commission, RB, CAB, First Tier Toll Revenue(c):

    

0.00%, 08/01/46

     1,420       422,493  

0.00%, 08/01/47

     2,120       599,812  

0.00%, 08/01/48

     2,235       600,343  

0.00%, 08/01/49

     2,100       542,913  

0.00%, 08/01/50

     3,015       721,037  

0.00%, 08/01/51

     1,770       398,834  

0.00%, 08/01/52

     1,770       376,408  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

0.00%, 08/01/53

   $ 160     $ 31,997  
   

 

 

  
      49,666,727  
Utah — 0.6%  

State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43

     2,950       2,957,139  
   

 

 

  
Virginia — 2.8%  

Lower Magnolia Green Community Development Authority, Special Assessment Bonds(a):

    

5.00%, 03/01/35

     495       521,339  

5.00%, 03/01/45

     505       520,852  

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

    

6.63%, 03/01/26

     1,485       1,585,490  

6.88%, 03/01/36

     1,300       1,380,886  

Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. — Harbor’s Edge Project, Series A:

    

4.00%, 01/01/29

     300       315,636  

5.00%, 01/01/34

     485       529,751  

4.38%, 01/01/39

     725       768,101  

5.00%, 01/01/49

     955       1,021,506  

Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47

     2,370       2,341,655  

Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45(a)

     535       569,903  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37

     4,440       4,905,756  
   

 

 

  
      14,460,875  
Washington — 0.8%  

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

     1,455       1,533,323  

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42

     1,495       1,548,910  
Security   Par
(000)		     Value  
Washington (continued)  

Washington State Housing Finance Commission, Refunding RB(a):

    

5.75%, 01/01/35

   $ 315     $ 328,891  

6.00%, 01/01/45

     850       881,866  
   

 

 

  
      4,292,990  
Wisconsin — 1.7%  

Public Finance Authority, RB, :

    

Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31(a)

     605       677,618  

Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47(a)

     605       674,073  

Delray Beach Radiation Therapy, 6.85%, 11/01/46(a)

     900       996,615  

Delray Beach Radiation Therapy, 7.00%, 11/01/46(a)

     570       636,319  

Minnesota College of Osteopathic Medicine, Series A-1, 5.50%, 12/01/48(a)

     655       715,791  

Piedmont Community Charter School, 5.00%, 06/15/39

     175       201,642  

Piedmont Community Charter School, 5.00%, 06/15/49

     530       602,202  

Piedmont Community Charter School, 5.00%, 06/15/53

     355       400,120  

Traders Point Christian Schools, Series A, 5.38%, 06/01/44(a)

     555       573,137  

Traders Point Christian Schools, Series A, 5.50%, 06/01/54(a)

     680       700,482  

Public Finance Authority, Refunding RB, Wingate University, Series A, 5.25%, 10/01/48

     1,065       1,196,070  

Wisconsin Health & Educational Facilities Authority, Refunding RB, :

    

Benevolent Corporation Cedar Community, 5.00%, 06/01/41

     225       242,557  

St. Johns Communities, Inc., Series A, 7.25%, 09/15/19(b)

     425       428,081  

St. Johns Communities, Inc., Series A, 7.63%, 09/15/19(b)

     855       861,592  
   

 

 

  
      8,906,299  
   

 

 

  

Total Municipal Bonds — 89.4%
(Cost — $430,481,809)

 

     461,451,967  
   

 

 

  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option
Bond Trusts(h)

 

Colorado — 2.3%

 

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

   $ 11,468     $ 11,619,543  
   

 

 

  
Illinois — 3.0%  

Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41

     7,180       7,785,131  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(b)

     4       4,105  

4.00%, 02/15/41

     1,495       1,636,572  

State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40

     5,056       5,816,271  
   

 

 

  
      15,242,079  
Massachusetts — 0.5%  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45

     2,268       2,438,357  
   

 

 

  
New York — 14.5%  

City of New York New York Housing Development Corp., RB, M/F, :

    

Series C-1A, 4.15%, 11/01/39

     1,893       1,981,010  

Series C-1A, 4.20%, 11/01/44

     3,470       3,631,122  

Series C-1A, 4.30%, 11/01/47

     2,840       2,971,472  

Housing, Series D-1, Class B, 4.25%, 11/01/45

     8,996       9,556,548  

City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, :

    

Fiscal 2013, Series CC, 5.00%, 06/15/47

     14,181       15,989,683  

Series HH, 5.00%, 06/15/31(i)

     8,610       9,201,593  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(i):

    

5.75%, 02/15/21(b)

     2,798       2,983,530  

5.75%, 02/15/47

     1,721       1,835,377  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

     18,105       19,688,457  
Security   Par
(000)		     Value  
New York (continued)  

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

   $ 6,600     $ 7,205,217  
   

 

 

  
      75,044,009  
Pennsylvania — 0.6%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     2,505       2,986,937  
   

 

 

  
Rhode Island — 0.3%  

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43

     1,710       1,773,732  
   

 

 

  
Texas — 0.5%  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43

     2,271       2,359,768  
   

 

 

  
Washington — 1.6%  

City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%, 08/01/40

     7,966       8,475,178  
   

 

 

  
Wisconsin — 0.2%  

State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46

     1,142       1,220,498  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.5%
(Cost — $114,973,995)

 

     121,160,101  
   

 

 

  

Total Long-Term Investments — 112.9%
(Cost — $545,455,804)

 

     582,612,068  
   

 

 

  
     Shares         
Short-Term Securities — 0.3%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.27%(j)(k)

     1,767,478       1,767,832  
   

 

 

  

Total Short-Term Securities — 0.3%
(Cost — $1,767,832)

 

     1,767,832  
   

 

 

  

Total Investments — 113.2%
(Cost — $547,223,636)

 

     584,379,900  

Other Assets Less Liabilities — 0.7%

 

     3,550,262  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.9)%

 

     (71,854,905 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 516,075,257  
 

 

 

  
 

 

 

     11  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

 

(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) 

Zero-coupon bond.

(d) 

Non-income producing security.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

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.

(g) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(h) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(i) 

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between November 15, 2019 to December 15, 2020, is $11,849,809.

(j) 

Annualized 7-day yield as of period end.

(k) 

During the period ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
04/30/18		      Net
Activity		      Shares
Held at
07/31/19		      Value at
07/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      767,387        1,000,091        1,767,478      $ 1,767,832      $ 4,577      $ 523      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

Portfolio Abbreviations
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
ERB    Education Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
IDA    Industrial Development Authority
M/F    Multi-Family
MRB    Mortgage Revenue Bonds
RB    Revenue Bonds
S/F    Single-Family

 

 

12   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

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

                  

5-Year U.S. Treasury Note

      23          09/30/19        $ 2,704        $ (7,578 ) 

10-Year U.S. Treasury Note

      21          09/19/19          2,676          (18,929 ) 

Long U.S. Treasury Bond

      107          09/19/19          16,649          (294,505 ) 
                 

 

 

  
                  $ (321,012 ) 
                 

 

 

  

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 Trust’s own 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation 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 Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-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)

    $ —        $ 582,612,068        $ —        $ 582,612,068  

Short-Term Securities

      1,767,832          —          —          1,767,832  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,767,832        $ 582,612,068        $          $ 584,379,900  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest rate contracts

   $ (321,012 )       $ —        $             —        $ (321,012 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, TOB Trust Certificates of $71,659,281 are categorized as Level 2 within the disclosure hierarchy.

 

 

     13