NPORT-EX 2 NPORT_907775136484897.htm BlackRock MuniAssets Fund

Schedule of Investments  (unaudited)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 90.1%

    

Alabama — 1.1%

    

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

   $ 3,745     $ 4,427,864  

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

    

4.50%, 05/01/32

     380       429,947  

5.25%, 05/01/44

     485       570,578  

Hoover Industrial Development Board, RB, U.S. Steel Corporation Project, AMT, 5.75%, 10/01/49

     515       580,070  
   

 

 

  
      6,008,459  
Alaska — 1.1%  

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

    

4.63%, 06/01/23

     180       180,236  

5.00%, 06/01/32

     1,500       1,500,570  

5.00%, 06/01/46

     4,290       4,310,034  
   

 

 

  
      5,990,840  
Arizona — 2.7%  

Arizona IDA, RB, Series A(a):

    

Christian University Project, 5.63%, 10/01/49

     290       295,498  

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

     520       585,291  

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

     250       282,325  

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

    

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

     960       1,071,264  

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

     1,775       1,905,498  

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A(a):

    

6.50%, 07/01/34

     570       653,727  

6.75%, 07/01/44

     1,000       1,135,950  

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

    

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

     305       335,061  

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

     855       921,220  

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

     260       285,626  

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

     290       310,732  
Security   Par
(000)		     Value  
Arizona (continued)  

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

   $ 320     $ 348,646  

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

     255       273,393  

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

     875       929,285  

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

     1,650       2,278,105  

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

     665       739,294  

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

     1,765       1,956,450  
   

 

 

  
      14,307,365  
California — 4.4%  

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

    

5.50%, 08/01/34

     315       339,636  

6.00%, 08/01/44

     665       723,620  

6.13%, 08/01/49

     580       631,429  

California School Finance Authority, RB:

    

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

     1,570       1,790,805  

Value Schools, 6.65%, 07/01/33

     435       497,183  

Value Schools, 6.90%, 07/01/43

     975       1,105,923  

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

    

5.25%, 12/01/38

     580       699,840  

Series A, 5.00%, 12/01/46

     725       820,714  

Series A, 5.25%, 12/01/56

     620       710,731  

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

     1,650       1,651,567  

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

    

0.00%, 08/01/26

     1,250       950,737  

0.00%, 08/01/43

     1,500       477,435  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

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

    

6.50%, 05/01/36

   $ 900     $ 958,779  

6.50%, 05/01/42

     2,220       2,360,637  

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

    

5.70%, 06/01/46

     3,600       3,638,988  

5.60%, 06/01/36

     1,285       1,298,865  

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

     2,885       3,246,837  

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

    

5.00%, 06/01/47

     790       830,796  

5.25%, 06/01/47

     610       645,307  
   

 

 

  
      23,379,829  
Colorado — 1.7%  

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

     910       976,430  

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

     1,240       1,347,210  

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

     575       612,375  

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

     720       754,099  

Copperleaf Metropolitan District No. 2, GO, Subordinate, 5.00%, 12/15/49

     510       516,926  

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

     500       526,370  

Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49

     1,211       1,220,761  

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

     760       806,573  

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

     1,500       1,519,410  

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

     410       464,505  
   

 

 

  
      8,744,659  
Connecticut — 0.9%  

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

     1,395       1,434,214  

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

     965       1,038,620  
Security   Par
(000)		     Value  
Connecticut (continued)  

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

   $ 1,835     $ 2,076,027  
   

 

 

  
      4,548,861  
Delaware — 0.8%  

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

     1,000       1,033,800  

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

     3,180       3,247,607  
   

 

 

  
      4,281,407  
Florida — 9.5%  

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

     1,420       1,478,390  

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

     1,495       1,637,010  

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

    

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

     515       298,700  

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

     1,105       640,900  

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

     940       1,010,265  

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

     655       641,900  

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

    

5.00%, 10/01/34

     245       273,959  

5.00%, 10/01/49

     1,170       1,276,072  

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

     630       588,911  

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

     915       1,025,624  

County of Osceola Florida Transportation Revenue, Refunding RB, Series A-2(b):

    

0.00%, 10/01/50

     730       253,668  

0.00%, 10/01/51

     875       292,180  

0.00%, 10/01/52

     875       279,703  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

0.00%, 10/01/53

   $ 2,325     $ 712,380  

0.00%, 10/01/54

     875       259,376  

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

     500       559,595  

County of Seminole Industrial Development Authority, Refunding RB, Legacy Pointe at UCF Project:

    

5.50%, 11/15/49

     1,235       1,260,725  

5.75%, 11/15/54

     985       1,011,418  

Florida Development Finance Corp., RB:

    

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

     690       763,623  

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

     835       923,151  

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

     3,180       3,464,864  

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

     1,550       1,656,423  

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

     1,115       1,250,227  

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

     1,750       1,797,355  

Lakewood Ranch Stewardship District, Special Assessment Bonds:

    

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

     395       440,054  

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

     400       461,060  

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

     665       759,151  

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

     645       733,371  

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

     565       622,155  

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

     1,150       1,295,049  

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

     1,485       1,601,736  

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

    

4.00%, 05/01/21

     100       101,060  

4.25%, 05/01/26

     135       142,579  

5.13%, 05/01/46

     820       882,476  
Security   Par
(000)		     Value  
Florida (continued)  

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

   $ 4,550     $ 5,014,236  

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

    

Series A, 5.00%, 05/01/37

     845       894,373  

Series B, 5.00%, 05/01/37

     495       523,923  

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

     3,545       2,812,497  

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

    

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

     305       273,606  

Series 2015-2, 6.61%, 05/01/40

     805       601,311  

Tolomato Community Development District(c)(d):

    

Series 1, 6.61%, 05/01/40(g)

     1,305       1,181,678  

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       475,619  

5.50%, 05/01/49

     1,105       1,203,113  

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

    

6.75%, 05/01/31

     1,435       1,518,503  

7.00%, 05/01/41

     2,360       2,490,720  

5.50%, 05/01/42

     1,135       1,209,252  

West Villages Improvement District, Special Assessment Bonds:

    

4.75%, 05/01/39

     455       489,726  

5.00%, 05/01/50

     940       1,002,745  
   

 

 

  
      50,086,428  
Georgia — 1.5%  

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

     3,365       3,444,010  

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

    

5.00%, 05/15/35

     560       760,458  

5.00%, 05/15/36

     560       768,169  

5.00%, 05/15/37

     615       852,304  

5.00%, 05/15/38

     340       474,888  

5.00%, 05/15/49

     1,130       1,627,878  
   

 

 

  
      7,927,707  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois — 6.3%  

Chicago Board of Education, GO, Series C:

    

Series H, 5.00%, 12/01/46

   $ 720     $ 827,503  

Project, 5.25%, 12/01/35

     1,655       1,858,002  

Chicago Board of Education, GO, Refunding:

    

5.00%, 12/01/31

     1,000       1,188,840  

Series G, 5.00%, 12/01/44

     2,150       2,477,639  

Series B, 4.00%, 12/01/35

     745       768,430  

5.00%, 12/01/25

     725       848,431  

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

    

Series A, 5.00%, 12/01/42

     1,020       1,103,926  

5.00%, 12/01/46

     600       699,666  

5.00%, 12/01/46

     1,555       1,680,753  

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

     1,260       1,583,921  

Illinois Finance Authority, Refunding RB:

    

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

     670       676,405  

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

     365       407,442  

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

     860       946,112  

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

    

Bonds, 0.00%, 12/15/56(b)

     5,005       1,396,495  

5.50%, 06/15/53

     2,370       2,761,524  

Metropolitan Pier & Exposition Authority, Refunding RB:

    

McCormick Place Expansion Project, 4.00%, 06/15/50(h)

     1,570       1,728,413  

McCormick Place Expansion Project, 5.00%, 06/15/50(h)

     1,020       1,221,726  

McCormick Place Expansion Project Bonds, Series B, 0.00%, 12/15/54(b)

     6,980       2,092,674  

Mccormick Place Expansion Project, Series B, 0.00%, 12/15/51(b)

     12,685       4,215,352  

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

     1,975       2,413,608  

State of Illinois, GO, Series A, 5.00%, 01/01/33

     740       781,610  
Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 1,517     $ 1,520,110  
   

 

 

  
      33,198,582  
Indiana — 2.5%  

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

    

6.75%, 01/01/34

     825       960,118  

7.00%, 01/01/44

     2,000       2,330,560  

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

     2,035       2,090,657  

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

    

6.63%, 01/15/34

     290       324,846  

6.75%, 01/15/43

     525       581,070  

6.88%, 01/15/52

     2,450       2,705,535  

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

    

5.00%, 07/01/44

     470       516,662  

5.00%, 07/01/48

     1,555       1,707,328  

Indiana Housing & Community Development Authority, RB, Lake Meadows Assisted Living Project, Series A, 5.00%, 01/01/39(a)

     900       940,527  

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

     1,190       1,293,447  
   

 

 

  
      13,450,750  
Iowa — 2.0%  

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

    

Series B, 5.25%, 12/01/50(e)

     2,085       2,309,471  

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

     2,190       2,446,120  

Iowa Tobacco Settlement Authority, Refunding RB:

    

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

     795       803,300  

Series C, 5.38%, 06/01/38

     4,900       4,951,107  
   

 

 

  
      10,509,998  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Kansas — 0.1%  

City of Wichita Kansas, Refunding RB, Presbyterian Manors, Inc., 5.00%, 05/15/50

   $ 485     $ 532,981  
   

 

 

  
Kentucky — 0.8%  

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

     4,000       4,459,280  
   

 

 

  
Louisiana — 2.2%  

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

     2,430       2,485,015  

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

     930       1,022,117  

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 05/01/21(f)

     1,745       1,870,814  

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

     5,570       6,165,322  
   

 

 

  
      11,543,268  
Maine — 0.6%  

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

     2,955       3,092,348  
   

 

 

  
Maryland — 1.1%  

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

     2,825       2,872,432  
Security   Par
(000)		     Value  
Maryland (continued)  

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

   $ 3,085     $ 3,149,600  
   

 

 

  
      6,022,032  
Massachusetts — 0.1%  

Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I, 6.75%, 01/01/21(f)

     595       626,809  
   

 

 

  
Michigan — 1.5%  

Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44

     415       442,743  

City of Detroit Michigan, GO:

    

5.00%, 04/01/34

     285       328,027  

5.00%, 04/01/35

     285       327,334  

5.00%, 04/01/36

     200       229,276  

5.00%, 04/01/37

     320       366,195  

5.00%, 04/01/38

     145       165,642  

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

     2,785       3,044,646  

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

     415       446,100  

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

     920       996,654  

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

     1,200       1,443,888  
   

 

 

  
      7,790,505  
Minnesota — 0.1%  

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

    

5.75%, 09/01/46

     195       221,083  

6.00%, 09/01/51

     290       331,702  
   

 

 

  
      552,785  
Missouri — 0.3%  

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

    

4.38%, 11/15/35

     685       754,096  

4.75%, 11/15/47

     760       837,718  
   

 

 

  
      1,591,814  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Hampshire — 0.6%  

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

    

Series B, 4.63%, 11/01/42

   $ 1,015     $ 1,055,255  

Series C, AMT, 4.88%, 11/01/42

     485       505,254  

New Hampshire Business Finance Authority, RB, The Vista Project, Series A(a):

    

5.25%, 07/01/39

     400       441,304  

5.63%, 07/01/46

     270       299,184  

5.75%, 07/01/54

     535       593,117  
   

 

 

  
      2,894,114  
New Jersey — 5.9%  

Casino Reinvestment Development Authority, Inc., Refunding RB:

    

5.25%, 11/01/39

     1,065       1,160,488  

5.25%, 11/01/44

     770       836,120  

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

     1,150       1,160,419  

New Jersey EDA, RB:

    

Friends of Vineland Public Charter School Projects, Series A, 5.25%, 11/01/54(a)

     1,675       1,711,197  

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

     2,155       2,443,770  

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

     2,160       2,495,297  

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

     165       191,558  

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

     260       297,633  

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

     2,245       2,657,698  

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

     1,530       1,709,010  

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

     500       523,610  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program Bonds, Series S, 5.25%, 06/15/43

   $ 2,345     $ 2,827,202  

Series BB, 4.00%, 06/15/50

     4,630       4,968,453  

Transportation Program, Series AA, 5.25%, 06/15/41

     1,140       1,321,283  

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

     5,970       6,862,694  
   

 

 

  
      31,166,432  
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       3,205,165  
   

 

 

  
New York — 5.5%  

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

    

6.25%, 06/01/41(a)

     5,300       5,351,940  

5.00%, 06/01/42

     3,155       3,155,379  

5.00%, 06/01/45

     1,185       1,185,035  

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

    

5.00%, 06/01/45

     2,655       2,848,523  

5.00%, 06/01/51

     1,900       2,018,484  

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

     1,261       1,379,598  

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

     2,890       2,891,676  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(a):

    

Class 1, 5.00%, 11/15/44

     4,705       5,167,925  

Class 2, 5.15%, 11/15/34

     455       509,473  

Class 2, 5.38%, 11/15/40

     1,080       1,213,844  

Class 3, 7.25%, 11/15/44

     1,565       1,883,493  

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       1,398,102  
   

 

 

  
      29,003,472  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
North Carolina — 0.5%  

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

    

7.75%, 03/01/21

   $ 1,000     $ 1,073,450  

7.75%, 03/01/21

     1,420       1,524,299  
   

 

 

  
      2,597,749  
Ohio — 3.3%  

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

    

Senior Turbo Term, 5.75%, 06/01/34

     6,745       6,774,746  

Senior Turbo Term, 5.88%, 06/01/47

     5,570       5,594,619  

6.00%, 06/01/42

     3,040       3,053,406  

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

     875       985,399  

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

     840       952,972  
   

 

 

  
      17,361,142  
Oklahoma — 1.5%  

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

     750       868,200  

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

    

5.00%, 08/15/38

     2,990       3,581,990  

5.25%, 08/15/43

     2,690       3,256,998  
   

 

 

  
      7,707,188  
Oregon — 0.5%  

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

     1,765       1,925,950  

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

    

5.00%, 06/15/29

     120       129,144  

5.00%, 06/15/39

     565       606,019  
   

 

 

  
      2,661,113  
Pennsylvania — 2.3%  

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

     2,140       2,265,896  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 2,000     $ 2,173,960  

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

     1,800       1,895,238  

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

     1,135       1,200,649  

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

     1,855       1,948,603  

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

     2,710       2,876,340  
   

 

 

  
      12,360,686  
Puerto Rico — 10.1%  

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

     850       864,356  

Commonwealth of Puerto Rico, GO(c)(d):

    

Public Improvement, Series A, 5.25%, 07/01/22

     145       122,918  

Public Improvement, Series A, 5.13%, 07/01/31

     515       436,569  

Public Improvements, Series A, 5.25%, 07/01/26

     50       42,385  

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

    

Public Improvement, 5.00%, 07/01/18

     90       73,453  

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

     1,265       978,012  

Public Improvement, Series A, 5.00%, 07/01/41

     735       554,732  

Public Improvements, Series A, 6.50%, 07/01/40

     1,110       958,303  

Public Improvements, Series A, 5.75%, 07/01/41

     165       133,113  

Public Improvements, Series B, 6.00%, 07/01/39

     110       94,967  

Series A, 8.00%, 07/01/35

     2,205       1,537,987  

Commonwealth of Puerto Rico, GO(c)(d):

    

5.38%, 07/01/33

     500       423,853  

6.00%, 07/01/38

     750       647,502  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

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

    

5.00%, 07/01/33

   $ 170     $ 180,843  

5.13%, 07/01/37

     200       213,254  

5.75%, 07/01/37

     3,355       3,625,312  

5.25%, 07/01/42

     920       985,946  

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

    

6.00%, 07/01/38

     4,290       4,378,117  

6.00%, 07/01/44

     1,445       1,474,695  

Puerto Rico Electric Power Authority, 1.00%, 01/01/21(h)

     90       73,347  

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

    

Series 2013-A, 7.00%, 07/01/33

     3,295       2,767,800  

Series 2013-A, 7.00%, 07/01/43

     375       315,000  

Series A, 5.00%, 07/01/29

     660       540,118  

Series A, 6.75%, 07/01/36

     1,140       957,600  

Series A, 5.00%, 07/01/42

     1,315       1,076,145  

Series A-3, 10.00%, 07/01/19

     323       274,978  

Series B-3, 10.00%, 07/01/19

     323       274,978  

Series C-1, 5.40%, 01/01/18

     887       725,493  

Series C-2, 5.40%, 07/01/18

     888       725,611  

Series C-4, 5.40%, 07/01/20

     90       73,347  

Series CCC, 5.25%, 07/01/26

     260       212,774  

Series CCC, 5.25%, 07/01/28

     145       118,662  

Series TT, 5.00%, 07/01/25

     100       81,836  

Series TT, 5.00%, 07/01/26

     225       184,131  

Series TT, 5.00%, 07/01/32

     190       155,489  

Series WW, 5.50%, 07/01/19

     200       163,341  

Series WW, 5.50%, 07/01/38

     205       167,764  

Series WW, 5.50%, 07/01/49

     1,175       959,626  

Series WW, 5.50%, 07/01/49

     145       118,422  

Series XX, 5.25%, 07/01/27

     110       90,020  

Series XX, 5.25%, 07/01/35

     60       49,102  

Series XX, 5.75%, 07/01/36

     85       69,561  

Series XX, 5.25%, 07/01/40

     480       392,813  

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

    

Series AAA, 5.25%, 07/01/22

     2,545       2,082,729  

Series AAA, 5.25%, 07/01/29

     95       77,744  

Series UU, 1.16%, 07/01/19(e)

     60       39,000  

Series UU, 1.00%, 07/01/19(e)

     55       35,750  

Series UU, 1.32%, 07/01/20(e)

     495       372,487  

Series UU, 1.97%, 07/01/31(e)

     580       436,450  

Series ZZ, 5.00%, 07/01/19

     145       118,422  

Series ZZ, 5.25%, 07/01/19

     455       371,600  

Series ZZ, 5.25%, 07/01/21

     50       40,918  

Series ZZ, 5.25%, 07/01/24

     345       282,335  

Series ZZ, 5.25%, 07/01/26

     40       32,734  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

Puerto Rico Public Buildings Authority,
Refunding RB(c)(d):

    

Government Facilities, Series F (GTD), 5.25%, 07/01/24

   $ 235     $ 221,194  

Series M, 10.00%, 07/01/34

     155       141,717  

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

    

CAB, Series A-1, 0.00%, 07/01/24(b)

     70       63,810  

CAB, Series A-1, 0.00%, 07/01/27(b)

     134       113,115  

CAB, Series A-1, 0.00%, 07/01/29(b)

     200       159,802  

CAB, Series A-1, 0.00%, 07/01/31(b)

     239       177,269  

CAB, Series A-1, 0.00%, 07/01/33(b)

     337       231,971  

CAB, Series A-1, 0.00%, 07/01/46(b)

     7,976       2,329,630  

CAB, Series A-1, 0.00%, 07/01/51(b)

     5,294       1,118,675  

Series A-1, 4.75%, 07/01/53

     3,822       4,228,852  

Series A-1, 5.00%, 07/01/58

     4,761       5,347,174  

Series A-2, 4.33%, 07/01/40

     1,729       1,877,175  

Series A-2, 4.78%, 07/01/58

     2,080       2,300,147  

Series A-2, 4.54%, 07/01/53

     21       22,843  

Series B-1, 4.55%, 07/01/40

     2,402       2,646,331  

Series B-1, 0.00%, 07/01/46(b)

     883       258,189  
   

 

 

  
      53,422,338  
Rhode Island — 2.0%  

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

     4,190       642,465  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     980       1,104,303  

Series B, 4.50%, 06/01/45

     5,055       5,311,137  

Series B, 5.00%, 06/01/50

     3,330       3,590,406  
   

 

 

  
      10,648,311  
South Carolina — 0.8%  

South Carolina Jobs-Economic Development Authority, RB, The Woodlands at Furman, Series A, 5.00%, 11/15/54

     345       380,283  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)  

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

   $ 3,275     $ 3,696,722  
   

 

 

  
      4,077,005  
Tennessee — 0.9%  

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       1,058,404  

5.63%, 01/01/46

     1,085       1,232,907  

County of Shelby Health Educational & Housing Facilities Board, RB, The Farms at Bailey Station Project, 5.75%, 10/01/49

     2,360       2,397,854  
   

 

 

  
      4,689,165  
Texas — 7.4%  

Central Texas Regional Mobility Authority, Refunding RB, CAB(b):

    

0.00%, 01/01/28

     1,000       864,930  

0.00%, 01/01/29

     2,000       1,681,120  

0.00%, 01/01/30

     1,170       953,222  

0.00%, 01/01/33

     3,690       2,715,655  

0.00%, 01/01/34

     4,000       2,836,400  

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

    

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

     2,890       3,072,099  

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

     910       1,024,014  

County of Brazoria Industrial Development Corp., RB, Gladieux Metals Recycling, AMT, 7.00%, 03/01/39

     675       750,067  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(f)

     475       558,253  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Stayton at Museum Way, Series A, 5.75%, 12/01/54

     4,458       4,690,607  

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

     865       960,461  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 890     $ 963,906  

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

    

5.88%, 04/01/36

     1,210       1,335,707  

6.00%, 04/01/45

     1,845       2,027,821  

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

     1,085       1,110,921  

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

    

5.50%, 08/15/35

     290       334,260  

5.75%, 08/15/45

     580       666,368  

Port Beaumont Navigation District, Refunding RB, Jefferson Gulf Coast, AMT(a)(h):

    

3.63%, 01/01/35

     650       666,295  

4.00%, 01/01/50

     1,400       1,434,552  

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

    

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

     2,895       1,915,233  

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

     900       932,652  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     3,775       3,869,715  

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

    

0.00%, 08/01/46

     1,420       451,248  

0.00%, 08/01/47

     2,120       639,710  

0.00%, 08/01/48

     2,235       640,171  

0.00%, 08/01/49

     2,100       571,200  

0.00%, 08/01/50

     3,015       773,197  

0.00%, 08/01/51

     1,770       428,836  

0.00%, 08/01/52

     1,770       404,834  

0.00%, 08/01/53

     160       34,616  
   

 

 

  
      39,308,070  
Utah — 0.6%  

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

     2,950       2,957,758  
   

 

 

  
Virginia — 2.8%  

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

    

5.00%, 03/01/35

     495       529,947  

5.00%, 03/01/45

     505       531,194  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia (continued)  

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

    

6.63%, 03/01/26

   $ 1,485     $ 1,560,319  

6.88%, 03/01/36

     1,300       1,363,492  

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

    

4.00%, 01/01/29

     300       326,721  

5.00%, 01/01/34

     485       539,815  

4.38%, 01/01/39

     725       787,959  

5.00%, 01/01/49

     955       1,038,629  

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

     2,370       2,387,870  

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

     535       576,013  

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

     4,440       4,908,287  
   

 

 

  
      14,550,246  
Washington — 0.8%  

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

     1,455       1,522,832  

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

     1,495       1,560,511  

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

    

5.75%, 01/01/35

     315       351,767  

6.00%, 01/01/45

     850       942,233  
   

 

 

  
      4,377,343  
Wisconsin — 2.7%  

Public Finance Authority, RB:

    

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

     605       683,390  

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

     605       680,226  

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

     900       1,031,976  

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

     570       658,538  

Gray Collegiate Academy Project, 5.63%, 06/15/49(a)

     2,500       2,551,775  
Security   Par
(000)		     Value  
Wisconsin (continued)  

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

   $ 20     $ 20,035  

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

     175       207,536  

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

     530       615,701  

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

     355       408,097  

Series A, 5.63%, 06/15/49(a)

     2,950       3,013,750  

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

     555       589,743  

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

     680       718,209  

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

     1,065       1,235,358  

Wisconsin Health & Educational Facilities Authority, RB, ST. Camillus Health System:

    

5.00%, 11/01/39

     440       481,012  

5.00%, 11/01/46

     470       508,549  

5.00%, 11/01/54

     785       848,632  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Benevolent Corporation Cedar Community, 5.00%, 06/01/41

     225       248,562  
   

 

 

  
      14,501,089  
   

 

 

  

Total Municipal Bonds — 90.1%
(Cost — $435,496,585)

 

     476,135,093  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i) — 22.3%

 

Illinois — 2.9%  

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

     7,180       7,709,381  

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

    

4.00%, 02/15/27(f)

     4       4,153  

4.00%, 02/15/41

     1,495       1,655,677  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 5,056     $ 5,936,599  
   

 

 

  
      15,305,810  
Massachusetts — 0.5%  

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

     2,268       2,519,023  
   

 

 

  
New York — 15.7%  

City of New York Housing Development Corp., RB, M/F, Series C-1A:

    

4.15%, 11/01/39(a)(e)

     1,893       2,004,886  

4.20%, 11/01/44

     3,470       3,674,886  

4.30%, 11/01/47

     2,840       3,007,285  

City of New York New York Housing Development Corp., RB, M/F Housing, Series D-1, Class B, 4.25%, 11/01/45

     8,996       9,659,907  

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

    

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

     14,181       15,987,050  

Series HH, 5.00%, 06/15/31(j)

     8,610       9,089,663  

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

    

5.75%, 02/15/21(f)

     2,798       2,933,131  

5.75%, 02/15/47

     1,721       1,804,373  

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

     18,104       19,557,920  

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

     6,600       7,137,563  
Security   Par
(000)		     Value  
New York (continued)  

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47(e)

   $ 6,956     $ 8,067,472  
   

 

 

  
      82,924,136  
Pennsylvania — 0.6%  

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

     2,505       3,072,909  
   

 

 

  
Rhode Island — 0.3%  

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

     1,710       1,806,068  
   

 

 

  
Texas — 0.5%  

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

     2,271       2,378,091  
   

 

 

  
Washington — 1.6%  

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

     7,966       8,410,729  
   

 

 

  
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       1,250,506  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.3%
(Cost — $110,902,829)

 

     117,667,272  
   

 

 

  

Total Long-Term Investments — 112.4%
(Cost — $546,399,414)

 

     593,802,365  
   

 

 

  
     Shares         
Short-Term Securities — 0.4%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(k)(l)

     1,999,395       1,999,795  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost — $1,999,795)

 

     1,999,795  
   

 

 

  

Total Investments — 112.8%
(Cost — $548,399,209)

 

     595,802,160  

Other Assets Less Liabilities — 0.3%

 

     1,717,565  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.1)%

 

     (69,410,890 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 528,108,835  
   

 

 

  
 

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

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) 

Zero-coupon bond.

(c) 

Non-income producing security.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(f) 

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.

(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) 

When-issued security.

(i) 

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.

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between August 15, 2020 to May 15, 2021, is $11,849,809.

(k) 

Annualized 7-day yield as of period end.

(l) 

During the period ended January 31, 2020, 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
04/30/2019		      Net
Activity		      Shares
Held at
01/31/20		      Value at
01/31/20		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      767,387        1,232,008        1,999,395      $ 1,999,795      $ 10,213      $ 327      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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.
GO    General Obligation Bonds
GTD    Guaranteed
IDA    Industrial Development Authority
M/F    Multi-Family
MRB    Mortgage Revenue Bonds
RB    Revenue Bonds

 

 

12   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

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                                  

10-Year U.S. Treasury Note

      3          03/20/20        $ 395        $ (6,450 ) 

Long U.S. Treasury Bond

      80          03/20/20          13,083          (319,368 ) 

5-Year U.S. Treasury Note

      20          03/31/20          2,406          (24,205 ) 
                 

 

 

  
          $ (350,023 ) 
                 

 

 

  

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 Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation 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 Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 593,802,365        $             —        $ 593,802,365  

Short-Term Securities

     1,999,795          —          —          1,999,795  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,999,795        $ 593,802,365        $ —        $ 595,802,160  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest Rate Contracts

   $ (350,023 )       $ —        $ —        $ (350,023 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  a) 

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

 
  b) 

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

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $69,231,623 are categorized as Level 2 within the disclosure hierarchy.

 

 

     13