NPORT-EX 2 NPORT_894359225454084.htm BlackRock MuniAssets Fund

Schedule of Investments  (unaudited) 

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

    
Alabama — 1.0%            

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

   $     3,745     $ 4,351,728  

Tuscaloosa County Industrial Development Authority Refunding RB(a)

    

Series A, 4.50%, 05/01/32

     380       407,618  

Series A, 5.25%, 05/01/44

     485       540,794  
   

 

 

  
          5,300,140  
Alaska — 0.6%            

Northern Tobacco Securitization Corp. Refunding RB

    

Series A, 4.63%, 06/01/23

     130       130,183  

Series A, 5.00%, 06/01/46

     2,790       2,789,972  
   

 

 

  
      2,920,155  
Arizona — 2.9%            

Arizona Industrial Development Authority RB(a)

    

7.10%, 01/01/55

     1,790       1,756,223  

Series A, 5.00%, 12/15/39

     250       268,315  

Series A, 5.50%, 07/01/52

     1,775       1,909,882  

Series B, 5.13%, 07/01/47

     665       707,487  

Arizona Industrial Development Authority Refunding RB(a)

    

Series A, 5.13%, 07/01/37

     960       1,008,202  

Series A, 5.25%, 07/01/47

     1,765       1,838,212  

Industrial Development Authority of the City of Phoenix RB(a)

    

Series A, 6.50%, 07/01/34

     570       630,671  

Series A, 6.75%, 07/01/44

     1,000       1,097,840  

Industrial Development Authority of the City of Phoenix Refunding RB(a)

    

5.00%, 07/01/35

     625       657,732  

5.00%, 07/01/45

     1,425       1,465,332  

Series A, 5.00%, 07/01/35

     260       271,099  

La Paz County Industrial Development Authority RB, 5.88%, 06/15/48(a)

     875       897,768  

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

     1,650       2,295,925  
   

 

 

  
      14,804,688  
Arkansas — 0.6%            

Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49(a)

     2,815       2,848,414  
   

 

 

  
California — 3.2%            

California Municipal Finance Authority RB(a)

    

6.00%, 08/01/44

     665       704,940  

6.13%, 08/01/49

     580       615,432  

Series A, 5.50%, 08/01/34

     315       333,957  

California School Finance Authority RB

    

6.65%, 07/01/33

     435       472,310  

6.90%, 07/01/43

     975       1,049,032  

Series A, 6.40%, 07/01/48

     1,570       1,749,561  

California Statewide Communities Development Authority RB, 5.25%, 12/01/38(a)

     580       655,928  

California Statewide Financing Authority RB, Series B, 6.00%, 05/01/43

     1,650       1,650,742  

City of San Jose California Hotel Tax Revenue RB

    

6.50%, 05/01/36

     900       936,936  

6.50%, 05/01/42

     2,220       2,308,467  

Golden State Tobacco Securitization Corp. Refunding RB Series A-1, 5.25%, 06/01/47

     610       626,000  
Security   Par
(000)		     Value  
California (continued)            

Golden State Tobacco Securitization Corp. Refunding RB (continued)

    

Series A-2, 5.00%, 06/01/47

   $       790     $ 807,530  

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

     2,885           3,171,769  

San Francisco City & County Redevelopment Agency Successor Agency TA, CAB(a)(b)

    

Series D, 0.00%, 08/01/26

     1,250       952,575  

Series D, 0.00%, 08/01/43

     1,500       454,830  
   

 

 

  
      16,490,009  
Colorado — 2.2%            

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

     910       930,957  

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

     1,240       1,261,824  

Centerra Metropolitan District No 1 TA, 5.00%, 12/01/47(a)

     575       581,975  

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

     510       513,335  

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

     720       740,830  

Green Valley Ranch East Metropolitan District No. 6 GO, Series A, 5.88%, 12/01/50

     935       938,422  

Jefferson Center Metropolitan District No. 1 Refunding RB, Series B, 5.75%, 12/15/50(c)

     1,580       1,549,332  

Karl’s Farm Metropolitan District No. 2 GO,
Series A, 5.63%, 12/01/50(a)

     545       552,292  

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

     500       501,870  

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

     1,211       1,068,938  

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

     760       799,041  

Regional Transportation District RB, 6.00%, 01/15/34

    1,500       1,502,790  

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

     410       432,534  
   

 

 

  
      11,374,140  
Connecticut(a) — 1.0%            

Connecticut State Health & Educational Facilities Authority RB

    

Series A, 5.00%, 01/01/45

     325       340,717  

Series A, 5.00%, 01/01/55

     435       453,152  

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

    1,395       1,341,544  

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

     967       983,545  

Mohegan Tribe of Indians of Connecticut Refunding RB, Series C, 6.25%, 02/01/30

     1,835       1,966,680  
   

 

 

  
      5,085,638  
Delaware — 1.1%            

County of Sussex Delaware RB, 6.00%, 10/01/40

     1,000       1,015,000  

Delaware State Economic Development Authority RB, 5.38%, 10/01/45

     4,495       4,518,644  
   

 

 

  
      5,533,644  
District of Columbia — 0.6%            

District of Columbia Tobacco Settlement Financing Corp. RB, CAB, Series A, 0.00%, 06/15/46(b)

     15,400       3,134,978  
   

 

 

  
 

 

 

  1

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida — 9.2%            

Boggy Creek Improvement District Refunding SAB, 5.13%, 05/01/43

   $     1,380     $     1,411,243  

Capital Region Community Development District Refunding SAB, Series A-1, 5.13%, 05/01/39

     1,495       1,628,788  

Capital Trust Agency, Inc. RB

    

Series A, 8.25%, 01/01/44(d)(e)

     515       288,400  

Series A, 8.25%, 01/01/49(d)(e)

     1,105       618,800  

Series A, 5.75%, 01/01/50(d)(e)

     655       655,000  

Series A, 5.75%, 06/01/54(a)

     940       958,095  

Charlotte County Industrial Development Authority/FL RB(a)

    

AMT, 5.00%, 10/01/34

     245       263,076  

AMT, 5.00%, 10/01/49

     1,170       1,189,071  

Collier County Industrial Development Authority Refunding RB, Series A,
8.13%, 05/15/44(a)(d)(e)

     630       453,747  

County of Osceola Florida Transportation Revenue Refunding RB, CAB(b)

    

Series A-2, 0.00%, 10/01/50

     730       257,274  

Series A-2, 0.00%, 10/01/51

     875       296,170  

Series A-2, 0.00%, 10/01/52

     875       284,865  

Series A-2, 0.00%, 10/01/53

     2,325       727,865  

Series A-2, 0.00%, 10/01/54

     875       263,401  

Florida Development Finance Corp. RB

    

Series A, 5.75%, 06/15/29

     690       754,991  

Series A, 6.00%, 06/15/34

     835       909,824  

Series A, 6.13%, 06/15/44

     3,180       3,424,288  

AMT, 5.00%, 08/01/29(a)(f)

     1,550       1,575,637  

Greeneway Improvement District SAB, 5.13%, 05/01/43

     1,715       1,766,107  

Lakewood Ranch Stewardship District Refunding SAB, 8.00%, 05/01/40

     1,485       1,540,702  

Lakewood Ranch Stewardship District SAB

    

4.00%, 05/01/21

     54       54,233  

4.25%, 05/01/26

     135       140,948  

4.75%, 05/01/29

     565       619,127  

4.95%, 05/01/29(a)

     395       437,652  

5.30%, 05/01/39

     645       718,988  

5.50%, 05/01/39(a)

     400       451,800  

5.13%, 05/01/46

     820       866,494  

5.45%, 05/01/48

     1,150       1,287,195  

5.65%, 05/01/48(a)

     665       754,137  

Miami-Dade County Industrial Development Authority RB, 5.00%, 01/15/48

     915       1,030,061  

Mid-Bay Bridge Authority RB, Series A, 7.25%, 10/01/21(g)

     4,550       4,922,963  

Midtown Miami Community Development District Refunding SAB

    

Series A, 5.00%, 05/01/37

     845       873,206  

Series B, 5.00%, 05/01/37

     495       511,523  

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

     500       531,045  

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

     3,475       2,747,210  

Seminole County Industrial Development Authority Refunding RB

    

5.50%, 11/15/49

     1,235       1,099,829  

5.75%, 11/15/54

     985       895,266  

Tolomato Community Development District Refunding SAB, Series 2, 6.61%, 05/01/40

     805       528,491  
Security   Par
(000)		     Value  
Florida (continued)            

Tolomato Community Development District Refunding SAB, CAB, Series A-4, Convertible, 6.61%, 05/01/40

   $       305     $ 273,881  

Tolomato Community Development District
SAB(d)(e)

    

Series 1, 6.61%, 05/01/40

     1,305           1,101,081  

Series 3, 6.61%, 05/01/40

     875       9  

Series 3, 6.65%, 05/01/40

     710       7  

Trout Creek Community Development District SAB

    

5.38%, 05/01/38

     430       474,148  

5.50%, 05/01/49

     1,105       1,214,461  

Village Community Development District No. 9 Refunding SAB, 5.50%, 05/01/42

     1,115       1,145,406  

Village Community Development District No. 9 SAB

    

6.75%, 05/01/31

     1,395       1,428,745  

7.00%, 05/01/41

     2,290       2,342,189  

West Villages Improvement District SAB

    

4.75%, 05/01/39

     455       488,925  

5.00%, 05/01/50

     940       1,017,522  
   

 

 

  
      47,223,886  
Georgia — 1.5%            

Clayton County Development Authority Refunding RB, Series A, 8.75%, 06/01/29

     3,141       3,159,852  

Main Street Natural Gas, Inc. RB

    

Series A, 5.00%, 05/15/35

     560       750,809  

Series A, 5.00%, 05/15/36

     560       756,745  

Series A, 5.00%, 05/15/37

     615       838,522  

Series A, 5.00%, 05/15/38

     340       468,788  

Series A, 5.00%, 05/15/49

     1,130       1,677,259  
   

 

 

  
      7,651,975  
Idaho — 0.1%            

Idaho Housing & Finance Association RB,
Series A, 6.95%, 06/15/55(a)

     580       600,909  
   

 

 

  
Illinois — 6.5%            

Chicago Board of Education GO

    

Series A, 5.00%, 12/01/42

     1,020       1,040,216  

Series C, 5.25%, 12/01/35

     1,655       1,759,944  

Series D, 5.00%, 12/01/46

     2,155       2,250,301  

Series H, 5.00%, 12/01/46

     720       768,024  

Chicago Board of Education Refunding GO

    

Series B, 4.00%, 12/01/35

     745       750,722  

Series C, 5.00%, 12/01/25

     725       801,190  

Series D, 5.00%, 12/01/31

     1,000       1,107,660  

Series G, 5.00%, 12/01/44

     2,150       2,299,683  

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

     1,260       1,458,778  

Illinois Finance Authority Refunding RB

    

6.60%, 07/01/24

     560       562,492  

6.00%, 02/01/34

     365       385,195  

4.75%, 10/15/40(a)(c)(f)

     3,520       3,588,077  

6.13%, 02/01/45

     860       895,802  

Metropolitan Pier & Exposition Authority RB

    

Series A, 5.50%, 06/15/53

     2,370       2,559,955  

Series A, 5.00%, 06/15/57

     1,020       1,092,206  

Metropolitan Pier & Exposition Authority RB,
CAB(b)

    

Series A, 0.00%, 12/15/52

     1,880       456,332  

Series A, 0.00%, 12/15/56

     5,005       1,021,120  

Metropolitan Pier & Exposition Authority Refunding RB, 4.00%, 06/15/50

     1,570       1,569,341  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)            

Metropolitan Pier & Exposition Authority Refunding RB, CAB, Series B, 0.00%, 12/15/54(b)

   $     19,665     $ 4,382,935  

State of Illinois GO

    

5.50%, 05/01/30

     530       655,578  

5.50%, 05/01/39

     1,055       1,255,978  

Series A, 5.00%, 01/01/33

     740       765,574  

Village of Lincolnshire Illinois ST, 6.25%, 03/01/34

     1,517       1,517,865  
   

 

 

  
          32,944,968  
Indiana — 2.2%            

City of Anderson Indiana RB, 5.38%, 01/01/40

     580       584,106  

City of Valparaiso Indiana RB

    

AMT, 6.75%, 01/01/34

     825       901,733  

AMT, 7.00%, 01/01/44

     2,000       2,224,320  

City of Vincennes Indiana Refunding RB, 6.25%, 01/01/29(a)

     2,035       2,048,797  

County of Allen Indiana RB(a)

    

Series A-1, 6.63%, 01/15/34

     290       243,009  

Series A-1, 6.75%, 01/15/43

     525       424,321  

Series A-1, 6.88%, 01/15/52

     2,450       1,946,427  

Indiana Finance Authority RB

    

Series A, AMT, 5.00%, 07/01/44

     470       500,907  

Series A, AMT, 5.00%, 07/01/48

     1,555       1,657,086  

Town of Chesterton Indiana RB, Series A, 6.38%, 01/15/51(a)(d)(e)

     1,190       885,765  
   

 

 

  
      11,416,471  
Iowa — 1.6%            

Iowa Finance Authority Refunding RB

    

5.25%, 12/01/25

     150       157,713  

Series B, 5.25%, 12/01/50(f)

     2,085       2,205,638  

Iowa Tobacco Settlement Authority Refunding RB, Series C, 5.38%, 06/01/38

     4,900       4,900,147  

Iowa Tobacco Settlement Authority Refunding RB, CAB, Series B, 5.60%, 06/01/34

     795       795,080  
   

 

 

  
      8,058,578  
Kentucky — 0.8%            

Kentucky Public Transportation Infrastructure Authority RB, Series A, 5.75%, 07/01/49

     4,000       4,269,240  
   

 

 

  
Louisiana — 2.5%            

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

     2,415       2,190,405  

Louisiana Local Government Environmental Facilities & Community Development Authority RB, 5.00%, 07/01/54(a)

     930       940,611  

Louisiana Public Facilities Authority RB, 6.75%, 05/01/21(g)

     1,745       1,830,086  

Parish of St James Louisiana RB, Series 2, 6.35%, 07/01/40(a)

     1,580       1,891,228  

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

     5,570       5,990,814  
   

 

 

  
      12,843,144  
Maine — 0.6%            

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

     2,955       3,031,180  
   

 

 

  
Security   Par
(000)		     Value  
Maryland — 1.7%            

County of Frederick Maryland TA, Series A, 7.13%, 07/01/43(a)

   $     2,810     $    2,563,001  

Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25

     2,590       2,594,636  

Maryland Health & Higher Educational Facilities Authority RB, Series A, 7.00%, 03/01/55(a)

     3,010       3,291,164  
   

 

 

  
      8,448,801  
Michigan — 1.3%            

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

     415       426,624  

City of Detroit Michigan GO

    

5.00%, 04/01/34

     285       299,090  

5.00%, 04/01/35

     285       298,164  

5.00%, 04/01/36

     200       208,520  

5.00%, 04/01/37

     320       332,611  

5.00%, 04/01/38

     145       150,297  

City of Detroit Michigan Sewage Disposal System Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(g)

     2,785       3,057,290  

Michigan Finance Authority RB, Series C-2, Senior Lien, AMT, 5.00%, 07/01/22(g)

     415       452,935  

Michigan Strategic Fund RB, AMT, 5.00%, 06/30/48

     1,200       1,341,960  
   

 

 

  
      6,567,491  
Minnesota — 0.4%            

City of Minneapolis Minnesota RB, Series A, 5.75%, 07/01/55

     1,480       1,581,853  

Housing & Redevelopment Authority of The City of St. Paul Minnesota Refunding RB

    

Series A, 5.75%, 09/01/46

     195       209,350  

Series A, 6.00%, 09/01/51

     290       312,545  
   

 

 

  
      2,103,748  
Missouri — 0.2%            

Industrial Development Authority of the City of St. Louis Missouri Refunding RB

    

Series A, 4.38%, 11/15/35

     685       591,737  

Series A, 4.75%, 11/15/47

     760       659,194  
   

 

 

  
      1,250,931  
New Hampshire(a) — 0.3%            

New Hampshire Business Finance Authority Refunding RB

    

Series B, 4.63%, 11/01/42

     1,015       1,025,678  

Series C, AMT, 4.88%, 11/01/42

     485       490,151  
   

 

 

  
      1,515,829  
New Jersey — 4.9%            

Casino Reinvestment Development Authority, Inc. Refunding RB

    

5.25%, 11/01/39

     1,065       1,102,222  

5.25%, 11/01/44

     770       791,760  

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

     1,150       1,151,023  

New Jersey Economic Development Authority RB

    

6.00%, 10/01/43

     1,530       1,667,578  

Series A, 5.00%, 07/01/32

     165       165,323  

Series A, 5.00%, 07/01/37

     260       254,428  

Series A, 5.25%, 11/01/54(a)

     1,675       1,669,707  

Series B, 5.00%, 06/15/43

     2,245       2,577,305  
 

 

 

  3

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Economic Development Authority RB (continued)

    

AMT, 5.38%, 01/01/43

   $     2,155     $    2,374,422  

Series B, AMT, 6.50%, 04/01/31

     2,065       2,208,827  

New Jersey Economic Development Authority Refunding RB, Series A, 6.00%, 08/01/49(a)

     500       521,780  

New Jersey Transportation Trust Fund Authority RB

    

Series AA, 5.25%, 06/15/41

     1,140       1,269,390  

Series S, 5.25%, 06/15/43

     2,345       2,756,712  

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

     5,970       6,716,310  
   

 

 

  
      25,226,787  
New Mexico — 0.6%            

New Mexico Hospital Equipment Loan Council Refunding RB, 5.50%, 07/01/42

     2,970       3,146,477  
   

 

 

  
New York — 6.5%            

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

     2,890       2,889,509  

Metropolitan Transportation Authority Refunding RB

    

Series C-1, 4.75%, 11/15/45

     1,740       1,944,502  

Series C-1, 5.00%, 11/15/50

     565       647,931  

Series C-1, 5.25%, 11/15/55

     840       961,010  

New York Counties Tobacco Trust IV Refunding RB

    

Series A, 6.25%, 06/01/41(a)

     5,200       5,202,600  

Series A, 5.00%, 06/01/42

     3,155       3,155,095  

Series A, 5.00%, 06/01/45

     1,185       1,185,000  

New York Counties Tobacco Trust VI Refunding RB

    

Series A-2, 5.00%, 06/01/45

     2,655       2,709,082  

Series A-2, 5.00%, 06/01/51

     1,900       1,936,138  

New York Liberty Development Corp. Refunding RB(a)

    

Class 1, 5.00%, 11/15/44

     6,205       6,595,108  

Class 2, 5.15%, 11/15/34

     455       482,396  

Class 2, 5.38%, 11/15/40

     1,080       1,153,224  

New York Transportation Development Corp. Refunding ARB, AMT, 5.38%, 08/01/36

     1,490       1,543,416  

Port Authority of New York & New Jersey RB, Series 8, 6.00%, 12/01/36

     1,340       1,359,939  

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

     1,261       1,380,821  
   

 

 

  
      33,145,771  
North Carolina — 0.5%            

North Carolina Medical Care Commission Refunding RB, Series A, 7.75%, 03/01/21(g)

     2,420       2,526,625  
   

 

 

  
Ohio — 2.4%            

Buckeye Tobacco Settlement Financing Authority Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     9,485       10,455,596  

County of Hamilton Ohio Refunding RB, 5.00%, 01/01/46

     875       891,319  

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

     840       855,111  
   

 

 

  
      12,202,026  
Oklahoma — 1.5%            

Oklahoma Development Finance Authority RB Series B, 5.00%, 08/15/38

     2,990       3,506,373  
Security   Par
(000)		     Value  
Oklahoma (continued)            

Oklahoma Development Finance Authority RB (continued)

    

Series B, 5.25%, 08/15/43

   $     2,690     $    3,174,711  

Tulsa County Industrial Authority Refunding RB, 5.25%, 11/15/37

     750       791,265  
   

 

 

  
      7,472,349  
Oregon — 0.5%            

Hospital Facilities Authority of Multnomah County Oregon Refunding RB, Series A, 5.50%, 10/01/49

     1,765       1,796,329  

Oregon State Facilities Authority RB(a)

    

Series A, 5.00%, 06/15/29

     120       124,495  

Series A, 5.00%, 06/15/39

     565       553,440  
   

 

 

  
      2,474,264  
Pennsylvania — 1.6%            

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

     2,140       2,222,904  

Montgomery County IDA Refunding RB, 5.38%, 01/01/50

     1,135       1,110,041  

Northampton County Industrial Development Authority TA, 7.00%, 07/01/32

     1,765       1,894,569  

Pennsylvania Economic Development Financing Authority Refunding RB, AMT, 5.50%, 11/01/44

     2,710       2,781,706  
   

 

 

  
      8,009,220  
Puerto Rico — 11.2%            

Children’s Trust Fund RB(b)

    

Series A, 0.00%, 05/15/57

     23,995       1,530,401  

Series B, 0.00%, 05/15/57

     65,085       2,440,687  

Children’s Trust Fund Refunding RB, 5.63%, 05/15/43

     850       850,170  

Commonwealth of Puerto Rico GO(d)(e)

    

Series A, 5.25%, 07/01/22

     145       99,982  

Series A, 5.25%, 07/01/26

     50       34,476  

Series A, 5.13%, 07/01/31

     515       355,107  

Series A, 5.38%, 07/01/33

     500       344,765  

Series A, 6.00%, 07/01/38

     750       523,357  

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

    

5.00%, 07/01/18

     90       61,598  

Series A, 8.00%, 07/01/35

     3,355       1,946,138  

Series A, 5.50%, 07/01/39

     1,265       786,559  

Series A, 6.50%, 07/01/40

     1,110       774,568  

Series A, 5.00%, 07/01/41

     2,230       1,301,763  

Series A, 5.75%, 07/01/41

     165       101,836  

Series B, 6.00%, 07/01/39

     110       76,759  

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB

    

Series A, Senior Lien, 5.00%, 07/01/33

     170       174,517  

Series A, Senior Lien, 5.13%, 07/01/37

     200       205,750  

Series A, Senior Lien, 5.75%, 07/01/37

     1,290       1,342,387  

Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38

     4,290       4,328,052  

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

    

Series 3, 0.00%, 01/01/21

     90       61,597  

Series A, 5.00%, 07/01/29

     660       453,118  

Series A, 7.00%, 07/01/33

     3,295       2,361,632  

Series A, 6.75%, 07/01/36

     1,140       817,074  

Series A, 5.00%, 07/01/42

     1,315       902,804  

Series A, 7.00%, 07/01/43

     375       268,775  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)            

Puerto Rico Electric Power Authority RB(d)(e) (continued)

    

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       609,275  

Series C-2, 5.40%, 07/01/18

     887       609,374  

Series C-4, 5.40%, 07/01/20

     90       61,597  

Series CCC, 5.25%, 07/01/26

     260       178,501  

Series CCC, 5.25%, 07/01/28

     145       99,549  

Series TT, 5.00%, 07/01/25

     100       68,654  

Series TT, 5.00%, 07/01/26

     225       154,472  

Series TT, 5.00%, 07/01/32

     190       130,443  

Series WW, 5.50%, 07/01/19

     200       137,309  

Series WW, 5.25%, 07/01/33

     120       82,385  

Series WW, 5.50%, 07/01/38

     205       140,741  

Series WW, 5.50%, 07/01/49

     1,320       906,237  

Series XX, 5.25%, 07/01/27

     110       75,520  

Series XX, 5.25%, 07/01/35

     60       41,193  

Series XX, 5.75%, 07/01/36

     85       58,356  

Series XX, 5.25%, 07/01/40

     1,020       700,274  

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

    

Series AAA, 5.25%, 07/01/22

     2,545       1,747,252  

Series AAA, 5.25%, 07/01/29

     95       65,222  

Series UU, 1.00%, 07/01/19(f)

     55       35,750  

Series UU, 1.16%, 07/01/19(f)

     60       39,000  

Series UU, 1.00%, 07/01/20(f)

     495       287,016  

Series UU, 0.90%, 07/01/31(h)

     580       336,301  

Series ZZ, 5.25%, 07/01/19

     455       312,377  

Series ZZ, 5.25%, 07/01/21

     50       34,327  

Series ZZ, 5.25%, 07/01/24

     345       236,857  

Series ZZ, 5.25%, 07/01/26

     40       27,462  

Series ZZ, 5.00%, 07/01/49

     145       99,549  

Puerto Rico Public Buildings Authority Refunding RB(d)(e)

    

Series F, (GTD), 5.25%, 07/01/24

     235       184,055  

Series M, 10.00%, 07/01/34

     155       130,200  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB

    

Series A-2, Restructured, 4.54%, 07/01/53

     21       21,992  

Series B-1, Restructured, 4.55%, 07/01/40

     2,402       2,531,540  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB(b)

    

Series A-1, Restructured, 0.00%, 07/01/24

     1,570       1,433,755  

Series A-1, Restructured, 0.00%, 07/01/29

     200       160,250  

Series A-1, Restructured, 0.00%, 07/01/31

     239       174,229  

Series A-1, Restructured, 0.00%, 07/01/33

     337       227,964  

Series A-1, Restructured, 0.00%, 07/01/51

     6,509       1,373,074  

Series B-1, Restructured, 0.00%, 07/01/46

     883       257,589  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured, Series A-1, 0.00%, 07/01/46(b)

     12,738       3,712,745  

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

    

Series A-1, 4.75%, 07/01/53

     2,453       2,604,595  

Series A-1, 5.00%, 07/01/58

     5,234       5,637,123  

Series A-2, 4.33%, 07/01/40

     6,129       6,374,834  

Series A-2, 4.78%, 07/01/58

     2,080       2,215,096  
   

 

 

  
      57,007,862  
Rhode Island — 2.1%            

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

     4,190       642,465  
Security  

Par

(000)

     Value  
Rhode Island (continued)            

Tobacco Settlement Financing Corp. Refunding RB

    

Series A, 5.00%, 06/01/40

   $       980     $    1,086,467  

Series B, 4.50%, 06/01/45

     5,055       5,342,630  

Series B, 5.00%, 06/01/50

     3,330       3,599,464  
   

 

 

  
      10,671,026  
South Carolina — 0.8%            

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

     345       333,822  

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

     3,275       3,678,087  
   

 

 

  
      4,011,909  
Tennessee — 0.4%            

Memphis-Shelby County Industrial Development Board Refunding TA

    

Series A, 5.50%, 07/01/37

     925       933,861  

Series A, 5.63%, 01/01/46

     1,085       1,075,398  
   

 

 

  
      2,009,259  
Texas — 7.0%            

Brazoria County Industrial Development Corp. RB, AMT, 7.00%, 03/01/39

     675       711,281  

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

    

0.00%, 01/01/28

     1,000       846,740  

0.00%, 01/01/29

     2,000       1,639,700  

0.00%, 01/01/30

     1,170       926,734  

0.00%, 01/01/33

     3,690       2,599,088  

0.00%, 01/01/34

     4,000       2,695,040  

City of Houston Texas Airport System Revenue RB, Series A, AMT, 6.63%, 07/15/38

     2,890       2,948,840  

City of Houston Texas Airport System Revenue Refunding ARB, Series B-2, AMT, 5.00%, 07/15/27

     250       263,103  

City of Houston Texas Airport System Revenue Refunding RB

    

AMT, 5.00%, 07/01/29

     730       738,738  

Series C, AMT, 5.00%, 07/15/27

     1,615       1,697,010  

Harris County Cultural Education Facilities Finance Corp. RB, Series B, 7.00%, 01/01/23(g)

     475       552,601  

Mission Economic Development Corp. Refunding RB, Senior Lien, AMT, 4.63%, 10/01/31(a)

     785       833,278  

New Hope Cultural Education Facilities Finance Corp. RB(g)

    

Series A, 5.88%, 04/01/23

     1,210       1,391,875  

Series A, 6.00%, 04/01/23

     1,845       2,128,447  

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

     1,085       1,095,481  

Newark Higher Education Finance Corp. RB(a)

    

Series A, 5.50%, 08/15/35

     290       325,429  

Series A, 5.75%, 08/15/45

     580       650,661  

Port Beaumont Navigation District Refunding RB(a)

    

Series A, AMT, 3.63%, 01/01/35

     650       645,470  

Series A, AMT, 4.00%, 01/01/50

     1,400       1,406,244  

Red River Health Facilities Development Corp. RB

    

5.13%, 01/01/41

     900       903,645  

7.25%, 12/15/42(d)(e)

     2,895       1,915,234  

Tarrant County Cultural Education Facilities Finance Corp. Refunding RB, 5.00%, 10/01/49

     865       888,156  

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

     3,775       3,790,327  

Texas Transportation Commission RB, CAB(b)

    

0.00%, 08/01/46

     1,420       465,646  
 

 

 

  5

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)            

Texas Transportation Commission RB, CAB(b) (continued)

    

0.00%, 08/01/47

   $     2,120     $ 660,041  

0.00%, 08/01/48

     2,235       660,979  

0.00%, 08/01/49

     2,100       589,302  

0.00%, 08/01/50

     3,015       798,010  

0.00%, 08/01/51

     1,770       442,500  

0.00%, 08/01/52

     1,770       417,525  

0.00%, 08/01/53

     160       35,685  
   

 

 

  
         35,662,810  
Utah — 0.6%            

Utah Charter School Finance Authority Refunding RB, Series A, 6.75%, 10/15/43

     2,950       2,954,130  
   

 

 

  
Virginia — 2.5%            

Lower Magnolia Green Community Development Authority SAB(a)

    

5.00%, 03/01/35

     495       504,717  

5.00%, 03/01/45

     505       506,060  

Mosaic District Community Development Authority TA

    

Series A, 6.63%, 03/01/26

     1,485       1,497,682  

Series A, 6.88%, 03/01/36

     1,300       1,309,477  

Norfolk Redevelopment & Housing Authority RB

    

Series A, 4.00%, 01/01/29

     300       301,836  

Series A, 5.00%, 01/01/34

     485       509,832  

Series A, 5.00%, 01/01/49

     955       974,186  

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

     2,370       2,369,976  

Virginia College Building Authority RB,
Series B, 5.00%, 07/01/45(a)

     235       236,622  

Virginia Small Business Financing Authority RB, Senior Lien, AMT, 6.00%, 01/01/37

     4,440       4,771,668  
   

 

 

  
      12,982,056  
Washington — 0.8%            

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

     1,495       1,489,857  

Washington Health Care Facilities Authority Refunding RB

    

5.00%, 09/01/45

     730       920,172  

5.00%, 09/01/50

     475       594,980  

Washington State Housing Finance Commission Refunding RB(a)

    

5.75%, 01/01/35

     315       327,254  

6.00%, 01/01/45

     850       880,048  
   

 

 

  
      4,212,311  
Wisconsin — 3.8%            

Public Finance Authority RB

    

5.00%, 06/15/39

     175       200,587  

6.85%, 11/01/46(a)

     900       952,866  

7.00%, 11/01/46(a)

     570       607,916  

5.00%, 06/15/49

     530       603,850  

5.63%, 06/15/49(a)

     2,500       2,507,650  

5.00%, 04/01/50(a)

     115       122,282  

5.00%, 06/15/53

     355       404,505  

Series A, 6.25%, 10/01/31(a)

     605       637,089  

Series A, 5.38%, 06/01/44(a)

     555       525,968  

Series A, 7.00%, 10/01/47(a)

     605       624,790  

Series A, 5.63%, 06/15/49(a)

     2,950       2,890,498  

Series A, 5.50%, 06/01/54(a)

     680       632,726  
Security   Par
(000)		     Value  
Wisconsin (continued)            

Public Finance Authority RB (continued)

    

Series A-1, 4.50%, 01/01/35(a)

   $     1,225     $ 1,249,635  

Series A-1, 5.50%, 12/01/48(a)(d)(e)

     20       18,338  

Series A-1, 5.00%, 01/01/55(a)

     2,230          2,269,984  

Series B, 0.00%, 01/01/35(a)(b)

     1,805       721,892  

Series B, 0.00%, 01/01/60(a)(b)

     30,835       2,054,228  

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

     1,065       1,157,644  

Wisconsin Health & Educational Facilities Authority Refunding RB

    

5.00%, 11/01/46

     470       478,986  

5.00%, 11/01/54

     785       788,470  
   

 

 

  
      19,449,904  
   

 

 

  

Total Municipal Bonds — 89.8%
(Cost: $436,951,867)

 

     458,583,743  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Illinois — 3.0%            

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

     7,180       7,551,924  

Illinois Finance Authority Refunding RB

    

Series C, 4.00%, 02/15/27(g)

     4       4,197  

Series C, 4.00%, 02/15/41

     1,495       1,673,368  

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

     5,056       5,901,209  
   

 

 

  
      15,130,698  
Massachusetts — 0.5%            

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

     2,268       2,530,793  
   

 

 

  
New York — 16.4%            

City of New York Water & Sewer System RB, Series CC, 5.00%, 06/15/47

     14,181       15,975,833  

Hudson Yards Infrastructure Corp. RB(j)

    

5.75%, 02/15/21(g)

     2,798       2,876,633  

5.75%, 02/15/47

     1,721       1,769,617  

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

    

Series C-1A, 4.15%, 11/01/39

     1,893       2,002,175  

Series C-1A, 4.20%, 11/01/44

     3,470       3,669,916  

Series C-1A, 4.30%, 11/01/47

     2,840       3,003,219  

Series D-1B, 4.25%, 11/01/45

     8,996       9,660,627  

New York City Water & Sewer System Refunding RB, Series HH, 5.00%, 06/15/31(j)

     8,610       8,964,043  

New York Liberty Development Corp. ARB, 5.25%, 12/15/43

     18,104       19,131,922  

New York Liberty Development Corp. Refunding RB, 5.75%, 11/15/51(j)

     6,600       7,023,971  

New York Power Authority Refunding RB,
Series A, 4.00%, 11/15/60

     1,444       1,714,813  

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

     6,956       8,119,987  
   

 

 

  
      83,912,756  
Pennsylvania — 0.6%            

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

     2,505       3,004,021  
   

 

 

  
 

 

 

6  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Rhode Island — 0.4%            

Narragansett Bay Commission Refunding RB, Series A, 4.00%, 09/01/22(g)

   $     1,710     $    1,846,338  
   

 

 

  
Texas — 0.5%            

Lower Colorado River Authority Refunding RB, 4.00%, 05/15/43

     2,271       2,375,435  
   

 

 

  
Washington — 1.6%            

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

     7,966       8,303,979  
   

 

 

  
Wisconsin — 0.2%            

Wisconsin Health & Educational Facilities Authority Refunding RB, 4.00%, 12/01/46

     1,142       1,271,638  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.2%
(Cost: $111,991,737)

 

     118,375,658  
   

 

 

  

Total Long-Term Investments — 113.0%
(Cost: $548,943,604)

 

     576,959,401  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%(k)(l)

     4,995,224       4,996,223  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $4,996,223)

 

     4,996,223  
   

 

 

  

Total Investments — 114.0%
(Cost: $553,939,827)

 

     581,955,624  

Liabilities in Excess of Other Assets — (0.2)%

 

     (1,404,134 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.8)%

       (70,221,731 ) 
   

 

 

  

Net Assets — 100.0%

     $   510,329,759  
   

 

 

  

 

 

(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) 

When-issued security.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(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) 

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.

(h) 

Variable rate security. Rate shown is the rate in effect as of period end.

(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 December 15, 2020 to February 15, 2047, is $11,849,806.

(k) 

Affiliate of the Fund.

(l) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer     

 Shares
Held at
04/30/20		  
 
 		     
 Shares
Purchased		  
 		     
 Shares
Sold		  
 		     

 Shares
Held at
07/31/20		  
 
 		     
 Value at
07/31/20		  
 		      Income       

 Net Realized

Gain (Loss)

  

(a) 

     


 Change in
Unrealized
Appreciation
(Depreciation)		  
 
 
 

BlackRock Liquidity Funds, MuniCash,
Institutional Class

      2,763,655        2,231,569 (b)       —        4,995,224      $   4,996,223      $ 438      $ (823 )      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

 

 

  7

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

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)

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 is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 458,583,743        $ —        $ 458,583,743  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          118,375,658          —          118,375,658  

Short-Term Securities

                  

Money Market Funds

      4,996,223          —          —          4,996,223  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   4,996,223        $  576,959,401        $             —        $  581,955,624  
  

 

 

       

 

 

       

 

 

       

 

 

  

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, TOBs of $70,195,137 are categorized as Level 2 within the disclosure hierarchy.

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
GO    General Obligation Bonds
GTD    GTD Guaranteed
IDA    Industrial Development Authority
M/F    Multi-Family
RB    Revenue Bond
SAB    Special Assessment Bonds
ST    Special Tax
TA    Tax Allocation

    

 

 

 

8