UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-07642

 

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

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

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

 

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

 

Date of fiscal year end: 04/30/2011

 

Date of reporting period: 07/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2010 (Unaudited)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.4%

 

 

 

 

 

 

 

County of Jefferson Alabama, RB,
Series A:

 

 

 

 

 

 

 

5.25%, 1/01/13

 

$

635

 

$

609,626

 

5.25%, 1/01/17

 

 

530

 

 

482,019

 

 

 

 

 

 

 

 

 

 

 

 

 

1,091,645

 

Alaska — 0.2%

 

 

 

 

 

 

 

Alaska Industrial Development & Export
Authority, RB, Williams Lynxs, Alaska
Cargoport, AMT, 7.80%, 5/01/14

 

 

395

 

 

391,117

 

Arizona — 5.9%

 

 

 

 

 

 

 

Coconino County Pollution Control Corp.
Arizona, Refunding RB, Tucson
Electric Power-Navajo, Series A, AMT,
7.13%, 10/01/32

 

 

3,000

 

 

3,001,740

 

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

 

 

1,520

 

 

1,179,338

 

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

 

 

4,800

 

 

3,826,656

 

Pima County IDA, RB, Arizona Charter
Schools Project, Series E, 7.25%,
7/01/31

 

 

1,365

 

 

1,371,770

 

Pima County IDA, Refunding IDRB,
Tucson Electric Power, 5.75%,
9/01/29

 

 

670

 

 

684,452

 

Pima County IDA, Refunding RB:

 

 

 

 

 

 

 

Arizona Charter Schools Project,
Series O, 5.25%, 7/01/31

 

 

500

 

 

403,670

 

Charter Schools II, Series A, 6.75%,
7/01/31

 

 

670

 

 

652,768

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

1,840

 

 

1,671,806

 

5.00%, 12/01/37

 

 

1,850

 

 

1,641,227

 

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

 

 

745

 

 

747,093

 

University Medical Center Corp. Arizona,
RB:

 

 

 

 

 

 

 

6.25%, 7/01/29

 

 

280

 

 

300,342

 

6.50%, 7/01/39

 

 

500

 

 

535,940

 

 

 

 

 

 

 

 

 

 

 

 

 

16,016,802

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

California — 4.2%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, RB, Cedars-Sinai Medical
Center, 5.00%, 8/15/39

 

$

390

 

$

374,981

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,290

 

 

1,294,322

 

Senior Living, Southern California,
7.00%, 11/15/29

 

 

600

 

 

649,296

 

Senior Living, Southern California,
7.25%, 11/15/41

 

 

2,060

 

 

2,245,709

 

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

 

 

1,320

 

 

1,280,704

 

State of California, GO:

 

 

 

 

 

 

 

4.50%, 10/01/36

 

 

2,555

 

 

2,277,220

 

Various Purpose, 6.00%, 3/01/33

 

 

3,075

 

 

3,328,687

 

 

 

 

 

 

 

 

 

 

 

 

 

11,450,919

 

Colorado — 2.7%

 

 

 

 

 

 

 

Elk Valley Public Improvement Corp., RB,
Public Improvement Fee:

 

 

 

 

 

 

 

Series A, 7.10%, 9/01/14

 

 

1,395

 

 

1,424,825

 

Series A, 7.30%, 9/01/22

 

 

2,095

 

 

2,076,941

 

Series B, 7.45%, 9/01/31

 

 

200

 

 

189,500

 

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

 

 

 

 

 

 

 

8.00%, 12/01/25

 

 

2,850

 

 

2,964,798

 

Subordinate, 8.13%, 12/01/25

 

 

525

 

 

480,554

 

 

 

 

 

 

 

 

 

 

 

 

 

7,136,618

 

Connecticut — 3.0%

 

 

 

 

 

 

 

Connecticut State Development
Authority, RB, AFCO Cargo BDL LLC
Project, AMT, 8.00%, 4/01/30

 

 

3,490

 

 

3,335,184

 

Harbor Point Infrastructure
Improvement District, Tax Allocation
Bonds, Harbor Point Project, Series A,
7.88%, 4/01/39

 

 

2,340

 

 

2,480,587

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

TE

Tax-Exempt

TIF

Tax Increment Financing

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Connecticut (concluded)

 

 

 

 

 

 

 

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

 

$

2,610

 

$

2,146,020

 

 

 

 

 

 

 

 

 

 

 

 

 

7,961,791

 

District of Columbia — 2.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

985

 

 

1,002,868

 

7.50%, 1/01/39

 

 

1,615

 

 

1,645,733

 

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

 

 

1,055

 

 

1,011,397

 

Metropolitan Washington Airports
Authority, RB, CAB, 2nd Senior Lien,
Series B (AGC), 6.54%, 10/01/30 (a)

 

 

7,000

 

 

2,124,500

 

 

 

 

 

 

 

 

 

 

 

 

 

5,784,498

 

Florida — 8.7%

 

 

 

 

 

 

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport, Series A-1, 5.38%, 10/01/41

 

 

705

 

 

717,380

 

Greater Orlando Aviation Authority
Florida, RB, Special Purpose, JetBlue
Airways Corp., AMT, 6.38%, 11/15/26

 

 

1,180

 

 

1,086,815

 

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

 

 

455

 

 

455,523

 

Hillsborough County IDA, RB:

 

 

 

 

 

 

 

National Gypsum Co., Series A,
AMT, 7.13%, 4/01/30

 

 

2,000

 

 

1,888,960

 

National Gypsum Co., Series B,
AMT, 7.13%, 4/01/30

 

 

1,540

 

 

1,454,499

 

Tampa General Hospital Project,
5.00%, 10/01/36

 

 

2,670

 

 

2,553,481

 

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

 

 

1,300

 

 

1,062,113

 

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

 

 

850

 

 

874,114

 

Lee County IDA Florida, RB, Series A,
Lee Charter Foundation, 5.38%,
6/15/37

 

 

2,620

 

 

2,156,208

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A, 6.25%,
5/01/37

 

 

3,255

 

 

3,124,182

 

Santa Rosa Bay Bridge Authority, RB,
6.25%, 7/01/28

 

 

3,040

 

 

1,661,512

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project:

 

 

 

 

 

 

 

5.50%, 1/01/27

 

 

860

 

 

792,662

 

5.50%, 1/01/32

 

 

795

 

 

717,289

 

Sarasota County Public Hospital District,
RB, Sarasota Memorial Hospital
Project, Series A, 5.63%, 7/01/39

 

 

645

 

 

671,342

 

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

 

 

2,380

 

 

1,932,108

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Tolomato Community Development
District, Special Assessment Bonds,
Special Assessment, 6.65%, 5/01/40

 

$

2,680

 

$

2,204,166

 

 

 

 

 

 

 

 

 

 

 

 

 

23,352,354

 

Georgia — 3.5%

 

 

 

 

 

 

 

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

 

 

640

 

 

572,154

 

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

 

 

1,990

 

 

2,148,324

 

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

 

 

1,775

 

 

1,712,893

 

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

 

 

1,525

 

 

1,538,023

 

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

 

 

 

 

 

 

 

6.38%, 11/15/29

 

 

700

 

 

733,131

 

6.63%, 11/15/39

 

 

235

 

 

245,488

 

Rockdale County Development
Authority, RB, Visy Paper Project,
Series A, AMT, 6.13%, 1/01/34

 

 

2,435

 

 

2,288,535

 

Thomasville Hospital Authority, RB,
Anticipation Certificates, John D.
Archbold, 5.38%, 11/01/40

 

 

275

 

 

272,338

 

 

 

 

 

 

 

 

 

 

 

 

 

9,510,886

 

Guam — 1.5%

 

 

 

 

 

 

 

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

 

 

750

 

 

767,393

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

365

 

 

379,045

 

6.75%, 11/15/29

 

 

635

 

 

680,853

 

7.00%, 11/15/39

 

 

660

 

 

713,737

 

Territory of Guam, RB, Section 30,
Series A, 5.63%, 12/01/29

 

 

1,460

 

 

1,500,968

 

 

 

 

 

 

 

 

 

 

 

 

 

4,041,996

 

Illinois — 4.8%

 

 

 

 

 

 

 

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

 

 

4,140

 

 

3,070,058

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,470

 

 

2,580,656

 

Rush University Medical Center
Obligation Group, Series B, 7.25%,
11/01/30

 

 

1,170

 

 

1,338,445

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

CAB, Clare Water Tower, Series B,
0.04%, 5/15/50 (a)

 

 

885

 

 

10,293

 

Clare Water Tower, Series A-7,
6.13%, 5/15/41

 

 

2,065

 

 

1,343,076

 

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

 

 

2,370

 

 

2,382,822

 

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

 

 

685

 

 

616,637

 

 

 

 

2

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

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

 

$

1,070

 

$

942,199

 

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

 

 

825

 

 

765,608

 

 

 

 

 

 

 

 

 

 

 

 

 

13,049,794

 

Indiana — 0.8%

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB, Improvement, U.S. Steel Corp.,
6.00%, 12/01/26

 

 

900

 

 

922,140

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc.:

 

 

 

 

 

 

 

5.70%, 9/01/37

 

 

615

 

 

565,812

 

5.75%, 9/01/42

 

 

765

 

 

702,393

 

 

 

 

 

 

 

 

 

 

 

 

 

2,190,345

 

Kentucky — 0.4%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

935

 

 

974,064

 

Louisiana — 1.2%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,102,780

 

Maryland — 1.9%

 

 

 

 

 

 

 

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

 

 

615

 

 

628,850

 

Maryland EDC, Refunding RB, Health &
Mental Hygiene Program, Series A,
7.75%, 3/01/25

 

 

1,480

 

 

1,496,472

 

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

 

 

590

 

 

253,700

 

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

 

 

1,845

 

 

1,773,137

 

Maryland State Energy Financing
Administration, RB, Cogeneration, AES
Warrior Run, AMT, 7.40%, 9/01/19

 

 

1,080

 

 

1,080,432

 

 

 

 

 

 

 

 

 

 

 

 

 

5,232,591

 

Massachusetts — 0.6%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, Refunding RB, Eastern
Nazarene College, 5.63%, 4/01/29

 

 

500

 

 

427,525

 

Massachusetts Health & Educational
Facilities Authority, RB, Jordan
Hospital, Series E, 6.75%, 10/01/33

 

 

1,150

 

 

1,147,850

 

 

 

 

 

 

 

 

 

 

 

 

 

1,575,375

 

Michigan — 2.7%

 

 

 

 

 

 

 

Advanced Technology Academy, RB,
6.00%, 11/01/37

 

 

900

 

 

821,466

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

County of Wayne Michigan, GO, Building
Improvement, Series A, 6.75%,
11/01/39

 

$

545

 

$

578,234

 

Monroe County Hospital Finance
Authority, Refunding RB, Mercy
Memorial Hospital Corp. Obligation,
5.50%, 6/01/35

 

 

1,740

 

 

1,457,668

 

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

 

 

3,735

 

 

4,459,889

 

 

 

 

 

 

 

 

 

 

 

 

 

7,317,257

 

Minnesota — 0.7%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

2,001,181

 

Missouri — 0.9%

 

 

 

 

 

 

 

Kansas City IDA Missouri, RB, First
Mortgage, Bishop Spencer, Series A,
6.50%, 1/01/35

 

 

1,000

 

 

902,040

 

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

 

 

1,370

 

 

1,402,003

 

 

 

 

 

 

 

 

 

 

 

 

 

2,304,043

 

Multi-State — 0.3%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50%, 6/30/49 (b)(c)(d)

 

 

960

 

 

890,662

 

Nevada — 0.2%

 

 

 

 

 

 

 

County of Clark Nevada, Special
Assessment Bonds, Special
Improvement District No. 142, Local
Improvement, 6.38%, 8/01/23

 

 

605

 

 

581,024

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, RB, Catholic
Medical Center, 5.00%, 7/01/36

 

 

1,165

 

 

1,005,884

 

New Jersey — 8.5%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental Airlines
Inc. Project, AMT:

 

 

 

 

 

 

 

6.63%, 9/15/12

 

 

1,000

 

 

1,014,970

 

6.25%, 9/15/19

 

 

2,000

 

 

1,963,240

 

6.40%, 9/15/23

 

 

1,000

 

 

961,760

 

6.25%, 9/15/29

 

 

3,330

 

 

3,171,159

 

9.00%, 6/01/33

 

 

1,250

 

 

1,318,612

 

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

 

 

2,500

 

 

2,511,350

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B,
7.50%, 12/01/32

 

 

2,510

 

 

2,881,982

 

New Jersey Health Care Facilities
Financing Authority, RB, Pascack
Valley Hospital Association, 6.63%,
7/01/36 (e)(f)

 

 

2,000

 

 

20

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB, St.
Joseph’s Healthcare System, 6.63%,
7/01/38

 

 

2,410

 

 

2,502,158

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund
Authority, RB, CAB, Transportation
System, Series C (AMBAC), 5.05%,
12/15/35 (a)

 

$

3,450

 

$

773,525

 

Tobacco Settlement Financing Corp.
New Jersey, Refunding RB, Series 1A:

 

 

 

 

 

 

 

4.50%, 6/01/23

 

 

4,335

 

 

3,969,256

 

5.00%, 6/01/41

 

 

3,015

 

 

1,977,388

 

 

 

 

 

 

 

 

 

 

 

 

 

23,045,420

 

New York — 6.2%

 

 

 

 

 

 

 

Brooklyn Arena Local Development
Corp., RB, Barclays Center Project,
6.38%, 7/15/43

 

 

1,000

 

 

1,025,650

 

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

 

 

2,485

 

 

2,549,188

 

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

 

 

1,400

 

 

1,396,528

 

Metropolitan Transportation Authority,
RB, Series 2008-C, 6.50%, 11/15/28

 

 

3,685

 

 

4,301,095

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,045

 

 

1,096,414

 

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

 

 

2,400

 

 

2,426,256

 

Series C, 6.80%, 6/01/28

 

 

510

 

 

535,882

 

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

 

 

1,515

 

 

1,401,981

 

New York Liberty Development Corp.,
RB, National Sports Museum Project,
Series A, 6.13%, 2/15/19 (e)(f)

 

 

870

 

 

9

 

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

 

 

750

 

 

783,810

 

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

 

 

1,240

 

 

1,299,619

 

 

 

 

 

 

 

 

 

 

 

 

 

16,816,432

 

North Carolina — 0.9%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, Refunding RB, First
Mortgage, Deerfield, Series A, 6.13%,
11/01/38

 

 

2,335

 

 

2,341,468

 

Ohio — 1.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.13%, 6/01/24

 

 

2,250

 

 

1,879,718

 

6.50%, 6/01/47

 

 

3,935

 

 

3,051,671

 

 

 

 

 

 

 

 

 

 

 

 

 

4,931,389

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania — 9.1%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health
System, West Penn, Series A, 5.38%,
11/15/40

 

$

3,960

 

$

2,939,587

 

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

 

 

 

 

 

 

 

6.13%, 1/01/25

 

 

200

 

 

196,332

 

6.25%, 1/01/35

 

 

1,550

 

 

1,466,610

 

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

 

 

3,655

 

 

3,751,638

 

Lancaster County Hospital Authority, RB,
Brethren Village Project, Series A:

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

685

 

 

689,535

 

6.50%, 7/01/40

 

 

990

 

 

966,992

 

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

 

 

2,330

 

 

1,980,407

 

Pennsylvania Economic Development
Financing Authority, RB, AMT:

 

 

 

 

 

 

 

National Gypsum Co., Series A,
6.25%, 11/01/27

 

 

3,250

 

 

2,810,665

 

Reliant Energy, Series B, 6.75%,
12/01/36

 

 

2,040

 

 

2,103,832

 

Pennsylvania Higher Educational
Facilities Authority, Refunding RB,
Allegheny Delaware Valley Obligation,
Series A (NPFGC), 5.88%, 11/15/21

 

 

500

 

 

487,680

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development, 7.75%,
12/01/17

 

 

5,000

 

 

5,005,900

 

Subordinate, Air Cargo, Series A,
7.50%, 1/01/25

 

 

2,270

 

 

2,201,718

 

 

 

 

 

 

 

 

 

 

 

 

 

24,600,896

 

Puerto Rico — 1.3%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Series Q, 5.63%,
7/01/39

 

 

1,650

 

 

1,687,637

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

1,650

 

 

1,828,926

 

 

 

 

 

 

 

 

 

 

 

 

 

3,516,563

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

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

 

 

2,495

 

 

2,148,819

 

South Carolina — 0.4%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 0.00%,
1/01/14 (a)(e)(f)

 

 

1,485

 

 

199,435

 

South Carolina Jobs, EDA, Refunding
RB, Palmetto Health, 5.50%, 8/01/26

 

 

975

 

 

985,618

 

 

 

 

 

 

 

 

 

 

 

 

 

1,185,053

 

Tennessee — 0.6%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, Covenant, Series A
(AGM), 4.69%, 1/01/40 (a)

 

 

5,975

 

 

1,167,993

 

 

 

 

4

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Tennessee (concluded)

 

 

 

 

 

 

 

Shelby County Health Educational &
Housing Facilities Board, RB, Village
at Germantown, 6.25%, 12/01/34

 

$

355

 

$

307,948

 

 

 

 

 

 

 

 

 

 

 

 

 

1,475,941

 

Texas — 10.0%

 

 

 

 

 

 

 

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

 

 

2,985

 

 

3,035,655

 

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

 

 

2,550

 

 

1,357,952

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

CAB, 7.56%, 1/01/29 (a)

 

 

2,000

 

 

614,560

 

CAB, 7.65%, 1/01/30 (a)

 

 

1,170

 

 

327,834

 

CAB, 7.71%, 1/01/31 (a)

 

 

2,000

 

 

519,700

 

CAB, 7.77%, 1/01/32 (a)

 

 

3,500

 

 

851,375

 

CAB, 7.78%, 1/01/33 (a)

 

 

1,540

 

 

349,164

 

Senior Lien, 5.75%, 1/01/25

 

 

650

 

 

661,310

 

City of Houston Texas, RB, Special
Facilities, Continental Airlines,
Series E, AMT, 6.75%, 7/01/21

 

 

2,685

 

 

2,671,494

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.13%, 12/01/31

 

 

1,500

 

 

1,705,125

 

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

 

 

860

 

 

885,250

 

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

 

 

1,240

 

 

1,352,914

 

North Texas Tollway Authority, RB, Toll,
2nd Tier, Series F, 6.13%, 1/01/31

 

 

2,775

 

 

2,958,039

 

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

 

 

 

 

 

 

 

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

 

 

1,035

 

 

1,084,121

 

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

 

 

2,490

 

 

2,495,876

 

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

 

 

 

 

 

 

 

LBJ Infrastructure, 7.00%, 6/30/40

 

 

2,640

 

 

2,746,524

 

Note Mobility, 6.88%, 12/31/39

 

 

2,330

 

 

2,418,214

 

Texas State Public Finance Authority,
Refunding ERB, KIPP Inc., Series A
(ACA), 5.00%, 2/15/28

 

 

975

 

 

896,864

 

 

 

 

 

 

 

 

 

 

 

 

 

26,931,971

 

U.S. Virgin Islands — 1.1%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Senior Secured, Hovensa Coker
Project, AMT, 6.50%, 7/01/21

 

 

3,000

 

 

3,046,260

 

Utah — 0.6%

 

 

 

 

 

 

 

County of Carbon Utah, Refunding RB,
Laidlaw Environmental, Series A, AMT,
7.45%, 7/01/17

 

 

1,660

 

 

1,663,403

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Virginia — 2.5%

 

 

 

 

 

 

 

Dulles Town Center Community
Development Authority, Special
Assessment Bonds, Dulles Town
Center Project, 6.25%, 3/01/26

 

$

1,410

 

$

1,355,673

 

Fairfax County EDA, Refunding RB,
Goodwin House Inc.:

 

 

 

 

 

 

 

5.13%, 10/01/37

 

 

585

 

 

572,779

 

5.13%, 10/01/42

 

 

450

 

 

437,868

 

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

 

 

540

 

 

471,679

 

Tobacco Settlement Financing Corp.
Virginia, Refunding RB, Senior
Series B1, 5.00%, 6/01/47

 

 

5,875

 

 

3,803,299

 

 

 

 

 

 

 

 

 

 

 

 

 

6,641,298

 

Wisconsin — 2.2%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

New Castle Place Project, Series A,
7.00%, 12/01/31

 

 

1,855

 

 

1,852,718

 

Wheaton Franciscan Healthcare,
5.25%, 8/15/34

 

 

3,695

 

 

3,375,161

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

250

 

 

257,963

 

7.63%, 9/15/39

 

 

505

 

 

528,452

 

 

 

 

 

 

 

 

 

 

 

 

 

6,014,294

 

Wyoming — 1.3%

 

 

 

 

 

 

 

County of Sweetwater Wyoming,
Refunding RB, FMC Corp. Project,
AMT, 5.60%, 12/01/35

 

 

3,600

 

 

3,526,704

 

Total Municipal Bonds – 94.4%

 

 

 

 

 

254,849,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

 

 

 

 

 

 

District of Columbia — 1.6%

 

 

 

 

 

 

 

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

 

 

3,951

 

 

4,464,027

 

Florida — 3.3%

 

 

 

 

 

 

 

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

 

 

8,870

 

 

8,910,270

 

Virginia — 3.3%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series H-1
(NPFGC), 5.38%, 7/01/36

 

 

8,690

 

 

8,862,062

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 8.2%

 

 

 

 

 

22,236,359

 

Total Long-Term Investments
(Cost – $278,862,084) – 102.6%

 

 

 

 

 

277,085,896

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.21% (h)(i)

 

 

781,685

 

$

781,685

 

Total Short-Term Securities
(Cost – $781,685) – 0.3%

 

 

 

 

 

781,685

 

Total Investments
(Cost – $279,643,769*) – 102.9%

 

 

 

 

 

277,867,581

 

 

 

 

 

 

 

Other Assets Less Liabilities – 1.1%

 

 

 

 

 

2,834,681

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (4.0)%

 

 

 

 

 

(10,764,302

)

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

269,937,960

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

268,947,146

 

 

 

 

 

 

Gross unrealized appreciation

 

$

14,244,310

 

 

Gross unrealized depreciation

 

 

(16,079,521

)

 

 

 

 

 

Net unrealized depreciation

 

$

(1,835,211

)

 

 

 

 

 

 

(a)

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

 

 

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(c)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

 

(d)

Variable rate security. Rate shown is as of report date.

 

 

(e)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(f)

Non-income producing security.

 

 

(g)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(h)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at April 30,
2010

 

Net Activity

 

Shares Held at
July 31, 2010

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

149,925

 

 

631,760

 

 

781,685

 

$

661

 

 

 

(i)

Represents the current yield as of report date.

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of July 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term
Investments1

 

 

—

 

$

277,085,896

 

 

—

 

$

277,085,896

 

Short-Term
Securities

 

$

781,685

 

 

—

 

 

—

 

 

781,685

 

Total

 

$

781,685

 

$

277,085,896

 

 

—

 

$

277,867,581

 

 

 

 

 

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

 

 

 

6

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2010

Item 2 –

Controls and Procedures

 

 

2(a) –

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

 

 

2(b) –

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

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock MuniAssets Fund, Inc.

 

 
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniAssets Fund, Inc.
   
  Date: September 27, 2010
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniAssets Fund, Inc.
   
  Date: September 27, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniAssets Fund, Inc.
     
  Date: September 27, 2010