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: 04/30/2010

 

Date of reporting period: 01/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 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%, 1/01/17

 

$

530

 

$

476,989

 

Tuscaloosa Special Care Facilities
Financing Authority, RB, Capstone
Village, Series A, 5.88%,
8/01/36 (a)(b)

 

 

1,820

 

 

561,361

 

 

 

 

 

 

 

 

 

 

 

 

1,038,350

 

Alaska — 0.2%

 

 

 

 

 

 

 

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

 

 

590

 

 

578,188

 

Arizona — 6.7%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,001,140

 

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

 

 

1,625

 

 

1,245,140

 

Maricopa County IDA Arizona, RB, Sun
King Apartments Project, Series A,
6.75%, 5/01/31

 

 

1,615

 

 

1,251,254

 

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

 

 

4,800

 

 

3,204,528

 

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

 

 

1,375

 

 

1,330,711

 

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

 

 

670

 

 

676,868

 

Pima County IDA, Refunding RB, Arizona
Charter Schools Project, Series O,
5.25%, 7/01/31

 

 

500

 

 

378,355

 

Pima County IDA, Refunding RB, Charter
Schools II, Series A, 6.75%, 7/01/31

 

 

670

 

 

615,120

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/32

 

 

2,840

 

 

2,495,536

 

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

 

 

1,850

 

 

1,574,498

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona (concluded)

 

 

 

 

 

 

 

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

 

$

745

 

$

746,117

 

University Medical Center Corp. Arizona,
RB, 6.25%, 7/01/29

 

 

280

 

 

296,957

 

University Medical Center Corp. Arizona,
RB, 6.50%, 7/01/39

 

 

500

 

 

528,820

 

 

 

 

 

 

 

 

 

 

 

 

17,345,044

 

California — 2.7%

 

 

 

 

 

 

 

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

 

 

1,115

 

 

1,029,435

 

California Statewide Communities
Development Authority, Refunding
RB, Senior Living, Southern California,
7.00%, 11/15/29

 

 

600

 

 

632,520

 

California Statewide Communities
Development Authority, Refunding
RB, Senior Living, Southern California,
7.25%, 11/15/41

 

 

2,060

 

 

2,184,156

 

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

 

 

1,320

 

 

1,222,703

 

State of California, GO, 4.50%,
10/01/36

 

 

2,555

 

 

2,048,037

 

 

 

 

 

 

 

 

 

 

 

 

7,116,851

 

Colorado — 3.5%

 

 

 

 

 

 

 

City & County of Denver Colorado, RB,
Series D, AMT (AMBAC), 7.75%,
11/15/13

 

 

1,310

 

 

1,455,973

 

Colorado Health Facilities Authority,
Refunding RB, Christian Living
Communities Project, Series A,
5.75%, 1/01/26

 

 

650

 

 

579,560

 

Elk Valley Public Improvement Corp.,
RB, Public Improvement Fee,
Series A, 7.10%, 9/01/14

 

 

1,395

 

 

1,425,090

 

Elk Valley Public Improvement Corp.,
RB, Public Improvement Fee,
Series A, 7.30%, 9/01/22

 

 

2,095

 

 

2,028,316

 

 

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

American Capital Access 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

NPFGC

National Public Finance Guaranty Corp.

MRB

Mortgage Revenue Bonds

RB

Revenue Bonds

TE

Tax-Exempt

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

Elk Valley Public Improvement Corp.,
RB, Public Improvement Fee,
Series B, 7.45%, 9/01/31

 

$

200

 

$

184,402

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds, Public
Improvement Fee, Tax Increment,
8.00%, 12/01/25

 

 

2,850

 

 

2,809,359

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds,
Subordinate Public Improvement Fee,
Tax Increment, 8.13%, 12/01/25

 

 

525

 

 

492,382

 

 

 

 

 

 

 

 

 

 

 

 

8,975,082

 

Connecticut — 2.9%

 

 

 

 

 

 

 

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

 

 

3,490

 

 

3,188,220

 

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

 

 

2,340

 

 

2,340,889

 

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

 

 

2,610

 

 

2,090,584

 

 

 

 

 

 

 

 

 

 

 

 

7,619,693

 

District of Columbia — 2.2%

 

 

 

 

 

 

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A,
7.38%, 1/01/30

 

 

985

 

 

985,394

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A,
7.50%, 1/01/39

 

 

1,615

 

 

1,603,534

 

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

 

 

1,055

 

 

1,042,403

 

Metropolitan Washington Airports
Authority, RB, CAB, Second Senior
Lien, Series B (AGC), 6.53%,
10/01/30 (d)

 

 

7,000

 

 

2,045,820

 

 

 

 

 

 

 

 

 

 

 

 

5,677,151

 

Florida — 9.5%

 

 

 

 

 

 

 

Capital Region Community Development
District, Florida, Special Assessment
Bonds, Capital Improvement,
Series A, 7.00%, 5/01/39

 

 

945

 

 

906,387

 

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

 

 

705

 

 

698,056

 

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

 

 

1,180

 

 

1,057,339

 

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

 

 

455

 

 

458,408

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Hillsborough County IDA, RB, National
Gypsum Co., Series A, AMT, 7.13%,
4/01/30

 

$

2,000

 

$

1,540,060

 

Hillsborough County IDA, RB, National
Gypsum Co., Series B, AMT, 7.13%,
4/01/30

 

 

1,540

 

 

1,185,846

 

Hillsborough County IDA, RB, Tampa
General Hospital Project, 5.00%,
10/01/36

 

 

4,170

 

 

3,793,157

 

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

 

 

1,300

 

 

937,196

 

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

 

 

850

 

 

868,105

 

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

 

 

2,620

 

 

1,928,635

 

Main Street Community Development
District, Special Assessment Bonds,
Series B, 6.90%, 5/01/17

 

 

500

 

 

440,830

 

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

 

 

3,255

 

 

2,763,495

 

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

 

 

3,040

 

 

1,702,491

 

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

 

 

860

 

 

763,586

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project, 5.50%, 1/01/32

 

 

795

 

 

680,464

 

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

 

 

1,025

 

 

1,041,810

 

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

 

 

2,380

 

 

1,793,068

 

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

 

 

2,680

 

 

2,143,250

 

 

 

 

 

 

 

 

 

 

 

 

24,702,183

 

Georgia — 3.0%

 

 

 

 

 

 

 

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

 

 

640

 

 

554,208

 

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

 

 

1,990

 

 

2,045,819

 

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

 

 

2,375

 

 

2,228,581

 

Gainesville & Hall County Development
Authority, Refunding RB, Acts
Retirement Life Community,
Series A-2, 6.38%, 11/15/29

 

 

700

 

 

728,616

 

 

 

 

2

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

Gainesville & Hall County Development
Authority, Refunding RB, Acts
Retirement Life Community,
Series A-2, 6.63%, 11/15/39

 

$

235

 

$

242,920

 

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

 

 

2,435

 

 

1,962,415

 

 

 

 

 

 

 

 

 

 

 

 

7,762,559

 

Guam — 3.3%

 

 

 

 

 

 

 

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

 

 

750

 

 

750,982

 

Guam Government Waterworks
Authority, Refunding RB, Water,
5.88%, 7/01/35

 

 

2,305

 

 

2,235,988

 

Territory of Guam, GO, Series A, 6.00%,
11/15/19

 

 

365

 

 

370,687

 

Territory of Guam, GO, Series A, 6.75%,
11/15/29

 

 

635

 

 

657,638

 

Territory of Guam, GO, Series A, 7.00%,
11/15/39

 

 

660

 

 

677,299

 

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

 

 

1,460

 

 

1,471,402

 

Territory of Guam, RB, Section 30,
Series A, 5.75%, 12/01/34

 

 

2,250

 

 

2,275,065

 

 

 

 

 

 

 

 

 

 

 

 

8,439,061

 

Illinois — 4.0%

 

 

 

 

 

 

 

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

 

 

4,140

 

 

2,815,531

 

Illinois Finance Authority, RB, Clare at
Water Tower Project, Series A, 6.13%,
5/15/38

 

 

2,950

 

 

1,181,564

 

Illinois Finance Authority, RB, Monarch
Landing Inc. Facility, Series A, 7.00%,
12/01/37 (a)(b)

 

 

820

 

 

262,400

 

Illinois Finance Authority, RB, Roosevelt
University Project, 6.50%, 4/01/44

 

 

2,470

 

 

2,537,480

 

Illinois Finance Authority, RB, Rush
University Medical Center Obligation
Group, Series B, 7.25%, 11/01/30

 

 

1,170

 

 

1,298,606

 

Illinois Finance Authority, Refunding RB,
Primary Health Care Centers Program,
6.60%, 7/01/24

 

 

685

 

 

607,157

 

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

 

 

1,070

 

 

843,802

 

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

 

 

825

 

 

733,227

 

 

 

 

 

 

 

 

 

 

 

 

10,279,767

 

Indiana — 1.6%

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB, Duke Energy Indiana, Inc.,
Series C, 4.95%, 10/01/40

 

 

2,025

 

 

1,963,966

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

Vanderburgh County Redevelopment
Commission Indiana, Tax Allocation
Bonds, 5.25%, 2/01/31

 

$

1,200

 

$

1,147,080

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc., 5.70%,
9/01/37 (e)

 

 

615

 

 

508,193

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc., 5.75%,
9/01/42 (e)

 

 

765

 

 

627,063

 

 

 

 

 

 

 

 

 

 

 

 

4,246,302

 

Louisiana — 1.2%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,093,660

 

 

 

 

 

 

 

 

 

Maryland — 1.8%

 

 

 

 

 

 

 

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

 

 

615

 

 

621,150

 

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

 

 

1,765

 

 

1,782,332

 

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

 

 

590

 

 

283,194

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
University of Maryland Medical
System, 5.13%, 7/01/39

 

 

860

 

 

854,143

 

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

 

 

1,080

 

 

1,080,249

 

 

 

 

 

 

 

 

 

 

 

 

4,621,068

 

Massachusetts — 0.6%

 

 

 

 

 

 

 

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

 

 

500

 

 

398,120

 

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

 

 

1,150

 

 

1,041,475

 

 

 

 

 

 

 

 

 

 

 

 

1,439,595

 

Michigan — 2.7%

 

 

 

 

 

 

 

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

 

 

900

 

 

754,101

 

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

 

 

545

 

 

567,585

 

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

 

 

1,740

 

 

1,354,120

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

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

 

$

3,735

 

$

4,330,434

 

 

 

 

 

 

 

 

 

 

 

 

7,006,240

 

Minnesota — 0.8%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

1,980,779

 

Missouri — 0.3%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

853,180

 

Montana — 0.5%

 

 

 

 

 

 

 

Kirkwood Industrial Development
Authority, Montana, RB, Aberdeen
Heights, Series A, 8.25%, 5/15/39 (c)

 

 

1,370

 

 

1,347,436

 

Multi-State — 0.4%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50% (e)(f)(g)

 

 

987

 

 

915,341

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

610

 

 

570,478

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

972,530

 

New Jersey — 9.3%

 

 

 

 

 

 

 

Camden County Pollution Control
Financing Authority, Refunding RB,
Series A, AMT, 7.50%, 12/01/10

 

 

7,250

 

 

7,251,377

 

New Jersey EDA, RB, Cigarette Tax,
5.50%, 6/15/24

 

 

2,470

 

 

2,424,157

 

New Jersey EDA, RB, Continental
Airlines Inc. Project, AMT, 6.25%,
9/15/19

 

 

2,000

 

 

1,872,080

 

New Jersey EDA, RB, Continental
Airlines Inc. Project, AMT, 6.25%,
9/15/29

 

 

3,330

 

 

2,908,522

 

New Jersey EDA, RB, Continental
Airlines Inc. Project, AMT, 9.00%,
6/01/33

 

 

1,250

 

 

1,310,050

 

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

 

 

2,500

 

 

2,471,375

 

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

 

 

2,510

 

 

2,829,523

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

20

 

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

 

 

2,410

 

 

2,418,290

 

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

 

 

3,450

 

 

696,452

 

 

 

 

 

 

 

 

 

 

 

 

24,181,846

 

New York — 6.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,020,940

 

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

 

 

2,485

 

 

2,521,579

 

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

 

 

1,400

 

 

1,376,200

 

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

 

 

3,685

 

 

4,206,464

 

New York City Industrial Development
Agency, RB, American Airlines Inc.,
JFK International Airport, AMT, 8.00%,
8/01/28

 

 

1,045

 

 

1,048,052

 

New York City Industrial Development
Agency, RB, British Airways Plc
Project, AMT, 7.63%, 12/01/32

 

 

2,400

 

 

2,191,680

 

New York City Industrial Development
Agency, RB, Series C, 6.80%,
6/01/28

 

 

510

 

 

537,295

 

New York City Industrial Development
Agency, RB, Special Needs Facilities
Pooled Program, Series C-1, 6.63%,
7/01/29

 

 

1,515

 

 

1,343,790

 

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

 

 

870

 

 

9

 

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

 

 

1,240

 

 

1,280,263

 

 

 

 

 

 

 

 

 

 

 

 

15,526,272

 

North Carolina — 1.5%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, First Mortgage,
Givens Estates Project, Series A,
6.50%, 7/01/13 (h)

 

 

1,250

 

 

1,483,462

 

 

 

 

4

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

North Carolina (concluded)

 

 

 

 

 

 

 

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

 

$

2,335

 

$

2,277,746

 

 

 

 

 

 

 

 

 

 

 

 

3,761,208

 

Ohio — 2.1%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2, 5.13%, 6/01/24

 

 

2,265

 

 

2,096,552

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2, 6.50%, 6/01/47

 

 

3,935

 

 

3,299,970

 

 

 

 

 

 

 

 

 

 

 

 

5,396,522

 

Pennsylvania — 10.1%

 

 

 

 

 

 

 

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

 

 

3,960

 

 

2,910,560

 

Bucks County IDA, RB, Ann’s Choice,
Inc. Facility, Series A, 6.13%,
1/01/25

 

 

200

 

 

187,276

 

Bucks County IDA, RB, Ann’s Choice,
Inc. Facility, Series A, 6.25%,
1/01/35

 

 

1,550

 

 

1,384,553

 

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

 

 

3,655

 

 

3,567,609

 

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

 

 

685

 

 

659,806

 

Lancaster County Hospital Authority, RB,
Brethren Village Project, Series A,
6.50%, 7/01/40

 

 

590

 

 

553,013

 

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

 

 

2,330

 

 

1,763,437

 

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

 

 

3,250

 

 

2,297,945

 

Pennsylvania Economic Development
Financing Authority, RB, Reliant
Energy, Series B, AMT, 6.75%,
12/01/36

 

 

2,040

 

 

2,063,134

 

Pennsylvania Higher Educational
Facilities Authority, Refunding RB,
Allegheny Delaware Valley Obligation,
Series A (NPFGC), 5.88%, 11/15/16

 

 

860

 

 

857,773

 

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

 

 

3,010

 

 

2,875,423

 

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

 

 

5,000

 

 

4,999,200

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Philadelphia Authority for Industrial
Development, RB, Subordinate, Air
Cargo, Series A, AMT, 7.50%,
1/01/25

 

$

2,270

 

$

2,123,698

 

 

 

 

 

 

 

 

 

 

 

 

26,243,427

 

Puerto Rico — 1.3%

 

 

 

 

 

 

 

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

 

 

1,650

 

 

1,575,849

 

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

 

 

1,650

 

 

1,760,814

 

 

 

 

 

 

 

 

 

 

 

 

3,336,663

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

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

 

 

2,495

 

 

2,131,054

 

South Carolina — 0.6%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 8.00%,
1/01/14 (a)(b)(d)

 

 

1,485

 

 

285,120

 

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

 

 

975

 

 

966,449

 

South Carolina Jobs EDA, Refunding RB,
Palmetto Health, 5.75%, 8/01/39

 

 

390

 

 

377,633

 

 

 

 

 

 

 

 

 

 

 

 

1,629,202

 

Tennessee — 0.5%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, Covenant, Series A,
(AGM), 4.68%, 1/01/40 (d)

 

 

6,785

 

 

1,028,335

 

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

 

 

355

 

 

297,827

 

 

 

 

 

 

 

 

 

 

 

 

1,326,162

 

Texas — 9.1%

 

 

 

 

 

 

 

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

 

 

2,985

 

 

2,984,821

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
AMT, 5.75%, 5/01/36

 

 

2,885

 

 

2,712,419

 

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

 

 

2,550

 

 

1,657,959

 

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

 

 

2,685

 

 

2,563,692

 

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

 

 

1,500

 

 

1,682,055

 

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

 

 

860

 

 

876,263

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

1,240

 

$

1,339,646

 

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

 

 

2,775

 

 

2,901,401

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, CC Young
Memorial Home, Series A, 8.00%,
2/15/38

 

 

1,035

 

 

1,011,454

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Senior
Living Center Project, Series A, 8.25%,
11/15/44

 

 

2,490

 

 

2,412,212

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien,
Note Mobility, 6.88%, 12/31/39

 

 

2,330

 

 

2,425,460

 

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

 

 

1,000

 

 

903,940

 

 

 

 

 

 

 

 

 

 

 

 

23,471,322

 

Utah — 0.6%

 

 

 

 

 

 

 

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

 

 

1,660

 

 

1,662,540

 

Virgin Islands — 1.3%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,033,870

 

Virgin Islands Public Finance Authority,
RB, Senior Lien, Capital Projects,
Series A-1, 5.00%, 10/01/39

 

 

500

 

 

444,280

 

 

 

 

 

 

 

 

 

 

 

 

3,478,150

 

Virginia — 1.5%

 

 

 

 

 

 

 

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

 

 

1,410

 

 

1,317,772

 

Fairfax County EDA, Refunding RB,
Goodwin House, Inc., 5.13%,
10/01/37

 

 

750

 

 

684,435

 

Fairfax County EDA, Refunding RB,
Goodwin House, Inc., 5.13%,
10/01/42

 

 

450

 

 

405,076

 

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

 

 

540

 

 

440,775

 

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

 

 

1,320

 

 

920,159

 

 

 

 

 

 

 

 

 

 

 

 

3,768,217

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB, New Castle
Place Project, Series A, 7.00%,
12/01/31

 

$

1,855

 

$

1,759,653

 

Wisconsin Health & Educational
Facilities Authority, RB, Wheaton
Franciscan Healthcare, 5.25%,
8/15/34

 

 

2,070

 

 

1,797,878

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
St. John’s Communities Inc., Series A,
7.25%, 9/15/29

 

 

250

 

 

254,035

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
St. John’s Communities Inc., Series A,
7.63%, 9/15/39

 

 

505

 

 

516,913

 

 

 

 

 

 

 

 

 

 

 

 

4,328,479

 

Wyoming — 1.3%

 

 

 

 

 

 

 

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

 

 

3,600

 

 

3,307,608

 

Total Municipal Bonds – 96.6%

 

 

 

 

 

250,129,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (i)

 

 

 

 

 

 

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

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

 

 

3,951

 

 

4,410,979

 

Florida — 3.4%

 

 

 

 

 

 

 

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

 

 

8,870

 

 

8,774,470

 

Virginia — 3.4%

 

 

 

 

 

 

 

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

 

 

8,690

 

 

8,756,392

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 8.5%

 

 

 

 

 

21,941,841

 

Total Long-Term Investments
(Cost – $283,904,813) – 105.1%

 

 

 

 

 

272,071,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.16% (j)(k)

 

 

3,563,851

 

 

3,563,851

 

Total Short-Term Securities
(Cost – $3,563,851) – 1.4%

 

 

 

 

 

3,563,851

 

 

 

 

6

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

Total Investments

 

 

 

 

 

 

 

(Cost – $287,468,664*) – 106.5%

 

 

 

 

$

275,634,902

 

Liabilities in Excess of Other Assets – (2.3)%

 

 

 

 

 

(5,924,245

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (4.2)%

 

 

 

 

 

(10,764,069

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

258,946,588

 

 

 

 

 

 

 

 

*

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

 

 

 

 

 

Aggregate cost

 

$

276,730,515

 

 

 

 

Gross unrealized appreciation

 

$

11,405,860

 

Gross unrealized depreciation

 

 

(23,257,119

)

 

 

 

Net unrealized depreciation

 

$

(11,851,259

)

 

 

 

 

 

(a)

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

 

 

(b)

Non-income producing security.

 

 

(c)

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

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 

B.C. Ziegler

 

$

1,347,436

 

 

—

 

Raymond C. Forbes

 

 

2,985,000

 

$

(179

)

Stone & Youngberg

 

 

2,340,000

 

 

889

 

 

 

(d)

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

 

 

(e)

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.

 

 

(f)

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 and is subject

 

 

(g)

Security is perpetual in nature and has no stated maturity date.

 

 

(h)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(i)

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.

 

 

(j)

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

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

FFI Institutional Tax Exempt Fund

 

$

1,562,317

 

$

3,395

 

 

 

 

(k)

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 the semi-annual report.

 

 

 

 

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

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1 - Short-Term Securities

 

$

3,563,851

 

Level 2 - Long-Term Investments1

 

 

272,071,051

 

Level 3

 

 

—

 

 

 

Total

 

$

275,634,902

 

 

 

 

 

1

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

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2010

7

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 13(a)-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: March 19, 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: March 19, 2010
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniAssets Fund, Inc.
   
  Date: March 19, 2010