BLACKROCK MUNIASSETS FUND, INC.

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniAssets Fund, Inc., 55 East 52^nd Street, New York, NY 10055


Municipal Bonds	Par (000)		Value
Alabama — 2.2%
County of Jefferson Alabama, RB, Limited Obligation School, Series A:
5.25%, 1/01/17	$	895	$	903,771
5.25%, 1/01/19		2,000		2,019,600
5.50%, 1/01/21		1,215		1,226,907
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42		3,745		4,359,892
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40		2,165		2,549,114

				11,059,284
Alaska — 1.2%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:
4.63%, 6/01/23		1,275		1,275,485
5.00%, 6/01/32		1,500		1,366,305
5.00%, 6/01/46		4,000		3,380,360

				6,022,150
Arizona — 1.5%
City of Phoenix Arizona IDA, RB:
Great Hearts Academies — Veritas Project, 6.30%, 7/01/42		500		540,260
Great Hearts Academies — Veritas Project, 6.40%, 7/01/47		425		460,462
Legacy Traditional Schools Project, Series A, 6.50%, 7/01/34 (a)		570		642,344
Legacy Traditional Schools Project, Series A, 6.75%, 7/01/44 (a)		1,000		1,130,410
City of Phoenix Arizona IDA, Refunding RB (a):
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/35		305		321,629
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/45		855		882,864
Legacy Traditional School Projects, 5.00%, 7/01/35		320		326,010
Legacy Traditional School Projects, 5.00%, 7/01/45		255		252,277
County of Pima Arizona IDA, Refunding RB, Series A, 5.00%, 7/01/46 (a)		290		299,381


Municipal Bonds	Par (000)		Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 7/01/35 (a)	$	260	$	274,381
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37		1,650		1,980,412
University Medical Center Corp., RB, 6.50%, 7/01/19 (b)		500		592,285

				7,702,715
California — 5.0%
California County Tobacco Securitization Agency, RB, Asset-Backed (c):
5.60%, 6/01/36		1,285		1,286,555
5.70%, 6/01/46		1,330		1,330,465
California Municipal Finance Authority, RB, Urban Discovery Academy Project (a):
5.50%, 8/01/34		315		331,374
6.00%, 8/01/44		665		701,661
6.13%, 8/01/49		580		612,631
California School Finance Authority, RB:
Alliance for College Ready Public School — 2023 Union LLC Project, Series A, 6.40%, 7/01/48		1,570		1,794,683
Value Schools, 6.65%, 7/01/33		435		488,857
Value Schools, 6.90%, 7/01/43		975		1,102,705
California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39		2,175		2,414,946
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series B, 6.00%, 5/01/43		1,650		1,676,070
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project:
6.50%, 5/01/36		900		1,094,544
6.50%, 5/01/42		2,220		2,680,228
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40		375		467,119
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48		2,885		3,334,079


Municipal Bonds	Par (000)		Value
California (continued)
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior, Series A-1, 5.75%, 6/01/47	$	3,980	$	3,800,940
Tobacco Securitization Authority of Southern California, Refunding RB:
Senior Series A1, 5.00%, 6/01/37		900		852,471
Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25		1,490		1,490,343

				25,459,671
Colorado — 2.1%
Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/44		500		506,120
Colorado Health Facilities Authority, Refunding RB, Series A:
6.13%, 12/01/45		335		342,289
6.25%, 12/01/50		1,115		1,139,530
Copperleaf Metropolitan District No 2, GO, Refunding, 5.75%, 12/01/45		720		757,325
Foothills Metropolitan District, Special Assessment Bonds, 6.00%, 12/01/38		5,985		6,445,127
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34		1,500		1,695,930

				10,886,321
Connecticut — 0.9%
Mohegan Tribal Finance Authority, RB, 7.00%, 2/01/45 (a)		1,430		1,424,709
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 2/01/45 (a)		1,420		1,451,950
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 2/01/30 (a)		1,835		1,832,615

				4,709,274
Delaware — 0.7%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40		1,000		1,085,160


Municipal Bonds	Par (000)		Value
Delaware (continued)
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45	$	2,280	$	2,364,132

				3,449,292
District of Columbia — 0.5%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33		2,225		2,764,852
Florida — 10.4%
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43		1,570		1,639,943
Capital Trust Agency, Inc., RB, Silver Creek St.:
1st Mortgage, Augustine Project, 8.25%, 1/01/44		515		438,600
1st Mortgage, Augustine Project, 8.25%, 1/01/49		1,105		941,128
5.75%, 1/01/50		655		654,935
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 5/15/44 (a)		2,510		2,986,197
County of Miami-Dade Florida IDA, RB, Series A:
5.00%, 6/01/35		1,460		1,545,906
5.00%, 6/01/40		2,000		2,087,860
5.00%, 6/01/48		2,815		2,923,377
County of Palm Beach Florida Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/33		3,500		3,879,610
Florida Development Finance Corp., RB, Renaissance Charter School, Series A:
5.75%, 6/15/29		690		713,094
6.00%, 6/15/34		835		865,503
6.13%, 6/15/44		3,220		3,301,273
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43		1,970		2,057,763
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33		410		411,476
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel U.S., Inc., AMT, 5.30%, 5/01/37		4,500		4,506,975


Municipal Bonds	Par (000)		Value
Florida (continued)
Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17 (a)	$	535	$	571,690
Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects:
4.00%, 5/01/21 (d)		200		202,346
4.25%, 5/01/26 (d)		160		159,990
5.00%, 5/01/36 (d)		460		463,634
8.00%, 5/01/40		1,485		1,844,251
5.13%, 5/01/46 (d)		915		920,719
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21 (b)		4,550		6,010,959
Midtown Miami Community Development District, Refunding, Special Assessment Bonds:
Series A, 5.00%, 5/01/37		845		896,613
Series B, 5.00%, 5/01/37		495		525,235
Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.25%, 6/01/34		500		600,560
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (e)(f)		4,358		1,655,954
Tampa Palms Open Space and Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18		835		836,253
Tolomato Community Development District, Refunding, Special Assessment Bonds:
Convertible CAB, Series A2, 0.00%, 5/01/39 (c)		250		200,233
Convertible CAB, Series A3, 0.00%, 5/01/40 (c)		585		350,222
Convertible CAB, Series A4, 0.00%, 5/01/40 (c)		305		135,213
Series 2, 0.00%, 5/01/40 (c)		805		420,419
Series A1, 6.65%, 5/01/40		910		921,939
Tolomato Community Development District:
Series 1, 0.00%, 5/01/40 (c)		1,305		805,707
Series 1, 6.65%, 5/01/40 (e)(f)		50		51,105
Series 3, 6.61%, 5/01/40 (e)(f)		875		9
Series 3, 6.65%, 5/01/40 (e)(f)		710		7


Municipal Bonds	Par (000)		Value
Florida (continued)
Village Community Development District No. 9, Special Assessment Bonds:
6.75%, 5/01/31	$	1,660	$	2,024,553
7.00%, 5/01/41		2,665		3,264,865
5.50%, 5/01/42		1,235		1,420,485

				53,236,601
Georgia — 2.3%
City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31		1,035		1,036,087
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33		2,615		2,723,758
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29		3,365		4,178,556
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2:
6.38%, 11/15/29		700		797,307
6.63%, 11/15/39		880		1,000,833
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, Series A, 5.00%, 7/01/60		1,635		1,811,465

				11,548,006
Guam — 0.9%
Guam Government Waterworks Authority, RB, Water & Wastewater System, 5.50%, 7/01/43		2,415		2,751,941
Territory of Guam, GO, Series A:
6.00%, 11/15/19		505		560,171
7.00%, 11/15/19 (b)		1,115		1,366,265

				4,678,377
Illinois — 4.7%
City of Chicago Illinois, GO, Series A, 5.50%, 1/01/39		3,600		3,632,652
Illinois Finance Authority, Refunding RB:
CAB, Clare Water Tower, Series B, 0.00%, 5/15/50 (e)(f)(g)		1,214		12
Clare Water Tower, Series A-7, 6.13%, 5/15/41 (e)(f)		3,129		31


Municipal Bonds	Par (000)		Value
Illinois (continued)
Illinois Finance Authority, Refunding RB (continued):
Friendship Village of Schaumburg, 7.25%, 2/15/45	$	4,000	$	4,292,480
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42		2,395		2,542,101
Primary Health Care Centers Program, 6.60%, 7/01/24		1,085		1,090,588
Rogers Park Montessori School Project, Series 2014, 6.00%, 2/01/34		365		389,583
Rogers Park Montessori School Project, Series 2014, 6.13%, 2/01/45		860		910,396
Roosevelt University Project, 6.50%, 4/01/44		4,170		4,577,743
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 6/15/53		2,370		2,639,090
Railsplitter Tobacco Settlement Authority, RB:
5.50%, 6/01/23		180		213,008
6.00%, 6/01/28		710		854,506
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34		1,730		1,746,504
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25		1,260		1,260,756

				24,149,450
Indiana — 1.2%
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:
6.75%, 1/01/34		825		1,010,361
7.00%, 1/01/44		2,000		2,465,020
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24		590		555,715
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT:
5.00%, 7/01/44		470		508,376


Municipal Bonds	Par (000)		Value
Indiana (continued)
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT (continued):
5.00%, 7/01/48	$	1,555	$	1,674,657

				6,214,129
Iowa — 3.1%
Iowa Finance Authority, Refunding RB:
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22		2,090		2,197,886
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25		2,190		2,390,078
Sunrise Retirement Community Project, 5.50%, 9/01/37		1,355		1,388,753
Sunrise Retirement Community Project, 5.75%, 9/01/43		2,115		2,187,735
Iowa Tobacco Settlement Authority, Refunding RB:
Asset-Backed, CAB, Series B, 5.60%, 6/01/34		1,200		1,200,816
Asset-Backed, Series C, 5.63%, 6/01/46		1,565		1,557,191
Series C, 5.38%, 6/01/38		4,900		4,730,411

				15,652,870
Kentucky — 0.9%
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 7/01/49		4,000		4,555,680
Louisiana — 2.9%
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 9/15/44 (a)		1,055		1,074,074
Lake Charles Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 1/01/29		250		293,387
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32		5,000		5,407,500


Municipal Bonds	Par (000)		Value
Louisiana (continued)
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41	$	1,855	$	2,073,074
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35		5,570		6,238,846

				15,086,881
Maine — 0.7%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41		2,955		3,362,908
Maryland — 2.0%
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43		2,840		3,223,230
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		3,615		3,960,485
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		3,085		2,950,587

				10,134,302
Massachusetts — 1.9%
Massachusetts Development Finance Agency, RB:
Boston Medical Center, Series D, 4.00%, 7/01/45		1,295		1,325,640
Boston Medical Center, Series D, 5.00%, 7/01/44		2,905		3,234,834
Foxborough Regional Charter School, Series A, 7.00%, 7/01/42		1,025		1,158,660
North Hill Communities Issue, Series A, 6.50%, 11/15/43 (a)		2,020		2,212,061
Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I, 6.75%, 1/01/36		1,490		1,763,340

				9,694,535
Michigan — 0.9%
City of Detroit Michigan, GO, Financial Recovery (h):
Series B-1, 4.00%, 4/01/44		315		157,424
Series B-2, 4.00%, 4/01/44		100		46,714


Municipal Bonds	Par (000)		Value
Michigan (continued)
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39	$	2,785	$	3,096,920
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44		415		441,672
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44		920		996,535

				4,739,265
Minnesota — 0.7%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/18 (b)		1,785		2,072,224
City of Rochester Minnesota, RB, Health Care And Facility Homestead Rochester Incorporate, 5.00%, 12/01/49		1,335		1,380,030

				3,452,254
Missouri — 1.2%
Health & Educational Facilities Authority of the State of Missouri, RB:
5.00%, 2/01/36		370		411,884
5.00%, 2/01/46		670		734,648
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39		2,315		2,629,053
Lees Summit Industrial Development Authority, RB, John Knox Obligated Group, 5.25%, 8/15/39		2,235		2,322,232

				6,097,817
New Jersey — 4.6%
Casino Reinvestment Development Authority, Refunding RB:
5.25%, 11/01/39		1,065		1,108,899
5.25%, 11/01/44		770		796,141
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (a)		1,150		1,194,942
New Jersey EDA, RB:
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31		2,250		2,703,960


Municipal Bonds	Par (000)		Value
New Jersey (continued)
New Jersey EDA, RB (continued):
Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43	$	2,155	$	2,402,416
Team Academy Charter School Project, 6.00%, 10/01/43		1,530		1,733,597
New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A, 6.00%, 8/01/49 (a)		500		519,390
New Jersey Health Care Facilities Financing Authority, Refunding RB:
St. Barnabas Health Care System, Series A, 5.63%, 7/01/37		2,650		3,083,487
St. Joseph’s Healthcare System, 6.63%, 7/01/38		4,090		4,518,100
New Jersey Transportation Trust Fund Authority, RB, Transportation Program, Series AA, 5.25%, 6/15/41		1,140		1,231,018
Tobacco Settlement Financing Corp., New Jersey, Refunding RB, Series 1A:
5.00%, 6/01/29		3,735		3,529,463
5.00%, 6/01/41		1,070		893,675

				23,715,088
New Mexico — 0.6%
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42		2,970		3,164,624
New York — 7.4%
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport Project, AMT, 8.00%, 8/01/28 (h)		1,765		1,842,572
City of New York New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1:
6.50%, 7/01/24		610		611,336
6.63%, 7/01/29		1,100		1,102,530
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)		5,400		5,640,462


Municipal Bonds	Par (000)		Value
New York (continued)
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46	$	3,315	$	3,155,780
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44		1,354		1,521,479
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45		2,890		2,811,768
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28		2,000		2,315,320
New York Liberty Development Corp., Refunding RB:
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		1,270		1,434,262
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a)		5,020		5,331,441
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)		455		481,677
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a)		1,080		1,152,781
3 World Trade Center Project, Class 3, 7.25%, 11/15/44 (a)		1,565		1,897,422
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (a)		1,335		1,347,442
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36		1,340		1,569,113
TSASC, Inc., Refunding RB, Series 1, 5.00%, 6/01/34		1,135		1,092,199


Municipal Bonds	Par (000)		Value
New York (continued)
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45	$	4,800	$	4,778,016

				38,085,600
North Carolina — 1.5%
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Series A:
Deerfield Project, 6.13%, 11/01/38		4,565		5,007,896
Retirement Facilities Whitestone Project, 7.75%, 3/01/31		1,000		1,150,950
Retirement Facilities Whitestone Project, 7.75%, 3/01/41		1,420		1,631,211

				7,790,057
Ohio — 2.1%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2:
Senior Turbo Term, 5.88%, 6/01/47		2,685		2,362,827
5.75%, 6/01/34		6,745		5,946,662
6.00%, 6/01/42		3,040		2,709,552

				11,019,041
Oklahoma — 0.3%
Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32		1,305		1,384,148
Oregon — 0.8%
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49		1,765		1,931,157
Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A:
5.13%, 7/01/35		620		630,168
5.38%, 7/01/45		1,435		1,458,261

				4,019,586
Pennsylvania — 4.3%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 5/01/42		4,170		4,426,955


Municipal Bonds	Par (000)		Value
Pennsylvania (continued)
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/36	$	2,000	$	2,174,140
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran:
6.38%, 1/01/19 (b)		5,550		6,412,193
6.38%, 1/01/39		615		702,299
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26		1,160		1,200,983
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32		1,800		1,887,390
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bond, 7.00%, 7/01/32		2,110		2,315,577
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44		2,710		2,828,346

				21,947,883
Puerto Rico — 0.2%
Children’s Trust Fund, Refunding RB, Series A, 0.00%, 5/15/50 (g)		3,450		286,902
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Series A, 6.00%, 7/01/44		530		365,689
Commonwealth of Puerto Rico, Refunding RB, Aqueduct & Sewer Authority, Senior Lien, Series A, 6.00%, 7/01/38		325		225,885

				878,476
Rhode Island — 2.1%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35 (e)(f)		4,190		1,042,849
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 6/01/40		980		1,048,600
Series B, 4.50%, 6/01/45		5,055		5,124,051


Municipal Bonds	Par (000)		Value
Rhode Island (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued):
Series B, 5.00%, 6/01/50	$	3,330	$	3,453,044

				10,668,544
Texas — 10.6%
Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 (e)(f)		5,080		151,892
Central Texas Regional Mobility Authority, Refunding RB:
CAB, 0.00%, 1/01/28 (g)		1,000		645,160
CAB, 0.00%, 1/01/29 (g)		2,000		1,235,880
CAB, 0.00%, 1/01/30 (g)		1,170		691,809
CAB, 0.00%, 1/01/33 (g)		3,690		1,902,859
CAB, 0.00%, 1/01/34 (g)		4,000		1,942,200
Senior Lien, 6.25%, 1/01/46		2,210		2,557,147
City of Houston Texas Airport System, Refunding ARB, AMT:
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 7/15/38		2,890		3,347,805
United Airlines, Inc. Terminal E Project, 5.00%, 7/01/29		910		990,098
Clifton Higher Education Finance Corp., ERB, Idea Public Schools:
5.50%, 8/15/31		955		1,062,686
5.75%, 8/15/41		720		807,538
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45		5,040		5,718,787
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48		475		561,916
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29		2,090		2,387,031
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Series A:
CC Young Memorial Home, 8.00%, 2/15/38		1,745		1,967,802
Senior Living Center Project, 8.25%, 11/15/44		4,200		4,242,882
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49		865		933,075


Municipal Bonds	Par (000)		Value
Texas (continued)
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 1/01/46	$	3,080	$	3,452,742
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (b)		860		1,020,244
Mesquite Health Facility Development Corp., Refunding RB, 5.13%, 2/15/42		810		852,209
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project:
5.88%, 4/01/36		1,210		1,372,757
6.00%, 4/01/45		1,845		2,096,381
Newark Higher Education Finance Corp., RB, Series A (a):
5.50%, 8/15/35		290		298,010
5.75%, 8/15/45		580		591,066
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47		1,600		1,700,784
Red River Health Facilities Development Corp., First MRB, Project:
Eden Home, Inc., 7.25%, 12/15/42		2,895		2,553,303
Wichita Falls Retirement Foundation, 5.13%, 1/01/41		900		931,176
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		3,775		4,557,406
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		3,000		3,533,730

				54,106,375
Utah — 0.6%
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43		2,950		3,099,300
Vermont — 0.2%
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33		770		812,689


Municipal Bonds	Par (000)		Value
Virginia — 3.1%
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42	$	2,500	$	2,595,875
Lower Magnolia Green Community Development Authority, Special Assessment Bonds (a):
5.00%, 3/01/35		510		518,547
5.00%, 3/01/45		520		525,273
Mosaic District Community Development Authority, Special Assessment, Series A:
6.63%, 3/01/26		1,485		1,719,036
6.88%, 3/01/36		1,300		1,500,616
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45 (a)		535		548,723
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A (a):
5.00%, 7/01/35		130		136,369
5.00%, 7/01/45		375		384,619
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37		6,805		7,864,606

				15,793,664
Washington — 0.8%
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40		1,455		1,602,202
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42		1,495		1,577,180
Washington State Housing Finance Commission, Refunding RB (a):
5.75%, 1/01/35		315		320,478
6.00%, 1/01/45		850		864,620

				4,364,480
Wisconsin — 1.1%
Public Finance Authority, RB, Series A:
4.75%, 12/01/35		775		784,067
5.00%, 12/01/45		1,875		1,901,081
5.15%, 12/01/50		1,170		1,186,696


Municipal Bonds	Par (000)		Value
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. Johns Communities, Inc., Series A (b):
7.25%, 9/15/19	$	425	$	511,352
7.63%, 9/15/19		855		1,051,599

				5,434,795
Total Municipal Bonds – 88.2%				450,940,984



Municipal Bonds Transferred to Tender Option Bond Trusts (i)
Colorado — 2.5%
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 1/01/40		11,468		12,714,690
Florida — 3.2%
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A, AMT (AGC), 5.25%, 10/01/33		15,000		16,439,700
Illinois — 2.8%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41		7,180		8,547,144
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A, 5.00%, 1/01/40		5,056		5,817,579

				14,364,723
New York — 13.6%
City of New York New York Housing Development Corp., RB, M/F Housing, Series D-1, Class B, 4.25%, 11/01/45		8,996		9,279,570
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:
Fiscal 2013, Series CC, 5.00%, 6/15/47		14,181		16,216,641
Series HH, 5.00%, 6/15/31 (j)		8,610		10,076,886
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)		4,520		5,261,990
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43		18,104		21,046,374


Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value
New York (continued)
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (j)	$	6,600	$	7,719,489

				69,600,950
Washington — 1.8%
City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40		7,966		9,176,132
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.9%				122,296,195
Total Long-Term Investments (Cost — $534,002,724) — 112.1%				573,237,179


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, MuniCash, 0.02% (k)(l)		3,410,267	$	3,410,267

Total Short-Term Securities (Cost — $3,410,267) — 0.7%				3,410,267
*Total Investments (Cost — $537,412,991) — 112.8%**				576,647,446
Other Assets Less Liabilities — 0.1%				729,260
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.9)%				(66,106,813	)

Net Assets Applicable to Common Shares — 100.0%			$	511,269,893

As of January 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	471,006,585

Gross unrealized appreciation	$	55,950,912
Gross unrealized depreciation		(16,396,574	)

Net unrealized appreciation	$	39,554,338

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

During the period ended January 31, 2016, there were no transfers between levels.

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.

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.


Affiliate	Shares Held at April 30, 2015		Net Activity			Shares Held at January 31, 2016		Income
BlackRock Liquidity Funds, MuniCash		—		3,410,267			3,410,267		—
FFI Institutional Tax-Exempt Fund		961,095		(961,095	)		—	$	293


Contracts Short			Issue	Expiration	Notional Value	Unrealized Depreciation
	(29	)	5-Year U.S. Treasury Note	March 2016	$3,499,484	$	(48,794	)
	(38	)	10-Year U.S. Treasury Note	March 2016	$4,923,969		(103,391	)
	(18	)	Long U.S. Treasury Bond	March 2016	$2,898,563		(101,631	)
	(5	)	Ultra U.S. Treasury Bond	March 2016	$830,937		(29,850	)
	Total					$	(283,666	)


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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—		$	573,237,179			—	$	573,237,179
Short-Term Securities	$	3,410,267			—			—		3,410,267

Total	$	3,410,267		$	573,237,179			—	$	576,647,446

¹ See above Schedule of Investments for values in each state or political subdivision.
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Interest rate contracts	$	(283,666	)		—			—	$	(283,666	)
¹Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	64			—			—	$	64
Cash pledged for financial futures contracts		173,950			—			—		173,950
Liabilities:
TOB Trust Certificates		—		$	(66,086,523	)		—		(66,086,523	)

Total	$	174,014		$	(66,086,523	)		—	$	(65,912,509	)


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


Schedule of Investments (continued)		BlackRock MuniAssets Fund, Inc. (MUA)


Derivative Financial Instruments Outstanding as of Period End


Schedule of Investments (concluded)		BlackRock MuniAssets Fund, Inc. (MUA)


By:		/s/ John M. Perlowski
		John M. Perlowski Chief Executive Officer (principal executive officer) of BlackRock MuniAssets Fund, Inc.



Date: March 22, 2016