NPORT-EX 2 NPORT_LCQA_78549527_0423.htm BlackRock MuniAssets Fund

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Corporate Bonds

    
Education — 0.5%            

Grand Canyon University, 5.13%, 10/01/28

   $ 2,445     $ 2,205,952  
   

 

 

  

Total Corporate Bonds — 0.5%
(Cost: $2,445,000)

           2,205,952  
   

 

 

  

Municipal Bonds

    
Alabama — 2.1%            

Black Belt Energy Gas District, RB, Series F,
5.50%, 11/01/53(a)

     615       652,369  

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

     3,745       3,961,521  

Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)

    2,140       2,386,577  

MidCity Improvement District, SAB
4.25%, 11/01/32

     160       148,689  

4.50%, 11/01/42

     255       216,933  

4.75%, 11/01/49

     270       225,479  

Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)

      1,740       1,546,013  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

    335       295,009  
   

 

 

  
      9,432,590  
Arizona — 3.4%            

Arizona Industrial Development Authority, RB(b)
7.10%, 01/01/55

     1,705       1,742,111  

Series A, 5.00%, 12/15/39

     250       233,477  

Series B, 5.13%, 07/01/47

     665       612,945  

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.13%, 07/01/37

     960       938,342  

Series A, 5.50%, 07/01/52

     1,775       1,713,853  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     505       427,550  

Industrial Development Authority of the City of Phoenix Arizona, RB(b)

   

Series A, 6.50%, 07/01/34

     570       585,237  

Series A, 6.75%, 07/01/44

     1,000       1,017,905  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b)

   

5.00%, 07/01/35

     320       313,354  

5.00%, 07/01/45

     255       233,268  

Series A, 5.00%, 07/01/35

     260       257,876  

Industrial Development Authority of the County of Pima, Refunding RB(b)

   

4.00%, 06/15/51

     1,555       1,136,960  

5.00%, 07/01/56

     475       412,886  

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

    875       838,042  

Maricopa County Industrial Development Authority, RB(b)

   

5.25%, 10/01/40

     465       473,322  

5.50%, 10/01/51

     465       470,775  
Security   Par
(000) 		    Value  
Arizona (continued)            

Maricopa County Industrial Development Authority, RB(b) (continued)

    

AMT, 4.00%, 10/15/47

   $ 2,295     $ 1,902,468  

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

     1,650       1,716,173  
   

 

 

  
      15,026,544  
Arkansas — 3.3%            

Arkansas Development Finance Authority, RB
AMT, 5.45%, 09/01/52

     2,325       2,321,055  

Series A, AMT, 4.50%, 09/01/49(b)

    6,815       6,095,029  

Series A, AMT, 4.75%, 09/01/49(b)

      6,850       6,294,903  
   

 

 

  
          14,710,987  
California — 6.4%            

California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(b)

    240       209,998  

California Infrastructure & Economic Development Bank, RB, AMT, 7.75%, 01/01/50(a)(b)

    655       667,787  

California Municipal Finance Authority, RB(b)

   

Series A, 5.50%, 08/01/34

     275       276,157  

Series A, 6.00%, 08/01/44

     665       666,950  

Series A, 6.13%, 08/01/49

     580       581,821  

California School Finance Authority, RB 6.65%, 07/01/33

     435       436,161  

6.90%, 07/01/43

     975       978,403  

Series A, 6.40%, 07/01/48

     1,570       1,574,498  

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

    580       587,038  

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

     1,650       1,650,884  

CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)

    3,300       2,488,322  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)

    890       582,522  

CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)

    485       393,933  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

   

2.80%, 03/01/47

     440       331,461  

3.13%, 07/01/56

     990       689,787  

3.13%, 08/01/56

     120       81,696  

4.00%, 12/01/56

     1,260       904,277  

4.00%, 07/01/58

     380       275,887  

Series A, 3.00%, 09/01/56

     1,570       1,049,647  

Series B, 4.00%, 07/01/58

     435       301,666  

Mezzanine Lien, 4.00%, 03/01/57

     700       495,037  

Mezzanine Lien, 4.00%, 06/01/57

     2,060       1,469,641  

Series B, Mezzanine Lien, 4.00%, 12/01/59

     6,035       3,894,591  

Senior Lien, 3.13%, 06/01/57

     655       450,411  

Series B, Sub Lien, 4.00%, 12/01/59

     4,000       2,776,580  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)

    1,730       186,205  

Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)

    1,705       604,131  

Riverside County Transportation Commission, RB, Series A, Senior Lien, 5.75%, 06/01/23(d)

    1,885       1,888,851  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
California (continued)            

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

   

Series D, 0.00%, 08/01/26

   $ 1,250     $ 1,077,030  

Series D, 0.00%, 08/01/43

     1,500       553,493  
   

 

 

  
          28,124,865  
Colorado — 3.6%            

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

     910       791,285  

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

       1,240       1,182,210  

Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)

    665       517,127  

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

    575       498,178  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/47

     1,870       1,780,739  

Series A, AMT, 4.13%, 11/15/53

     1,025       963,354  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

     265       284,632  

5.25%, 11/01/52

     555       583,153  

Series A, 5.00%, 05/15/35

     355       309,111  

Series A, 5.00%, 05/15/44

     385       309,650  

Series A, 5.00%, 05/15/58

     800       592,774  

Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55

     1,735       1,191,428  

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

     935       885,588  

Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36

     769       697,198  

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

    545       492,511  

Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50

     520       376,046  

Loretto Heights Community Authority, RB, 4.88%, 12/01/51

     790       611,498  

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

     500       468,870  

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

     1,211       1,109,403  

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

     760       709,314  

Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)

    1,065       585,328  

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

     410       381,454  

Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51

     790       655,195  
   

 

 

  
      15,976,046  
Connecticut(b) — 1.0%            

Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45

     325       297,159  

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

     1,375       1,377,804  
Security  

Par

(000)

    Value  
Connecticut (continued)            

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

   $ 950     $ 951,005  

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

     1,835       1,880,077  
   

 

 

  
      4,506,045  
Delaware — 0.9%            

Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e)

    1,217       1,114,644  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

       2,870           2,695,366  
   

 

 

  
      3,810,010  
District of Columbia — 0.8%            

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

    15,400       3,497,910  
   

 

 

  
Florida — 15.2%            

Avenir Community Development District, SAB, 5.63%, 05/01/54

     655       630,119  

Babcock Ranch Community Independent Special District, SAB

    

Series 2022, 5.00%, 05/01/42

     510       489,729  

Series 2022, 5.00%, 05/01/53

     385       350,095  

Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43

     1,240       1,209,787  

Brevard County Health Facilities Authority, Refunding RB(b)

   

4.00%, 11/15/23

     125       124,541  

4.00%, 11/15/24

     440       435,366  

4.00%, 11/15/25

     460       452,016  

4.00%, 11/15/27

     495       478,259  

4.00%, 11/15/29

     435       412,081  

4.00%, 11/15/32

     450       415,885  

4.00%, 11/15/35

     675       610,135  

Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52

     400       398,774  

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

     1,490       1,486,329  

Capital Trust Agency, Inc., RB(b)
5.00%, 01/01/55

     2,640       2,012,461  

Series A, 5.75%, 06/01/54

     940       804,638  

Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61(b)(c)

    34,550       2,270,799  

Charlotte County Industrial Development Authority, RB(b)

   

AMT, 5.00%, 10/01/34

     245       241,384  

AMT, 5.00%, 10/01/49

     1,170       1,086,213  

AMT, 4.00%, 10/01/51

     850       653,339  

Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g)

    630       369,684  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49

     5,000       5,129,165  

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

   

Series A-2, 0.00%, 10/01/49

     730       164,975  

Series A-2, 0.00%, 10/01/51

     875       176,494  

Series A-2, 0.00%, 10/01/52

     1,200       228,973  

Series A-2, 0.00%, 10/01/54

     2,875       490,104  

Florida Development Finance Corp., RB(b) 5.00%, 06/15/56

     1,150       985,568  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Florida (continued)            

Florida Development Finance Corp., RB(b) (continued)

    

6.50%, 06/30/57

   $ 500     $ 494,523  

Series A, 5.75%, 06/15/29

     690       694,822  

Series A, 6.00%, 06/15/34

     835       842,725  

Series A, 6.13%, 06/15/44

     3,180       3,194,256  

Series A, 5.13%, 06/15/55

     3,645       3,043,196  

Series B, 4.50%, 12/15/56

     3,985       3,075,468  

Series C, 5.75%, 12/15/56

     1,325       1,133,332  

AMT, 5.00%, 05/01/29

     2,155       2,016,854  

Greeneway Improvement District, SAB, 5.13%, 05/01/43(b)

    1,245       1,245,701  

Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26

     90       89,612  

4.95%, 05/01/29(b)

    345       350,915  

5.50%, 05/01/39(b)

    315       321,601  

3.00%, 05/01/41

     275       204,508  

5.13%, 05/01/46

     675       643,521  

5.65%, 05/01/48(b)

    520       526,163  

Series 1B, 4.75%, 05/01/29

     565       567,498  

Series 1B, 5.30%, 05/01/39

     645       647,734  

Series 1B, 5.45%, 05/01/48

     1,150       1,136,329  

Laurel Road Community Development District, SAB

    

Series A-1, 2.60%, 05/01/26

     80       77,289  

Series A-1, 3.00%, 05/01/31

     100       90,962  

Series A-1, 3.25%, 05/01/41

     190       146,395  

Series A-1, 4.00%, 05/01/52

     300       233,199  

Series A-2, 3.13%, 05/01/31

     445       391,534  

Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51

       8,125           5,449,527  

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

     915       878,137  

Midtown Miami Community Development District, Refunding SAB

    

Series A, 5.00%, 05/01/37

     845       840,655  

Series B, 5.00%, 05/01/37

     495       492,454  

North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(b)

    1,305       1,236,682  

North River Ranch Community Development District, SAB

    

Series A-1, 4.00%, 05/01/40

     310       262,643  

Series A-1, 4.25%, 05/01/51

     530       419,907  

Series A-2, 4.20%, 05/01/35

     370       324,972  

Poitras East Community Development District, SAB, 5.00%, 05/01/43

     690       673,833  

Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32

     1,000       884,032  

Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53

     1,145       872,658  

Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54

     985       774,134  

South Broward Hospital District, RB, Series A, 3.00%, 05/01/51

     6,355       4,697,788  

Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40

     805       731,941  

Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g)

    875       9  

Trout Creek Community Development District, SAB

    

5.38%, 05/01/38

     430       433,855  

5.50%, 05/01/49

     1,105       1,095,533  
Security  

Par

(000)

    Value  
Florida (continued)            

Village Community Development District No. 14, SAB

    

5.38%, 05/01/42

   $ 1,120     $ 1,124,075  

5.50%, 05/01/53

     830       811,654  

West Villages Improvement District, SAB 4.75%, 05/01/39

     455       432,805  

5.00%, 05/01/50

     940       864,098  

Windward at Lakewood Ranch Community

    

Development District, SAB

4.00%, 05/01/42

     255       216,129  

4.25%, 05/01/52

     310       252,076  
   

 

 

  
          67,044,647  
Georgia — 1.3%            

Atlanta Urban Redevelopment Agency, RB,
3.88%, 07/01/51(b)

    765       610,846  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    290       259,947  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     855       786,477  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     560       591,720  

Series A, 5.00%, 05/15/36

     560       583,754  

Series A, 5.00%, 05/15/37

     615       632,135  

Series A, 5.00%, 05/15/38

     340       347,392  

Series A, 5.00%, 05/15/49

       1,130       1,112,368  

Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52

     915       947,829  
   

 

 

  
      5,872,468  
Idaho — 0.1%            

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

    580       613,487  
   

 

 

  
Illinois — 7.2%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     1,650       1,631,815  

Series C, 5.25%, 12/01/35

     1,655       1,672,023  

Series D, 5.00%, 12/01/46

     2,155       2,130,052  

Chicago Board of Education, Refunding GO

    

Series B, 4.00%, 12/01/35

     745       705,137  

Series B, 4.00%, 12/01/41

     1,665       1,491,748  

Series C, 5.00%, 12/01/25

     725       737,921  

Series D, 5.00%, 12/01/31

     1,000       1,030,078  

City of Chicago Illinois, Refunding GO

    

Series A, 6.00%, 01/01/38

     1,260       1,343,027  

Series B, 4.00%, 01/01/37

     1,709       1,627,794  

Illinois Finance Authority, RB(b)

   

Class A, 5.00%, 07/01/51

     2,000       1,466,466  

Class A, 5.00%, 07/01/56

     2,000       1,431,260  

Illinois Finance Authority, Refunding RB 6.60%, 07/01/24

     340       334,250  

6.00%, 02/01/34

     365       367,838  

6.13%, 02/01/45

     860       865,174  

Series C, 4.00%, 02/15/41

     1,430       1,410,433  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     1,795       1,725,630  

Metropolitan Pier & Exposition Authority, RB

    

Series A, 5.50%, 06/15/53

     2,370       2,409,190  

Series A, 5.00%, 06/15/57

     1,020       1,023,121  

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

     2,920       2,517,758  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Illinois (continued)            

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

  $   14,000     $ 2,722,804  

State of Illinois, GO
5.50%, 05/01/30

     530       602,673  

5.50%, 05/01/39

     1,055       1,154,989  

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

     1,277       1,259,222  
   

 

 

  
      31,660,403  
Indiana — 2.0%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     825       838,643  

AMT, 7.00%, 01/01/44

     2,000       2,028,832  

City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29(b)(f)(g)

    1,715       1,526,350  

Indiana Finance Authority, RB

    

Series A, AMT, 5.00%, 07/01/23(d)

    2,025       2,029,482  

Series A, AMT, 6.75%, 05/01/39

     1,060           1,166,503  

Indiana Housing & Community Development Authority, RB, 5.38%, 10/01/40(b)

    1,230       1,025,594  
   

 

 

  
      8,615,404  
Kansas(b) — 0.2%            

City of Shawnee Kansas, RB
5.00%, 08/01/41

     230       219,328  

5.00%, 08/01/56

     850       733,505  
   

 

 

  
      952,833  
Kentucky — 1.4%            

City of Henderson Kentucky, RB(b)

   

AMT, 4.45%, 01/01/42

     2,000       1,862,566  

Series A, AMT, 4.70%, 01/01/52

     230       211,668  

Kentucky Public Transportation Infrastructure Authority, RB, Series A, 5.75%, 07/01/23(d)

    4,000       4,016,060  
   

 

 

  
      6,090,294  
Louisiana — 2.2%            

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

    2,290       2,109,402  

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

    930       815,086  

Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b)

    280       273,999  

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

    1,580       1,701,756  

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

     4,540       4,562,632  
   

 

 

  
      9,462,875  
Maine — 0.1%            

Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51(b)

    1,045       605,489  
   

 

 

  
Maryland — 1.6%            

City of Baltimore Maryland, RB, 4.88%, 06/01/42

     325       313,037  

County of Frederick Maryland, Refunding TA,
4.63%, 07/01/43(b)

    1,900       1,812,256  

Maryland Economic Development Corp., RB 5.00%, 07/01/56

     360       361,529  
Security   Par
(000) 		    Value  
Maryland (continued)            

Maryland Economic Development Corp., RB (continued)

    

Class B, AMT, 5.25%, 06/30/55

   $ 1,555     $ 1,585,946  

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

    3,010       3,150,991  
   

 

 

  
      7,223,759  
Massachusetts — 0.5%            

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

    2,270       2,231,015  
   

 

 

  
Michigan — 1.2%            

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

     415       384,207  

City of Detroit Michigan, GO 5.00%, 04/01/34

     285       296,234  

5.00%, 04/01/35

     285       295,375  

5.00%, 04/01/36

     200       206,591  

5.00%, 04/01/37

     320       329,466  

5.00%, 04/01/38

     145       148,760  

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49

     2,405       2,226,619  

Michigan Strategic Fund, RB

    

5.00%, 11/15/42

     345       315,128  

AMT, 5.00%, 12/31/43

       1,200       1,216,106  
   

 

 

  
          5,418,486  
Minnesota — 0.3%            

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

     1,480       1,457,119  
   

 

 

  
Missouri — 0.3%            

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

    

Series A, 4.38%, 11/15/35

     685       557,676  

Series A, 4.75%, 11/15/47

     760       569,538  
   

 

 

  
      1,127,214  
Nevada — 0.3%            

Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40

     670       680,856  

5.00%, 07/01/45

     460       460,302  
   

 

 

  
      1,141,158  
New Hampshire — 0.7%            

New Hampshire Business Finance Authority, RB

    

Series A, 4.13%, 08/15/40

     530       464,427  

Series A, 4.25%, 08/15/46

     595       500,726  

Series A, 4.50%, 08/15/55

     1,235       1,038,308  

New Hampshire Business Finance Authority,

    

Refunding RB(b)

   

Series B, 4.63%, 11/01/42

     1,015       853,948  

Series C, AMT, 4.88%, 11/01/42

     485       421,428  
   

 

 

  
      3,278,837  
New Jersey — 7.3%            

Casino Reinvestment Development Authority, Inc.,

    

Refunding RB

5.25%, 11/01/39

     1,065       1,079,902  

5.25%, 11/01/44

     770       776,129  

New Jersey Economic Development Authority, RB 6.00%, 10/01/43

     1,530       1,545,513  

Class A, 5.25%, 11/01/47

     2,650       2,901,909  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
New Jersey (continued)            

New Jersey Economic Development Authority, RB (continued)

    

Series A, 5.00%, 07/01/32

   $ 165     $ 165,165  

Series A, 5.00%, 07/01/37

     260       257,398  

Series A, 5.25%, 11/01/54(b)

    1,675       1,385,439  

Series B, 5.00%, 06/15/43

     2,245       2,365,754  

AMT, 5.38%, 01/01/43

     2,155       2,159,844  

Series B, AMT, 6.50%, 04/01/31

     1,805       1,914,210  

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

    500       500,830  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     2,655       2,496,741  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/41

     1,140       1,173,959  

Series S, 5.25%, 06/15/43

     2,345       2,501,831  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

    8,950       5,266,932  

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

       5,495       5,451,568  
   

 

 

  
          31,943,124  
New Mexico — 0.2%            

Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40(b)

    1,000       839,879  
   

 

 

  
New York — 14.9%            

Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51

     1,500       1,024,801  

Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32

     745       696,995  

City of New York, GO, Series A-1, 4.00%, 09/01/46

     1,195       1,161,771  

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

     2,890       2,639,980  

Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

     185       139,824  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     1,740       1,761,167  

Series C-1, 5.00%, 11/15/50

     565       579,500  

Series C-1, 5.25%, 11/15/55

     840       875,393  

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

    

Series C-1A, 4.15%, 11/01/39

     1,895       1,819,395  

Series C-1A, 4.20%, 11/01/44

     3,475       3,407,985  

Series C-1A, 4.30%, 11/01/47

     2,845       2,653,987  

New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47

     7,520       7,537,213  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 6.25%, 06/01/41(b)

    5,000       5,000,740  

Series A, 5.00%, 06/01/42

     3,155       2,907,982  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2B, 5.00%, 06/01/45

     2,655       2,502,999  

Series A-2B, 5.00%, 06/01/51

     1,900       1,769,540  

New York Liberty Development Corp., Refunding RB(b)

   

Class 2, 5.38%, 11/15/40

     1,080       1,080,947  

Series 1, 5.00%, 11/15/44

     6,205       5,986,491  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     1,435       1,357,912  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48

     1,505       1,453,404  
Security  

Par

(000)

    Value  
New York (continued)            

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

   $ 2,020     $ 1,960,664  

New York State Urban Development Corp., Refunding RB

    

3.00%, 03/15/48

     9,655       7,491,884  

4.00%, 03/15/49

     2,330       2,235,113  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     1,175       1,233,494  

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

     1,490       1,492,037  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.70%, 10/01/47

     3,370       2,704,634  

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

     1,177       1,170,228  

Westchester County Local Development Corp.,
Refunding RB(b)

   

5.00%, 07/01/41

     730       593,005  

5.00%, 07/01/56

     810       592,527  
   

 

 

  
      65,831,612  
Ohio — 2.9%            

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

     6,060       5,646,823  

Cleveland-Cuyahoga County Port Authority, Refunding TA(b)

   

Series A, 4.00%, 12/01/55

     250       210,671  

Series S, 4.50%, 12/01/55

     210       177,508  

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

     875       759,008  

County of Hardin Ohio, Refunding RB
5.00%, 05/01/30

     240       231,581  

5.25%, 05/01/40

     240       221,491  

5.50%, 05/01/50

     1,130       999,860  

Jefferson County Port Authority, RB, AMT,
3.50%, 12/01/51(b)

    1,125       786,702  

Ohio Air Quality Development Authority, RB(b)

   

AMT, 4.50%, 01/15/48

     1,300       1,190,935  

AMT, 5.00%, 07/01/49

     740       681,305  

Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)

    385       287,808  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

      2,315       1,718,080  
   

 

 

  
          12,911,772  
Oklahoma — 2.5%            

Oklahoma Development Finance Authority, RB
7.25%, 09/01/51(b)

    4,615       4,834,623  

Series B, 5.00%, 08/15/38

     2,990       2,799,083  

Series B, 5.25%, 08/15/48

     555       505,105  

Series B, 5.50%, 08/15/52

     2,135       1,985,620  

Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)

    325       265,796  

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

     750       756,073  
   

 

 

  
      11,146,300  
Oregon — 0.5%            

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

     1,765       1,598,668  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oregon (continued)            

Oregon State Facilities Authority, RB(b)

   

Series A, 5.00%, 06/15/29

   $ 115     $ 114,602  

Series A, 5.00%, 06/15/39

     565       534,811  
   

 

 

  
          2,248,081  
Pennsylvania — 3.2%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56

     5,240       4,772,980  

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     100       77,445  

4.00%, 07/01/51

     100       73,503  

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

     1,550       1,552,816  

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

     2,710       2,712,434  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

       5,000       4,682,630  
   

 

 

  
      13,871,808  
Puerto Rico — 15.6%            

Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)

    44,330       2,893,286  

Commonwealth of Puerto Rico, GO 0.00%, 11/01/43(a)

    4,994       2,347,334  

0.00%, 11/01/51(a)

    9,623       3,687,607  

1.00%, 11/01/51(a)

    8,860       4,163,695  

Series A1, Restructured, 5.38%, 07/01/25

     — (i)       2  

Series A1, Restructured, 5.63%, 07/01/27

     — (i)       2  

Series A1, Restructured, 5.63%, 07/01/29

     3,644       3,865,621  

Series A1, Restructured, 5.75%, 07/01/31

     2,813       3,031,126  

Series A1, Restructured, 4.00%, 07/01/33

     625       576,432  

Series A1, Restructured, 4.00%, 07/01/35

     4,100       3,702,788  

Series A1, Restructured, 4.00%, 07/01/37

     1,452       1,265,338  

Series A1, Restructured, 4.00%, 07/01/41

     656       548,370  

Series A1, Restructured, 4.00%, 07/01/46

     682       551,139  

Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(c)

    1,765       1,029,797  

Commonwealth of Puerto Rico, RB, 1.00%, 11/01/51(a)

    252       78,214  

Puerto Rico Electric Power Authority, RB 3rd Series, 0.00%, 01/01/23

     90       64,151  

Series A, 5.00%, 07/01/29(f)(g)

    660       463,897  

Series A, 7.00%, 07/01/33(f)(g)

    3,295       2,355,925  

Series A, 5.00%, 07/01/42(f)(g)

    1,315       924,279  

Series A, 7.00%, 07/01/43(f)(g)

    375       268,125  

Series A-1, 10.00%, 07/01/19

     75       53,693  

Series A-2, 10.00%, 07/01/19(f)(g)

    379       270,883  

Series A-3, 10.00%, 07/01/19(f)(g)

    323       230,952  

Series B-3, 10.00%, 07/01/19(f)(g)

    323       230,952  

Series C-1, 5.40%, 01/01/18(f)(g)

    887       634,529  

Series C-2, 5.40%, 07/01/18(f)(g)

    888       634,632  

Series C-4, 5.40%, 07/01/20(f)(g)

    90       64,151  

Series CCC, 5.25%, 07/01/26(f)(g)

    260       182,747  

Series CCC, 5.25%, 07/01/28(f)(g)

    145       101,917  

Series D-1, 7.50%, 01/01/20(f)(g)

    761       543,953  

Series TT, 5.00%, 07/01/19(f)(g)

    295       207,348  

Series TT, 5.00%, 07/01/25(f)(g)

    100       70,287  

Series TT, 5.00%, 07/01/26(f)(g)

    225       158,147  

Series WW, 5.50%, 07/01/17(f)(g)

    200       140,575  

Series WW, 5.50%, 07/01/19(f)(g)

    1,320       927,794  
Security  

Par

(000)

    Value  
Puerto Rico (continued)            

Puerto Rico Electric Power Authority, RB (continued)

    

Series WW, 5.50%, 07/01/20

   $ 1,595     $ 1,121,084  

Series WW, 5.38%, 07/01/22(f)(g)

      1,310       920,765  

Series WW, 5.25%, 07/01/33(f)(g)

    120       84,345  

Series WW, 5.50%, 07/01/38(f)(g)

    205       144,089  

Series XX, 5.25%, 07/01/27(f)(g)

    110       77,316  

Series XX, 5.25%, 07/01/35(f)(g)

    645       453,354  

Series XX, 5.75%, 07/01/36(f)(g)

    860       604,472  

Series XX, 5.25%, 07/01/40(f)(g)

    1,020       716,931  

Series A, AMT, 6.75%, 07/01/36(f)(g)

    1,335       954,525  

Puerto Rico Electric Power Authority, Refunding RB(f)(g)

   

Series AAA, 5.25%, 07/01/22

     2,545       1,788,814  

Series AAA, 5.25%, 07/01/29

     95       66,773  

Series UU, 3.47%, 07/01/17(a)

    60       41,550  

Series UU, 1.00%, 07/01/18(a)

    55       38,087  

Series UU, 1.32%, 07/01/20(a)

    495       342,787  

Series UU, 3.89%, 07/01/31(a)

    580       401,650  

Series ZZ, 5.00%, 07/01/17

     145       101,917  

Series ZZ, 5.25%, 07/01/19

     455       319,808  

Series ZZ, 5.25%, 07/01/24

     345       242,492  

Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40

     1,085       762,618  

Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32(c)

    2,520       1,579,778  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB

    

Series A1, Restructured, 4.75%, 07/01/53

     2,453       2,302,977  

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

     21       18,992  

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

   

Series A1, Restructured, 0.00%, 07/01/29

     200       150,662  

Series A1, Restructured, 0.00%, 07/01/33

     1,023       628,900  

Series A1, Restructured, 0.00%, 07/01/46

     12,021       3,268,666  

Series B1, Restructured, 0.00%, 07/01/46

     883       241,307  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     5,234       5,033,344  

Series A-2, Restructured, 4.78%, 07/01/58

     2,080       1,926,527  

Series A-2, Restructured, 4.33%, 07/01/40

     6,129       5,693,167  

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

     2,402       2,289,120  
   

 

 

  
          68,586,505  
Rhode Island — 0.4%            

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

    4,190       628,500  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40

     980       982,253  
   

 

 

  
      1,610,753  
South Carolina — 0.1%            

South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)

    605       585,724  
   

 

 

  
Tennessee — 1.6%            

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45

     3,000       3,123,861  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Tennessee (continued)            

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c)

  $ 3,270     $ 1,135,145  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

      2,520       2,710,925  
   

 

 

  
          6,969,931  
Texas — 7.8%            

Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)

    715       508,241  

Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51

     715       589,518  

7.88%, 11/01/62(b)

    565       581,061  

Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41

     370       336,511  

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

     675       595,486  

Central Texas Regional Mobility Authority, Refunding RB(c)

   

0.00%, 01/01/28

     1,000       855,683  

0.00%, 01/01/29

     2,000       1,654,970  

0.00%, 01/01/30

     1,170       936,679  

0.00%, 01/01/33

     3,690       2,633,479  

0.00%, 01/01/34

     4,000       2,720,236  

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

     2,890       2,890,688  

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

     250       254,185  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 5.00%, 07/01/29

     730       729,981  

Series C, AMT, 5.00%, 07/15/27

     1,615       1,645,817  

City of San Marcos Texas, SAB(b)
4.00%, 09/01/32

     100       94,015  

4.50%, 09/01/51

     480       412,410  

City of Sinton Texas, SAB(b)
5.13%, 09/01/42

     858       774,422  

5.25%, 09/01/51

     1,195       1,047,543  

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

    785       768,292  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52

     1,650       1,490,242  

New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)

    1,650       1,491,481  

Newark Higher Education Finance Corp., RB(b)

   

Series A, 5.50%, 08/15/35

     290       298,362  

Series A, 5.75%, 08/15/45

     580       591,004  

Port Beaumont Navigation District, RB(b)

   

AMT, 2.75%, 01/01/36

     920       663,798  

AMT, 3.00%, 01/01/50

     2,910       1,692,645  

Port Beaumont Navigation District, Refunding RB(b)

   

Series A, AMT, 3.63%, 01/01/35

     1,215       996,439  

Series A, AMT, 4.00%, 01/01/50

     4,795       3,408,981  

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

     865       842,642  

Texas Transportation Commission State Highway 249 System, RB, CAB(c)

   

0.00%, 08/01/46

     1,420       364,530  

0.00%, 08/01/47

     2,120       509,837  

0.00%, 08/01/48

     2,235       502,754  

0.00%, 08/01/49

     2,100       442,653  

0.00%, 08/01/50

     3,015       596,967  
Security   Par
(000) 		    Value  
Texas (continued)            

Texas Transportation Commission State Highway 249 System, RB, CAB(c) (continued)

    

0.00%, 08/01/51

   $ 1,770     $ 329,050  

0.00%, 08/01/52

       1,770       309,546  

0.00%, 08/01/53

     160       26,398  
   

 

 

  
      34,586,546  
Utah — 0.3%            

County of Utah, RB, Series A, 3.00%, 05/15/50

     1,000       764,236  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)

    470       408,164  
   

 

 

  
      1,172,400  
Vermont — 0.8%            

East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b)

    4,000       3,330,552  
   

 

 

  
Virginia — 2.2%            

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55

     2,435       2,336,870  

Lower Magnolia Green Community Development
Authority, SAB(b)

   

5.00%, 03/01/35

     470       468,763  

5.00%, 03/01/45

     480       452,627  

Norfolk Redevelopment & Housing Authority, RB

    

Series A, 4.00%, 01/01/29

     300       274,825  

Series A, 5.00%, 01/01/34

     485       450,954  

Series A, 5.00%, 01/01/49

     955       784,243  

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

     2,370       2,223,728  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56

     2,000       1,982,948  

Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48

     840       716,337  
   

 

 

  
          9,691,295  
Washington(b) — 0.3%            

Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50

     450       405,734  

Washington State Housing Finance Commission, Refunding RB

    

5.75%, 01/01/35

     315       289,060  

6.00%, 01/01/45

     850       743,900  
   

 

 

  
      1,438,694  
Wisconsin — 6.2%            

Public Finance Authority, ARB, AMT, 4.25%, 07/01/54

     1,595       1,148,489  

Public Finance Authority, RB 5.00%, 06/15/39

     175       176,421  

5.00%, 06/15/41(b)

    345       319,240  

5.00%, 01/01/42(b)

    605       551,023  

5.00%, 06/15/49

     530       515,103  

5.63%, 06/15/49(b)

    2,490       2,167,032  

5.00%, 06/15/53

     355       342,055  

5.00%, 06/15/55(b)

    895       779,810  

5.00%, 01/01/56(b)

    1,470       1,247,391  

Class A, 5.00%, 06/15/56(b)

    495       397,731  

Series A, 6.25%, 10/01/31(b)

    605       435,600  

Series A, 6.85%, 11/01/46(b)(f)(g)

    900       585,000  

Series A, 7.00%, 11/01/46(b)(f)(g)

    570       370,500  

Series A, 7.00%, 10/01/47(b)

    605       435,600  

Series A, 5.63%, 06/15/49(b)

    2,920       2,710,788  

Series A, 5.25%, 12/01/51(b)

    1,470       1,112,425  
 

 

 

7  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

  
Wisconsin (continued)            

Public Finance Authority, RB (continued)

    

Series A, 5.00%, 06/15/55(b)

  $ 4,030     $ 3,147,470  

Series A, 4.75%, 06/15/56(b)

    3,000       2,200,386  

Series A-1, 4.50%, 01/01/35(b)

    1,225       1,092,036  

Series A-1, 5.50%, 12/01/48(b)(f)(g)

    20       4,385  

Series B, 0.00%, 01/01/35(b)(c)

    1,650       736,456  

Series B, 0.00%, 01/01/60(b)(c)

    35,940       2,117,153  

AMT, 4.00%, 09/30/51

     1,025       836,835  

AMT, 4.00%, 03/31/56

     980       776,082  

Public Finance Authority, Refunding RB, 5.25%, 05/15/52(b)

    355       307,208  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 11/01/46

     470       375,693  

4.00%, 12/01/46

     1,145       1,088,990  

4.00%, 01/01/47

     1,300       949,057  

4.00%, 01/01/57

     350       231,060  
   

 

 

  
      27,157,019  
   

 

 

  

Total Municipal Bonds — 122.9%
(Cost: $580,538,149)

       541,802,480  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

Georgia — 1.6%            

Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52(a)

    6,508       6,817,461  
   

 

 

  
Nebraska — 0.7%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

    3,089       3,222,588  
   

 

 

  
New York — 1.9%            

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

     9,000       8,443,962  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option
Bond Trusts — 4.2%
(Cost: $19,104,677)

 

     18,484,011  
   

 

 

  

Total Long-Term Investments — 127.6%
(Cost: $602,087,826)

       562,492,443  
   

 

 

  
Security  

    

Shares

     Value  

 

  

Short-Term Securities

    
Money Market Funds — 13.1%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(k)(l)

    57,726,166     $ 57,720,393  
   

 

 

  

Total Short-Term Securities — 13.1%
(Cost: $57,719,617)

       57,720,393  
   

 

 

  

Total Investments — 140.7%
(Cost: $659,807,443)

       620,212,836  

Other Assets Less Liabilities — 1.5%

       6,598,733  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (2.5)%

 

     (11,019,244 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (39.7)%

 

     (174,933,142 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 440,859,183  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

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

(c) 

Zero-coupon bond.

(d) 

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

(e) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

When-issued security.

(i) 

Rounds to less than 1,000.

(j) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(k) 

Affiliate of the Fund.

(l) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

07/31/22

   

Purchases

at Cost

   

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

04/30/23

   

Shares

Held at

04/30/23

    Income    

Capital Gain

Distributions

from

Underlying

Funds

 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $   15,028,412     $   42,691,819 (a)    $ —     $ 4,357     $ (4,195 )    $   57,720,393       57,726,166     $   409,807     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   8

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

Fair Value Hierarchy as of Period End

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

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

 

  •  

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

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Assets

           

Investments

           

Long-Term Investments

           

Corporate Bonds

   $ —      $ 2,205,952      $ —      $ 2,205,952  

Municipal Bonds

     —        540,687,836        1,114,644        541,802,480  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        18,484,011        —        18,484,011  

Short-Term Securities

           

Money Market Funds

     57,720,393        —        —        57,720,393  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $   57,720,393      $   561,377,799       $   1,114,644      $  620,212,836   
 

 

 

     

 

 

     

 

 

     

 

 

  

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 fair value hierarchy as follows:

 

 

  
    Level 1      Level 2      Level 3      Total  

 

  

Liabilities

           

TOB Trust Certificates

   $ —      $ (10,896,731 )     $ —      $ (10,896,731 ) 

VRDP Shares at Liquidation Value

     —        (175,000,000 )       —        (175,000,000 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  
  $                     —      $   (185,896,731 )     $                   —      $  (185,896,731 ) 
 

 

 

     

 

 

     

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
CAB    Capital Appreciation Bonds
CR    Custodian Receipt
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
Portfolio Abbreviation (continued)
SAB    Special Assessment Bonds
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA    Tax Allocation
 

 

 

9