| Schedule of Investments (unaudited) October 31, 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 | $ | 2,163,336 | ||||
|
|
|
|||||||
| Total Corporate Bonds — 0.5% |
2,163,336 | |||||||
|
|
|
|||||||
| Municipal Bonds |
||||||||
| Alabama — 4.3% | ||||||||
| Black Belt Energy Gas District, RB(a) |
||||||||
| Series A, 5.25%, 01/01/54 |
3,085 | 3,079,802 | ||||||
| Series F, 5.50%, 11/01/53 |
615 | 621,755 | ||||||
| Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a) |
5,240 | 4,823,217 | ||||||
| County of Jefferson Alabama Sewer Revenue, |
||||||||
| Refunding RB, Series D, Sub Lien, |
3,745 | 3,824,280 | ||||||
| Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a) |
2,140 | 2,232,958 | ||||||
| MidCity Improvement District, SAB |
160 | 137,021 | ||||||
| 4.50%, 11/01/42 |
255 | 190,898 | ||||||
| 4.75%, 11/01/49 |
270 | 197,362 | ||||||
| Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a) |
1,600 | 1,101,631 | ||||||
| Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b) |
335 | 276,997 | ||||||
|
|
|
|||||||
| 16,485,921 | ||||||||
| Arizona — 4.4% | ||||||||
| Arizona Industrial Development Authority, RB(b) |
||||||||
| 7.10%, 01/01/55 |
1,705 | 1,705,629 | ||||||
| Series A, 5.00%, 12/15/39 |
250 | 214,293 | ||||||
| Series B, 5.13%, 07/01/47 |
665 | 570,758 | ||||||
| Arizona Industrial Development Authority, Refunding RB(b) |
||||||||
| Series A, 5.13%, 07/01/37 |
960 | 881,305 | ||||||
| Series A, 5.50%, 07/01/52 |
1,775 | 1,499,851 | ||||||
| Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |
505 | 376,099 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, RB(b) |
||||||||
| Series A, 6.50%, 07/01/34 |
570 | 572,266 | ||||||
| Series A, 6.75%, 07/01/44 |
1,000 | 1,003,547 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b) |
||||||||
| 5.00%, 07/01/35 |
320 | 295,404 | ||||||
| 5.00%, 07/01/45 |
255 | 218,552 | ||||||
| Industrial Development Authority of the County of Pima, Refunding RB(b) |
||||||||
| 4.00%, 06/15/51 |
1,555 | 1,052,256 | ||||||
| 5.00%, 07/01/56 |
470 | 362,486 | ||||||
| La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b) |
875 | 750,620 | ||||||
| Maricopa County Industrial Development Authority, RB |
465 | 438,645 | ||||||
| 5.50%, 10/01/51(b) |
465 | 424,816 | ||||||
| Series A, 3.00%, 09/01/51 |
5,155 | 3,245,764 | ||||||
| Security | Par (000) |
Value | ||||||
| Arizona (continued) | ||||||||
| Maricopa County Industrial Development Authority, RB (continued) |
||||||||
| AMT, 4.00%, 10/15/47(b) |
$ | 2,495 | $ | 1,919,983 | ||||
| Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |
1,650 | 1,598,983 | ||||||
|
|
|
|||||||
| 17,131,257 | ||||||||
| Arkansas — 5.2% | ||||||||
| Arkansas Development Finance Authority, RB |
2,800 | 2,819,397 | ||||||
| AMT, 6.88%, 07/01/48(b) |
1,300 | 1,262,571 | ||||||
| AMT, 5.45%, 09/01/52 |
2,325 | 2,032,709 | ||||||
| AMT, 4.75%, 09/01/49(b) |
6,850 | 6,287,723 | ||||||
| Series A, AMT, 4.50%, 09/01/49(b) |
8,815 | 7,749,746 | ||||||
|
|
|
|||||||
| 20,152,146 | ||||||||
| California — 5.0% | ||||||||
| California Municipal Finance Authority, RB(b) |
||||||||
| Series A, 5.50%, 08/01/34 |
250 | 234,687 | ||||||
| Series A, 6.00%, 08/01/44 |
665 | 618,809 | ||||||
| Series A, 6.13%, 08/01/49 |
580 | 542,692 | ||||||
| California School Finance Authority, RB, Series A, 6.40%, 07/01/48 |
1,570 | 1,570,504 | ||||||
| California Statewide Communities Development Authority, RB, 5.25%, 12/01/38(b) |
580 | 560,976 | ||||||
| California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43 |
1,650 | 1,649,877 | ||||||
| CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b) |
3,300 | 2,055,723 | ||||||
| CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b) |
790 | 457,469 | ||||||
| CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b) |
485 | 350,508 | ||||||
| CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
| 3.13%, 07/01/56 |
990 | 574,280 | ||||||
| 3.13%, 08/01/56 |
120 | 72,804 | ||||||
| 4.00%, 12/01/56 |
385 | 242,970 | ||||||
| 4.00%, 07/01/58 |
380 | 233,283 | ||||||
| Series A, 3.00%, 09/01/56 |
1,570 | 934,971 | ||||||
| Series B, 4.00%, 07/01/58 |
435 | 271,903 | ||||||
| Mezzanine Lien, 4.00%, 03/01/57 |
700 | 453,087 | ||||||
| Mezzanine Lien, 4.00%, 06/01/57 |
2,060 | 1,272,241 | ||||||
| Series B, Mezzanine Lien, 4.00%, 12/01/59 |
6,035 | 3,499,952 | ||||||
| Senior Lien, 3.13%, 06/01/57 |
655 | 374,752 | ||||||
| Series B, Sub Lien, 4.00%, 12/01/59 |
4,000 | 2,371,278 | ||||||
| Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c) |
1,000 | 82,346 | ||||||
| Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(d) |
1,705 | 607,393 | ||||||
| San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43(b)(c) |
1,500 | 420,398 | ||||||
|
|
|
|||||||
| 19,452,903 | ||||||||
| Colorado — 3.7% | ||||||||
| 9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48 |
910 | 716,774 | ||||||
| Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38 |
1,240 | 1,087,359 | ||||||
| 1 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Colorado (continued) | ||||||||
| Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b) |
$ | 665 | $ | 460,393 | ||||
| Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) |
575 | 468,874 | ||||||
| City & County of Denver Colorado Airport System Revenue, Refunding ARB |
||||||||
| Series A, AMT, 4.13%, 11/15/47 |
1,870 | 1,539,206 | ||||||
| Series A, AMT, 4.13%, 11/15/53 |
1,025 | 816,410 | ||||||
| Colorado Health Facilities Authority, RB |
265 | 265,329 | ||||||
| 5.25%, 11/01/52 |
555 | 528,396 | ||||||
| Series A, 5.00%, 05/15/35 |
355 | 276,328 | ||||||
| Series A, 5.00%, 05/15/44 |
385 | 253,812 | ||||||
| Series A, 5.00%, 05/15/49 |
750 | 468,095 | ||||||
| Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55 |
1,735 | 1,046,645 | ||||||
| Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50 |
935 | 816,311 | ||||||
| Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36 |
769 | 654,798 | ||||||
| Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50(b) |
545 | 430,640 | ||||||
| Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50 |
520 | 343,839 | ||||||
| Loretto Heights Community Authority, RB, 4.88%, 12/01/51 |
790 | 558,765 | ||||||
| North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48 |
500 | 431,649 | ||||||
| Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 |
1,211 | 1,028,859 | ||||||
| Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |
760 | 635,051 | ||||||
| Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b) |
1,065 | 716,702 | ||||||
| Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51 |
790 | 597,233 | ||||||
|
|
|
|||||||
| 14,141,468 | ||||||||
| Connecticut(b) — 0.7% | ||||||||
| Connecticut State Health & Educational Facilities Authority, RB, Series A, |
325 | 256,201 | ||||||
| Mohegan Tribal Finance Authority, RB, |
1,375 | 1,319,597 | ||||||
| Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45 |
950 | 936,077 | ||||||
|
|
|
|||||||
| 2,511,875 | ||||||||
| Delaware — 0.9% | ||||||||
| Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e) |
1,214 | 1,131,170 | ||||||
| Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 |
2,870 | 2,379,835 | ||||||
|
|
|
|||||||
| 3,511,005 | ||||||||
| District of Columbia — 0.9% | ||||||||
| District of Columbia Tobacco Settlement Financing Corp., RB, Series A, |
15,400 | 3,299,599 | ||||||
|
|
|
|||||||
| Florida — 14.1% | ||||||||
| Avenir Community Development District, SAB, 5.63%, 05/01/54 |
655 | 590,852 | ||||||
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Babcock Ranch Community Independent Special District, SAB |
||||||||
| Series 2022, 5.00%, 05/01/42 |
$ | 510 | $ | 459,023 | ||||
| Series 2022, 5.00%, 05/01/53 |
385 | 327,185 | ||||||
| Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43 |
1,240 | 1,121,940 | ||||||
| Brevard County Health Facilities Authority, Refunding RB(b) |
||||||||
| 4.00%, 11/15/23 |
125 | 124,911 | ||||||
| 4.00%, 11/15/24 |
440 | 433,664 | ||||||
| 4.00%, 11/15/25 |
460 | 447,832 | ||||||
| 4.00%, 11/15/27 |
495 | 469,885 | ||||||
| 4.00%, 11/15/29 |
435 | 395,881 | ||||||
| 4.00%, 11/15/32 |
450 | 393,614 | ||||||
| 4.00%, 11/15/35 |
675 | 557,736 | ||||||
| Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52 |
400 | 376,178 | ||||||
| Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39 |
1,490 | 1,361,618 | ||||||
| Capital Trust Agency, Inc., RB(b) |
||||||||
| 5.00%, 01/01/55 |
2,640 | 1,837,822 | ||||||
| Series A, 5.75%, 06/01/54 |
940 | 704,554 | ||||||
| Capital Trust Agency, Inc., RB, CAB, |
34,550 | 1,822,364 | ||||||
| Charlotte County Industrial Development Authority, RB(b) |
||||||||
| AMT, 5.00%, 10/01/49 |
1,415 | 1,196,782 | ||||||
| AMT, 4.00%, 10/01/51 |
425 | 298,484 | ||||||
| Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g) |
630 | 27,720 | ||||||
| County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, |
5,000 | 4,754,180 | ||||||
| County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c) |
||||||||
| Series A-2, 0.00%, 10/01/49 |
730 | 157,400 | ||||||
| Series A-2, 0.00%, 10/01/51 |
875 | 168,004 | ||||||
| Series A-2, 0.00%, 10/01/52 |
1,200 | 217,373 | ||||||
| Series A-2, 0.00%, 10/01/54 |
2,875 | 466,742 | ||||||
| Florida Development Finance Corp., RB(b) |
||||||||
| 5.00%, 06/15/56 |
1,150 | 804,205 | ||||||
| 6.50%, 06/30/57 |
500 | 430,977 | ||||||
| Series A, 5.75%, 06/15/29 |
690 | 673,321 | ||||||
| Series A, 6.00%, 06/15/34 |
835 | 810,462 | ||||||
| Series A, 6.13%, 06/15/44 |
3,180 | 2,879,704 | ||||||
| Series A, 5.13%, 06/15/55 |
3,645 | 2,637,282 | ||||||
| Series B, 4.50%, 12/15/56 |
3,985 | 2,581,265 | ||||||
| Series C, 5.75%, 12/15/56 |
1,325 | 968,252 | ||||||
| AMT, 5.00%, 05/01/29 |
2,155 | 1,961,732 | ||||||
| Series B, AMT, 7.38%, 01/01/49 |
490 | 476,880 | ||||||
| Lakewood Ranch Stewardship District, SAB |
90 | 88,621 | ||||||
| 4.95%, 05/01/29(b) |
345 | 339,388 | ||||||
| 5.50%, 05/01/39(b) |
315 | 299,681 | ||||||
| 3.00%, 05/01/41 |
275 | 185,852 | ||||||
| 5.13%, 05/01/46 |
675 | 588,062 | ||||||
| 5.65%, 05/01/48(b) |
520 | 476,778 | ||||||
| Series 1B, 4.75%, 05/01/29 |
565 | 552,155 | ||||||
| Series 1B, 5.30%, 05/01/39 |
645 | 600,722 | ||||||
| Series 1B, 5.45%, 05/01/48 |
1,150 | 1,025,950 | ||||||
| Laurel Road Community Development District, SAB Series A-1, 2.60%, 05/01/26 |
80 | 76,928 | ||||||
| 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) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Florida (continued) | ||||||||
| Laurel Road Community Development District, SAB (continued) |
||||||||
| Series A-1, 3.00%, 05/01/31 |
$ | 100 | $ | 87,544 | ||||
| Series A-1, 3.25%, 05/01/41 |
190 | 132,900 | ||||||
| Series A-1, 4.00%, 05/01/52 |
300 | 205,561 | ||||||
| Series A-2, 3.13%, 05/01/31 |
400 | 334,364 | ||||||
| Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48 |
915 | 803,794 | ||||||
| Midtown Miami Community Development District, Refunding SAB |
||||||||
| Series A, 5.00%, 05/01/37 |
845 | 777,191 | ||||||
| Series B, 5.00%, 05/01/37 |
495 | 455,277 | ||||||
| North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(b) |
925 | 789,613 | ||||||
| North River Ranch Community Development District, SAB |
||||||||
| Series A-1, 4.00%, 05/01/40 |
310 | 249,923 | ||||||
| Series A-1, 4.25%, 05/01/51 |
530 | 395,564 | ||||||
| Series A-2, 4.20%, 05/01/35 |
260 | 219,497 | ||||||
| Poitras East Community Development District, SAB, 5.00%, 05/01/43 |
690 | 600,601 | ||||||
| Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32 |
1,000 | 839,797 | ||||||
| Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53 |
1,145 | 794,626 | ||||||
| Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54 |
985 | 699,312 | ||||||
| South Broward Hospital District, RB |
||||||||
| (BAM-TCRS), 3.00%, 05/01/51 |
720 | 458,833 | ||||||
| Series A, 3.00%, 05/01/51 |
6,355 | 3,917,479 | ||||||
| Tolomato Community Development District, Refunding SAB,
Series 2015-2, |
805 | 702,466 | ||||||
| Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g) |
875 | 9 | ||||||
| Trout Creek Community Development District, SAB |
430 | 407,378 | ||||||
| 5.50%, 05/01/49 |
1,105 | 997,695 | ||||||
| Village Community Development District No. 14, SAB |
1,110 | 1,095,021 | ||||||
| 5.50%, 05/01/53 |
820 | 782,820 | ||||||
| West Villages Improvement District, SAB |
455 | 400,373 | ||||||
| 5.00%, 05/01/50 |
940 | 784,471 | ||||||
| Windward at Lakewood Ranch Community Development District, SAB |
240 | 184,468 | ||||||
| 4.25%, 05/01/52 |
280 | 200,959 | ||||||
|
|
|
|||||||
| 54,487,497 | ||||||||
| Georgia — 1.0% | ||||||||
| Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b) |
765 | 566,996 | ||||||
| East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) |
290 | 228,667 | ||||||
| Security | Par (000) |
Value | ||||||
| Georgia (continued) | ||||||||
| Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |
$ | 855 | $ | 690,747 | ||||
| Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/38 |
340 | 323,960 | ||||||
| Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a) |
1,195 | 1,185,826 | ||||||
| Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52 |
915 | 858,740 | ||||||
|
|
|
|||||||
| 3,854,936 | ||||||||
| Idaho — 0.1% | ||||||||
| Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55(b) |
580 | 568,006 | ||||||
|
|
|
|||||||
| Illinois — 7.3% | ||||||||
| Chicago Board of Education, GO |
||||||||
| Series A, 5.00%, 12/01/42 |
1,650 | 1,474,777 | ||||||
| Series C, 5.25%, 12/01/35 |
1,655 | 1,613,497 | ||||||
| Series D, 5.00%, 12/01/46 |
2,155 | 1,904,121 | ||||||
| Chicago Board of Education, Refunding GO |
||||||||
| Series B, 4.00%, 12/01/35 |
745 | 650,321 | ||||||
| Series B, 4.00%, 12/01/41 |
1,665 | 1,314,479 | ||||||
| Series D, 5.00%, 12/01/31 |
1,000 | 988,168 | ||||||
| City of Chicago Illinois, Refunding GO |
||||||||
| Series A, 6.00%, 01/01/38 |
1,260 | 1,289,737 | ||||||
| Series B, 4.00%, 01/01/37 |
1,709 | 1,498,756 | ||||||
| Illinois Finance Authority, RB(b) |
||||||||
| Class A, 5.00%, 07/01/51 |
2,000 | 1,337,584 | ||||||
| Class A, 5.00%, 07/01/56 |
2,000 | 1,299,048 | ||||||
| Illinois Finance Authority, Refunding RB |
230 | 226,583 | ||||||
| 6.00%, 02/01/34 |
365 | 352,272 | ||||||
| 6.13%, 02/01/45 |
860 | 800,938 | ||||||
| Series C, 4.00%, 02/15/41 |
1,430 | 1,239,327 | ||||||
| Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |
1,795 | 1,496,869 | ||||||
| Metropolitan Pier & Exposition Authority, RB |
1,020 | 931,819 | ||||||
| Series A, 5.50%, 06/15/53 |
2,370 | 2,348,714 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 |
2,920 | 2,260,240 | ||||||
| Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, |
14,000 | 2,273,367 | ||||||
| State of Illinois, GO |
530 | 554,778 | ||||||
| 5.50%, 05/01/39 |
1,055 | 1,079,447 | ||||||
| Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34 |
1,277 | 1,182,796 | ||||||
|
|
|
|||||||
| 28,117,638 | ||||||||
| Indiana — 1.4% | ||||||||
| City of Valparaiso Indiana, RB |
||||||||
| AMT, 6.75%, 01/01/34 |
825 | 826,926 | ||||||
| AMT, 7.00%, 01/01/44 |
2,000 | 2,004,332 | ||||||
| 3 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Indiana (continued) | ||||||||
| City of Vincennes Indiana, Refunding RB, |
$ | 1,715 | $ | 1,418,477 | ||||
| Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39 |
1,060 | 1,117,964 | ||||||
|
|
|
|||||||
| 5,367,699 | ||||||||
| Kansas(b) — 0.2% | ||||||||
| City of Shawnee Kansas, RB |
230 | 194,256 | ||||||
| 5.00%, 08/01/56 |
850 | 641,923 | ||||||
|
|
|
|||||||
| 836,179 | ||||||||
| Kentucky(b) — 0.5% | ||||||||
| City of Henderson Kentucky, RB |
||||||||
| AMT, 4.45%, 01/01/42 |
2,000 | 1,790,378 | ||||||
| Series A, AMT, 4.70%, 01/01/52 |
230 | 201,386 | ||||||
|
|
|
|||||||
| 1,991,764 | ||||||||
| Louisiana — 1.8% | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b) |
930 | 661,997 | ||||||
| Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b) |
280 | 238,505 | ||||||
| Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b) |
1,580 | 1,616,950 | ||||||
| Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35 |
4,540 | 4,541,888 | ||||||
|
|
|
|||||||
| 7,059,340 | ||||||||
| Maine — 0.2% | ||||||||
| Finance Authority of Maine, RB, AMT, |
1,185 | 711,431 | ||||||
|
|
|
|||||||
| Maryland — 1.3% | ||||||||
| City of Baltimore Maryland, RB, 4.88%, 06/01/42 |
325 | 282,836 | ||||||
| Maryland Economic Development Corp., RB |
360 | 319,700 | ||||||
| Class B, AMT, 5.25%, 06/30/55 |
1,555 | 1,426,110 | ||||||
| Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b) |
3,010 | 2,978,990 | ||||||
|
|
|
|||||||
| 5,007,636 | ||||||||
| Michigan — 1.0% | ||||||||
| Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44 |
415 | 345,900 | ||||||
| Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
2,405 | 1,917,245 | ||||||
| Michigan Strategic Fund, RB |
345 | 286,993 | ||||||
| AMT, 5.00%, 12/31/43 |
1,200 | 1,115,742 | ||||||
|
|
|
|||||||
| 3,665,880 | ||||||||
| Minnesota — 0.3% | ||||||||
| City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55 |
1,480 | 1,299,367 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
| Missouri — 0.3% | ||||||||
| Industrial Development Authority of the City of St Louis Missouri, Refunding RB |
||||||||
| Series A, 4.38%, 11/15/35 |
$ | 685 | $ | 510,349 | ||||
| Series A, 4.75%, 11/15/47 |
760 | 509,839 | ||||||
|
|
|
|||||||
| 1,020,188 | ||||||||
| Nevada — 0.3% | ||||||||
| Tahoe-Douglas Visitors Authority, RB |
670 | 613,149 | ||||||
| 5.00%, 07/01/45 |
460 | 403,315 | ||||||
|
|
|
|||||||
| 1,016,464 | ||||||||
| New Hampshire — 0.7% | ||||||||
| New Hampshire Business Finance Authority, RB |
||||||||
| Series A, 4.13%, 08/15/40 |
530 | 406,345 | ||||||
| Series A, 4.25%, 08/15/46 |
595 | 428,734 | ||||||
| Series A, 4.50%, 08/15/55 |
1,235 | 873,596 | ||||||
| New Hampshire Business Finance Authority, Refunding RB(b) |
||||||||
| Series B, 4.63%, 11/01/42 |
1,015 | 800,670 | ||||||
| Series C, AMT, 4.88%, 11/01/42 |
485 | 375,869 | ||||||
|
|
|
|||||||
| 2,885,214 | ||||||||
| New Jersey — 7.6% | ||||||||
| Casino Reinvestment Development Authority, Inc., Refunding RB |
1,065 | 1,029,432 | ||||||
| 5.25%, 11/01/44 |
770 | 716,828 | ||||||
| Middlesex County Improvement Authority RB, Series B, 6.13%, 01/01/25 |
990 | 12,226 | ||||||
| Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 |
2,145 | 26,491 | ||||||
| New Jersey Economic Development Authority, RB |
1,530 | 1,530,585 | ||||||
| Class A, 5.25%, 11/01/47 |
2,650 | 2,685,869 | ||||||
| Series A, 5.00%, 07/01/32 |
165 | 157,453 | ||||||
| Series A, 5.00%, 07/01/37 |
260 | 240,609 | ||||||
| Series A, 5.25%, 11/01/54(b) |
1,675 | 1,275,812 | ||||||
| Series B, 5.00%, 06/15/43 |
2,245 | 2,225,747 | ||||||
| AMT, 5.38%, 01/01/43 |
2,155 | 2,086,497 | ||||||
| Series B, AMT, 6.50%, 04/01/31 |
1,660 | 1,646,623 | ||||||
| New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(b) |
500 | 460,184 | ||||||
| New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
2,655 | 2,173,068 | ||||||
| New Jersey Transportation Trust Fund Authority, RB |
1,140 | 1,141,338 | ||||||
| Series S, 5.25%, 06/15/43 |
2,345 | 2,368,243 | ||||||
| New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c) |
8,950 | 4,917,078 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46 |
5,120 | 4,754,513 | ||||||
|
|
|
|||||||
| 29,448,596 | ||||||||
| 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 | 774,346 | ||||||
|
|
|
|||||||
| 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) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| New York — 13.7% | ||||||||
| Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51 |
$ | 1,500 | $ | 750,389 | ||||
| Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32 |
745 | 664,506 | ||||||
| City of New York, GO, Series A-1, |
1,195 | 1,015,519 | ||||||
| Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |
2,890 | 2,503,051 | ||||||
| Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56 |
185 | 130,642 | ||||||
| Metropolitan Transportation Authority, Refunding RB |
||||||||
| Series C-1, 4.75%, 11/15/45 |
740 | 680,593 | ||||||
| Series C-1, 5.00%, 11/15/50 |
565 | 533,011 | ||||||
| Series C-1, 5.25%, 11/15/55 |
840 | 825,922 | ||||||
| New York City Housing Development Corp., RB, M/F Housing |
||||||||
| Series C-1A, 4.15%, 11/01/39 |
1,895 | 1,699,319 | ||||||
| Series C-1A, 4.20%, 11/01/44 |
3,475 | 3,049,817 | ||||||
| Series C-1A, 4.30%, 11/01/47 |
2,845 | 2,399,373 | ||||||
| New York Counties Tobacco Trust IV, Refunding RB |
||||||||
| Series A, 6.25%, 06/01/41(b) |
4,900 | 4,899,849 | ||||||
| Series A, 5.00%, 06/01/42 |
3,155 | 2,756,464 | ||||||
| New York Counties Tobacco Trust VI, Refunding RB |
||||||||
| Series A-2B, 5.00%, 06/01/45 |
215 | 190,657 | ||||||
| Series A-2B, 5.00%, 06/01/51 |
4,340 | 3,714,842 | ||||||
| New York Liberty Development Corp., Refunding RB |
||||||||
| Class 1, 5.00%, 11/15/44(b) |
6,205 | 5,537,089 | ||||||
| Class 2, 5.38%, 11/15/40(b) |
1,080 | 998,229 | ||||||
| Series A, 3.00%, 11/15/51 |
2,250 | 1,458,601 | ||||||
| New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 |
1,435 | 1,165,717 | ||||||
| New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48 |
1,505 | 1,278,175 | ||||||
| New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
2,020 | 1,692,775 | ||||||
| New York State Urban Development Corp., Refunding RB |
9,655 | 6,561,178 | ||||||
| 4.00%, 03/15/49 |
2,330 | 1,952,145 | ||||||
| New York Transportation Development Corp., RB |
745 | 737,194 | ||||||
| AMT, 5.00%, 10/01/35 |
1,175 | 1,121,306 | ||||||
| New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36 |
1,490 | 1,455,490 | ||||||
| State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239,
(SONYMA), |
3,370 | 2,110,379 | ||||||
| Westchester County Local Development Corp., Refunding RB(b) |
||||||||
| 5.00%, 07/01/41 |
730 | 575,524 | ||||||
| 5.00%, 07/01/56 |
810 | 571,775 | ||||||
|
|
|
|||||||
| 53,029,531 | ||||||||
| North Dakota — 0.4% | ||||||||
| City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48 |
1,765 | 1,697,492 | ||||||
|
|
|
|||||||
| Ohio — 3.1% | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Refunding RB,
Series B-2, |
5,995 | 4,902,121 | ||||||
| Security | Par (000) |
Value | ||||||
| Ohio (continued) | ||||||||
| Cleveland-Cuyahoga County Port Authority, Refunding TA(b) |
||||||||
| Series A, 4.00%, 12/01/55 |
$ | 250 | $ | 185,403 | ||||
| Series S, 4.50%, 12/01/55 |
210 | 154,309 | ||||||
| County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46 |
875 | 714,067 | ||||||
| County of Hardin Ohio, Refunding RB |
240 | 218,362 | ||||||
| 5.25%, 05/01/40 |
240 | 198,493 | ||||||
| 5.50%, 05/01/50 |
1,130 | 873,537 | ||||||
| Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b) |
375 | 311,678 | ||||||
| Jefferson County Port Authority, RB, AMT, |
1,125 | 705,428 | ||||||
| Ohio Air Quality Development Authority, RB(b) |
||||||||
| AMT, 4.50%, 01/15/48 |
1,300 | 1,122,835 | ||||||
| AMT, 5.00%, 07/01/49 |
740 | 589,858 | ||||||
| Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b) |
375 | 278,110 | ||||||
| Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b) |
2,315 | 1,556,695 | ||||||
|
|
|
|||||||
| 11,810,896 | ||||||||
| Oklahoma — 2.4% | ||||||||
| Oklahoma Development Finance Authority, RB |
4,615 | 4,477,840 | ||||||
| Series B, 5.00%, 08/15/38 |
2,990 | 2,570,521 | ||||||
| Series B, 5.50%, 08/15/52 |
1,570 | 1,352,290 | ||||||
| Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b) |
325 | 271,019 | ||||||
| Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37 |
750 | 705,461 | ||||||
|
|
|
|||||||
| 9,377,131 | ||||||||
| Oregon — 0.6% | ||||||||
| Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, |
1,765 | 1,791,297 | ||||||
| Oregon State Facilities Authority, RB(b) |
||||||||
| Series A, 5.00%, 06/15/29 |
115 | 109,580 | ||||||
| Series A, 5.00%, 06/15/39 |
565 | 475,353 | ||||||
|
|
|
|||||||
| 2,376,230 | ||||||||
| Pennsylvania — 4.1% | ||||||||
| Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |
5,240 | 4,031,429 | ||||||
| Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24 |
3,400 | 3,367,016 | ||||||
| Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |
200 | 131,578 | ||||||
| Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32 |
1,430 | 1,380,466 | ||||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |
2,710 | 2,428,607 | ||||||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, |
5,000 | 3,983,776 | ||||||
| School District of Philadelphia, GO, Series A, 5.50%, 09/01/48(h) |
580 | 594,633 | ||||||
|
|
|
|||||||
| 15,917,505 | ||||||||
| 5 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Puerto Rico — 15.1% | ||||||||
| Children’s Trust Fund, RB, Series A, |
$ | 44,330 | $ | 2,299,992 | ||||
| Commonwealth of Puerto Rico, GO |
23,415 | 10,811,310 | ||||||
| Series A-1, 0.00%, 11/01/43(a) |
4,994 | 2,566,021 | ||||||
| Series A-1, Restructured, 5.38%, 07/01/25 |
— | (j) | 2 | |||||
| Series A-1, Restructured, 5.63%, 07/01/27 |
— | (j) | 2 | |||||
| Series A-1, Restructured, 5.63%, 07/01/29 |
3,644 | 3,722,531 | ||||||
| Series A-1, Restructured, 5.75%, 07/01/31 |
2,813 | 2,891,920 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/33 |
625 | 544,219 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/35 |
4,100 | 3,469,482 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/37 |
1,452 | 1,177,502 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/41 |
656 | 504,003 | ||||||
| Series A-1, Restructured, 4.00%, 07/01/46 |
682 | 498,097 | ||||||
| Commonwealth of Puerto Rico, GO, CAB(c) |
||||||||
| Series A, Restructured, 0.00%, 07/01/24 |
— | (j) | 1 | |||||
| Series A, Restructured, 0.00%, 07/01/33 |
1,765 | 990,698 | ||||||
| Commonwealth of Puerto Rico, RB, |
8,999 | 1,422,236 | ||||||
| Puerto Rico Electric Power Authority, RB(f)(g) |
||||||||
| 3rd Series, 5.40%, 01/01/23(a) |
90 | 22,430 | ||||||
| Series A, 5.00%, 07/01/29 |
660 | 165,000 | ||||||
| Series A, 7.00%, 07/01/33 |
3,295 | 823,750 | ||||||
| Series A, 5.00%, 07/01/42 |
910 | 227,500 | ||||||
| Series A, 7.00%, 07/01/43 |
375 | 93,750 | ||||||
| Series A-1, 10.00%, 07/01/19 |
75 | 18,774 | ||||||
| Series A-2, 10.00%, 07/01/19 |
379 | 94,715 | ||||||
| Series A-3, 10.00%, 07/01/19 |
323 | 80,753 | ||||||
| Series B-3, 10.00%, 07/01/19 |
323 | 80,753 | ||||||
| Series C-1, 5.40%, 01/01/18 |
887 | 221,863 | ||||||
| Series C-2, 5.40%, 07/01/18 |
888 | 221,899 | ||||||
| Series C-4, 5.40%, 07/01/20 |
90 | 22,430 | ||||||
| Series CCC, 5.25%, 07/01/26 |
260 | 65,000 | ||||||
| Series CCC, 5.25%, 07/01/28 |
145 | 36,250 | ||||||
| Series D-1, 7.50%, 01/01/20 |
761 | 190,193 | ||||||
| Series D-4, 7.50%, 07/01/20 |
404 | 100,971 | ||||||
| Series TT, 5.00%, 07/01/18 |
295 | 73,750 | ||||||
| Series TT, 5.00%, 07/01/25 |
100 | 25,000 | ||||||
| Series TT, 5.00%, 07/01/26 |
225 | 56,250 | ||||||
| Series WW, 5.50%, 07/01/17 |
200 | 50,000 | ||||||
| Series WW, 5.50%, 07/01/18 |
1,175 | 293,750 | ||||||
| Series WW, 5.50%, 07/01/19 |
145 | 36,250 | ||||||
| Series WW, 5.50%, 07/01/20 |
1,595 | 398,750 | ||||||
| Series WW, 5.38%, 07/01/22 |
1,310 | 327,500 | ||||||
| Series WW, 5.25%, 07/01/33 |
120 | 30,000 | ||||||
| Series WW, 5.50%, 07/01/38 |
205 | 51,250 | ||||||
| Series XX, 5.25%, 07/01/27 |
110 | 27,500 | ||||||
| Series XX, 5.25%, 07/01/35 |
645 | 161,250 | ||||||
| Series XX, 5.75%, 07/01/36 |
860 | 215,000 | ||||||
| Series XX, 5.25%, 07/01/40 |
1,020 | 255,000 | ||||||
| Series A, AMT, 6.75%, 07/01/36 |
1,335 | 333,750 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB(f)(g) |
||||||||
| Series AAA, 5.25%, 07/01/22 |
2,545 | 636,250 | ||||||
| Series AAA, 5.25%, 07/01/29 |
95 | 23,750 | ||||||
| Series UU, 0.00%, 07/01/17(a) |
60 | 15,000 | ||||||
| Series UU, 0.00%, 07/01/18(a) |
55 | 13,750 | ||||||
| Series UU, 1.32%, 07/01/20(a) |
495 | 123,750 | ||||||
| Series UU, 4.49%, 07/01/31(a) |
580 | 145,000 | ||||||
| Series ZZ, 5.00%, 07/01/17 |
145 | 36,250 | ||||||
| Security | Par (000) |
Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Electric Power Authority, Refunding RB(f)(g) (continued) |
||||||||
| Series ZZ, 5.25%, 07/01/19 |
$ | 455 | $ | 113,750 | ||||
| Series ZZ, 5.25%, 07/01/24 |
345 | 86,250 | ||||||
| Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(f)(g) |
1,085 | 271,250 | ||||||
| Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, |
2,520 | 1,610,779 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
| Series A-1, Restructured, 4.75%, 07/01/53 |
2,453 | 2,069,246 | ||||||
| Series A-1, Restructured, 5.00%, 07/01/58 |
5,234 | 4,535,959 | ||||||
| Series A-2, Restructured, 4.54%, 07/01/53 |
21 | 17,043 | ||||||
| Series A-2, Restructured, 4.78%, 07/01/58 |
2,080 | 1,741,500 | ||||||
| Series A-2, Restructured, 4.33%, 07/01/40 |
6,129 | 5,292,469 | ||||||
| Series B-1, Restructured, 4.55%, 07/01/40 |
2,402 | 2,130,516 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) |
||||||||
| Series A-1, Restructured, 0.00%, 07/01/29 |
200 | 152,477 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/33 |
1,023 | 631,879 | ||||||
| Series A-1, Restructured, 0.00%, 07/01/46 |
12,021 | 2,971,452 | ||||||
| Series B-1, Restructured, 0.00%, 07/01/46 |
883 | 218,196 | ||||||
|
|
|
|||||||
| 58,535,563 | ||||||||
| Rhode Island — 0.4% | ||||||||
| Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(f)(g) |
4,190 | 754,200 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40 |
980 | 932,213 | ||||||
|
|
|
|||||||
| 1,686,413 | ||||||||
| South Carolina — 0.9% | ||||||||
| Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) |
3,110 | 3,098,541 | ||||||
| South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b) |
605 | 501,925 | ||||||
|
|
|
|||||||
| 3,600,466 | ||||||||
| Tennessee — 2.1% | ||||||||
| Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |
3,000 | 2,878,089 | ||||||
| Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c) |
3,270 | 1,078,917 | ||||||
| Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 |
1,610 | 1,648,948 | ||||||
| Tennergy Corp., RB, Series A, |
2,520 | 2,528,147 | ||||||
|
|
|
|||||||
| 8,134,101 | ||||||||
| Texas — 11.3% | ||||||||
| Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b) |
715 | 450,667 | ||||||
| Arlington Higher Education Finance Corp., RB |
715 | 550,921 | ||||||
| 7.88%, 11/01/62(b) |
565 | 531,935 | ||||||
| Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41 |
370 | 296,989 | ||||||
| Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39 |
675 | 557,634 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB(c) |
||||||||
| 0.00%, 01/01/28 |
1,000 | 838,344 | ||||||
| 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) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Texas (continued) | ||||||||
| Central Texas Regional Mobility Authority, Refunding RB(c) (continued) |
||||||||
| 0.00%, 01/01/29 |
$ | 2,000 | $ | 1,600,046 | ||||
| 0.00%, 01/01/30 |
1,170 | 891,738 | ||||||
| 0.00%, 01/01/33 |
3,690 | 2,410,473 | ||||||
| 0.00%, 01/01/34 |
4,000 | 2,464,705 | ||||||
| City of Houston Texas Airport System Revenue, ARB AMT, 4.00%, 07/15/41 |
3,350 | 2,700,484 | ||||||
| Series A, AMT, 6.63%, 07/15/38 |
2,890 | 2,864,556 | ||||||
| City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |
250 | 241,392 | ||||||
| City of Houston Texas Airport System Revenue, Refunding RB |
||||||||
| AMT, 5.00%, 07/01/29 |
5,730 | 5,574,546 | ||||||
| Series C, AMT, 5.00%, 07/15/27 |
1,615 | 1,566,919 | ||||||
| City of San Marcos Texas, SAB(b) |
||||||||
| 4.00%, 09/01/32 |
100 | 89,772 | ||||||
| 4.50%, 09/01/51 |
480 | 365,451 | ||||||
| City of Sinton Texas, SAB(b) |
858 | 745,182 | ||||||
| 5.25%, 09/01/51 |
1,195 | 992,037 | ||||||
| Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, |
785 | 738,484 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, |
1,650 | 1,349,729 | ||||||
| New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b) |
1,650 | 1,305,359 | ||||||
| Newark Higher Education Finance Corp., RB(b) |
||||||||
| Series A, 5.50%, 08/15/35 |
290 | 280,814 | ||||||
| Series A, 5.75%, 08/15/45 |
580 | 538,921 | ||||||
| Port Beaumont Navigation District, RB(b) |
||||||||
| AMT, 2.75%, 01/01/36 |
920 | 618,869 | ||||||
| AMT, 3.00%, 01/01/50 |
2,910 | 1,519,458 | ||||||
| Port Beaumont Navigation District, Refunding RB(b) |
||||||||
| Series A, AMT, 3.63%, 01/01/35 |
1,215 | 921,021 | ||||||
| Series A, AMT, 4.00%, 01/01/50 |
4,795 | 3,075,974 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, |
865 | 731,669 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |
860 | 833,457 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 |
3,155 | 3,169,615 | ||||||
| Texas Transportation Commission State Highway 249 System, RB, CAB(c) |
||||||||
| 0.00%, 08/01/46 |
1,420 | 348,249 | ||||||
| 0.00%, 08/01/47 |
2,120 | 482,706 | ||||||
| 0.00%, 08/01/48 |
2,235 | 481,369 | ||||||
| 0.00%, 08/01/49 |
2,100 | 423,210 | ||||||
| 0.00%, 08/01/50 |
3,015 | 569,751 | ||||||
| 0.00%, 08/01/51 |
1,770 | 313,470 | ||||||
| 0.00%, 08/01/52 |
1,770 | 292,706 | ||||||
| 0.00%, 08/01/53 |
160 | 24,985 | ||||||
|
|
|
|||||||
| 43,753,607 | ||||||||
| Security | Par (000) |
Value | ||||||
| Utah — 0.3% | ||||||||
| County of Utah Utah, RB, Series A, |
$ | 1,000 | $ | 653,730 | ||||
| Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b) |
470 | 352,986 | ||||||
|
|
|
|||||||
| 1,006,716 | ||||||||
| Vermont — 0.8% | ||||||||
| East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b) |
4,000 | 3,009,858 | ||||||
|
|
|
|||||||
| Virginia — 2.3% | ||||||||
| Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, |
2,435 | 2,004,170 | ||||||
| Lower Magnolia Green Community Development Authority, SAB(b) |
||||||||
| 5.00%, 03/01/35 |
465 | 438,015 | ||||||
| 5.00%, 03/01/45 |
475 | 415,167 | ||||||
| Norfolk Redevelopment & Housing Authority, RB |
||||||||
| Series A, 4.00%, 01/01/29 |
300 | 262,174 | ||||||
| Series A, 5.00%, 01/01/34 |
485 | 414,375 | ||||||
| Series A, 5.00%, 01/01/49 |
955 | 705,425 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |
2,370 | 2,041,399 | ||||||
| Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56 |
2,000 | 1,831,293 | ||||||
| Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, |
840 | 669,368 | ||||||
|
|
|
|||||||
| 8,781,386 | ||||||||
| Washington — 0.5% | ||||||||
| Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50(b) |
450 | 373,305 | ||||||
| Washington State Housing Finance Commission, Refunding RB |
315 | 274,890 | ||||||
| 6.00%, 01/01/45(b) |
850 | 705,348 | ||||||
| Series A, 5.00%, 07/01/43 |
340 | 314,586 | ||||||
| Series A, 5.00%, 07/01/48 |
320 | 286,767 | ||||||
|
|
|
|||||||
| 1,954,896 | ||||||||
| Wisconsin — 6.8% | ||||||||
| Public Finance Authority, ARB, AMT, |
1,595 | 1,009,567 | ||||||
| Public Finance Authority, RB |
175 | 158,401 | ||||||
| 5.00%, 06/15/41(b) |
345 | 302,161 | ||||||
| 7.75%, 07/01/43(b) |
3,270 | 3,063,940 | ||||||
| 5.00%, 06/15/49 |
530 | 440,748 | ||||||
| 5.63%, 06/15/49(b) |
2,480 | 1,897,222 | ||||||
| 5.00%, 06/15/53 |
355 | 291,130 | ||||||
| 5.00%, 06/15/55(b) |
895 | 727,550 | ||||||
| 5.00%, 01/01/56(b) |
1,470 | 1,099,685 | ||||||
| Class A, 5.00%, 06/15/56(b) |
495 | 345,807 | ||||||
| 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) |
2,890 | 2,411,517 | ||||||
| Series A, 5.25%, 12/01/51(b) |
1,470 | 1,003,982 | ||||||
| Series A, 5.00%, 06/15/55(b) |
4,030 | 2,737,263 | ||||||
| Series A, 4.75%, 06/15/56(b) |
2,990 | 1,899,169 | ||||||
| 7 |
| Schedule of Investments (unaudited) (continued) October 31, 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-1, 4.50%, 01/01/35(b) |
$ | 1,210 | $ | 1,014,708 | ||||
| Series A-1, 5.50%, 12/01/48(b)(f)(g) |
20 | 4,385 | ||||||
| Series B, 0.00%, 01/01/35(b)(c) |
1,615 | 710,587 | ||||||
| Series B, 0.00%, 01/01/60(b)(c) |
35,940 | 1,869,812 | ||||||
| AMT, 4.00%, 09/30/51 |
1,025 | 743,261 | ||||||
| AMT, 4.00%, 03/31/56 |
980 | 687,907 | ||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB |
1,145 | 926,508 | ||||||
| 4.00%, 01/01/47 |
1,300 | 771,693 | ||||||
| 4.00%, 01/01/57 |
350 | 190,818 | ||||||
|
|
|
|||||||
| 26,134,521 | ||||||||
| Wyoming — 0.3% | ||||||||
| University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |
1,345 | 1,077,766 | ||||||
|
|
|
|||||||
| Total Municipal Bonds — 128.5% |
496,682,433 | |||||||
|
|
|
|||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts(a)(k) |
| |||||||
| New York — 2.0% | ||||||||
| New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45 |
9,000 | 7,601,655 | ||||||
|
|
|
|||||||
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0% |
|
7,601,655 | ||||||
|
|
|
|||||||
| Total Long-Term Investments — 131.0% |
506,447,424 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| Short-Term Securities |
||||||||
| Money Market Funds — 13.1% | ||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(l)(m) |
50,621,212 | 50,621,212 | ||||||
|
|
|
|||||||
| Total Short-Term Securities — 13.1% |
50,621,212 | |||||||
|
|
|
|||||||
| Total Investments — 144.1% |
557,068,636 | |||||||
| Other Assets Less Liabilities — 2.4% | 8,919,181 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2)% |
|
(4,542,000 | ) | |||||
| VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.3)% |
|
(174,935,898 | ) | |||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% |
|
$ | 386,509,919 | |||||
|
|
|
|||||||
| (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) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (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) | 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. |
| (j) | Rounds to less than 1,000. |
| (k) | 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. |
| (l) | Affiliate of the Fund. |
| (m) | 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.
| 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) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/23 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class. |
$ | 73,862,164 | $ | — | $ | (23,241,772 | )(a) | $ | 1,271 | $ | (451 | ) | $ | 50,621,212 | 50,621,212 | $ | 493,758 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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 |
$ | — | $ | 2,163,336 | $ | — | $ | 2,163,336 | ||||||||
| Municipal Bonds |
— | 495,551,263 | 1,131,170 | 496,682,433 | ||||||||||||
| Municipal Bonds Transferred to Tender Option Bond Trusts |
— | 7,601,655 | — | 7,601,655 | ||||||||||||
| Short-Term Securities |
||||||||||||||||
| Money Market Funds |
50,621,212 | — | — | 50,621,212 | ||||||||||||
| Unfunded Commitments(a) |
— | — | 2,058,061 | 2,058,061 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 50,621,212 | $ | 505,316,254 | $ | 3,189,231 | $ | 559,126,697 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment. |
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 |
$ | — | $ | (4,500,000 | ) | $ | — | $ | (4,500,000 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (175,000,000 | ) | — | (175,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (179,500,000 | ) | $ | — | $ | (179,500,000 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 9 |
| Schedule of Investments (unaudited) (continued) October 31, 2023 |
BlackRock MuniAssets Fund, Inc. (MUA) |
| Portfolio Abbreviation | ||
| AGM | Assured Guaranty Municipal Corp. | |
| AGM-CR | AGM Insured Custodial Receipt | |
| AMT | Alternative Minimum Tax | |
| ARB | Airport Revenue Bonds | |
| BAB | Build America Bond | |
| BAM-TCRS | Build America Mutual Assurance Co.- Transferable | |
| CAB | Capital Appreciation Bonds | |
| CR | Custodian Receipt | |
| GO | General Obligation Bonds | |
| M/F | Multi-Family | |
| RB | Revenue Bond | |
| S/F | Single-Family | |
| SAB | Special Assessment Bonds | |
| SAN | State Aid Notes | |
| SONYMA | State of New York Mortgage Agency | |
| ST | Special Tax | |
| TA | Tax Allocation | |
| S C H E D U L E O F I N V E S T M E N T S | 10 |