UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-07642

 

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

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

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

 

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

 

Date of fiscal year end: 04/30/2011

 

Date of reporting period: 01/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.7%

 

 

 

 

 

 

 

Alabama State Docks Department,
Refunding RB, 6.00%, 10/01/40

 

$

1,285

 

$

1,257,013

 

County of Jefferson Alabama, RB,
Series A, 5.25%, 1/01/17

 

 

530

 

 

502,837

 

 

 

 

 

 

 

 

 

 

 

 

1,759,850

 

Alaska — 0.2%

 

 

 

 

 

 

 

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

 

 

395

 

 

385,007

 

Arizona — 5.2%

 

 

 

 

 

 

 

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

 

 

1,520

 

 

1,158,605

 

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

 

 

4,800

 

 

3,938,736

 

Pima County IDA, RB:

 

 

 

 

 

 

 

Arizona Charter Schools Project,
Series E, 7.25%, 7/01/31

 

 

1,365

 

 

1,327,408

 

Tucson Electric Power Co., Series A,
5.25%, 10/01/40

 

 

2,380

 

 

2,103,944

 

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

 

 

670

 

 

615,556

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

1,840

 

 

1,583,504

 

5.00%, 12/01/37

 

 

1,350

 

 

1,144,017

 

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

 

 

575

 

 

576,270

 

University Medical Center Corp.,
Arizona, RB:

 

 

 

 

 

 

 

6.25%, 7/01/29

 

 

280

 

 

285,482

 

6.50%, 7/01/39

 

 

500

 

 

511,990

 

 

 

 

 

 

 

 

 

 

 

 

13,245,512

 

Arkansas — 0.4%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

1,030

 

 

942,471

 

California — 3.2%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,290

 

 

1,178,247

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding
RB (concluded):

 

 

 

 

 

 

 

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

 

$

600

 

$

614,526

 

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

 

 

2,060

 

 

2,131,276

 

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

 

 

1,320

 

 

1,146,750

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

 

3,075

 

 

3,128,628

 

 

 

 

 

 

 

 

 

 

 

 

8,199,427

 

Colorado — 1.6%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Total Longterm Care
National Obligated Group Project,
Series A, 6.00%, 11/15/30

 

 

610

 

 

565,378

 

E-470 Public Highway Authority,
Refunding RB, CAB, 7.08%,
9/01/35 (a)

 

 

2,190

 

 

336,209

 

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

 

 

 

 

 

 

 

Public Improvement Fee, 8.00%,
12/01/25

 

 

2,850

 

 

2,763,645

 

Subordinate Public Improvement
Fee, 8.13%, 12/01/25

 

 

525

 

 

465,014

 

 

 

 

 

 

 

 

 

 

 

 

4,130,246

 

Connecticut — 2.9%

 

 

 

 

 

 

 

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

 

 

3,490

 

 

3,154,262

 

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

 

 

2,340

 

 

2,357,480

 

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

 

 

2,610

 

 

1,988,533

 

 

 

 

 

 

 

 

 

 

 

 

7,500,275

 

 

Portfolio Abbreviations

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

 

 

ACA

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

IDA

Industrial Development Authority

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

TE

Tax-Exempt

TIF

Tax Increment Financing

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Delaware — 1.2%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG
Energy, Inc., Indian River Project,
6.00%, 10/01/40

 

$

1,000

 

$

959,840

 

Delaware State EDA, RB, Exempt
Facilities, Indian River Power, 5.38%,
10/01/45

 

 

2,505

 

 

2,208,057

 

 

 

 

 

 

 

 

 

 

 

 

3,167,897

 

District of Columbia — 2.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

985

 

 

963,822

 

7.50%, 1/01/39

 

 

1,615

 

 

1,574,367

 

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

 

 

1,055

 

 

1,012,969

 

Metropolitan Washington Airports
Authority, RB, CAB, Second Senior
Lien, Series B (AGC), 6.55%,
10/01/30 (a)

 

 

7,000

 

 

1,875,580

 

 

 

 

 

 

 

 

 

 

 

 

5,426,738

 

Florida — 9.0%

 

 

 

 

 

 

 

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

 

 

705

 

 

653,880

 

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

 

 

1,180

 

 

1,080,585

 

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

 

 

455

 

 

420,807

 

Hillsborough County IDA, RB, AMT,
National Gypsum Co.,:

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

2,000

 

 

1,777,860

 

Series B, 7.13%, 4/01/30

 

 

1,540

 

 

1,368,952

 

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

 

 

1,300

 

 

990,925

 

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

 

 

765

 

 

764,541

 

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

 

 

2,620

 

 

1,971,891

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40 (b)

 

 

2,695

 

 

2,647,891

 

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

 

 

3,255

 

 

2,850,827

 

Palm Beach County Health Facilities
Authority, RB, Acts Retirement Life
Community, 5.50%, 11/15/33

 

 

2,000

 

 

1,814,320

 

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

 

 

3,040

 

 

1,404,662

 

Sarasota County Health Facilities
Authority, Refunding RB, Village on
the Isle Project:

 

 

 

 

 

 

 

5.50%, 1/01/27

 

 

585

 

 

501,035

 

5.50%, 1/01/32

 

 

795

 

 

654,436

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

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

 

$

615

 

$

602,583

 

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

 

 

2,350

 

 

1,757,401

 

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

 

 

2,680

 

 

1,776,599

 

 

 

 

 

 

 

 

 

 

 

 

23,039,195

 

Georgia — 3.2%

 

 

 

 

 

 

 

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

 

 

640

 

 

521,139

 

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

 

 

1,990

 

 

2,260,520

 

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

 

 

1,655

 

 

1,470,716

 

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

 

 

1,100

 

 

1,000,659

 

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

 

 

 

 

 

 

 

6.38%, 11/15/29

 

 

700

 

 

694,246

 

6.63%, 11/15/39

 

 

235

 

 

233,623

 

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

 

 

2,435

 

 

2,125,731

 

 

 

 

 

 

 

 

 

 

 

 

8,306,634

 

Guam — 1.5%

 

 

 

 

 

 

 

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

 

 

750

 

 

744,600

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

365

 

 

371,694

 

6.75%, 11/15/29

 

 

635

 

 

670,192

 

7.00%, 11/15/39

 

 

660

 

 

704,675

 

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

 

 

1,460

 

 

1,404,958

 

 

 

 

 

 

 

 

 

 

 

 

3,896,119

 

Illinois — 6.0%

 

 

 

 

 

 

 

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

 

 

4,140

 

 

3,165,899

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Navistar International, Recovery
Zone, 6.50%, 10/15/40

 

 

950

 

 

945,298

 

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

 

 

2,470

 

 

2,446,486

 

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

 

 

1,170

 

 

1,243,055

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

885

 

 

10,974

 

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

 

 

2,065

 

 

1,182,006

 

 

 

 

2

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois Finance Authority, Refunding RB
(concluded):

 

 

 

 

 

 

 

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

 

$

2,370

 

$

2,212,466

 

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

 

 

685

 

 

575,859

 

Metropolitan Pier & Exposition Authority,
Refunding RB, CAB, McCormick Place
Expansion Project, Series B (AGM),
6.25%, 6/15/46 (a)

 

 

5,845

 

 

510,911

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

830

 

 

785,819

 

6.00%, 6/01/28

 

 

710

 

 

677,581

 

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

 

 

1,070

 

 

878,941

 

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

 

 

825

 

 

724,985

 

 

 

 

 

 

 

 

 

 

 

 

15,360,280

 

Indiana — 0.4%

 

 

 

 

 

 

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc. (c):

 

 

 

 

 

 

 

5.70%, 9/01/37

 

 

615

 

 

505,007

 

5.75%, 9/01/42

 

 

765

 

 

624,164

 

 

 

 

 

 

 

 

 

 

 

 

1,129,171

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

935

 

 

877,928

 

Louisiana — 1.2%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,022,500

 

Maryland — 2.8%

 

 

 

 

 

 

 

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

 

 

2,145

 

 

1,954,331

 

Maryland EDC, Refunding RB, CNX
Marine Terminals, Inc., 5.75%,
9/01/25

 

 

2,435

 

 

2,266,596

 

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

 

 

590

 

 

235,994

 

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

 

 

1,845

 

 

1,551,682

 

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

 

 

1,080

 

 

1,076,857

 

 

 

 

 

 

 

 

 

 

 

 

7,085,460

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts — 0.7%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Foxborough Regional
Charter School, Series A, 7.00%,
7/01/42

 

$

610

 

$

613,288

 

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

 

 

80

 

 

68,633

 

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

 

 

1,150

 

 

1,039,784

 

 

 

 

 

 

 

 

 

 

 

 

1,721,705

 

Michigan — 2.7%

 

 

 

 

 

 

 

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

 

 

900

 

 

732,681

 

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

 

 

540

 

 

540,999

 

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

 

 

1,740

 

 

1,359,566

 

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

 

 

3,735

 

 

4,158,960

 

 

 

 

 

 

 

 

 

 

 

 

6,792,206

 

Minnesota — 0.7%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

1,897,901

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

1,370

 

 

1,379,412

 

Multi-State — 0.3%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50%, 6/30/49 (c)(f)(g)

 

 

919

 

 

854,238

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

600

 

 

540,462

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

923,519

 

New Jersey — 6.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.63%, 9/15/12

 

 

1,000

 

 

1,005,760

 

6.25%, 9/15/19

 

 

2,000

 

 

1,891,560

 

6.40%, 9/15/23

 

 

1,000

 

 

945,030

 

6.25%, 9/15/29

 

 

3,330

 

 

3,014,283

 

9.00%, 6/01/33 (g)

 

 

1,250

 

 

1,303,012

 

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

 

 

2,500

 

 

2,485,700

 

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

 

 

2,510

 

 

2,716,673

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011

3

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

20

 

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

 

 

2,410

 

 

2,363,583

 

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

 

 

3,450

 

 

634,973

 

 

 

 

 

 

 

 

 

 

 

 

16,360,594

 

New York — 9.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

973,400

 

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

 

 

2,485

 

 

2,341,367

 

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

 

 

1,400

 

 

1,319,556

 

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

 

 

3,685

 

 

4,030,174

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,045

 

 

1,099,194

 

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

 

 

2,400

 

 

2,404,752

 

Series C, 6.80%, 6/01/28

 

 

510

 

 

524,540

 

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

 

 

1,100

 

 

953,436

 

New York City Municipal Water Finance
Authority, RB, Second General
Resolution, Series EE, 5.50%,
6/15/43

 

 

4,510

 

 

4,567,953

 

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

 

 

750

 

 

753,772

 

New York State Dormitory Authority, RB,
NYU Hospital Center, Series A, 6.00%,
7/01/40

 

 

1,325

 

 

1,292,763

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

795

 

 

762,540

 

6.00%, 12/01/42

 

 

775

 

 

731,499

 

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

 

 

1,240

 

 

1,219,466

 

 

 

 

 

 

 

 

 

 

 

 

22,974,412

 

North Carolina — 1.5%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, RB, Duke Energy Carolinas,
Series B, 4.38%, 10/01/31

 

 

985

 

 

878,167

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

North Carolina (concluded)

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, Refunding RB, Duke Energy

 

 

 

 

 

 

 

Carolinas, Series B, 4.63%, 11/01/40

 

$

985

 

$

869,223

 

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

 

 

2,335

 

 

2,185,957

 

 

 

 

 

 

 

 

 

 

 

 

3,933,347

 

Ohio — 1.7%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior

 

 

 

 

 

 

 

Series A-2, 5.13%, 6/01/24

 

 

2,245

 

 

1,686,736

 

State of Ohio, RB, Ford Motor Co.
Project, AMT, 5.75%, 4/01/35

 

 

2,890

 

 

2,603,023

 

 

 

 

 

 

 

 

 

 

 

 

4,289,759

 

Pennsylvania — 8.0%

 

 

 

 

 

 

 

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

 

 

3,040

 

 

2,020,262

 

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

 

 

 

 

 

 

 

6.13%, 1/01/25

 

 

200

 

 

189,508

 

6.25%, 1/01/35

 

 

1,550

 

 

1,373,579

 

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

 

 

3,655

 

 

3,536,907

 

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

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

685

 

 

652,442

 

6.50%, 7/01/40

 

 

990

 

 

882,635

 

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

 

 

2,330

 

 

1,981,432

 

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

 

 

3,250

 

 

2,654,860

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development, 7.75%,
12/01/17

 

 

5,000

 

 

5,002,300

 

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

 

 

2,270

 

 

2,120,452

 

 

 

 

 

 

 

 

 

 

 

 

20,414,377

 

Puerto Rico — 0.8%

 

 

 

 

 

 

 

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

 

 

1,650

 

 

1,707,634

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, First Sub-Series
C, 6.52%, 8/01/38 (a)

 

 

2,630

 

 

415,935

 

 

 

 

 

 

 

 

 

 

 

 

2,123,569

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

Central Falls Detention Facility Corp.,

 

 

 

 

 

 

 

Refunding RB, 7.25%, 7/15/35

 

 

2,495

 

 

1,996,424

 

 

 

 

 

4

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011

 

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

South Carolina — 0.4%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 12.48%,
1/01/14 (a)(d)(e)

 

$

1,485

 

$

170,463

 

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

 

 

975

 

 

922,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,093,330

 

Tennessee — 0.5%

 

 

 

 

 

 

 

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

 

 

5,820

 

 

978,807

 

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

 

 

355

 

 

284,366

 

 

 

 

 

 

 

 

 

 

 

 

1,263,173

 

Texas — 11.3%

 

 

 

 

 

 

 

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

 

 

2,985

 

 

2,796,438

 

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

 

 

2,550

 

 

886,686

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,000

 

 

555,440

 

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

 

 

1,170

 

 

293,272

 

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

 

 

2,000

 

 

462,380

 

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

 

 

3,500

 

 

753,340

 

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

 

 

1,540

 

 

308,000

 

Senior Lien, 5.75%, 1/01/25

 

 

650

 

 

626,470

 

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

 

 

2,685

 

 

2,616,425

 

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

 

 

1,500

 

 

1,610,850

 

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

 

 

860

 

 

840,779

 

Love Field Airport Modernization Corp.,
RB, Southwest Airlines Co. Project,
5.25%, 11/01/40

 

 

3,975

 

 

3,493,747

 

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

 

 

1,240

 

 

1,254,074

 

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

 

 

2,775

 

 

2,778,885

 

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

 

 

 

 

 

 

 

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

 

 

1,035

 

 

1,031,533

 

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

 

 

2,490

 

 

2,357,632

 

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

 

 

 

 

 

 

 

LBJ Infrastructure Group LLC, LBJ
Freeway Managed Lanes Project,
7.00%, 6/30/40

 

 

2,640

 

 

2,657,846

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

NTE Mobility Partners LLC, North
Tarrant Express Managed Lanes
Project, 6.88%, 12/31/39

 

$

2,330

 

$

2,322,567

 

Texas State Public Finance Authority,
Refunding, ERB, KIPP Inc., Series A
(ACA):

 

 

 

 

 

 

 

5.00%, 2/15/28

 

 

575

 

 

500,825

 

5.00%, 2/15/36

 

 

850

 

 

694,263

 

 

 

 

 

 

 

 

 

 

 

 

28,841,452

 

U.S. Virgin Islands — 1.2%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

2,978,100

 

Utah — 0.7%

 

 

 

 

 

 

 

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

 

 

1,660

 

 

1,662,955

 

Vermont — 0.3%

 

 

 

 

 

 

 

Vermont Economic Development
Authority, Refunding MRB, Wake
Robin Corp. Project, Series A (ACA),
6.30%, 3/01/33

 

 

950

 

 

838,955

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

1,410

 

 

1,316,066

 

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

 

 

 

 

 

 

 

5.13%, 10/01/37

 

 

585

 

 

498,713

 

5.13%, 10/01/42

 

 

450

 

 

375,669

 

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

 

 

40

 

 

32,352

 

 

 

 

 

 

 

 

 

 

 

 

2,222,800

 

Wisconsin — 2.1%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,855

 

 

1,466,359

 

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

 

 

3,695

 

 

3,110,746

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

250

 

 

247,080

 

7.63%, 9/15/39

 

 

505

 

 

504,758

 

 

 

 

 

 

 

 

 

 

 

 

5,328,943

 

Wyoming — 1.3%

 

 

 

 

 

 

 

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

 

 

3,600

 

 

3,392,856

 

Total Municipal Bonds – 94.3%

 

 

 

 

 

241,299,199

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011

5


 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (h)

 

Par
(000)

 

Value

 

District of Columbia — 1.6%

 

 

 

 

 

 

 

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

 

$

3,951

 

$

4,269,806

 

Florida — 3.2%

 

 

 

 

 

 

 

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

 

 

8,870

 

 

8,153,659

 

Virginia — 3.4%

 

 

 

 

 

 

 

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

 

 

8,690

 

 

8,692,867

 

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

 

 

 

 

 

21,116,332

 

Total Long-Term Investments
(Cost – $277,348,751) – 102.5%

 

 

 

 

 

262,415,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

4,352,003

 

 

4,352,003

 

Total Short-Term Securities
(Cost – $4,352,003) – 1.7%

 

 

 

 

 

4,352,003

 

Total Investments
(Cost – $281,700,754*) – 104.2%

 

 

 

 

 

266,767,534

 

Liabilities in Excess of Other Assets – 0.0%

 

 

 

 

 

(40,029

)

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

 

 

 

 

 

(10,764,542

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

255,962,963

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

271,004,131

 

 

 

Gross unrealized appreciation

 

$

7,903,217

 

Gross unrealized depreciation

 

 

(22,895,460

)

Net unrealized depreciation

 

$

(14,992,243

)

 

 

 

 

(a)

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

 

 

(b)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Goldman Sachs & Co.

 

$

2,647,891

 

$

32,987

 

(c)

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

 

(d)

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

 

(e)

Non-income producing security.

 

(f)

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

 

(g)

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

 

(h)

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

 

(i)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
April 30,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 

FFI Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax-Exempt

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund

 

 

149,925

 

 

4,202,078

 

 

4,352,003

 

$

3,806

 

 

 

(j)

Represents the current yield as of report date.

 

 

•

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


 

 

 

 

•

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

 

 

 

 

•

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

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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

The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

262,415,531

 

 

—

 

$

262,415,531

 

Short-Term
Securities

 

$

4,352,003

 

 

—

 

 

—

 

 

4,352,003

 

 

 

Total

 

$

4,352,003

 

$

262,415,531

 

 

—

 

$

266,767,534

 

 

 

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

 

 

 

6

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2011

Item 2 –

Controls and Procedures

 

 

2(a) –

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

 

 

2(b) –

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

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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

 

 

 

BlackRock MuniAssets Fund, Inc.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniAssets Fund, Inc.
   
  Date: March 25, 2011
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniAssets Fund, Inc.
   
  Date: March 25, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniAssets Fund, Inc.
     
  Date: March 25, 2011