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: 04/30/2012

 

Date of reporting period: 07/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments July 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

 

$

2,165

 

$

2,221,571

 

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

 

 

895

 

 

850,653

 

 

 

 

 

 

 

3,072,224

 

Alaska — 1.0%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset-Backed, Series A, 5.00%,
6/01/46

 

 

6,885

 

 

4,544,031

 

Arizona — 3.5%

 

 

 

 

 

 

 

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

 

 

2,120

 

 

1,644,166

 

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

 

 

7,750

 

 

6,588,740

 

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

 

 

2,255

 

 

2,259,465

 

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

 

 

660

 

 

639,956

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/32

 

 

1,840

 

 

1,665,163

 

5.00%, 12/01/37

 

 

1,350

 

 

1,208,331

 

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

 

 

575

 

 

577,944

 

University Medical Center Corp. Arizona,
RB:

 

 

 

 

 

 

 

6.25%, 7/01/29

 

 

820

 

 

852,619

 

6.50%, 7/01/39

 

 

500

 

 

514,600

 

 

 

 

 

 

 

15,950,984

 

Arkansas — 0.4%

 

 

 

 

 

 

 

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

 

 

1,740

 

 

1,684,598

 

California — 4.0%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,175

 

 

2,166,191

 

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

 

 

1,000

 

 

1,071,890

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

3,500

 

$

3,728,060

 

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

 

 

2,320

 

 

2,190,057

 

City of San Jose California, RB,
Convention Center Expansion &
Renovation Project:

 

 

 

 

 

 

 

6.50%, 5/01/36

 

 

900

 

 

934,785

 

6.50%, 5/01/42

 

 

2,220

 

 

2,294,192

 

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

 

 

5,195

 

 

5,675,174

 

 

 

 

 

 

 

18,060,349

 

Colorado — 1.4%

 

 

 

 

 

 

 

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

 

 

3,695

 

 

632,954

 

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

 

 

 

 

 

 

 

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

 

 

4,850

 

 

4,857,372

 

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

 

 

1,025

 

 

940,212

 

 

 

 

 

 

 

6,430,538

 

Connecticut — 1.5%

 

 

 

 

 

 

 

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

 

 

3,450

 

 

2,299,149

 

Mohegan Tribe of Indians of
Connecticut, RB, Public Improvement,
Priority Distribution:

 

 

 

 

 

 

 

6.25%, 1/01/31

 

 

4,395

 

 

3,525,669

 

5.25%, 1/01/33 (b)

 

 

1,500

 

 

1,037,280

 

 

 

 

 

 

 

6,862,098

 

 

Portfolio Abbreviations

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

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

IDA

Industrial Development Authority

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

SAN

State Aid Notes

TIF

Tax Increment Financing

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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 — 1.1%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,007,750

 

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

 

 

4,225

 

 

3,810,823

 

 

 

 

 

 

 

4,818,573

 

District of Columbia — 2.9%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

1,665

 

 

1,670,927

 

7.50%, 1/01/39

 

 

2,725

 

 

2,733,693

 

District of Columbia, Refunding RB,
Howard University, Series A, 6.50%,
10/01/41

 

 

3,725

 

 

3,871,690

 

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

 

 

1,785

 

 

1,822,521

 

Metropolitan Washington Airports
Authority, RB, CAB, 2nd Senior Lien,
Series B (AGC) (a):

 

 

 

 

 

 

 

6.56%, 10/01/30

 

 

7,000

 

 

2,159,150

 

6.77%, 10/01/39

 

 

5,000

 

 

813,600

 

 

 

 

 

 

 

13,071,581

 

Florida — 10.1%

 

 

 

 

 

 

 

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

 

 

1,065

 

 

1,071,433

 

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

 

 

1,180

 

 

1,128,847

 

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

 

 

455

 

 

433,979

 

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

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

4,500

 

 

4,092,210

 

Series B, 7.13%, 4/01/30

 

 

3,100

 

 

2,819,078

 

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

 

 

2,200

 

 

1,891,098

 

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

 

 

1,515

 

 

1,553,663

 

Lakewood Ranch Stewardship District,
Special Assessment Bonds, Lakewood
Center & New Sector Projects, 8.00%,
5/01/40

 

 

1,485

 

 

1,474,798

 

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

 

 

4,550

 

 

4,633,128

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A:

 

 

 

 

 

 

 

6.00%, 5/01/24

 

 

1,305

 

 

1,284,329

 

6.25%, 5/01/37

 

 

4,605

 

 

4,417,070

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

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

 

$

3,500

 

$

3,277,890

 

Santa Rosa Bay Bridge Authority, RB,
6.25%, 7/01/28 (c)(d)

 

 

5,180

 

 

1,787,100

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project:

 

 

 

 

 

 

 

5.50%, 1/01/27

 

 

955

 

 

868,868

 

5.50%, 1/01/32

 

 

1,345

 

 

1,185,752

 

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

 

 

615

 

 

621,427

 

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

 

 

3,935

 

 

3,091,572

 

Tampa Palms Open Space &
Transportation Community
Development District, RB, Capital
Improvement, Richmond Place
Project, 7.50%, 5/01/18

 

 

1,715

 

 

1,715,189

 

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

 

 

4,525

 

 

2,750,521

 

Village Community Development District
No. 9, Special Assessment Bonds:

 

 

 

 

 

 

 

6.75%, 5/01/31

 

 

2,000

 

 

2,060,180

 

7.00%, 5/01/41

 

 

3,230

 

 

3,353,386

 

 

 

 

 

 

 

45,511,518

 

Georgia — 3.3%

 

 

 

 

 

 

 

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

 

 

1,035

 

 

943,992

 

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

 

 

3,365

 

 

3,898,218

 

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

 

 

2,765

 

 

2,617,432

 

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

 

 

2,005

 

 

1,982,043

 

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

 

 

 

 

 

 

 

6.38%, 11/15/29

 

 

700

 

 

730,338

 

6.63%, 11/15/39

 

 

880

 

 

910,201

 

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

 

 

4,115

 

 

3,801,890

 

 

 

 

 

 

 

14,884,114

 

Guam — 0.9%

 

 

 

 

 

 

 

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

 

 

1,265

 

 

1,265,367

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Guam (concluded)

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

$

615

 

$

610,855

 

6.75%, 11/15/29

 

 

1,075

 

 

1,093,952

 

7.00%, 11/15/39

 

 

1,115

 

 

1,150,312

 

 

 

 

 

 

 

4,120,486

 

Illinois — 5.8%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

5,528,670

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

4,170

 

 

4,281,047

 

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

 

 

2,000

 

 

2,235,980

 

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

 

 

1,170

 

 

1,308,048

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,500

 

 

5,985

 

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

 

 

3,500

 

 

1,467,515

 

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

 

 

4,000

 

 

3,901,640

 

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

 

 

1,175

 

 

1,030,005

 

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

 

 

9,860

 

 

1,073,557

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,400

 

 

1,450,470

 

6.00%, 6/01/28

 

 

710

 

 

731,194

 

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

 

 

1,825

 

 

1,571,270

 

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

 

 

1,465

 

 

1,338,732

 

 

 

 

 

 

 

25,924,113

 

Indiana — 0.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.70%, 9/01/37

 

 

1,055

 

 

890,220

 

5.75%, 9/01/42

 

 

1,310

 

 

1,097,793

 

 

 

 

 

 

 

1,988,013

 

Kentucky — 0.6%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System:

 

 

 

 

 

 

 

Series A, 6.38%, 6/01/40

 

 

1,580

 

 

1,610,273

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Kentucky (concluded)

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System
(concluded):

 

 

 

 

 

 

 

Series B, 6.38%, 3/01/40

 

$

1,135

 

$

1,156,746

 

 

 

 

 

 

 

2,767,019

 

Louisiana — 1.6%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,221,700

 

Louisiana Public Facilities Authority, RB,
Belle Chasse Educational Foundation
Project, 6.75%, 5/01/41

 

 

1,855

 

 

1,916,271

 

 

 

 

 

 

 

7,137,971

 

Maine — 0.7%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Maine General
Medical Center, 6.75%, 7/01/41 (e)

 

 

2,955

 

 

2,935,999

 

Maryland — 2.6%

 

 

 

 

 

 

 

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

 

 

3,615

 

 

3,542,591

 

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

 

 

4,110

 

 

4,055,173

 

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

 

 

1,000

 

 

399,610

 

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

 

 

3,110

 

 

2,678,301

 

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

 

 

1,110

 

 

1,112,353

 

 

 

 

 

 

 

11,788,028

 

Massachusetts — 1.0%

 

 

 

 

 

 

 

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

 

 

1,025

 

 

1,075,471

 

Massachusetts Development Finance
Agency, Refunding RB:

 

 

 

 

 

 

 

Eastern Nazarene College,
5.63%, 4/01/19

 

 

40

 

 

39,301

 

Eastern Nazarene College,
5.63%, 4/01/29

 

 

80

 

 

70,334

 

Tufts Medical Center, Series I,
6.75%, 1/01/36

 

 

1,490

 

 

1,558,540

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

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

 

$

2,000

 

$

1,942,760

 

 

 

 

 

 

 

4,686,406

 

Michigan — 2.7%

 

 

 

 

 

 

 

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

 

 

1,525

 

 

1,276,044

 

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

 

 

900

 

 

934,128

 

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

 

 

3,000

 

 

2,692,020

 

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

 

 

6,310

 

 

7,284,832

 

 

 

 

 

 

 

12,187,024

 

Minnesota — 0.4%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

1,940,848

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

2,315

 

 

2,393,340

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

960

 

 

974,534

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,713,100

 

New Jersey — 6.7%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%,
6/15/29

 

 

3,180

 

 

3,151,730

 

Continental Airlines Inc.
Project, AMT, 6.63%, 9/15/12

 

 

4,050

 

 

4,099,491

 

Continental Airlines Inc.
Project, AMT, 6.25%, 9/15/19

 

 

2,000

 

 

1,985,400

 

Continental Airlines Inc.
Project, AMT, 6.40%, 9/15/23

 

 

1,000

 

 

992,840

 

Continental Airlines Inc.
Project, AMT, 6.25%, 9/15/29

 

 

4,330

 

 

4,133,375

 

Continental Airlines Inc.
Project, AMT, 9.00%
6/01/33 (f)

 

 

1,250

 

 

1,292,775

 

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

 

 

4,000

 

 

4,016,640

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B:

 

 

 

 

 

 

 

7.13%, 12/01/23

 

$

670

 

$

783,933

 

7.50%, 12/01/32

 

 

3,575

 

 

4,091,051

 

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

 

 

3,870

 

 

39

 

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

 

 

4,090

 

 

4,140,552

 

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

 

 

6,210

 

 

1,314,471

 

 

 

 

 

 

 

30,002,297

 

New York — 5.8%

 

 

 

 

 

 

 

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

 

 

3,695

 

 

3,630,707

 

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

 

 

1,000

 

 

978,260

 

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

 

 

1,400

 

 

1,369,564

 

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

 

 

5,685

 

 

6,576,067

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,765

 

 

1,839,236

 

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

 

 

4,130

 

 

4,179,890

 

Series C, 6.80%, 6/01/28

 

 

860

 

 

888,801

 

Special Needs Facilities
Pooled Program, Series C-1,
6.50%, 7/01/24

 

 

610

 

 

569,527

 

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

 

 

1,100

 

 

989,329

 

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

 

 

1,270

 

 

1,306,284

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
6.00%, 12/01/36

 

 

1,340

 

 

1,361,507

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

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

 

$

2,090

 

$

2,171,803

 

 

 

 

 

 

 

25,860,975

 

North Carolina — 1.6%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, First Mortgage,
Whitestone, Series A:

 

 

 

 

 

 

 

7.75%, 3/01/31

 

 

1,000

 

 

1,022,250

 

7.75%, 3/01/41

 

 

1,420

 

 

1,432,723

 

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

 

 

4,565

 

 

4,584,356

 

 

 

 

 

 

 

7,039,329

 

Ohio — 1.6%

 

 

 

 

 

 

 

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

 

 

3,350

 

 

2,736,983

 

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

 

 

4,880

 

 

4,557,286

 

 

 

 

 

 

 

7,294,269

 

Pennsylvania — 7.3%

 

 

 

 

 

 

 

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

 

 

5,345

 

 

4,494,397

 

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

 

 

 

 

 

 

 

6.13%, 1/01/25

 

 

1,360

 

 

1,290,232

 

6.25%, 1/01/35

 

 

1,550

 

 

1,390,815

 

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

 

 

6,165

 

 

6,246,255

 

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

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

1,160

 

 

1,150,499

 

6.50%, 7/01/40

 

 

1,665

 

 

1,628,803

 

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

 

 

2,330

 

 

2,015,683

 

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

 

 

3,250

 

 

2,719,112

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development,
7.75%, 12/01/17

 

 

8,000

 

 

8,006,000

 

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

 

 

3,870

 

 

3,690,819

 

 

 

 

 

 

 

32,632,615

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico — 0.8%

 

 

 

 

 

 

 

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

 

$

2,650

 

$

2,864,253

 

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

 

 

4,445

 

 

732,358

 

 

 

 

 

 

 

3,596,611

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

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

 

 

4,245

 

 

3,457,892

 

Tennessee — 0.4%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, Covenant, Series A
(AGM), 4.70%, 1/01/40 (a)

 

 

5,820

 

 

1,075,187

 

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

 

 

600

 

 

502,638

 

 

 

 

 

 

 

1,577,825

 

Texas — 12.4%

 

 

 

 

 

 

 

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

 

 

5,040

 

 

5,053,356

 

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

 

 

5,080

 

 

1,855,165

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

CAB, 7.48%, 1/01/28 (a)

 

 

1,000

 

 

345,900

 

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

 

 

2,000

 

 

638,740

 

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

 

 

1,170

 

 

346,858

 

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

 

 

2,000

 

 

547,800

 

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

 

 

3,500

 

 

887,985

 

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

 

 

3,690

 

 

864,567

 

CAB, 7.79%, 1/01/34 (a)

 

 

4,000

 

 

872,040

 

Senior Lien, 5.75%, 1/01/25

 

 

675

 

 

699,098

 

Senior Lien, 6.25%, 1/01/46

 

 

2,210

 

 

2,202,110

 

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

 

 

4,550

 

 

4,551,866

 

Danbury Higher Education Authority Inc.,
RB, A.W. Brown Fellowship Charter,
Series A (ACA), 5.13%, 8/15/36

 

 

1,000

 

 

1,164,260

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B:

 

 

 

 

 

 

 

7.13%, 12/01/31

 

 

1,500

 

 

1,670,295

 

7.25%, 12/01/35

 

 

1,110

 

 

1,229,414

 

Houston Higher Education Finance
Corp., RB, Cosmos Foundation, Inc.,
Series A, 6.88%, 5/15/41

 

 

595

 

 

624,530

 

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

 

 

860

 

 

882,515

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

2,975

 

$

2,815,540

 

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

 

 

2,090

 

 

2,204,992

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

CAB, Special Projects System,
Series B, 7.55%, 9/01/37 (a)

 

 

2,110

 

 

378,597

 

Toll 2nd Tier, Series F, 6.13%,
1/01/31

 

 

4,425

 

 

4,568,768

 

Sabine River Authority Texas, Refunding
RB, TXU Electric Co. Project, Series A,
Mandatory Put Bonds, 5.50%,
5/01/22 (f)

 

 

3,230

 

 

3,179,257

 

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

 

 

 

 

 

 

 

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

 

 

1,745

 

 

1,747,024

 

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

 

 

4,200

 

 

4,261,950

 

Texas Private Activity Bond Surface
Transportation Corp., RB:

 

 

 

 

 

 

 

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

 

 

4,455

 

 

4,736,823

 

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

 

 

3,935

 

 

4,146,467

 

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

 

 

 

 

 

 

 

5.00%, 2/15/28

 

 

2,825

 

 

2,609,198

 

5.00%, 2/15/36

 

 

850

 

 

740,520

 

 

 

 

 

 

 

55,825,635

 

US Virgin Islands — 1.1%

 

 

 

 

 

 

 

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

 

 

5,100

 

 

5,040,738

 

Utah — 0.9%

 

 

 

 

 

 

 

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

 

 

3,900

 

 

3,914,313

 

Vermont — 0.3%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,471,104

 

Virginia — 1.5%

 

 

 

 

 

 

 

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

 

 

3,635

 

 

3,634,564

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Virginia (concluded)

 

 

 

 

 

 

 

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

 

$

40

 

$

34,685

 

Mosaic District Community
Development Authority, Special
Assessment Bonds, Series A:

 

 

 

 

 

 

 

6.63%, 3/01/26

 

 

1,485

 

 

1,521,383

 

6.88%, 3/01/36

 

 

1,300

 

 

1,334,281

 

 

 

 

 

 

 

6,524,913

 

Wisconsin — 2.1%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

3,175

 

 

2,510,441

 

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

 

 

6,235

 

 

5,534,311

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

425

 

 

430,984

 

7.63%, 9/15/39

 

 

855

 

 

867,628

 

 

 

 

 

 

 

9,343,364

 

Total Municipal Bonds – 91.0%

 

 

 

 

 

409,029,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (g)

 

 

 

 

 

 

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

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

 

 

6,681

 

 

7,662,986

 

Florida — 3.3%

 

 

 

 

 

 

 

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

 

 

15,000

 

 

14,672,100

 

Illinois — 1.6%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, Carle
Foundation, Series A (AGM), 6.00%,
8/15/41

 

 

7,180

 

 

7,381,471

 

New York — 4.8%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, Water & Sewer, RB:

 

 

 

 

 

 

 

Second General Resolution,
Series EE, 5.50%, 6/15/43

 

 

7,605

 

 

8,199,255

 

Second General Resolution,
Series HH, 5.00%, 6/15/31

 

 

8,609

 

 

9,139,213

 

New York State Dormitory Authority,
ERB, Series F, 5.00%, 3/15/35

 

 

4,004

 

 

4,081,270

 

 

 

 

 

 

 

21,419,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

6


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (g)

 

Par
(000)

 

Value

 

Virginia — 3.2%

 

 

 

 

 

 

 

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

 

$

14,400

 

$

14,407,776

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts –
14.6%

 

 

 

 

 

65,544,071

 

Total Long-Term Investments
(Cost – $477,999,198) – 105.6%

 

 

 

 

 

474,573,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (h)(i)

 

 

4,808,459

 

 

4,808,459

 

 

 

 

 

 

 

 

 


 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, Series A-1, 6.45%,
2/20/12

 

$

3,400

 

 

3,458,310

 

Total Short-Term Securities
(Cost – $8,208,459) – 1.8%

 

 

 

 

 

8,266,769

 

Total Investments
(Cost – $486,207,657*) – 107.4%

 

 

 

 

 

482,840,209

 

Other Assets Less Liabilities – 0.4%

 

 

 

 

 

1,663,245

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (7.8)%

 

 

 

 

 

(35,122,533

)

Net Assets – 100.0%

 

 

 

 

$

449,380,921

 

 

 

 

*

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


 

 

 

 

 

 

 

Aggregate cost

 

$

450,957,113

 

 

Gross unrealized appreciation

 

$

22,314,087

 

 

Gross unrealized depreciation

 

 

(25,540,434

)

 

Net unrealized depreciation

 

$

(3,226,347

)

 

 

(a)

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

 

 

(b)

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.

 

 

(c)

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

 

 

(d)

Non-income producing security.

 

 

(e)

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


 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Bank of America Merrill Lynch

 

$

2,935,999

 

$

73,343

 

 

 

(f)

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

 

 

(g)

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

 

 

(h)

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, 2011

 

Net
Activity

 

Shares
Held at
July 31, 2011

 

Income

 

 

FFI Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax-Exempt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund

 

 

1,560,240

 

 

3,248,219

 

 

4,808,459

 

$

669

 

 

 

(i)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of July 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

 

Notional
Value

 

 

Unrealized
Depreciation

 

 

 

10-Year US

 

Chicago

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

Board of

 

September

 

 

 

 

 

 

 

87

 

Note

 

Trade

 

2011

 

$

10,657,561

 

$

(277,251

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized in three broad levels for financial reporting purposes 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 and derivative financial instruments)

 

 

 

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statement as contained in its annual report.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)

 

(Percentages shown are based on Net Assets)


The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

474,573,440

 

 

—

 

$

474,573,440

 

Short-Term Securities

 

$

4,808,459

 

 

3,458,310

 

 

—

 

 

8,266,769

 

Total

 

$

4,808,459

 

$

478,031,750

 

 

—

 

$

482,840,209

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilites:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(277,251

)

 

—

 

 

—

 

$

(277,251

)

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2011

8

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: September 26, 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: September 26, 2011 

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews 

 

 

Chief Financial Officer (principal financial officer) of 

 

 

BlackRock MuniAssets Fund, Inc. 

 

 

 

 

Date: September 26, 2011