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: 01/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2012 (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

 

$

2,402,349

 

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

 

 

895

 

 

869,099

 

 

 

 

 

 

 

3,271,448

 

Alaska — 1.7%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset-Backed, Series A:

 

 

 

 

 

 

 

4.63%, 6/01/23

 

 

1,890

 

 

1,853,145

 

5.00%, 6/01/32

 

 

1,500

 

 

1,228,980

 

5.00%, 6/01/46

 

 

6,885

 

 

5,067,842

 

 

 

 

 

 

 

8,149,967

 

Arizona — 3.4%

 

 

 

 

 

 

 

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

 

 

2,120

 

 

1,683,089

 

Phoenix IDA Arizona, ERB, Great Hearts
Academies - Veritas Project:

 

 

 

 

 

 

 

6.30%, 7/01/42

 

 

500

 

 

502,645

 

6.40%, 7/01/47

 

 

425

 

 

427,597

 

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

 

 

7,750

 

 

6,749,165

 

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

 

 

2,255

 

 

2,260,164

 

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

 

 

660

 

 

660,264

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/32

 

 

1,840

 

 

1,832,806

 

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

 

 

450

 

 

453,424

 

University Medical Center Corp. Arizona,
RB:

 

 

 

 

 

 

 

6.25%, 7/01/29

 

 

820

 

 

943,041

 

6.50%, 7/01/39

 

 

500

 

 

564,125

 

 

 

 

 

 

 

16,076,320

 

Arkansas — 0.4%

 

 

 

 

 

 

 

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

 

 

1,740

 

 

1,745,498

 

California — 2.7%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,175

 

 

2,284,055

 

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

 

 

1,000

 

 

1,132,240

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

2,320

 

$

2,333,062

 

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

 

 

 

 

 

 

 

6.50%, 5/01/36

 

 

900

 

 

1,014,552

 

6.50%, 5/01/42

 

 

2,220

 

 

2,491,972

 

Tobacco Securitization Authority of
Southern California, Refunding RB,
Series A1-SNR, 5.00%, 6/01/37

 

 

4,860

 

 

3,469,165

 

 

 

 

 

 

 

12,725,046

 

Colorado — 1.5%

 

 

 

 

 

 

 

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

 

 

3,695

 

 

848,076

 

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

 

 

 

 

 

 

 

8.00%, 12/01/25

 

 

4,850

 

 

5,012,330

 

Subordinate, 8.13%, 12/01/25

 

 

1,025

 

 

996,228

 

 

 

 

 

 

 

6,856,634

 

Connecticut — 0.9%

 

 

 

 

 

 

 

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

 

 

3,450

 

 

2,071,484

 

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

 

 

 

 

 

 

 

6.25%, 1/01/31

 

 

1,370

 

 

1,132,620

 

5.25%, 1/01/33 (b)

 

 

1,500

 

 

1,056,705

 

 

 

 

 

 

 

4,260,809

 

Delaware — 1.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,036,740

 

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

 

 

3,625

 

 

3,660,960

 

 

 

 

 

 

 

4,697,700

 

District of Columbia — 2.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

1,665

 

 

1,709,572

 

7.50%, 1/01/39

 

 

2,725

 

 

2,797,648

 

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

 

 

1,785

 

 

1,934,155

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

District of Columbia (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.56%, 10/01/30

 

$

7,000

 

$

2,769,270

 

6.78%, 10/01/39

 

 

5,000

 

 

1,145,750

 

 

 

 

 

 

 

10,356,395

 

Florida — 10.8%

 

 

 

 

 

 

 

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

 

 

4,500

 

 

4,502,835

 

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

 

 

455

 

 

455,168

 

Hillsborough County IDA, RB, AMT
National Gypsum Co:

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

4,500

 

 

4,185,900

 

Series B, 7.13%, 4/01/30

 

 

3,100

 

 

2,883,620

 

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

 

 

4,500

 

 

4,260,195

 

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

 

 

1,365

 

 

1,461,560

 

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

 

 

1,485

 

 

1,547,697

 

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

 

 

4,550

 

 

4,862,266

 

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

 

 

 

 

 

 

 

6.00%, 5/01/24

 

 

1,305

 

 

1,319,055

 

6.25%, 5/01/37

 

 

4,605

 

 

4,641,932

 

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

 

 

3,500

 

 

3,633,035

 

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

 

 

5,180

 

 

1,812,896

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project, 5.50%, 1/01/27

 

 

955

 

 

990,526

 

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

 

 

3,885

 

 

3,332,165

 

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

 

 

1,715

 

 

1,716,183

 

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

 

 

4,525

 

 

1,919,596

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.75%, 5/01/31

 

$

2,000

 

$

2,239,180

 

7.00%, 5/01/41

 

 

3,230

 

 

3,617,019

 

5.50%, 5/01/42 (e)

 

 

1,380

 

 

1,394,959

 

 

 

 

 

 

 

50,775,787

 

Georgia — 3.0%

 

 

 

 

 

 

 

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

 

 

1,035

 

 

1,019,403

 

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

 

 

3,365

 

 

3,892,699

 

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

 

 

2,765

 

 

2,792,263

 

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

 

 

2,005

 

 

2,149,200

 

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

 

 

 

 

 

 

 

6.38%, 11/15/29

 

 

700

 

 

793,583

 

6.63%, 11/15/39

 

 

880

 

 

972,435

 

Private Colleges & Universities Authority,
RB, Mercer University Project, Series A:

 

 

 

 

 

 

 

5.25%, 10/01/27

 

 

1,790

 

 

1,907,191

 

5.00%, 10/01/32

 

 

855

 

 

862,772

 

 

 

 

 

 

 

14,389,546

 

Guam — 1.0%

 

 

 

 

 

 

 

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

 

 

1,265

 

 

1,291,881

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

615

 

 

676,697

 

6.75%, 11/15/29

 

 

1,485

 

 

1,580,842

 

7.00%, 11/15/39

 

 

1,115

 

 

1,180,941

 

 

 

 

 

 

 

4,730,361

 

Illinois — 4.9%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

1,856,190

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

4,170

 

 

4,530,747

 

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

 

 

2,000

 

 

2,492,220

 

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

 

 

1,170

 

 

1,457,949

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

2


 

 

 

 

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:

 

 

 

 

 

 

 

CAB Clare Water Tower, Series B,
5.00%, 5/15/50 (a)(c)(d)

 

$

1,500

 

$

2,700

 

Clare Water Tower, Series A-7,
6.13%, 5/15/41 (c)(d)

 

 

3,500

 

 

524,475

 

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

 

 

4,000

 

 

4,040,960

 

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

 

 

1,175

 

 

1,094,724

 

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

 

 

9,860

 

 

1,517,158

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,400

 

 

1,597,288

 

6.00%, 6/01/28

 

 

710

 

 

796,137

 

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

 

 

1,800

 

 

1,679,760

 

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

 

 

1,465

 

 

1,426,456

 

 

 

 

 

 

 

23,016,764

 

Kentucky — 1.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 6/01/40

 

 

1,580

 

 

1,744,573

 

6.50%, 3/01/45

 

 

2,000

 

 

2,225,300

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System
Series B, 6.38%, 3/01/40

 

 

1,135

 

 

1,253,221

 

 

 

 

 

 

 

5,223,094

 

Louisiana — 1.6%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,398,450

 

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

 

 

1,855

 

 

2,013,454

 

 

 

 

 

 

 

7,411,904

 

Maine — 0.7%

 

 

 

 

 

 

 

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

 

 

2,955

 

 

3,189,686

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maryland — 2.6%

 

 

 

 

 

 

 

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

 

$

3,615

 

$

3,729,270

 

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

 

 

4,785

 

 

4,959,748

 

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

 

 

1,000

 

 

437,530

 

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

 

 

3,110

 

 

3,159,574

 

 

 

 

 

 

 

12,286,122

 

Massachusetts — 1.0%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB:

 

 

 

 

 

 

 

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

 

 

40

 

 

40,004

 

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

 

 

80

 

 

75,739

 

Foxborough Regional Charter
School, Series A, 7.00%,
7/01/42

 

 

1,025

 

 

1,123,082

 

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

 

 

1,490

 

 

1,672,242

 

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

 

 

2,000

 

 

2,020,240

 

 

 

 

 

 

 

4,931,307

 

Michigan — 2.3%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

2,995,830

 

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

 

 

6,310

 

 

7,803,072

 

 

 

 

 

 

 

10,798,902

 

Minnesota — 0.4%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

2,086,897

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

2,315

 

 

2,453,993

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

955

 

 

988,492

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 7.5%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.75%, 6/15/29

 

$

3,180

 

$

3,322,909

 

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

 

 

4,050

 

 

4,121,928

 

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

 

 

2,000

 

 

1,999,800

 

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

 

 

4,330

 

 

4,311,338

 

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

 

 

1,250

 

 

1,281,575

 

Kapkowski Road Landfill
Project, Series 1998B-MB,
AMT, 6.50%, 4/01/31

 

 

2,250

 

 

2,387,475

 

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

 

 

4,000

 

 

4,017,880

 

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

 

 

 

 

 

 

 

7.13%, 12/01/23

 

 

670

 

 

834,338

 

7.50%, 12/01/32

 

 

3,575

 

 

4,368,292

 

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:

 

 

 

 

 

 

 

Barnabas Health, Series A,
5.63%, 7/01/37

 

 

2,650

 

 

2,783,215

 

St. Joseph’s Healthcare System,
6.63%, 7/01/38

 

 

4,090

 

 

4,206,688

 

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

 

 

6,210

 

 

1,843,811

 

 

 

 

 

 

 

35,479,288

 

New York — 5.7%

 

 

 

 

 

 

 

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

 

 

3,695

 

 

3,800,086

 

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

 

 

1,000

 

 

1,011,410

 

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

 

 

1,400

 

 

1,415,974

 

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

 

 

5,685

 

 

7,083,396

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,765

 

 

1,590,000

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB (concluded):

 

 

 

 

 

 

 

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

 

$

4,130

 

$

4,132,478

 

Series C, 6.80%, 6/01/28

 

 

860

 

 

891,046

 

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

 

 

610

 

 

599,227

 

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

 

 

1,100

 

 

1,050,687

 

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

 

 

1,374,775

 

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

 

 

1,340

 

 

1,450,550

 

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

 

 

2,090

 

 

2,321,008

 

 

 

 

 

 

 

26,720,637

 

North Carolina — 1.6%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB:

 

 

 

 

 

 

 

First Mortgage, Deerfield, Series
A, 6.13%, 11/01/38

 

 

4,565

 

 

4,845,017

 

First Mortgage, Whitestone,
Series A, 7.75%, 3/01/31

 

 

1,000

 

 

1,069,800

 

First Mortgage, Whitestone,
Series A, 7.75%, 3/01/41

 

 

1,420

 

 

1,500,827

 

 

 

 

 

 

 

7,415,644

 

Ohio — 1.6%

 

 

 

 

 

 

 

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

 

 

3,350

 

 

2,636,617

 

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

 

 

4,880

 

 

4,888,638

 

 

 

 

 

 

 

7,525,255

 

Pennsylvania — 7.1%

 

 

 

 

 

 

 

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

 

 

5,345

 

 

4,359,061

 

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

 

 

 

 

 

 

 

6.13%, 1/01/25

 

 

1,360

 

 

1,364,461

 

6.25%, 1/01/35

 

 

1,550

 

 

1,528,548

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

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

 

$

6,165

 

$

6,629,163

 

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

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

1,160

 

 

1,193,385

 

6.50%, 7/01/40

 

 

1,665

 

 

1,701,364

 

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

 

 

2,330

 

 

2,169,486

 

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

 

 

3,250

 

 

2,883,205

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development,
7.75%, 12/01/17

 

 

8,000

 

 

8,009,360

 

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

 

 

3,870

 

 

3,777,700

 

 

 

 

 

 

 

33,615,733

 

Puerto Rico — 0.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series C, 6.53%,
8/01/38 (a)

 

 

4,445

 

 

1,018,038

 

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

 

 

2,650

 

 

3,122,601

 

 

 

 

 

 

 

4,140,639

 

Rhode Island — 0.7%

 

 

 

 

 

 

 

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

 

 

4,245

 

 

3,391,713

 

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

 

 

1,440,043

 

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

 

 

575

 

 

508,024

 

 

 

 

 

 

 

1,948,067

 

Texas — 12.9%

 

 

 

 

 

 

 

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

 

 

5,040

 

 

5,443,906

 

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

 

 

5,080

 

 

927,303

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

428,230

 

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

 

 

2,000

 

 

802,700

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (continued)

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB (continued):

 

 

 

 

 

 

 

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

 

$

1,170

 

$

436,457

 

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

 

 

2,000

 

 

700,960

 

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

 

 

3,500

 

 

1,142,680

 

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

 

 

3,690

 

 

1,129,657

 

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

 

 

4,000

 

 

1,142,480

 

Senior Lien, 5.75%, 1/01/25

 

 

675

 

 

730,647

 

Senior Lien, 6.25%, 1/01/46

 

 

2,210

 

 

2,365,650

 

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

 

 

4,550

 

 

4,573,706

 

City of Houston Texas, Refunding RB,
Special Facilities, Continental Airlines
Inc. Terminal Projects, AMT, 6.63%,
7/15/38

 

 

2,890

 

 

2,937,512

 

Clifton Higher Education Finance Corp.,
ERB, Idea Public Schools:

 

 

 

 

 

 

 

5.50%, 8/15/31

 

 

955

 

 

1,000,448

 

5.75%, 8/15/41

 

 

720

 

 

753,876

 

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

 

 

1,000

 

 

1,172,540

 

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

 

 

 

 

 

 

 

7.13%, 12/01/31

 

 

1,500

 

 

1,803,585

 

7.25%, 12/01/35

 

 

1,110

 

 

1,320,833

 

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

 

 

595

 

 

664,371

 

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

 

 

860

 

 

937,434

 

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

 

 

1,500

 

 

1,521,945

 

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

 

 

2,090

 

 

2,400,741

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

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

 

 

2,110

 

 

492,685

 

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

 

 

4,425

 

 

4,875,509

 

Red River Health Facilities Development
Corp., RB, Eden Home Inc. Project,
7.25%, 12/15/42 (e)

 

 

2,895

 

 

2,884,028

 

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

 

 

 

 

 

 

 

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

 

 

1,745

 

 

1,810,717

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

4,200

 

$

4,367,496

 

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

 

 

 

 

 

 

 

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

 

 

4,455

 

 

5,018,379

 

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

 

 

3,000

 

 

3,336,930

 

Texas State Public Finance Authority, RB,
Charter School Finance Corp., Series A,
5.38%, 2/15/37

 

 

1,000

 

 

1,000,940

 

Texas State Public Finance Authority,
Refunding ERB, KIPP Inc., Series A
(ACA), 5.00%, 2/15/28

 

 

2,825

 

 

2,849,973

 

 

 

 

 

 

 

60,974,318

 

US Virgin Islands — 1.1%

 

 

 

 

 

 

 

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

 

 

5,100

 

 

5,100,051

 

Vermont — 0.3%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,547,424

 

Virginia — 1.4%

 

 

 

 

 

 

 

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

 

 

3,635

 

 

3,637,072

 

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

 

 

40

 

 

38,155

 

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

 

 

 

 

 

 

 

6.63%, 3/01/26

 

 

1,485

 

 

1,606,413

 

6.88%, 3/01/36

 

 

1,300

 

 

1,406,093

 

 

 

 

 

 

 

6,687,733

 

Washington — 0.3%

 

 

 

 

 

 

 

King County, Washington Public Hospital
District No. 4, Refunding GO,
Snoqualmie Valley Hospital, 7.00%,
12/01/40

 

 

1,455

 

 

1,498,548

 

Wisconsin — 2.1%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

3,175

 

 

2,302,161

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin (concluded)

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB (concluded):

 

 

 

 

 

 

 

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

 

$

6,235

 

$

6,259,815

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

425

 

 

460,139

 

7.63%, 9/15/39

 

 

855

 

 

929,761

 

 

 

 

 

 

 

9,951,876

 

Total Municipal Bonds – 88.2%

 

 

 

 

 

416,419,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

District of Columbia — 1.8%

 

 

 

 

 

 

 

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

 

 

6,681

 

 

8,345,147

 

Florida — 3.3%

 

 

 

 

 

 

 

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

 

 

15,000

 

 

15,817,500

 

Illinois — 1.7%

 

 

 

 

 

 

 

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

 

 

7,180

 

 

8,138,745

 

New York — 10.2%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
Series A, 5.75%, 2/15/47

 

 

4,520

 

 

5,107,214

 

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

 

 

 

 

 

 

 

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

 

 

7,605

 

 

8,825,374

 

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

 

 

8,609

 

 

10,013,875

 

New York Liberty Development Corp., RB,
1 World Trade Center Port Authority
Construction, 5.25%, 12/15/43

 

 

10,920

 

 

12,405,448

 

New York Liberty Development Corp.,
Refunding RB, 4 World Trade Center
Project, 5.75%, 11/15/51

 

 

6,600

 

 

7,510,338

 

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

 

 

4,004

 

 

4,346,160

 

 

 

 

 

 

 

48,208,409

 

Washington — 1.9%

 

 

 

 

 

 

 

Bellingham Washington, Water & Sewer,
RB, 5.00%, 8/01/40

 

 

7,966

 

 

8,904,554

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

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)

 

 

 

Value

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 18.9%

 

 

 

 

$

89,414,355

 

Total Long-Term Investments
(Cost – $488,233,776) – 107.1%

 

 

 

 

 

505,833,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

9,876,260

 

 

9,876,260

 

 

 

 

 

 

 

 

 

 

 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB, SAN,
Detroit Schools, 6.45%, 2/20/2012

 

$

3,400

 

 

3,400,000

 

Total Short-Term Securities
(Cost – $13,276,260) – 2.8%

 

 

 

 

 

13,276,260

 

Total Investments (Cost - $501,510,036*) – 109.9%

 

 

 

 

 

519,110,213

 

Liabilities in Excess of Other Assets – (0.4)%

 

 

 

 

 

(1,814,970

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (9.5)%

 

 

 

 

 

(44,752,511

)

Net Assets – 100.0%

 

 

 

 

$

472,542,732

 

 

 

 

*

As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax Cost

 

$

457,538,120

 

Gross unrealized appreciation

 

$

43,508,476

 

Gross unrealized depreciation

 

 

(26,666,809

)

Net unrealized appreciation

 

$

16,841,667

 

 

 

(a)

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

 

 

(b)

Security exempt from registration pursuant to Rule 144A under 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

 

BB & T Capital Markets

 

$

2,884,028

 

$

24,579

 

Citigroup Global Markets

 

$

1,394,959

 

$

14,959

 

 

 

(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
January 31,
2012

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

1,560,240

 

 

8,316,020

 

 

9,876,260

 

$

963

 

 

 

(i)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of January 31, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

108

 

10-Year US Treasury Note

 

Chicago Board of Trade

 

March 2012

 

$

14,283,000

 

$

(189,205

)

 

 

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

IDA

Industrial Development Authority

MRB

Mortgage Revenue Bonds

RB

Revenue Bonds

SAN

State Aid Notes

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted 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)

 

 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 statements as contained in its semi-annual report.

 

 

 

The following tables summarize the inputs used as of January 31, 2012 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

 

 

—

 

$

505,833,953

 

 

—

 

$

505,833,953

 

Short-Term Securities

 

$

9,876,260

 

 

3,400,000

 

 

—

 

 

13,276,260

 

Total

 

$

9,876,260

 

$

509,233,953

 

 

—

 

$

519,110,213

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(189,205

)

 

—

 

 

—

 

$

(189,205

)

 

 

 

 

2

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JANUARY 31, 2012

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: March 23, 2012
   
  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 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniAssets Fund, Inc.
     
  Date: March 23, 2012