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: 04/30/2013

 

Date of reporting period: 07/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments July 31, 2012 (Unaudited)

BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.3%

 

 

 

 

 

 

 

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

 

$

2,165

 

$

2,509,776

 

County of Jefferson Alabama, RB, Series A:

 

 

 

 

 

 

 

5.25%, 1/01/17

 

 

895

 

 

898,052

 

5.25%, 1/01/19

 

 

2,000

 

 

2,002,200

 

5.50%, 1/01/21

 

 

1,215

 

 

1,219,399

 

 

 

 

 

 

 

6,629,427

 

Alaska — 1.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

4.63%, 6/01/23

 

 

1,725

 

 

1,719,808

 

5.00%, 6/01/32

 

 

1,500

 

 

1,283,820

 

5.00%, 6/01/46

 

 

4,885

 

 

3,831,940

  

 

 

 

 

 

 

6,835,568

 

Arizona — 3.0%

 

 

 

 

 

 

 

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

 

 

1,820

 

 

1,476,366

 

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

 

 

 

 

 

 

 

6.30%, 7/01/42

 

 

500

 

 

532,795

 

6.40%, 7/01/47

 

 

425

 

 

453,131

 

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

 

 

7,750

 

 

6,833,097

 

Pima County IDA Arizona, ERB, Arizona
Charter School Project:

 

 

 

 

 

 

 

Series A, 6.75%, 7/01/31

 

 

490

 

 

491,338

 

Series E, 7.25%, 7/01/31

 

 

2,255

 

 

2,265,441

 

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

 

 

450

 

 

454,302

 

Tempe IDA, Refunding RB, Friendship
Village of Tempe, Series A, 6.25%,
12/01/42

 

 

720

 

 

775,008

 

University Medical Center Corp. Arizona, RB:

 

 

 

 

 

 

 

6.25%, 7/01/29

 

 

820

 

 

949,256

 

6.50%, 7/01/39

 

 

500

 

 

579,440

  

 

 

 

 

 

 

14,810,174

 

California — 4.5%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, RB, Series A,
5.00%, 4/01/42

 

 

1,745

 

 

1,910,042

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,175

 

 

2,361,419

 

Eskaton Properties, Inc.,
5.25%, 11/15/34

 

 

1,595

 

 

1,669,774

 

 

 

 

 

 

 

 

 

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

 

$

2,362,479

 

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

 

 

 

 

 

 

 

6.50%, 5/01/36

 

 

900

 

 

1,048,761

 

6.50%, 5/01/42

 

 

2,220

 

 

2,584,635

 

Foothill Eastern Transportation Corridor
Agency California, Refunding RB, CAB,
6.07%, 1/15/33 (a)

 

 

12,450

 

 

3,663,911

 

San Marcos County Unified School
District, GO, CAB, Series B (a):

 

 

 

 

 

 

 

5.10%, 8/01/40

 

 

5,000

 

 

1,220,600

 

5.15%, 8/01/51

 

 

12,050

 

 

1,659,285

 

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

 

 

4,860

 

 

3,886,250

  

 

 

 

 

 

 

22,367,156

 

Colorado — 1.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

8.00%, 12/01/25

 

 

4,850

 

 

5,031,584

 

Subordinate, 8.13%,
12/01/25

 

 

1,025

 

 

1,024,898

  

 

 

 

 

 

 

6,056,482

 

Connecticut — 1.0%

 

 

 

 

 

 

 

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

 

 

3,450

 

 

2,126,097

 

Mohegan Tribe of Indians of Connecticut,
RB, Public Improvement, Priority
Distribution, 5.25%, 1/01/33 (d)

 

 

1,500

 

 

1,393,485

 

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

 

 

1,370

 

 

1,370,685

 

 

 

 

 

 

 

4,890,267

 

Delaware — 1.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,135,530

 

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

 

 

3,625

 

 

3,923,990

 

 

 

 

 

 

 

5,059,520

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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 — 1.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

$

1,665

 

$

1,736,628

 

7.50%, 1/01/39

 

 

1,615

 

 

1,683,056

 

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

 

 

2,785

 

 

3,039,020

 

 

 

 

 

 

 

6,458,704

 

Florida — 10.4%

 

 

 

 

 

 

 

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

 

 

4,500

 

 

4,548,240

 

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

 

 

455

 

 

455,223

 

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

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

4,500

 

 

4,502,970

 

Series B, 7.13%, 4/01/30

 

 

1,560

 

 

1,560,468

 

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

 

 

4,500

 

 

4,501,170

 

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

 

 

1,365

 

 

1,555,322

 

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

 

 

1,485

 

 

1,629,565

 

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

 

 

4,550

 

 

5,743,055

 

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

 

 

 

 

 

 

 

6.00%, 5/01/24

 

 

1,240

 

 

1,263,126

 

6.25%, 5/01/37

 

 

4,605

 

 

4,709,948

 

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

 

 

3,500

 

 

3,812,935

 

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

 

 

5,180

 

 

2,007,302

 

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

 

 

955

 

 

1,009,817

 

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

 

 

3,885

 

 

3,555,202

 

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

 

 

1,520

 

 

1,521,702

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Tolomato Community Development
District, Special Assessment Bonds,
6.65%, 5/01/40 (b)(c)

 

$

4,525

 

$

2,037,834

 

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

 

 

 

 

 

 

 

6.75%, 5/01/31

 

 

1,990

 

 

2,293,614

 

7.00%, 5/01/41

 

 

3,225

 

 

3,726,520

 

5.50%, 5/01/42

 

 

1,380

 

 

1,456,052

  

 

 

 

 

 

 

51,890,065

 

Georgia — 3.0%

 

 

 

 

 

 

 

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

 

 

1,035

 

 

1,050,370

 

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

 

 

3,365

 

 

4,137,402

 

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

 

 

2,765

 

 

2,866,420

 

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

 

 

2,005

 

 

2,252,537

 

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

 

 

 

 

 

 

 

6.38%, 11/15/29

 

 

700

 

 

801,780

 

6.63%, 11/15/39

 

 

880

 

 

1,000,895

 

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

 

 

 

 

 

 

 

5.25%, 10/01/27

 

 

1,790

 

 

1,981,924

 

5.00%, 10/01/32

 

 

855

 

 

907,215

 

 

 

 

 

 

 

14,998,543

 

Guam — 0.6%

 

 

 

 

 

 

 

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

 

 

1,265

 

 

1,304,759

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

615

 

 

676,949

 

7.00%, 11/15/39

 

 

1,115

 

 

1,259,147

 

 

 

 

 

 

 

3,240,855

 

Illinois — 4.7%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

4,550,070

 

Illinois Finance Authority, RB, Roosevelt
University Project, 6.50%, 4/01/44

 

 

4,170

 

 

4,686,621

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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, 4.46%, 5/15/50
(a)(b)(c)

 

$

1,500

 

$

283,650

 

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

 

 

3,500

 

 

780,430

 

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

 

 

4,000

 

 

4,402,520

 

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

 

 

1,175

 

 

1,183,918

 

Metropolitan Pier & Exposition Authority,
Refunding RB, CAB, McCormick Place
Expansion Project, Series B (AGM),
5.16%, 6/15/46 (a)

 

 

9,860

 

 

1,755,672

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,400

 

 

1,633,688

 

6.00%, 6/01/28

 

 

710

 

 

826,234

 

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

 

 

1,800

 

 

1,821,150

 

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

 

 

1,465

 

 

1,470,772

 

 

 

 

 

 

 

23,394,725

 

Kentucky — 1.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 6/01/40

 

 

1,580

 

 

1,859,170

 

6.50%, 3/01/45

 

 

2,000

 

 

2,370,200

 

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

 

 

1,135

 

 

1,335,543

 

 

 

 

 

 

 

5,564,913

 

Louisiana — 1.6%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,619,750

 

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

 

 

1,855

 

 

2,132,972

 

 

 

 

 

 

 

7,752,722

 

Maine — 0.7%

 

 

 

 

 

 

 

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

 

 

2,955

 

 

3,445,855

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maryland — 2.6%

 

 

 

 

 

 

 

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

 

$

3,615

 

$

3,941,435

 

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

 

 

4,785

 

 

5,179,619

 

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

 

 

1,000

 

 

400,000

 

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

 

 

3,110

 

 

3,364,211

 

 

 

 

 

 

 

12,885,265

 

Massachusetts — 0.6%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB:

 

 

 

 

 

 

 

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

 

 

35

 

 

35,022

 

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

 

 

1,025

 

 

1,207,481

 

Massachusetts Development Finance
Agency, Refunding RB:

 

 

 

 

 

 

 

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

 

 

80

 

 

80,010

 

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

 

 

1,490

 

 

1,753,506

 

 

 

 

 

 

 

3,076,019

 

Michigan — 3.0%

 

 

 

 

 

 

 

City of Detroit Michigan Taxable Capital
Improvement, GO, Limited Tax:

 

 

 

 

 

 

 

Series A-1, 5.00%, 4/01/16

 

 

650

 

 

593,912

 

Series A-2, 8.00%, 4/01/14

 

 

3,185

 

 

3,038,299

 

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

 

 

3,000

 

 

3,117,180

 

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

 

 

6,310

 

 

8,139,332

 

 

 

 

 

 

 

14,888,723

 

Minnesota — 0.4%

 

 

 

 

 

 

 

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

 

 

1,785

 

 

2,134,289

 

Missouri — 0.6%

 

 

 

 

 

 

 

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

 

 

2,315

 

 

2,780,292

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2012

3

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

$

955

 

$

983,650

 

New Jersey — 6.9%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,007,980

 

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

 

 

4,330

 

 

4,347,277

 

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

 

 

1,250

 

 

1,319,787

 

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

 

 

2,250

 

 

2,651,760

 

Patterson Charter School for
Science and Technology,
Inc. Project, Series A, 6.10%,
7/01/44

 

 

1,085

 

 

1,134,194

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.00%,
6/15/23

 

 

995

 

 

1,137,126

 

Newark Airport Marriott Hotel,
7.00%, 10/01/14

 

 

4,000

 

 

4,019,480

 

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

 

 

 

 

 

 

 

7.13%, 12/01/23

 

 

670

 

 

839,671

 

7.50%, 12/01/32

 

 

3,575

 

 

4,479,189

 

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

 

 

3,870

 

 

39

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,650

 

 

2,883,120

 

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

 

 

4,090

 

 

4,820,188

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series C (AMBAC), 4.77%, 12/15/35 (a)

 

 

6,210

 

 

2,062,527

 

Tobacco Settlement Financing Corp.
New Jersey, Refunding RB, 4.50%,
6/01/23

 

 

3,000

 

 

2,853,810

 

 

 

 

 

 

 

34,556,148

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

New York — 4.7%

 

 

 

 

 

 

 

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

 

$

3,695

 

$

4,150,039

 

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

 

 

1,000

 

 

1,030,150

 

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

 

 

1,400

 

 

1,442,210

 

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

 

 

2,000

 

 

2,570,220

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,765

 

 

1,879,690

 

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

 

 

4,130

 

 

4,244,773

 

Series C, 6.80%, 6/01/28

 

 

860

 

 

878,266

 

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

 

 

610

 

 

614,837

 

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

 

 

1,100

 

 

1,101,760

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, Class 3, 6.38%, 7/15/49

 

 

1,270

 

 

1,448,626

 

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

 

 

1,340

 

 

1,522,655

 

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

 

 

2,090

 

 

2,361,617

 

 

 

 

 

 

 

23,244,843

 

North Carolina — 1.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Deerfield, 6.13%, 11/01/38

 

 

4,565

 

 

4,977,858

 

Whitestone, 7.75%, 3/01/31

 

 

1,000

 

 

1,145,240

 

Whitestone, 7.75%, 3/01/41

 

 

1,420

 

 

1,610,181

 

 

 

 

 

 

 

7,733,279

 

Ohio — 2.2%

 

 

 

 

 

 

 

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

 

 

3,350

 

 

2,802,242

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2012

4

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Ohio (concluded)

 

 

 

 

 

 

 

County of Hamilton Ohio, RB, Christ
Hospital Project, 5.00%, 6/01/42

 

$

1,880

 

$

1,966,085

 

Southeastern Ohio Port Authority
Hospital Facilities, Refunding RB,
Refunding & Improvement-Memorial
Health System, 6.00%, 12/01/42

 

 

935

 

 

986,481

 

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

 

 

4,880

 

 

5,043,724

 

 

 

 

 

 

 

10,798,532

 

Oklahoma — 0.3%

 

 

 

 

 

 

 

Oklahoma Development Finance
Authority, Refunding RB, Inverness
Village Community, 6.00%, 1/01/32

 

 

1,305

 

 

1,404,023

 

Pennsylvania — 6.9%

 

 

 

 

 

 

 

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

 

 

3,540

 

 

2,890,764

 

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

 

 

 

 

 

 

 

6.13%, 1/01/25

 

 

1,360

 

 

1,380,019

 

6.25%, 1/01/35

 

 

1,550

 

 

1,568,182

 

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

 

 

6,165

 

 

6,709,678

 

Lancaster County Hospital Authority, RB,
Brethren Village Project, Series A,
6.25%, 7/01/26

 

 

1,160

 

 

1,253,902

 

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

 

 

2,330

 

 

2,377,182

 

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

 

 

3,250

 

 

3,196,375

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development,
7.75%, 12/01/17

 

 

8,000

 

 

8,012,560

 

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

 

 

3,870

 

 

3,871,161

 

Philadelphia Hospitals & Higher
Education Facilities Authority, RB,
Temple University Health System,
Series A, 5.63%, 7/01/42

 

 

3,135

 

 

3,275,354

 

 

 

 

 

 

 

34,535,177

 

Puerto Rico — 2.0%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB,
Series A, 5.00%, 7/01/42

 

 

2,000

 

 

2,058,240

 

Puerto Rico Public Buildings Authority,
Refunding RB, Government Facilities,
Series U, 5.25%, 7/01/42

 

 

3,790

 

 

3,869,135

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

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

 

$

2,650

 

$

3,163,384

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, First Sub-Series C,
5.73%, 8/01/38 (a)

 

 

4,445

 

 

1,023,195

 

 

 

 

 

 

 

10,113,954

 

Rhode Island — 0.7%

 

 

 

 

 

 

 

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

 

 

4,245

 

 

3,652,313

 

Tennessee — 0.1%

 

 

 

 

 

 

 

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

 

 

575

 

 

560,430

 

Texas — 12.3%

 

 

 

 

 

 

 

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

 

 

5,040

 

 

5,629,982

 

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

 

 

5,080

 

 

546,964

 

Central Texas Regional Mobility
Authority, Refunding RB, CAB (a):

 

 

 

 

 

 

 

4.94%, 1/01/28

 

 

1,000

 

 

471,270

 

4.98%, 1/01/29

 

 

2,000

 

 

892,060

 

5.08%, 1/01/30

 

 

1,170

 

 

488,604

 

5.16%, 1/01/31

 

 

2,000

 

 

782,200

 

5.25%, 1/01/32

 

 

3,500

 

 

1,279,110

 

5.35%, 1/01/33

 

 

3,690

 

 

1,255,707

 

5.41%, 1/01/34

 

 

4,000

 

 

1,275,120

 

Central Texas Regional Mobility
Authority, Refunding RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/25

 

 

675

 

 

775,811

 

6.25%, 1/01/46

 

 

2,210

 

 

2,562,296

 

City of Houston Texas, RB, Special
Facilities, AMT:

 

 

 

 

 

 

 

Continental Airlines, Series E,
6.75%, 7/01/21

 

 

4,550

 

 

4,567,108

 

Continental Airlines Inc.
Terminal Improvement
Projects, 6.63%, 7/15/38

 

 

2,890

 

 

3,157,990

 

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

 

 

 

 

 

 

 

5.50%, 8/01/31

 

 

955

 

 

1,058,923

 

5.75%, 8/01/41

 

 

720

 

 

796,356

 

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

 

 

 

 

 

 

 

7.13%, 12/01/31

 

 

1,500

 

 

1,822,545

 

7.25%, 12/01/35

 

 

1,110

 

 

1,348,062

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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)

 

 

 

 

 

 

 

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

 

$

595

 

$

734,087

 

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

 

 

860

 

 

1,003,723

 

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

 

 

1,500

 

 

1,618,530

 

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

 

 

2,090

 

 

2,427,598

 

North Texas Education Finance Corp.,
ERB, Uplift Education, Series A:

 

 

 

 

 

 

 

5.13%, 12/01/42

 

 

745

 

 

786,474

 

5.25%, 12/01/47

 

 

1,600

 

 

1,691,792

 

North Texas Tollway Authority, RB, CAB,
Special Projects System, Series B,
5.39%, 9/01/37 (a)

 

 

2,110

 

 

556,449

 

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

 

 

4,425

 

 

4,893,475

 

Red River Health Facilities Development
Corp., First MRB, Eden Home Inc.
Project, 7.25%, 12/15/42

 

 

2,895

 

 

3,077,066

 

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

 

 

 

 

 

 

 

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

 

 

1,745

 

 

1,922,990

 

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

 

 

4,200

 

 

4,708,662

 

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

 

 

5,438,664

 

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

 

 

3,000

 

 

3,601,980

 

 

 

 

 

 

 

61,171,598

 

Vermont — 0.2%

 

 

 

 

 

 

 

Vermont EDA, Refunding MRB, Wake
Robin Corp. Project, Series A, 5.40%,
5/01/33

 

 

770

 

 

805,820

 

Virginia — 3.6%

 

 

 

 

 

 

 

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

 

 

3,515

 

 

3,518,585

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Virginia (concluded)

 

 

 

 

 

 

 

Fairfax County EDA, Refunding RB,
Goodwin House Inc., 5.13%,
10/01/42

 

$

2,500

 

$

2,560,750

 

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

 

 

40

 

 

40,681

 

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

 

 

 

 

 

 

 

6.63%, 3/01/26

 

 

1,485

 

 

1,658,255

 

6.88%, 3/01/36

 

 

1,300

 

 

1,450,098

 

Virginia Small Business Financing
Authority, RB, Senior Lien, Elizabeth
River Crossing Project, AMT:

 

 

 

 

 

 

 

5.25%, 1/01/32

 

 

810

 

 

876,323

 

6.00%, 1/01/37

 

 

5,705

 

 

6,515,738

 

5.50%, 1/01/42

 

 

1,175

 

 

1,294,803

 

 

 

 

 

 

 

17,915,233

 

Washington — 0.3%

 

 

 

 

 

 

 

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

 

 

1,455

 

 

1,599,132

 

Wisconsin — 0.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB, New Castle
Place Project, Series A, 7.00%,
12/01/31

 

 

3,175

 

 

2,333,307

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

425

 

 

488,533

 

7.63%, 9/15/39

 

 

855

 

 

991,638

 

 

 

 

 

 

 

3,813,478

 

Total Municipal Bonds – 86.7%

 

 

 

 

 

432,047,174

 
 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Colorado — 2.5%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Sisters of Leavenworth,
Series A, 5.00%, 1/01/40

 

 

11,475

 

 

12,504,422

 

District of Columbia — 1.6%

 

 

 

 

 

 

 

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

 

 

6,681

 

 

8,132,857

 

Florida — 3.3%

 

 

 

 

 

 

 

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

 

 

15,000

 

 

16,142,250

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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 (f)

 

Par
(000)

 

Value

 

Illinois — 3.1%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, General
Airport, Third Lien, Series A (NPFGC),
5.00%, 1/01/33

 

$

6,510

 

$

6,936,210

 

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

 

 

7,180

 

 

8,313,291

 

 

 

 

 

 

 

15,249,501

 

Michigan — 0.9%

 

 

 

 

 

 

 

Detroit Water and Sewerage
Department, Refunding RB, Senior
Lien, Series A:

 

 

 

 

 

 

 

5.00%, 7/01/32

 

 

1,613

 

 

1,696,137

 

5.25%, 7/01/39

 

 

2,786

 

 

2,938,201

 

 

 

 

 

 

 

4,634,338

 

New York — 11.6%

 

 

 

 

 

 

 

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

 

 

4,520

 

 

5,297,307

 

New York City Municipal Water Finance
Authority, Refunding RB, Water &
Sewer System, Second General
Resolution:

 

 

 

 

 

 

 

Series EE, 5.50%, 6/15/43

 

 

7,605

 

 

9,065,160

 

Series HH, 5.00%, 6/15/31

 

 

8,609

 

 

10,124,427

 

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

 

 

18,105

 

 

20,883,212

 

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

 

 

6,600

 

 

7,808,790

 

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

 

 

4,004

 

 

4,356,934

 

 

 

 

 

 

 

57,535,830

 

Washington — 1.8%

 

 

 

 

 

 

 

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

 

 

7,966

 

 

9,059,969

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 24.8%

 

 

 

 

 

123,259,167

 

Total Long-Term Investments
(Cost – $518,758,217) – 111.5%

 

 

 

 

 

555,306,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

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

 

 

1,151,560

 

$

1,151,560

 

Total Short-Term Securities
(Cost – $1,151,560) – 0.2%

 

 

 

 

 

1,151,560

 

Total Investments (Cost - $519,909,777*) – 111.7%

 

 

 

 

 

556,457,901

 

Other Assets Less Liabilities – 1.2%

 

 

 

 

 

5,995,745

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (12.9)%

 

 

 

 

 

(64,192,427

)

Net Assets – 100.0%

 

 

 

 

$

498,261,219

 

 

 

 

 

*

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


 

 

 

 

 

Tax cost

 

$

455,290,739

 

Gross unrealized appreciation

 

$

57,906,621

 

Gross unrealized depreciation

 

 

(20,888,713

)

Net unrealized appreciation

 

$

37,017,908

 

 

 

(a)

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

 

 

(b)

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

 

 

(c)

Non-income producing security.

 

 

(d)

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

 

 

(e)

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

 

 

(f)

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.

 

 

(g)

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, 2012

 

Net
Activity

 

Shares
Held at
July 31, 2012

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

3,404,970

 

 

(2,253,410

)

 

1,151,560

 

$

162

 

 

 

(h)

Represents the current yield as of report date.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 31, 2012

7

 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniAssets Fund, Inc. (MUA)

 

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:


 

 

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

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of July 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

555,306,341

 

 

—

 

$

555,306,341

 

Short-Term
Securities

 

$

1,151,560

 

 

—

 

 

—

 

 

1,151,560

 

Total

 

$

1,151,560

 

$

555,306,341

 

 

—

 

$

556,457,901

 

 

 

1

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

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank
overdraft

 

 

—

 

$

(53

)

 

—

 

$

(53

)

TOB trust
certificates

 

 

—

 

 

(64,149,254

)

 

—

 

 

(64,149,254

)

Total

 

 

—

 

$

(64,149,307

)

 

—

 

$

(64,149,307

)

There were no transfers between levels during the period ended July 31, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIASSETS FUND, INC.

JULY 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: September 25, 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: September 25, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniAssets Fund, Inc.
     
  Date: September 25, 2012