BLACKROCK MUNIASSETS FUND, INC.

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: 04/30/2014

Date of reporting period: 01/31/2014

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2014 (Unaudited)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 3.3%

  

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

    $ 2,165      $ 2,432,204   

County of Jefferson Alabama, RB, Limited Obligation School, Series A:

     

5.25%, 1/01/17

      895        899,198   

5.25%, 1/01/19

      2,000        2,007,620   

5.50%, 1/01/21

      1,215        1,214,891   

4.75%, 1/01/25

      3,145        2,957,118   

County of Jefferson Alabama Sewer, Refunding RB:

     

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/38 (a)

      615        345,950   

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/42 (a)

      535        297,059   

Senior Lien, Series A (AGM), 5.00%, 10/01/44

      10        9,739   

Senior Lien, Series A (AGM), 5.25%, 10/01/48

      1,605        1,579,689   

Sub-Lien, Series D, 6.00%, 10/01/42

      3,745        3,694,180   
    

 

 

  
               15,437,648   

Alaska — 1.2%

  

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

     

4.63%, 6/01/23

      1,610        1,513,159   

5.00%, 6/01/32

      1,500        1,147,950   

5.00%, 6/01/46

      4,000        2,757,400   
    

 

 

  
               5,418,509   

Arizona — 1.9%

  

City of Phoenix Arizona IDA, RB, Great Hearts Academies—Veritas Project:

     

6.30%, 7/01/42

      500        488,090   

6.40%, 7/01/47

      425        415,127   

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

      50        50,733   

County of Maricopa Arizona IDA, RB, Arizona Charter School Project 1, Series A, 6.63%, 7/01/20

      865        818,532   

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

      5,750        5,750,805   
Municipal Bonds    Par  
(000)		     Value  

Arizona (concluded)

  

University Medical Center Corp., RB, 6.50%, 7/01/39

    $ 500      $ 542,325   

University Medical Center Corp. Arizona, RB, 6.25%, 7/01/29

      820        890,315   
    

 

 

  
               8,955,927   

California — 4.6%

  

California Pollution Control Financing Authority, RB:

     

County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45

      1,270        1,182,192   

Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)

      1,065        966,679   

California School Finance Authority, RB:

     

Alliance for College Ready Public School - 2023 Union LLC Project, Series A, 6.40%, 7/01/48

      1,570        1,595,167   

Value Schools, 6.65%, 7/01/33

      435        440,455   

Value Schools, 6.90%, 7/01/43

      975        985,062   

California Statewide Communities Development Authority, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39

      2,175        2,276,986   

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

      2,320        2,329,489   

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

     

6.50%, 5/01/36

      900        1,038,483   

6.50%, 5/01/42

      2,220        2,546,562   

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40

      375        406,515   

County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48

      2,885        2,953,346   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    1

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

California (concluded)

     

County of San Marcos California Unified School District, GO, CAB, Election of 2010, Series B (c):

     

0.00%, 8/01/40

    $ 5,000      $ 1,246,900   

0.00%, 8/01/51

      12,050        1,555,293   

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25

      2,205        2,108,112   
    

 

 

  
               21,631,241   

Colorado — 1.5%

  

Plaza Metropolitan District No. 1, Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 8.00%, 6/01/14 (d)

      4,850        5,025,230   

Plaza Metropolitan District No. 1 Colorado, Refunding, Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 5.00%, 12/01/40

      575        544,974   

Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34

      1,500        1,563,375   
    

 

 

  
               7,133,579   

Connecticut — 0.3%

  

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

      1,370        1,369,890   

Delaware — 0.9%

  

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

      1,000        1,049,280   

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

      3,145        3,086,094   
    

 

 

  
               4,135,374   

District of Columbia — 0.9%

  

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

     

7.38%, 1/01/30

      1,665        1,665,499   

7.50%, 1/01/39

      1,615        1,607,636   
Municipal Bonds    Par  
(000)		     Value  

District of Columbia (concluded)

     

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

    $ 1,055      $ 1,111,580   
    

 

 

  
               4,384,715   

Florida — 10.6%

  

Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43 (b)

      4,165        3,670,156   

County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 5/15/44 (b)

      2,510        2,532,992   

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

     

Series A, 7.13%, 4/01/30

      3,000        3,001,110   

Series B, 7.13%, 4/01/30

      1,560        1,560,234   

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

      3,500        3,559,115   

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

      955        984,414   

Greeneway Improvement District, Special Assessment Bonds, 5.13%, 5/01/43

      4,165        3,670,156   

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

      455        456,142   

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

      4,500        4,149,675   

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

      905        1,000,459   

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

      1,485        1,815,695   

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

      4,550        5,039,171   

 

                
2    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

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

     

6.00%, 5/01/24

    $ 1,165      $ 1,166,934   

6.25%, 5/01/37

      4,605        4,606,059   

Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (e)(f)

      4,739        1,942,156   

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

      1,300        1,300,624   

Tolomato Community Development District, Refunding, Special Assessment Bonds:

     

Series A-1, 6.65%, 5/01/40

      910        907,188   

CAB, Series A-2, 0.00%, 5/01/39 (a)

      250        183,510   

CAB, Series A-3, 0.00%, 5/01/40 (a)

      585        349,935   

CAB, Series A-4, 0.00%, 5/01/40 (a)

      305        135,069   

Tolomato Community Development District (e)(f):

     

Series 1, 6.65%, 5/01/40

      50        49,577   

Series 2, 6.65%, 5/01/40

      2,110        1,182,866   

Series 3, 6.65%, 5/01/40

      710        7   

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

     

6.75%, 5/01/31

      1,810        2,003,942   

7.00%, 5/01/41

      2,950        3,272,642   

5.50%, 5/01/42

      1,330        1,342,076   
    

 

 

  
               49,881,904   

Georgia — 2.0%

     

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

      1,035        1,037,929   

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

      2,755        2,784,396   

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

      3,365        3,972,382   

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

     

6.38%, 11/15/29

      700        755,818   
Municipal Bonds   

Par  

(000)

     Value  

Georgia (concluded)

     

County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2 (concluded):

     

6.63%, 11/15/39

    $ 880      $ 938,740   
    

 

 

  
               9,489,265   

Guam — 1.5%

     

Guam Government Waterworks Authority, RB, Water & Wastewater System:

     

5.25%, 7/01/33

      1,450        1,457,424   

5.50%, 7/01/43

      2,415        2,430,746   

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

      1,265        1,281,217   

Territory of Guam, GO, Series A:

     

6.00%, 11/15/19

      615        651,703   

7.00%, 11/15/39

      1,115        1,175,221   
    

 

 

  
               6,996,311   

Illinois — 3.7%

     

Illinois Finance Authority, Refunding RB:

     

CAB, Clare Water Tower, Series B, 0.00%, 5/15/50 (c)(e)(f)

      1,214        12   

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

      3,129        31   

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

      4,000        4,059,160   

Lutheran Home & Services Obligated Group, 5.63%, 5/15/42

      2,395        2,186,923   

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

      1,175        1,140,890   

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

      4,170        4,266,452   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      1,400        1,566,782   

6.00%, 6/01/28

      710        787,532   

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

      1,800        1,821,204   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    3

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

  

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

    $ 1,420      $ 1,382,285   
    

 

 

  
               17,211,271   

Indiana — 1.0%

     

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 1/01/34

      825        856,325   

7.00%, 1/01/44

      2,000        2,089,940   

Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT:

     

5.00%, 7/01/44

      470        442,717   

5.00%, 7/01/48

      1,555        1,448,980   
    

 

 

  
               4,837,962   

Iowa — 2.7%

     

Iowa Finance Authority, Refunding RB:

     

Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22

      4,090        3,942,842   

Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25

      2,190        2,032,780   

Sunrise Retirement Community Project, 5.50%, 9/01/37

      1,355        1,169,243   

Sunrise Retirement Community Project, 5.75%, 9/01/43

      2,115        1,823,912   

Iowa Tobacco Settlement Authority, Refunding RB, Series C, 5.38%, 6/01/38

      4,900        3,794,217   
    

 

 

  
               12,762,994   

Kentucky — 0.9%

     

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 7/01/49

      4,000        4,122,920   

Louisiana — 2.7%

     

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

      5,000        5,334,050   
Municipal Bonds   

Par  

(000)

     Value  

Louisiana (concluded)

  

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

    $ 1,855      $ 2,005,700   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35

      5,570        5,544,824   
    

 

 

  
               12,884,574   

Maine — 0.7%

     

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

      2,955        3,094,919   

Maryland — 2.5%

     

County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43

      2,840        2,909,637   

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

      3,615        3,690,156   

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

      4,785        5,016,785   
    

 

 

  
               11,616,578   

Massachusetts — 1.0%

     

Massachusetts Development Finance Agency, RB, Series A:

     

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

      1,025        1,119,843   

North Hill Communities Issue, 6.50%, 11/15/43

      2,020        1,945,260   

Massachusetts Development Finance Agency, Refunding RB:

     

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

      30        30,006   

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

      80        80,015   

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

      1,490        1,695,844   
    

 

 

  
               4,870,968   

Michigan — 2.8%

     

City of Detroit Michigan, GO, Taxable Capital Improvement Limited Tax (e)(f):

     

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

      650        207,987   

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

      3,185        1,019,137   

 

                
4    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Michigan (concluded)

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A:

     

5.00%, 7/01/32

    $ 1,610      $ 1,470,429   

5.25%, 7/01/39

      2,785        2,570,026   

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

      6,310        7,666,145   
    

 

 

  
               12,933,724   

Minnesota — 0.4%

     

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

      1,785        2,069,868   

Missouri — 0.5%

     

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

      2,315        2,575,877   

New Jersey — 5.3%

     

New Jersey EDA, RB:

     

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

      2,250        2,503,012   

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

      1,085        1,087,051   

Team Academy Charter School Project, 6.00%, 10/01/43

      1,530        1,538,767   

The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43

      2,155        2,168,900   

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

      4,000        4,070,000   

New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (d)

      3,575        4,700,446   

New Jersey Health Care Facilities Financing Authority, Refunding RB:

     

St. Barnabas Health Care System, Series A, 5.63%, 7/01/37

      2,650        2,763,128   

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

      4,090        4,160,716   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (concluded)

     

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.63%, 6/01/26

    $ 2,000      $ 1,727,920   
    

 

 

  
               24,719,940   

New Mexico — 0.5%

     

New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42

      2,970        2,407,987   

New York — 4.8%

     

City of New York New York Industrial Development Agency, RB, AMT:

     

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

      1,765        1,936,752   

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

      4,130        4,149,948   

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

      2,090        2,231,932   

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

      3,695        3,768,789   

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

      1,400        1,102,052   

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

      1,000        787,180   

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

      2,000        2,348,500   

New York City Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1:

     

6.50%, 7/01/24

      610        590,455   

6.63%, 7/01/29

      1,100        1,031,778   

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      1,270        1,358,278   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    5

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

     

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT,
5.25%, 11/01/42

    $ 1,835      $ 1,663,611   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project,
Series 8, 6.00%, 12/01/36

      1,340        1,452,922   
    

 

 

  
               22,422,197   

North Carolina — 1.6%

     

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

     

Deerfield Project, 6.13%, 11/01/38

      4,565        4,734,453   

Whitestone Project, 7.75%, 3/01/31

      1,000        1,074,370   

Retirement Facilities, Whitestone Project, 7.75%, 3/01/41

      1,420        1,506,165   
    

 

 

  
               7,314,988   

North Dakota — 0.5%

     

City of Williston North Dakota, RB, Eagle Crest Apartments LLC Project, 7.75%, 9/01/38

      2,155        2,150,087   

Ohio — 2.7%

     

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2:

     

5.75%, 6/01/34

      6,745        5,224,272   

6.00%, 6/01/42

      3,040        2,395,520   

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

      4,880        4,918,894   
    

 

 

  
               12,538,686   

Oklahoma — 0.3%

     

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

      1,305        1,289,418   

Pennsylvania — 5.8%

     

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:

     

5.00%, 5/01/35

      1,815        1,725,938   

5.00%, 5/01/42

      4,170        3,838,861   
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (concluded)

     

City of Philadelphia Pennsylvania Industrial Development, RB, Commercial Development, AMT, 7.75%, 12/01/17

    $ 8,000      $ 8,019,920   

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

      6,165        6,543,901   

County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32

      2,805        2,461,780   

County of Northampton Pennsylvania IDA, Tax Allocation Bonds, 7.00%, 7/01/32

      2,110        2,086,832   

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

      1,160        1,178,409   

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

      1,250        1,244,150   
    

 

 

  
               27,099,791   

Rhode Island — 0.7%

     

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

      4,190        3,155,363   

Texas — 13.0%

     

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

      5,080        139,700   

Central Texas Regional Mobility Authority, Refunding RB:

     

CAB, 0.00%, 1/01/28 (c)

      1,000        462,700   

CAB, 0.00%, 1/01/29 (c)

      2,000        868,060   

CAB, 0.00%, 1/01/30 (c)

      1,170        473,604   

CAB, 0.00%, 1/01/31 (c)

      2,000        756,180   

CAB, 0.00%, 1/01/32 (c)

      3,500        1,234,380   

CAB, 0.00%, 1/01/33 (c)

      3,690        1,210,468   

CAB, 0.00%, 1/01/34 (c)

      4,000        1,227,520   

Senior Lien, 5.75%, 1/01/25

      675        721,805   

Senior Lien, 6.25%, 1/01/46

      2,210        2,312,566   

Sub-Lien, 5.00%, 1/01/33

      375        351,765   

Sub-Lien, 5.00%, 1/01/42

      330        296,205   

City of Houston Texas, RB, Special Facilities Continental Airlines Inc. AMT:

     

Series A, 6.63%, 7/15/38

      2,890        2,988,433   

Series E, 6.75%, 7/01/21

      4,550        4,550,045   

 

                
6    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Texas (continued)

     

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

     

5.50%, 8/15/31

    $ 955      $ 971,464   

5.75%, 8/15/41

      720        732,298   

Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A, 4.40%, 12/01/47

      810        636,725   

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

      5,040        5,334,235   

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48

      475        479,973   

County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (c)

      10,000        2,097,900   

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

      2,090        2,339,358   

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

     

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

      1,745        1,881,162   

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

      4,200        4,023,558   

County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 1/01/46

      3,080        3,067,218   

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

      860        923,012   

New Hope Cultural Education Facilities Corp., RB, Stephenville Tarleton St.:

     

5.88%, 4/01/36

      1,210        1,207,653   

6.00%, 4/01/45

      1,845        1,829,391   

North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47

      1,600        1,515,312   

North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (c)

      2,110        544,296   

North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31

      4,425        4,706,120   
Municipal Bonds    Par  
(000)		     Value  

Texas (concluded)

     

Red River Health Facilities Development Corp., First MRB Project:

     

Eden Home, Inc., 7.25%, 12/15/42

    $ 2,895      $ 2,821,293   

Wichita Falls Retirement Foundation, 5.13%, 1/01/41

      900        768,600   

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

     

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

      3,775        4,170,696   

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

      3,000        3,274,470   
    

 

 

  
               60,918,165   

Utah — 0.6%

     

State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43

      2,950        3,032,512   

Vermont — 0.2%

     

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

      770        716,269   

Virginia — 3.3%

     

County of Fairfax Virginia EDA, Refunding RB:

     

Goodwin House, Inc., 5.13%, 10/01/42

      2,500        2,516,825   

Vinson Hall LLC, Series A, 5.00%, 12/01/42

      1,330        1,190,257   

Vinson Hall LLC, Series A, 5.00%, 12/01/47

      1,735        1,533,671   

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

     

6.63%, 3/01/26

      1,485        1,636,678   

6.88%, 3/01/36

      1,300        1,443,819   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37

      6,805        7,110,612   
    

 

 

  
               15,431,862   

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    7

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Washington — 0.6%

     

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

    $ 1,455      $ 1,483,751   

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42

      1,495        1,436,710   
    

 

 

  
               2,920,461   

Wisconsin — 0.3%

     

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

     

7.25%, 9/15/29

      425        454,776   

7.63%, 9/15/39

      855        918,073   
    

 

 

  
               1,372,849   
Total Municipal Bonds — 87.8%        411,306,593   
    
                  
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (h)		  

Colorado — 2.5%

     

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

      11,475        11,692,107   

District of Columbia — 1.6%

     

District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/35 (i)

      6,679        7,508,280   

Florida — 3.4%

     

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

      15,000        15,911,100   

Illinois — 3.0%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (i)

      6,510        6,582,001   

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

      7,180        7,804,588   
    

 

 

  
               14,386,589   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (h)		    Par  
(000)		     Value  

New York — 13.6%

     

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System 2nd General Resolution:

     

Fiscal 2013, Series CC, 5.00%, 6/15/47

    $ 14,180      $ 14,803,069   

Series EE, 5.50%, 6/15/43

      7,605        8,217,735   

Series HH, 5.00%, 6/15/31 (i)

      8,609        9,353,832   

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)

      4,520        4,883,869   

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

      18,105        19,254,849   

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

      6,600        7,118,496   
    

 

 

  
               63,631,850   

Washington — 1.8%

     

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

      7,966        8,446,399   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 25.9%		         121,576,325   
Total Long-Term Investments
(Cost — $530,277,507) — 113.7%		         532,882,918   
    
                  
Short-Term Securities    Shares         

FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)

      1,506,739        1,506,739   
Total Short-Term Securities
(Cost — $1,506,739) — 0.3%		         1,506,739   

 

                
8    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

 

Total Investments (Cost — $531,784,246*) — 114.0%     534,389,657   

Other Assets Less Liabilities — 1.2%

        5,384,277   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (15.2%)

        (71,164,679 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%   $ 468,609,255   
   

 

*   As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 460,758,122   
 

 

 

  

Gross unrealized appreciation

   $ 28,052,316   

Gross unrealized depreciation

     (25,564,258 ) 
 

 

 

  

Net unrealized appreciation

   $ 2,488,058   
 

 

 

  

 

Notes to Schedule of Investments

 

(a)   Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

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

 

(c)   Zero-coupon bond.

 

(d)   US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(e)   Non-income producing security.

 

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

 

(g)   Variable rate security. Rate shown is as of report date.

 

(h)   Represent bonds transferred to a TOB. In exchange for which the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(i)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from January 1, 2015 to November 15, 2019 is $21,570,076.

 

(j)   Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2014, 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,
2013		        Net
Activity		        Shares Held
at January 31,
2014		        Income  

FFI Institutional Tax-Exempt Fund

        9,209,652           (7,702,913 )         1,506,739         $ 799   

 

(k)   Represents the current yield as of report date.

 

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 Guarantee Corp.
     AGM    Assured Guaranty Municipal Corp.
     AMT    Alternative Minimum Tax (subject to)

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    9

Schedule of Investments (continued)

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

  ARB    Airport Revenue Bonds
  CAB    Capital Appreciation Bonds
  EDA    Economic Development Authority
  EDC    Economic Development Corp.
  ERB    Education Revenue Bonds
  GARB    General Airport Revenue Bonds
  GO    General Obligation Bonds
  IDA    Industrial Development Authority
  MRB    Mortgage Revenue Bonds
  NPFGC    National Public Finance Guarantee Corp.
  RB    Revenue Bonds

 

Ÿ  

Financial futures contracts outstanding as of January 31, 2014 were as follows:

 

Contracts Sold     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Depreciation		  
  (439 )    10-Year US Treasury Note   Chicago Board of Trade   March 2014   $ 55,204,250      $ (581,933 ) 

 

Ÿ  

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

 

  Ÿ  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  Ÿ  

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)

 

  Ÿ  

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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:

 

                
10    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014   

Schedule of Investments (concluded)

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 
Investments:                 

Long-Term Investments 1

     —         $ 532,882,918           —         $ 532,882,918   

Short-Term Securities

   $ 1,506,739           —           —           1,506,739   
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 1,506,739         $ 532,882,918           —         $ 534,389,657   
 

 

 

       

 

 

       

 

 

       

 

 

  

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

      

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments 2             

Liabilities:

                 

Interest rate contracts

   $ (581,933 )         —           —         $ (581,933 ) 

 

2   

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

The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash

   $ 92,848           —         —      $ 92,848   

Cash pledged for financial futures contracts

     732,000                     732,000   

Liabilities:

                 

TOB trust certificates

    —         $ (71,143,477 )       —        (71,143,477 ) 
 

 

 

       

 

 

       

 

     

 

 

  

Total

  $ 824,848         $ (71,143,477 )            $ (70,318,629 ) 
 

 

 

       

 

 

       

 

     

 

 

  

There were no transfers between levels during the period ended January 31, 2014.

 

 

                
   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2014    11

Item 2 – Controls and Procedures

 

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

 

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

Item 3 – Exhibits

 

     Certifications – Attached hereto

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

BlackRock MuniAssets Fund, Inc.

 

By:      

/s/ JOHN M. PERLOWSKI

  
 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniAssets Fund, Inc.

Date: March 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.

 

By:      

/s/ JOHN M. PERLOWSKI

  
 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock MuniAssets Fund, Inc.

Date: March 25, 2014

 

By:      

/s/ NEAL J. ANDREWS

  
 

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock MuniAssets Fund, Inc.

Date: March 25, 2014