Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds

    
Education — 0.5%            

Grand Canyon University, 5.13%, 10/01/28

   $     2,445     $ 2,163,336  
   

 

 

  

Total Corporate Bonds — 0.5%
(Cost: $2,445,000)

       2,163,336  
   

 

 

  

Municipal Bonds

    
Alabama — 4.3%            

Black Belt Energy Gas District, RB(a)

   

Series A, 5.25%, 01/01/54

     3,085       3,079,802  

Series F, 5.50%, 11/01/53

     615       621,755  

Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)

    5,240       4,823,217  

County of Jefferson Alabama Sewer Revenue,

    

Refunding RB, Series D, Sub Lien,
6.00%, 10/01/42

     3,745       3,824,280  

Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50(a)

    2,140       2,232,958  

MidCity Improvement District, SAB
4.25%, 11/01/32

     160       137,021  

4.50%, 11/01/42

     255       190,898  

4.75%, 11/01/49

     270       197,362  

Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52(a)

    1,600       1,101,631  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

    335       276,997  
   

 

 

  
          16,485,921  
Arizona — 4.4%            

Arizona Industrial Development Authority, RB(b)

    

7.10%, 01/01/55

     1,705       1,705,629  

Series A, 5.00%, 12/15/39

     250       214,293  

Series B, 5.13%, 07/01/47

     665       570,758  

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.13%, 07/01/37

     960       881,305  

Series A, 5.50%, 07/01/52

     1,775       1,499,851  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     505       376,099  

Industrial Development Authority of the City of Phoenix Arizona, RB(b)

   

Series A, 6.50%, 07/01/34

     570       572,266  

Series A, 6.75%, 07/01/44

     1,000       1,003,547  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB(b)

   

5.00%, 07/01/35

     320       295,404  

5.00%, 07/01/45

     255       218,552  

Industrial Development Authority of the County of Pima, Refunding RB(b)

    

4.00%, 06/15/51

     1,555       1,052,256  

5.00%, 07/01/56

     470       362,486  

La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48(b)

    875       750,620  

Maricopa County Industrial Development Authority, RB
5.25%, 10/01/40(b)

    465       438,645  

5.50%, 10/01/51(b)

    465       424,816  

Series A, 3.00%, 09/01/51

     5,155       3,245,764  
Security  

Par

(000)

     Value  
Arizona (continued)            

Maricopa County Industrial Development Authority, RB (continued)

    

AMT, 4.00%, 10/15/47(b)

  $     2,495     $ 1,919,983  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

     1,650       1,598,983  
   

 

 

  
      17,131,257  
Arkansas — 5.2%            

Arkansas Development Finance Authority, RB
12.00%, 07/01/48(b)

    2,800       2,819,397  

AMT, 6.88%, 07/01/48(b)

    1,300       1,262,571  

AMT, 5.45%, 09/01/52

     2,325       2,032,709  

AMT, 4.75%, 09/01/49(b)

    6,850       6,287,723  

Series A, AMT, 4.50%, 09/01/49(b)

    8,815       7,749,746  
   

 

 

  
      20,152,146  
California — 5.0%            

California Municipal Finance Authority, RB(b)

   

Series A, 5.50%, 08/01/34

     250       234,687  

Series A, 6.00%, 08/01/44

     665       618,809  

Series A, 6.13%, 08/01/49

     580       542,692  

California School Finance Authority, RB, Series A, 6.40%, 07/01/48

     1,570       1,570,504  

California Statewide Communities Development Authority, RB, 5.25%, 12/01/38(b)

    580       560,976  

California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43

     1,650       1,649,877  

CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56(b)

    3,300       2,055,723  

CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56(b)

    790       457,469  

CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49(b)

    485       350,508  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

3.13%, 07/01/56

     990       574,280  

3.13%, 08/01/56

     120       72,804  

4.00%, 12/01/56

     385       242,970  

4.00%, 07/01/58

     380       233,283  

Series A, 3.00%, 09/01/56

     1,570       934,971  

Series B, 4.00%, 07/01/58

     435       271,903  

Mezzanine Lien, 4.00%, 03/01/57

     700       453,087  

Mezzanine Lien, 4.00%, 06/01/57

     2,060       1,272,241  

Series B, Mezzanine Lien, 4.00%, 12/01/59

     6,035       3,499,952  

Senior Lien, 3.13%, 06/01/57

     655       374,752  

Series B, Sub Lien, 4.00%, 12/01/59

     4,000       2,371,278  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)

    1,000       82,346  

Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61(b)(d)

    1,705       607,393  

San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43(b)(c)

    1,500       420,398  
   

 

 

  
          19,452,903  
Colorado — 3.7%            

9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48

     910       716,774  

Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38

     1,240       1,087,359  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Colorado (continued)            

Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51(b)

  $ 665     $ 460,393  

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

    575       468,874  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/47

     1,870       1,539,206  

Series A, AMT, 4.13%, 11/15/53

     1,025       816,410  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

     265       265,329  

5.25%, 11/01/52

     555       528,396  

Series A, 5.00%, 05/15/35

     355       276,328  

Series A, 5.00%, 05/15/44

     385       253,812  

Series A, 5.00%, 05/15/49

     750       468,095  

Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55

     1,735       1,046,645  

Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50

     935       816,311  

Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36

     769       654,798  

Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50(b)

    545       430,640  

Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50

     520       343,839  

Loretto Heights Community Authority, RB, 4.88%, 12/01/51

     790       558,765  

North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48

     500       431,649  

Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49

     1,211       1,028,859  

Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48

     760       635,051  

Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45(b)

    1,065       716,702  

Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51

     790       597,233  
   

 

 

  
          14,141,468  
Connecticut(b) — 0.7%            

Connecticut State Health & Educational Facilities Authority, RB, Series A,
5.00%, 01/01/45

     325       256,201  

Mohegan Tribal Finance Authority, RB,
7.00%, 02/01/45

     1,375       1,319,597  

Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45

     950       936,077  
   

 

 

  
      2,511,875  
Delaware — 0.9%            

Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39(b)(e)

    1,214       1,131,170  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

     2,870       2,379,835  
   

 

 

  
      3,511,005  
District of Columbia — 0.9%            

District of Columbia Tobacco Settlement Financing Corp., RB, Series A,
0.00%, 06/15/46(c)

        15,400       3,299,599  
   

 

 

  
Florida — 14.1%            

Avenir Community Development District, SAB, 5.63%, 05/01/54

     655       590,852  
Security  

Par

(000)

    Value  
Florida (continued)            

Babcock Ranch Community Independent Special District, SAB

    

Series 2022, 5.00%, 05/01/42

   $ 510     $ 459,023  

Series 2022, 5.00%, 05/01/53

     385       327,185  

Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43

     1,240       1,121,940  

Brevard County Health Facilities Authority, Refunding RB(b)

    

4.00%, 11/15/23

     125       124,911  

4.00%, 11/15/24

     440       433,664  

4.00%, 11/15/25

     460       447,832  

4.00%, 11/15/27

     495       469,885  

4.00%, 11/15/29

     435       395,881  

4.00%, 11/15/32

     450       393,614  

4.00%, 11/15/35

     675       557,736  

Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52

     400       376,178  

Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39

     1,490       1,361,618  

Capital Trust Agency, Inc., RB(b)

    

5.00%, 01/01/55

     2,640       1,837,822  

Series A, 5.75%, 06/01/54

     940       704,554  

Capital Trust Agency, Inc., RB, CAB,
0.00%, 07/01/61(b)(c)

        34,550           1,822,364  

Charlotte County Industrial Development Authority, RB(b)

   

AMT, 5.00%, 10/01/49

     1,415       1,196,782  

AMT, 4.00%, 10/01/51

     425       298,484  

Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g)

    630       27,720  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT,
5.00%, 10/01/49

     5,000       4,754,180  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)

   

Series A-2, 0.00%, 10/01/49

     730       157,400  

Series A-2, 0.00%, 10/01/51

     875       168,004  

Series A-2, 0.00%, 10/01/52

     1,200       217,373  

Series A-2, 0.00%, 10/01/54

     2,875       466,742  

Florida Development Finance Corp., RB(b)

    

5.00%, 06/15/56

     1,150       804,205  

6.50%, 06/30/57

     500       430,977  

Series A, 5.75%, 06/15/29

     690       673,321  

Series A, 6.00%, 06/15/34

     835       810,462  

Series A, 6.13%, 06/15/44

     3,180       2,879,704  

Series A, 5.13%, 06/15/55

     3,645       2,637,282  

Series B, 4.50%, 12/15/56

     3,985       2,581,265  

Series C, 5.75%, 12/15/56

     1,325       968,252  

AMT, 5.00%, 05/01/29

     2,155       1,961,732  

Series B, AMT, 7.38%, 01/01/49

     490       476,880  

Lakewood Ranch Stewardship District, SAB
4.25%, 05/01/26

     90       88,621  

4.95%, 05/01/29(b)

    345       339,388  

5.50%, 05/01/39(b)

    315       299,681  

3.00%, 05/01/41

     275       185,852  

5.13%, 05/01/46

     675       588,062  

5.65%, 05/01/48(b)

    520       476,778  

Series 1B, 4.75%, 05/01/29

     565       552,155  

Series 1B, 5.30%, 05/01/39

     645       600,722  

Series 1B, 5.45%, 05/01/48

     1,150       1,025,950  

Laurel Road Community Development District, SAB Series A-1, 2.60%, 05/01/26

     80       76,928  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Florida (continued)            

Laurel Road Community Development District, SAB (continued)

    

Series A-1, 3.00%, 05/01/31

   $ 100     $ 87,544  

Series A-1, 3.25%, 05/01/41

     190       132,900  

Series A-1, 4.00%, 05/01/52

     300       205,561  

Series A-2, 3.13%, 05/01/31

     400       334,364  

Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48

     915       803,794  

Midtown Miami Community Development District, Refunding SAB

    

Series A, 5.00%, 05/01/37

     845       777,191  

Series B, 5.00%, 05/01/37

     495       455,277  

North Powerline Road Community Development District, SAB, 5.63%, 05/01/52(b)

    925       789,613  

North River Ranch Community Development District, SAB

    

Series A-1, 4.00%, 05/01/40

     310       249,923  

Series A-1, 4.25%, 05/01/51

     530       395,564  

Series A-2, 4.20%, 05/01/35

     260       219,497  

Poitras East Community Development District, SAB, 5.00%, 05/01/43

     690       600,601  

Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32

     1,000       839,797  

Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53

     1,145       794,626  

Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54

     985       699,312  

South Broward Hospital District, RB

    

(BAM-TCRS), 3.00%, 05/01/51

     720       458,833  

Series A, 3.00%, 05/01/51

         6,355       3,917,479  

Tolomato Community Development District, Refunding SAB, Series 2015-2,
6.61%, 05/01/40(d)

    805       702,466  

Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40(f)(g)

    875       9  

Trout Creek Community Development District, SAB
5.38%, 05/01/38

     430       407,378  

5.50%, 05/01/49

     1,105       997,695  

Village Community Development District No. 14, SAB
5.38%, 05/01/42

     1,110       1,095,021  

5.50%, 05/01/53

     820       782,820  

West Villages Improvement District, SAB
4.75%, 05/01/39

     455       400,373  

5.00%, 05/01/50

     940       784,471  

Windward at Lakewood Ranch Community Development District, SAB
4.00%, 05/01/42

     240       184,468  

4.25%, 05/01/52

     280       200,959  
   

 

 

  
          54,487,497  
Georgia — 1.0%            

Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51(b)

    765       566,996  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    290       228,667  
Security  

Par

(000)

     Value  
Georgia (continued)            

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

   $ 855     $ 690,747  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/38

     340       323,960  

Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a)

    1,195       1,185,826  

Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52

     915       858,740  
   

 

 

  
      3,854,936  
Idaho — 0.1%            

Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55(b)

    580       568,006  
   

 

 

  
Illinois — 7.3%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     1,650       1,474,777  

Series C, 5.25%, 12/01/35

     1,655       1,613,497  

Series D, 5.00%, 12/01/46

     2,155       1,904,121  

Chicago Board of Education, Refunding GO

    

Series B, 4.00%, 12/01/35

     745       650,321  

Series B, 4.00%, 12/01/41

     1,665       1,314,479  

Series D, 5.00%, 12/01/31

     1,000       988,168  

City of Chicago Illinois, Refunding GO

    

Series A, 6.00%, 01/01/38

     1,260       1,289,737  

Series B, 4.00%, 01/01/37

     1,709       1,498,756  

Illinois Finance Authority, RB(b)

   

Class A, 5.00%, 07/01/51

     2,000       1,337,584  

Class A, 5.00%, 07/01/56

     2,000       1,299,048  

Illinois Finance Authority, Refunding RB
6.60%, 07/01/24

     230       226,583  

6.00%, 02/01/34

     365       352,272  

6.13%, 02/01/45

     860       800,938  

Series C, 4.00%, 02/15/41

     1,430       1,239,327  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     1,795       1,496,869  

Metropolitan Pier & Exposition Authority, RB
5.00%, 06/15/57

     1,020       931,819  

Series A, 5.50%, 06/15/53

     2,370       2,348,714  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

     2,920       2,260,240  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B,
0.00%, 12/15/54(c)

        14,000       2,273,367  

State of Illinois, GO
5.50%, 05/01/30

     530       554,778  

5.50%, 05/01/39

     1,055       1,079,447  

Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34

     1,277       1,182,796  
   

 

 

  
          28,117,638  
Indiana — 1.4%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     825       826,926  

AMT, 7.00%, 01/01/44

     2,000       2,004,332  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Indiana (continued)            

City of Vincennes Indiana, Refunding RB,
6.25%, 01/01/29(b)(f)(g)

  $ 1,715     $     1,418,477  

Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39

     1,060       1,117,964  
   

 

 

  
      5,367,699  
Kansas(b) — 0.2%            

City of Shawnee Kansas, RB
5.00%, 08/01/41

     230       194,256  

5.00%, 08/01/56

     850       641,923  
   

 

 

  
      836,179  
Kentucky(b) — 0.5%            

City of Henderson Kentucky, RB

    

AMT, 4.45%, 01/01/42

     2,000       1,790,378  

Series A, AMT, 4.70%, 01/01/52

     230       201,386  
   

 

 

  
      1,991,764  
Louisiana — 1.8%            

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54(b)

    930       661,997  

Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62(b)

    280       238,505  

Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40(b)

    1,580       1,616,950  

Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35

     4,540       4,541,888  
   

 

 

  
      7,059,340  
Maine — 0.2%            

Finance Authority of Maine, RB, AMT,
8.00%, 12/01/51(b)

    1,185       711,431  
   

 

 

  
Maryland — 1.3%            

City of Baltimore Maryland, RB, 4.88%, 06/01/42

     325       282,836  

Maryland Economic Development Corp., RB
5.00%, 07/01/56

     360       319,700  

Class B, AMT, 5.25%, 06/30/55

     1,555       1,426,110  

Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55(b)

    3,010       2,978,990  
   

 

 

  
      5,007,636  
Michigan — 1.0%            

Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44

     415       345,900  

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49

         2,405       1,917,245  

Michigan Strategic Fund, RB
5.00%, 11/15/42

     345       286,993  

AMT, 5.00%, 12/31/43

     1,200       1,115,742  
   

 

 

  
      3,665,880  
Minnesota — 0.3%            

City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55

     1,480       1,299,367  
   

 

 

  
Security  

Par

(000)

     Value  
Missouri — 0.3%            

Industrial Development Authority of the City of St Louis Missouri, Refunding RB

    

Series A, 4.38%, 11/15/35

   $ 685     $ 510,349  

Series A, 4.75%, 11/15/47

     760       509,839  
   

 

 

  
      1,020,188  
Nevada — 0.3%            

Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40

     670       613,149  

5.00%, 07/01/45

     460       403,315  
   

 

 

  
      1,016,464  
New Hampshire — 0.7%            

New Hampshire Business Finance Authority, RB

    

Series A, 4.13%, 08/15/40

     530       406,345  

Series A, 4.25%, 08/15/46

     595       428,734  

Series A, 4.50%, 08/15/55

     1,235       873,596  

New Hampshire Business Finance Authority, Refunding RB(b)

   

Series B, 4.63%, 11/01/42

     1,015       800,670  

Series C, AMT, 4.88%, 11/01/42

     485       375,869  
   

 

 

  
      2,885,214  
New Jersey — 7.6%            

Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39

     1,065       1,029,432  

5.25%, 11/01/44

     770       716,828  

Middlesex County Improvement Authority RB, Series B, 6.13%, 01/01/25

     990       12,226  

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37

     2,145       26,491  

New Jersey Economic Development Authority, RB
6.00%, 10/01/43

     1,530       1,530,585  

Class A, 5.25%, 11/01/47

     2,650       2,685,869  

Series A, 5.00%, 07/01/32

     165       157,453  

Series A, 5.00%, 07/01/37

     260       240,609  

Series A, 5.25%, 11/01/54(b)

    1,675       1,275,812  

Series B, 5.00%, 06/15/43

     2,245       2,225,747  

AMT, 5.38%, 01/01/43

     2,155       2,086,497  

Series B, AMT, 6.50%, 04/01/31

     1,660       1,646,623  

New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49(b)

    500       460,184  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     2,655       2,173,068  

New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/41

     1,140       1,141,338  

Series S, 5.25%, 06/15/43

     2,345       2,368,243  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

        8,950       4,917,078  

Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46

     5,120       4,754,513  
   

 

 

  
          29,448,596  
New Mexico — 0.2%            

Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40(b)

    1,000       774,346  
   

 

 

  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York — 13.7%            

Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51

   $ 1,500     $ 750,389  

Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32

     745       664,506  

City of New York, GO, Series A-1,
4.00%, 09/01/46

     1,195       1,015,519  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     2,890       2,503,051  

Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56

     185       130,642  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     740       680,593  

Series C-1, 5.00%, 11/15/50

     565       533,011  

Series C-1, 5.25%, 11/15/55

     840       825,922  

New York City Housing Development Corp., RB, M/F Housing

    

Series C-1A, 4.15%, 11/01/39

     1,895       1,699,319  

Series C-1A, 4.20%, 11/01/44

     3,475       3,049,817  

Series C-1A, 4.30%, 11/01/47

     2,845       2,399,373  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 6.25%, 06/01/41(b)

    4,900       4,899,849  

Series A, 5.00%, 06/01/42

     3,155       2,756,464  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2B, 5.00%, 06/01/45

     215       190,657  

Series A-2B, 5.00%, 06/01/51

     4,340       3,714,842  

New York Liberty Development Corp., Refunding RB

    

Class 1, 5.00%, 11/15/44(b)

    6,205       5,537,089  

Class 2, 5.38%, 11/15/40(b)

    1,080       998,229  

Series A, 3.00%, 11/15/51

     2,250       1,458,601  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     1,435       1,165,717  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48

     1,505       1,278,175  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

     2,020       1,692,775  

New York State Urban Development Corp., Refunding RB
3.00%, 03/15/48

     9,655       6,561,178  

4.00%, 03/15/49

     2,330       1,952,145  

New York Transportation Development Corp., RB
5.63%, 04/01/40(h)

    745       737,194  

AMT, 5.00%, 10/01/35

     1,175       1,121,306  

New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36

         1,490       1,455,490  

State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239, (SONYMA),
2.70%, 10/01/47

     3,370       2,110,379  

Westchester County Local Development Corp., Refunding RB(b)

    

5.00%, 07/01/41

     730       575,524  

5.00%, 07/01/56

     810       571,775  
   

 

 

  
          53,029,531  
North Dakota — 0.4%            

City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48

     1,765       1,697,492  
   

 

 

  
Ohio — 3.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2,
5.00%, 06/01/55

     5,995       4,902,121  
Security  

Par

(000)

     Value  
Ohio (continued)            

Cleveland-Cuyahoga County Port Authority, Refunding TA(b)

   

Series A, 4.00%, 12/01/55

   $ 250     $ 185,403  

Series S, 4.50%, 12/01/55

     210       154,309  

County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46

     875       714,067  

County of Hardin Ohio, Refunding RB
5.00%, 05/01/30

     240       218,362  

5.25%, 05/01/40

     240       198,493  

5.50%, 05/01/50

     1,130       873,537  

Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40(b)

    375       311,678  

Jefferson County Port Authority, RB, AMT,
3.50%, 12/01/51(b)

    1,125       705,428  

Ohio Air Quality Development Authority, RB(b)

   

AMT, 4.50%, 01/15/48

     1,300       1,122,835  

AMT, 5.00%, 07/01/49

     740       589,858  

Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50(b)

    375       278,110  

Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42(b)

        2,315       1,556,695  
   

 

 

  
          11,810,896  
Oklahoma — 2.4%            

Oklahoma Development Finance Authority, RB
7.25%, 09/01/51(b)

    4,615       4,477,840  

Series B, 5.00%, 08/15/38

     2,990       2,570,521  

Series B, 5.50%, 08/15/52

     1,570       1,352,290  

Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41(b)

    325       271,019  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37

     750       705,461  
   

 

 

  
      9,377,131  
Oregon — 0.6%            

Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A,
5.50%, 10/01/24(i)

    1,765       1,791,297  

Oregon State Facilities Authority, RB(b)

   

Series A, 5.00%, 06/15/29

     115       109,580  

Series A, 5.00%, 06/15/39

     565       475,353  
   

 

 

  
      2,376,230  
Pennsylvania — 4.1%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56

     5,240       4,031,429  

Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24

     3,400       3,367,016  

Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46

     200       131,578  

Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

     1,430       1,380,466  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     2,710       2,428,607  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B,
4.00%, 12/01/53

     5,000       3,983,776  

School District of Philadelphia, GO, Series A, 5.50%, 09/01/48(h)

    580       594,633  
   

 

 

  
      15,917,505  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Puerto Rico — 15.1%            

Children’s Trust Fund, RB, Series A,
0.00%, 05/15/57(c)

  $     44,330     $ 2,299,992  

Commonwealth of Puerto Rico, GO
0.00%, 11/01/51(a)

    23,415       10,811,310  

Series A-1, 0.00%, 11/01/43(a)

    4,994       2,566,021  

Series A-1, Restructured, 5.38%, 07/01/25

     — (j)       2  

Series A-1, Restructured, 5.63%, 07/01/27

     — (j)       2  

Series A-1, Restructured, 5.63%, 07/01/29

     3,644       3,722,531  

Series A-1, Restructured, 5.75%, 07/01/31

     2,813       2,891,920  

Series A-1, Restructured, 4.00%, 07/01/33

     625       544,219  

Series A-1, Restructured, 4.00%, 07/01/35

     4,100       3,469,482  

Series A-1, Restructured, 4.00%, 07/01/37

     1,452       1,177,502  

Series A-1, Restructured, 4.00%, 07/01/41

     656       504,003  

Series A-1, Restructured, 4.00%, 07/01/46

     682       498,097  

Commonwealth of Puerto Rico, GO, CAB(c)

   

Series A, Restructured, 0.00%, 07/01/24

     — (j)       1  

Series A, Restructured, 0.00%, 07/01/33

     1,765       990,698  

Commonwealth of Puerto Rico, RB,
0.00%, 11/01/51(a)

    8,999       1,422,236  

Puerto Rico Electric Power Authority, RB(f)(g)

    

3rd Series, 5.40%, 01/01/23(a)

    90       22,430  

Series A, 5.00%, 07/01/29

     660       165,000  

Series A, 7.00%, 07/01/33

     3,295       823,750  

Series A, 5.00%, 07/01/42

     910       227,500  

Series A, 7.00%, 07/01/43

     375       93,750  

Series A-1, 10.00%, 07/01/19

     75       18,774  

Series A-2, 10.00%, 07/01/19

     379       94,715  

Series A-3, 10.00%, 07/01/19

     323       80,753  

Series B-3, 10.00%, 07/01/19

     323       80,753  

Series C-1, 5.40%, 01/01/18

     887       221,863  

Series C-2, 5.40%, 07/01/18

     888       221,899  

Series C-4, 5.40%, 07/01/20

     90       22,430  

Series CCC, 5.25%, 07/01/26

     260       65,000  

Series CCC, 5.25%, 07/01/28

     145       36,250  

Series D-1, 7.50%, 01/01/20

     761       190,193  

Series D-4, 7.50%, 07/01/20

     404       100,971  

Series TT, 5.00%, 07/01/18

     295       73,750  

Series TT, 5.00%, 07/01/25

     100       25,000  

Series TT, 5.00%, 07/01/26

     225       56,250  

Series WW, 5.50%, 07/01/17

     200       50,000  

Series WW, 5.50%, 07/01/18

     1,175       293,750  

Series WW, 5.50%, 07/01/19

     145       36,250  

Series WW, 5.50%, 07/01/20

     1,595       398,750  

Series WW, 5.38%, 07/01/22

     1,310       327,500  

Series WW, 5.25%, 07/01/33

     120       30,000  

Series WW, 5.50%, 07/01/38

     205       51,250  

Series XX, 5.25%, 07/01/27

     110       27,500  

Series XX, 5.25%, 07/01/35

     645       161,250  

Series XX, 5.75%, 07/01/36

     860       215,000  

Series XX, 5.25%, 07/01/40

     1,020       255,000  

Series A, AMT, 6.75%, 07/01/36

     1,335       333,750  

Puerto Rico Electric Power Authority, Refunding RB(f)(g)

   

Series AAA, 5.25%, 07/01/22

     2,545       636,250  

Series AAA, 5.25%, 07/01/29

     95       23,750  

Series UU, 0.00%, 07/01/17(a)

    60       15,000  

Series UU, 0.00%, 07/01/18(a)

    55       13,750  

Series UU, 1.32%, 07/01/20(a)

    495       123,750  

Series UU, 4.49%, 07/01/31(a)

    580       145,000  

Series ZZ, 5.00%, 07/01/17

     145       36,250  
Security  

Par

(000)

     Value  
Puerto Rico (continued)            

Puerto Rico Electric Power Authority, Refunding RB(f)(g) (continued)

    

Series ZZ, 5.25%, 07/01/19

   $ 455     $ 113,750  

Series ZZ, 5.25%, 07/01/24

     345       86,250  

Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40(f)(g)

    1,085       271,250  

Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured,
0.00%, 07/01/32(c)

    2,520       1,610,779  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     2,453       2,069,246  

Series A-1, Restructured, 5.00%, 07/01/58

     5,234       4,535,959  

Series A-2, Restructured, 4.54%, 07/01/53

     21       17,043  

Series A-2, Restructured, 4.78%, 07/01/58

     2,080       1,741,500  

Series A-2, Restructured, 4.33%, 07/01/40

     6,129       5,292,469  

Series B-1, Restructured, 4.55%, 07/01/40

     2,402       2,130,516  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)

   

Series A-1, Restructured, 0.00%, 07/01/29

     200       152,477  

Series A-1, Restructured, 0.00%, 07/01/33

     1,023       631,879  

Series A-1, Restructured, 0.00%, 07/01/46

         12,021       2,971,452  

Series B-1, Restructured, 0.00%, 07/01/46

     883       218,196  
   

 

 

  
          58,535,563  
Rhode Island — 0.4%            

Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(f)(g)

    4,190       754,200  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40

     980       932,213  
   

 

 

  
      1,686,413  
South Carolina — 0.9%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    3,110       3,098,541  

South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62(b)

    605       501,925  
   

 

 

  
      3,600,466  
Tennessee — 2.1%            

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45

     3,000       2,878,089  

Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43(b)(c)

    3,270       1,078,917  

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48

     1,610       1,648,948  

Tennergy Corp., RB, Series A,
5.50%, 10/01/53(a)

    2,520       2,528,147  
   

 

 

  
      8,134,101  
Texas — 11.3%            

Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45(b)

    715       450,667  

Arlington Higher Education Finance Corp., RB
5.00%, 06/15/51

     715       550,921  

7.88%, 11/01/62(b)

    565       531,935  

Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41

     370       296,989  

Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39

     675       557,634  

Central Texas Regional Mobility Authority, Refunding RB(c)

    

0.00%, 01/01/28

     1,000       838,344  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

Central Texas Regional Mobility Authority, Refunding RB(c) (continued)

    

0.00%, 01/01/29

   $     2,000     $ 1,600,046  

0.00%, 01/01/30

     1,170       891,738  

0.00%, 01/01/33

     3,690       2,410,473  

0.00%, 01/01/34

     4,000       2,464,705  

City of Houston Texas Airport System Revenue, ARB AMT, 4.00%, 07/15/41

     3,350       2,700,484  

Series A, AMT, 6.63%, 07/15/38

     2,890       2,864,556  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     250       241,392  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 5.00%, 07/01/29

     5,730       5,574,546  

Series C, AMT, 5.00%, 07/15/27

     1,615       1,566,919  

City of San Marcos Texas, SAB(b)

    

4.00%, 09/01/32

     100       89,772  

4.50%, 09/01/51

     480       365,451  

City of Sinton Texas, SAB(b)
5.13%, 09/01/42

     858       745,182  

5.25%, 09/01/51

     1,195       992,037  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien,
4.63%, 10/01/31(b)

    785       738,484  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A,
6.75%, 10/01/52

     1,650       1,349,729  

New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51(b)

    1,650       1,305,359  

Newark Higher Education Finance Corp., RB(b)

   

Series A, 5.50%, 08/15/35

     290       280,814  

Series A, 5.75%, 08/15/45

     580       538,921  

Port Beaumont Navigation District, RB(b)

   

AMT, 2.75%, 01/01/36

     920       618,869  

AMT, 3.00%, 01/01/50

     2,910       1,519,458  

Port Beaumont Navigation District, Refunding RB(b)

   

Series A, AMT, 3.63%, 01/01/35

     1,215       921,021  

Series A, AMT, 4.00%, 01/01/50

     4,795       3,075,974  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB,
5.00%, 10/01/49

     865       731,669  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     860       833,457  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58

     3,155       3,169,615  

Texas Transportation Commission State Highway 249 System, RB, CAB(c)

    

0.00%, 08/01/46

     1,420       348,249  

0.00%, 08/01/47

     2,120       482,706  

0.00%, 08/01/48

     2,235       481,369  

0.00%, 08/01/49

     2,100       423,210  

0.00%, 08/01/50

     3,015       569,751  

0.00%, 08/01/51

     1,770       313,470  

0.00%, 08/01/52

     1,770       292,706  

0.00%, 08/01/53

     160       24,985  
   

 

 

  
          43,753,607  
Security  

Par

(000)

     Value  
Utah — 0.3%            

County of Utah Utah, RB, Series A,
3.00%, 05/15/50

   $     1,000     $ 653,730  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52(b)

    470       352,986  
   

 

 

  
      1,006,716  
Vermont — 0.8%            

East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44(b)

    4,000       3,009,858  
   

 

 

  
Virginia — 2.3%            

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien,
4.00%, 07/01/55

     2,435       2,004,170  

Lower Magnolia Green Community Development Authority, SAB(b)

    

5.00%, 03/01/35

     465       438,015  

5.00%, 03/01/45

     475       415,167  

Norfolk Redevelopment & Housing Authority, RB

    

Series A, 4.00%, 01/01/29

     300       262,174  

Series A, 5.00%, 01/01/34

     485       414,375  

Series A, 5.00%, 01/01/49

     955       705,425  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     2,370       2,041,399  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56

     2,000       1,831,293  

Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien,
4.00%, 01/01/48

     840       669,368  
   

 

 

  
      8,781,386  
Washington — 0.5%            

Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50(b)

    450       373,305  

Washington State Housing Finance Commission, Refunding RB
5.75%, 01/01/35(b)

    315       274,890  

6.00%, 01/01/45(b)

    850       705,348  

Series A, 5.00%, 07/01/43

     340       314,586  

Series A, 5.00%, 07/01/48

     320       286,767  
   

 

 

  
          1,954,896  
Wisconsin — 6.8%            

Public Finance Authority, ARB, AMT,
4.25%, 07/01/54

     1,595       1,009,567  

Public Finance Authority, RB
5.00%, 06/15/39

     175       158,401  

5.00%, 06/15/41(b)

    345       302,161  

7.75%, 07/01/43(b)

    3,270       3,063,940  

5.00%, 06/15/49

     530       440,748  

5.63%, 06/15/49(b)

    2,480       1,897,222  

5.00%, 06/15/53

     355       291,130  

5.00%, 06/15/55(b)

    895       727,550  

5.00%, 01/01/56(b)

    1,470       1,099,685  

Class A, 5.00%, 06/15/56(b)

    495       345,807  

Series A, 6.25%, 10/01/31(b)

    605       435,600  

Series A, 6.85%, 11/01/46(b)(f)(g)

    900       585,000  

Series A, 7.00%, 11/01/46(b)(f)(g)

    570       370,500  

Series A, 7.00%, 10/01/47(b)

    605       435,600  

Series A, 5.63%, 06/15/49(b)

    2,890       2,411,517  

Series A, 5.25%, 12/01/51(b)

    1,470       1,003,982  

Series A, 5.00%, 06/15/55(b)

    4,030       2,737,263  

Series A, 4.75%, 06/15/56(b)

    2,990       1,899,169  
 

 

 

7  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Wisconsin (continued)            

Public Finance Authority, RB (continued)

    

Series A-1, 4.50%, 01/01/35(b)

  $ 1,210     $ 1,014,708  

Series A-1, 5.50%, 12/01/48(b)(f)(g)

    20       4,385  

Series B, 0.00%, 01/01/35(b)(c)

    1,615       710,587  

Series B, 0.00%, 01/01/60(b)(c)

    35,940       1,869,812  

AMT, 4.00%, 09/30/51

     1,025       743,261  

AMT, 4.00%, 03/31/56

     980       687,907  

Wisconsin Health & Educational Facilities Authority, Refunding RB
4.00%, 12/01/46

     1,145       926,508  

4.00%, 01/01/47

     1,300       771,693  

4.00%, 01/01/57

     350       190,818  
   

 

 

  
      26,134,521  
Wyoming — 0.3%            

University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51

     1,345       1,077,766  
   

 

 

  

Total Municipal Bonds — 128.5%
(Cost: $584,746,826)

       496,682,433  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(a)(k)

 

New York — 2.0%            

New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45

     9,000       7,601,655  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0%
(Cost: $9,000,605)

 

     7,601,655  
   

 

 

  

Total Long-Term Investments — 131.0%
(Cost: $596,192,431)

       506,447,424  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 13.1%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(l)(m)

    50,621,212       50,621,212  
   

 

 

  

Total Short-Term Securities — 13.1%
(Cost: $50,614,985)

       50,621,212  
   

 

 

  

Total Investments — 144.1%
(Cost: $646,807,416)

       557,068,636  
Other Assets Less Liabilities — 2.4%         8,919,181  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2)%

 

     (4,542,000 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.3)%

 

     (174,935,898 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 386,509,919  
   

 

 

  

 

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(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) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(e) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

When-issued security.

(i) 

U.S. 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.

(j) 

Rounds to less than 1,000.

(k) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(l) 

Affiliate of the Fund.

(m) 

Annualized 7-day yield as of period end.

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

S C H E D U L E   O F   I N V E S T M E N T S   8

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/23 		    Purchases
at Cost 		    Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/23 		    Shares
Held at
10/31/23 		    Income     Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, MuniCash, Institutional Class.

   $  73,862,164     $ —     $  (23,241,772 )(a)    $ 1,271     $ (451 )    $  50,621,212       50,621,212     $  493,758     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

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

 

  •  

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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of 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. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Corporate Bonds

    $ —        $ 2,163,336        $ —        $ 2,163,336  

Municipal Bonds

      —          495,551,263          1,131,170          496,682,433  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          7,601,655          —          7,601,655  

Short-Term Securities

                  

Money Market Funds

      50,621,212          —          —          50,621,212  

Unfunded Commitments(a)

     —          —          2,058,061          2,058,061  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  50,621,212        $  505,316,254        $  3,189,231        $  559,126,697  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Unfunded commitments are valued at the unrealized appreciation (depreciation) on the commitment.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

         
      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (4,500,000 )       $ —        $ (4,500,000 ) 

VRDP Shares at Liquidation Value

      —          (175,000,000 )         —          (175,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $  (179,500,000 )       $ —        $  (179,500,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

9  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniAssets Fund, Inc. (MUA)

 

Portfolio Abbreviation

AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable
Custodial Receipts

CAB   

Capital Appreciation Bonds

CR    Custodian Receipt
GO    General Obligation Bonds
M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAN    State Aid Notes
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA   

Tax Allocation

 

 

S C H E D U L E   O F   I N V E S T M E N T S   10
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