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: 04/30/2013

Date of reporting period: 01/31/2013

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2013 (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       $ 2,538,787   

County of Jefferson Alabama, RB, Series A:

      

5.25%, 1/01/17

      895         895,278   

5.25%, 1/01/19

      2,000         2,000,080   

5.50%, 1/01/21

      1,215         1,217,515   
     

 

 

  
        6,651,660   
     

 

 

  

Alaska – 1.3%

      

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

      

4.63%, 6/01/23

      1,720         1,726,192   

5.00%, 6/01/32

      1,500         1,372,890   

5.00%, 6/01/46

      4,000         3,514,080   
     

 

 

  
        6,613,162   
     

 

 

  

Arizona – 2.9%

      

Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A,

      

6.63%, 7/01/20

      1,320         1,083,192   

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

      

6.30%, 7/01/42

      500         540,120   

6.40%, 7/01/47

      425         460,832   

Phoenix IDA Arizona, Refunding RB, America West Airlines, Inc. Project, AMT,

      

6.30%, 4/01/23

      7,750         7,326,850   

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

      

Series A, 6.75%, 7/01/31

      490         491,818   

Series E, 7.25%, 7/01/31

      2,255         2,267,650   

Show Low Improvement District, Special Assessment Bonds, District No. 5,

      

6.38%, 1/01/15

      235         237,404   

Tempe IDA, Refunding RB, Friendship Village of Tempe, Series A,

      

6.25%, 12/01/42

      720         781,704   

University Medical Center Corp. Arizona, RB:

      

6.25%, 7/01/29

      820         950,610   

6.50%, 7/01/39

      500         579,295   
     

 

 

  
        14,719,475   
     

 

 

  

California – 5.3%

      

California Pollution Control Financing Authority, RB:

      

5.00%, 11/21/45

      1,270         1,297,686   

Poseidon Resources (Channel Side) LP Desalination, AMT,

      

5.00%, 7/01/37

      1,065         1,115,470   

Poseidon Resources (Channel Side) LP Desalination, AMT,

      

5.00%, 11/21/45

      2,655         2,760,032   

California Statewide Communities Development Authority, Refunding RB:

      

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

      2,175         2,457,402   

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

      1,595         1,705,709   

City of Fontana California, Special Tax Bonds, Refunding RB, Community Facilities District No. 22-Sierra, Series H,

      

6.00%, 9/01/34

      2,320         2,359,718   

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

      

6.50%, 5/01/36

      900         1,110,123   

6.50%, 5/01/42

      2,220         2,705,958   

Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB,

      

6.06%, 1/15/33(a)

      12,450         3,780,318   

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

      

4.85%, 8/01/40

      5,000         1,338,550   

5.03%, 8/01/51

      12,050         1,783,039   

Tobacco Securitization Authority of Southern California, Refunding RB, Series A1-SNR,

      

5.00%, 6/01/37

      4,860         4,414,824   
     

 

 

  
        26,828,829   
     

 

 

  

Colorado – 1.4%

      

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

      

8.00%, 6/01/14(b)

      4,850         5,382,530   

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

      

5.00%, 12/01/40

      575         594,832   

Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Subordinate, City of Lakewood Colorado,

      

8.13%, 12/01/25

      1,025         1,025,020   
     

 

 

  
        7,002,382   
     

 

 

  

Connecticut – 0.7%

      

Connecticut State Development Authority, RB, AFCO Cargo BDL LLC Project, AMT,

      

8.00%, 4/01/30(c)(d)

      3,450         2,150,937   

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

      

6.25%, 1/01/31

      1,370         1,371,123   
     

 

 

  
        3,522,060   
     

 

 

  

Delaware – 1.0%

      

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project,

      

6.00%, 10/01/40

      1,000         1,130,790   

 

    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013   1

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

 

Municipal Bonds

    Par
(000)		      Value  

Delaware (concluded)

      

Delaware State EDA, RB, Exempt Facilities, Indian River Power,

      

5.38%, 10/01/45

    $ 3,625       $ 3,879,439   
     

 

 

  
        5,010,229   
     

 

 

  

District of Columbia – 0.9%

      

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

      

7.38%, 1/01/30

      1,665         1,729,319   

7.50%, 1/01/39

      1,615         1,676,241   

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,

      

6.50%, 5/15/33

      1,055         1,237,293   
     

 

 

  
        4,642,853   
     

 

 

  

Florida – 9.9%

      

Greater Orlando Aviation Authority Florida, RB, Special Purpose, JetBlue Airways Corp., AMT,

      

6.38%, 11/15/26

      4,500         4,556,250   

Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A,

      

7.00%, 5/01/33

      455         456,488   

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

      

Series A, 7.13%, 4/01/30

      3,000         3,003,030   

Series B, 7.13%, 4/01/30

      1,560         1,560,749   

Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US Inc., AMT,

      

5.30%, 5/01/37

      4,500         4,503,420   

Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A,

      

6.00%, 9/01/17

      1,095         1,212,888   

Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects,

      

8.00%, 5/01/40

      1,485         1,700,800   

Mid-Bay Bridge Authority, RB, Series A,

      

7.25%, 10/01/40

      4,550         5,815,765   

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

      

6.00%, 5/01/24

      1,240         1,258,786   

6.25%, 5/01/37

      4,605         4,688,581   

Palm Beach County Health Facilities Authority, RB, Acts Retirement Life Community,

      

5.50%, 11/15/33

      3,500         3,840,795   

Santa Rosa Bay Bridge Authority, RB,

      

6.25%, 7/01/28(c)(d)

      5,180         2,072,000   

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

      

5.50%, 1/01/27

      955         1,025,823   

Sumter Landing Community Development District Florida, RB, Sub-Series B,

      

5.70%, 10/01/38

      3,825         3,566,621   

Tampa Palms Open Space & Transportation Community Development District, RB, Capital Improvement, Richmond Place Project,

      

7.50%, 5/01/18

      1,510         1,511,872   

Tolomato Community Development District, Special Assessment Bonds,

      

6.65%, 5/01/40(c)(d):

      2,890         997,611   

Tolomato Community Development District, CAB, Special Assessment Bonds, Refunding:

      

6.97%, 5/01/39(e)

      250         179,423   

7.46%, 5/01/40(e)

      585         337,071   

8.11%, 5/01/40(e)

      305         129,286   

6.65%, 5/01/40

      910         896,978   

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

      

6.75%, 5/01/31

      1,920         2,219,117   

7.00%, 5/01/41

      3,135         3,644,061   

5.50%, 5/01/42

      1,380         1,485,432   
     

 

 

  
        50,662,847   
     

 

 

  

Georgia – 2.4%

      

City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project,

      

5.50%, 1/01/31

      1,035         1,053,050   

Clayton County Development Authority, Refunding RB, Delta Air Lines Inc. Project, Series A,

      

8.75%, 6/01/29

      3,365         4,219,373   

County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project,

      

7.50%, 7/01/33

      2,765         2,878,393   

DeKalb County Hospital Authority Georgia, Refunding RB, Dekalb Medical Center, Inc. Project,

      

6.13%, 9/01/40

      1,000         1,174,930   

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

      

6.38%, 11/15/29

      700         809,956   

6.63%, 11/15/39

      880         1,014,948   

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

      

5.00%, 10/01/32

      855         938,722   
     

 

 

  
        12,089,372   
     

 

 

  

Guam – 0.6%

      

Guam Government Waterworks Authority, Refunding RB, Water & Wastewater Systems,

      

6.00%, 7/01/25

      1,265         1,319,117   

 

2   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013    

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

 

Municipal Bonds

    Par
(000)		      Value  

Guam (concluded)

      

Territory of Guam, GO, Series A:

      

6.00%, 11/15/19

    $ 615       $ 676,894   

7.00%, 11/15/39

      1,115         1,257,307   
     

 

 

  
        3,253,318   
     

 

 

  

Illinois – 5.3%

      

City of Chicago Illinois, Refunding RB, American Airlines Inc. Project,

      

5.50%, 12/01/30(c)(d)

      7,000         6,545,210   

Illinois Finance Authority, Refunding RB:

      

CAB, Clare Water Tower, Series B, 8.00%, 5/15/50(a)(c)(d)

      1,491         15   

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

      3,129         31   

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

      4,000         4,434,600   

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

      2,395         2,496,812   

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

      1,175         1,190,780   

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

      4,170         4,748,337   

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, Series B (AGM),

      

4.89%, 6/15/46(a)

      9,860         1,966,380   

Railsplitter Tobacco Settlement Authority, RB:

      

5.50%, 6/01/23

      1,400         1,665,524   

6.00%, 6/01/28

      710         852,646   

Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project,

      

6.25%, 3/01/34

      1,800         1,830,996   

Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project,

      

6.00%, 1/01/25

      1,465         1,473,321   
     

 

 

  
        27,204,652   
     

 

 

  

Iowa – 0.7%

      

Iowa Finance Authority, Refunding RB, Sunrise Retirement Community Project:

      

5.50%, 9/01/37

      1,355         1,340,529   

5.75%, 9/01/43

      2,115         2,124,158   
     

 

 

  
        3,464,687   
     

 

 

  

Kentucky – 0.6%

      

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

      

6.38%, 6/01/40

      1,580         1,882,728   

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

      

6.38%, 3/01/40

      1,135         1,352,466   
     

 

 

  
        3,235,194   
     

 

 

  

Louisiana – 1.5%

      

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects,

      

6.75%, 11/01/32

      5,000         5,684,000   

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project,

      

6.75%, 5/01/41

      1,855         2,191,720   
     

 

 

  
        7,875,720   
     

 

 

  

Maine – 0.7%

      

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center,

      

6.75%, 7/01/41

      2,955         3,587,311   
     

 

 

  

Maryland – 2.6%

      

Maryland EDC, RB, Transportation Facilities Project, Series A,

      

5.75%, 6/01/35

      3,615         4,126,848   

Maryland EDC, Refunding RB, CNX Marine Terminals Inc.,

      

5.75%, 9/01/25

      4,785         5,344,510   

Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy,

      

5.50%, 7/01/38(c)(d)

      1,000         399,910   

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital,

      

5.75%, 7/01/38

      3,110         3,369,032   
     

 

 

  
        13,240,300   
     

 

 

  

Massachusetts – 0.6%

      

Massachusetts Development Finance Agency, RB, Foxborough Regional Charter School, Series A,

      

7.00%, 7/01/42

      1,025         1,214,112   

Massachusetts Development Finance Agency, Refunding RB:

      

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

      35         35,017   

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

      80         80,000   

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

      1,490         1,817,651   
     

 

 

  
        3,146,780   
     

 

 

  

 

    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013   3

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

 

Municipal Bonds

    Par
(000)		      Value  

Michigan – 2.3%

      

City of Detroit Michigan, GO, Limited Tax:

      

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

    $ 650       $ 580,801   

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

      3,185         3,026,482   

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital,

      

8.25%, 9/01/39

      6,310         8,068,345   
     

 

 

  
        11,675,628   
     

 

 

  

Minnesota – 0.4%

      

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A,

      

6.75%, 11/15/32

      1,785         2,169,935   
     

 

 

  

Missouri – 0.6%

      

Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A,

      

8.25%, 5/15/39

      2,315         2,773,509   
     

 

 

  

New Jersey – 5.8%

      

New Jersey EDA, RB:

      

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

      2,025         2,063,617   

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

      1,250         1,282,962   

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

      2,250         2,670,840   

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

      1,085         1,186,502   

New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel,

      

7.00%, 10/01/14

      4,000         4,019,720   

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

      

7.13%, 12/01/23

      670         856,394   

7.50%, 12/01/32

      3,575         4,480,047   

New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association,

      

6.63%, 7/01/36(c)(d)

      3,870         39   

New Jersey Health Care Facilities Financing Authority, Refunding RB:

      

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

      2,650         2,993,466   

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

      4,090         4,739,574   

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series C (AMBAC),

      

4.57%, 12/15/35(a)

      6,210         2,209,270   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1-A:

      

4.50%, 6/01/23

      1,390         1,386,511   

4.63%, 6/01/26

      2,000         1,940,780   
     

 

 

  
        29,829,722   
     

 

 

  

New Mexico – 0.6%

      

New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project,

      

5.50%, 7/01/42

      2,970         3,047,784   
     

 

 

  

New York – 5.0%

      

Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project,

      

5.88%, 4/01/42

      3,695         4,171,840   

Dutchess County Industrial Development Agency New York, RB, St. Francis Hospital, Series B,

      

7.50%, 3/01/29

      1,000         1,026,130   

Dutchess County Industrial Development Agency New York, Refunding RB, St. Francis Hospital, Series A,

      

7.50%, 3/01/29

      1,400         1,436,582   

Metropolitan Transportation Authority, RB, Series 2008C,

      

6.50%, 11/15/28

      2,000         2,544,920   

New York City Industrial Development Agency, RB:

      

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

      1,765         2,035,151   

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

      4,130         4,233,622   

Series C, 6.80%, 6/01/28

      860         871,145   

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

      610         615,557   

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

      1,100         1,104,136   

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         1,509,179   

Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series A, AMT,

      

5.25%, 11/01/42

      1,835         1,893,133   

Port Authority of New York & New Jersey, RB, JFK International Air Terminal,

      

6.00%, 12/01/36

      1,340         1,592,965   

 

4   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013    

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

 

Municipal Bonds

    Par
(000)		      Value  

New York (concluded)

      

Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A,

      

6.00%, 6/01/41

    $ 2,090       $ 2,369,161   
     

 

 

  
        25,403,521   
     

 

 

  

North Carolina – 1.5%

      

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

      

Deerfield, 6.13%, 11/01/38

      4,565         5,024,102   

Whitestone, 7.75%, 3/01/31

      1,000         1,153,990   

Whitestone, 7.75%, 3/01/41

      1,420         1,623,159   
     

 

 

  
        7,801,251   
     

 

 

  

Ohio – 3.0%

      

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

      

5.13%, 6/01/24

      1,350         1,247,481   

5.75%, 6/01/34

      6,745         6,001,364   

6.00%, 6/01/42

      3,040         2,764,424   

State of Ohio, RB, Ford Motor Co. Project, AMT,

      

5.75%, 4/01/35

      4,880         5,071,735   
     

 

 

  
        15,085,004   
     

 

 

  

Oklahoma – 0.3%

      

Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community,

      

6.00%, 1/01/32

      1,305         1,421,406   
     

 

 

  

Pennsylvania – 6.8%

      

Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A,

      

5.38%, 11/15/40

      3,330         2,830,433   

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB:

      

5.00%, 5/01/35

      1,815         1,961,362   

5.00%, 5/01/42

      4,170         4,466,195   

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

      

6.13%, 1/01/25

      1,360         1,370,622   

6.25%, 1/01/35

      1,550         1,557,347   

Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran,

      

6.38%, 1/01/39

      6,165         6,915,589   

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

      

6.25%, 7/01/26

      1,160         1,255,874   

Lehigh County General Purpose Authority, Refunding RB, Bible Fellowship Church Homes,

      

5.13%, 7/01/32

      2,905         2,874,236   

Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care,

      

6.13%, 2/01/28

      2,330         2,375,085   

Pennsylvania Economic Development Financing Authority, RB, National Gypsum Co., Series A, AMT,

      

6.25%, 11/01/27

      1,250         1,249,875   

Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT,

      

7.75%, 12/01/17

      8,000         8,012,320   
     

 

 

  
        34,868,938   
     

 

 

  

Puerto Rico – 1.5%

      

Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series U,

      

5.25%, 7/01/42

      3,790         3,778,554   

Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A,

      

6.50%, 8/01/44

      2,650         3,008,068   

Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C,

      

5.95%, 8/01/38(a)

      4,445         996,658   
     

 

 

  
        7,783,280   
     

 

 

  

Rhode Island – 0.7%

      

Central Falls Detention Facility Corp., Refunding RB,

      

7.25%, 7/15/35

      4,245         3,677,104   
     

 

 

  

Tennessee – 0.1%

      

Shelby County Health Educational & Housing Facilities Board Tennessee, RB, Village at Germantown,

      

6.25%, 12/01/16(b)

      575         654,770   
     

 

 

  

Texas – 13.6%

      

Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project,

      

6.20%, 7/01/45

      5,040         5,655,989   

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT,

      

7.70%, 4/01/33

      5,080         838,301   

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

      

5.75%, 1/01/25

      675         782,386   

6.25%, 1/01/46

      2,210         2,606,894   

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

      

4.70%, 1/01/28

      1,000         500,090   

4.75%, 1/01/29

      2,000         947,520   

4.87%, 1/01/30

      1,170         518,673   

4.97%, 1/01/31

      2,000         829,480   

5.11%, 1/01/32

      3,500         1,348,760   

5.23%, 1/01/33

      3,690         1,319,655   

5.28%, 1/01/34

      4,000         1,344,760   

 

    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013   5

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

 

Municipal Bonds

    Par
(000)		      Value  

Texas (continued)

      

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

      

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

    $ 2,890       $ 3,212,639   

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

      4,550         4,566,835   

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

      

5.50%, 8/01/31

      955         1,077,622   

5.75%, 8/01/41

      720         817,056   

Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A:

      

4.35%, 12/01/42

      985         985,729   

4.40%, 12/01/47

      810         810,599   

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

      

7.13%, 12/01/31

      1,500         1,915,245   

7.25%, 12/01/35

      1,110         1,382,871   

Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC),

      

5.36%, 11/15/38(a)

      10,000         2,554,100   

Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc. Series A,

      

6.88%, 5/15/41

      595         756,638   

La Vernia Higher Education Finance Corp., RB, KIPP, Inc., Series A,

      

6.38%, 8/15/44

      860         1,007,215   

Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project,

      

5.25%, 11/01/40

      1,500         1,635,270   

Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A,

      

6.30%, 11/01/29

      2,090         2,465,050   

North Texas Education Finance Corporation, ERB, Uplift Education, Series A:

      

5.13%, 12/01/42

      745         803,386   

5.25%, 12/01/47

      1,600         1,734,960   

North Texas Tollway Authority, RB, CAB, Special Projects System, Series B,

      

5.12%, 9/01/37(a)

      2,110         609,157   

North Texas Tollway Authority, Refunding RB, Toll Second Tier, Series F,

      

6.13%, 1/01/31

      4,425         4,893,121   

Red River Health Facilities Development Corp., First MRB:

      

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

      2,895         3,063,720   

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

      900         900,153   

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

      

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

      1,745         2,001,114   

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

      4,200         4,685,352   

Texas Municipal Gas Acquisition & Supply Corp. III, RB,

      

5.00%, 12/15/29

      1,945         2,122,326   

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         5,420,131   

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

      3,000         3,588,600   
     

 

 

  
        69,701,397   
     

 

 

  

Vermont – 0.2%

      

Vermont EDA, Refunding MRB, Wake Robin Corp. Project, Series A,

      

5.40%, 5/01/33

      770         813,197   
     

 

 

  

Virginia – 4.0%

      

Fairfax County EDA, RB, Vinson Hall LLC, Series A:

      

5.00%, 12/01/42

      1,330         1,337,648   

5.00%, 12/01/47

      1,735         1,737,759   

Fairfax County EDA, Refunding RB, Goodwin House Inc.,

      

5.13%, 10/01/42

      2,500         2,590,500   

Lexington IDA, Refunding MRB, Kendal at Lexington, Series A,

      

5.38%, 1/01/28

      40         40,925   

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

      

6.63%, 3/01/26

      1,485         1,728,496   

6.88%, 3/01/36

      1,300         1,506,271   

Route 460 Funding Corp. of Virgina Toll Road, RB, Senior Lien, CAB, Series B(a):

      

5.21%, 7/01/42

      3,485         768,024   

5.22%, 7/01/43

      3,610         753,010   

5.24%, 7/01/44

      3,690         727,705   

5.24%, 7/01/45

      2,905         542,828   

 

6   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013    

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

 

Municipal Bonds

    Par
(000)		      Value  

Virginia (concluded)

      

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

      

5.25%, 1/01/32

    $ 810       $ 887,436   

6.00%, 1/01/37

      5,705         6,558,924   

5.50%, 1/01/42

      1,175         1,283,194   
     

 

 

  
        20,462,720   
     

 

 

  

Washington – 0.6%

      

Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A,

      

5.50%, 9/01/42

      1,495         1,583,175   

King County, Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital,

      

7.00%, 12/01/40

      1,455         1,616,694   
     

 

 

  
        3,199,869   
     

 

 

  

Wisconsin – 0.3%

      

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

      

7.25%, 9/15/29

      425         487,343   

7.63%, 9/15/39

      855         988,739   
     

 

 

  
        1,476,082   
     

 

 

  

Total Municipal Bonds – 87.0%

         444,595,948   
     

 

 

  

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

              

Colorado – 2.5%

      

Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth, Series A,

      

5.00%, 1/01/40

      11,475         12,546,077   
     

 

 

  

District of Columbia – 1.6%

      

District of Columbia Water & Sewer Authority, Refunding RB, Series A,

      

6.00%, 10/01/35(h)

      6,681         8,109,610   
     

 

 

  

Florida – 3.2%

      

County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A, AMT (AGC),

      

5.25%, 10/01/33

      15,000         16,273,800   
     

 

 

  

Illinois – 3.0%

      

City of Chicago Illinois, RB, General Airport, Third Lien, Series A (NPFGC),

      

5.00%, 1/01/33

      6,510         7,062,504   

Illinois Finance Authority, RB, Carle Foundation, Series A (AGM),

      

6.00%, 8/15/41

      7,180         8,500,761   
     

 

 

  
        15,563,265   
     

 

 

  

Michigan – 0.9%

      

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

      

5.00%, 7/01/32

      1,613         1,745,834   

5.25%, 7/01/39

      2,786         3,034,448   
     

 

 

  
        4,780,282   
     

 

 

  

New York – 11.3%

      

Hudson New York Yards Infrastructure Corp., RB, Series A,

      

5.75%, 2/15/47

      4,520         5,393,289   

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

      

Series EE, 5.50%, 6/15/43

      7,605         8,998,920   

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

      8,609         10,246,919   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction,

      

5.25%, 12/15/43

      18,105         20,830,243   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,

      

5.75%, 11/15/51

      6,600         7,830,108   

New York State Dormitory Authority, ERB, Series F,

      

5.00%, 3/15/35

      4,004         4,324,213   
     

 

 

  
        57,623,692   
     

 

 

  

Washington – 1.8%

      

City of Bellingham Washington, RB, Water & Sewer,

      

5.00%, 8/01/40

      7,966         9,026,097   
     

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 24.3%

         123,922,823   
     

 

 

  

Total Long-Term Investments
(Cost – $525,097,398) – 111.3%

         568,518,771   
     

 

 

  

Short-Term Securities

    Shares         

FFI Institutional Tax-Exempt Fund,

      

0.01%(i)(j)

      2,730,260         2,730,260   
     

 

 

  

Total Short-Term Securities
(Cost – $2,730,260) – 0.5%

         2,730,260   
     

 

 

  

Total Investments (Cost – $527,827,658*) – 111.8%

         571,249,031   

Other Assets Less Liabilities – 0.8%

         3,914,335   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (12.6)%

         (64,187,829 ) 
     

 

 

  

Net Assets – 100.0%

       $ 510,975,537   
     

 

 

  

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 463,209,085   
  

 

 

  

Gross unrealized appreciation

    $ 61,361,719   

Gross unrealized depreciation

      (17,470,562 ) 
  

 

 

  

Net unrealized appreciation

    $ 43,891,157   
  

 

 

  

 

    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013   7

Schedule of Investments (continued)    BlackRock MuniAssets Fund, Inc. (MUA)
  

 

Notes to Schedule of Investments

 

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

 

(b) 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.

 

(c) Non-income producing security.

 

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

 

(e) 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 reflects the current yield as of report date.

 

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

 

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

 

(h) 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 is $9,080,016.

 

(i) Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2013, 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
January  31,
2013		      Income  

FFI Institutional Tax-Exempt Fund

      3,404,970         (674,710 )      2,730,260       $ 358   

 

(j) 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 Guaranty Corp.   ERB   Education Revenue Bonds
  AGM   Assured Guaranty Municipal Corp.   GO   General Obligation Bonds
  AMBAC   American Municipal Bond Assurance Corp.   IDA   Industrial Development Authority
  AMT   Alternative Minimum Tax (subject to)   MRB   Mortgage Revenue Bonds
  CAB   Capital Appreciation Bonds   NPFGC   National Public Finance Guarantee Corp.
  EDA   Economic Development Authority   RB   Revenue Bonds
  EDC   Economic Development Corp.    

 

8   BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013    

Schedule of Investments (concluded)    BlackRock MuniAssets Fund, Inc. (MUA)
  

 

•  

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 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)

 

  •  

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)

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 level in the fair value hierarchy within which the fair value measurement falls in its entirety 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 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 semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of January 31, 2013:

 

      Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      –       $ 568,518,771         –       $ 568,518,771   

Short-Term Securities

    $ 2,730,260         –         –         2,730,260   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,730,260       $ 568,518,771         –       $ 571,249,031   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

1See

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 January 31, 2013, TOB trust certificates of $64,148,789 are categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended January 31, 2013.

 

    BLACKROCK MUNIASSETS FUND, INC.    JANUARY 31, 2013   9

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 26, 2013

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 26, 2013
By:  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock MuniAssets Fund, Inc.
Date: March 26, 2013