October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock MuniAssets Fund, Inc. (MUA)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Commercial Services & Supplies — 0.5%
Grand Canyon University, 5.13%, 10/01/28
$
2,445
$    2,288,872
Total Corporate Bonds — 0.5%
(Cost: $2,445,000)
2,288,872
Municipal Bonds
Alabama — 5.3%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
 
3,085
3,293,011
Series A, 5.25%, 05/01/55
 
850
920,381
Series F, 5.50%, 11/01/53
 
615
652,246
Black Belt Energy Gas District, Refunding RB, 4.00%,
06/01/51(a)
 
1,855
1,873,007
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
 
5,645
6,016,438
Energy Southeast A Cooperative District, RB, Series B,
5.25%, 07/01/54(a)
 
795
856,743
Hoover Industrial Development Board, RB, AMT,
Sustainability Bonds, 6.38%, 11/01/50(a)
 
2,140
2,368,486
MidCity Improvement District, SAB
 
4.25%, 11/01/32
 
160
148,686
4.50%, 11/01/42
 
255
216,854
4.75%, 11/01/49
 
270
224,444
Mobile County Industrial Development Authority, RB,
Series A, AMT, 5.00%, 06/01/54
 
4,545
4,615,861
Southeast Alabama Gas Supply District, Refunding RB,
Series A, 5.00%, 08/01/54(a)
 
2,000
2,136,437
Tuscaloosa County Industrial Development Authority,
Refunding RB, Series A, 5.25%, 05/01/44(b)
 
335
338,295
 
 
23,660,889
Arizona — 4.2%
Arizona Industrial Development Authority, RB(b)
 
7.10%, 01/01/55
 
1,690
1,734,129
Series A, 5.00%, 12/15/39
 
250
250,495
Series B, 5.13%, 07/01/47
 
665
650,680
Arizona Industrial Development Authority, Refunding
RB(b)
 
Series A, 5.13%, 07/01/37
 
960
961,997
Series A, 5.50%, 07/01/52
 
1,775
1,738,721
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
100
93,971
Industrial Development Authority of the City of Phoenix
Arizona, Refunding RB(b)
 
5.00%, 07/01/35
 
320
320,981
5.00%, 07/01/45
 
255
255,170
Industrial Development Authority of the County of Pima,
Refunding RB(b)
 
4.00%, 06/15/51
 
1,555
1,303,548
5.00%, 07/01/56
 
465
438,591
La Paz County Industrial Development Authority, RB,
5.88%, 06/15/48(b)
 
875
869,507
Maricopa County Industrial Development Authority, RB
 
5.25%, 10/01/40(b)
 
465
438,667
5.50%, 10/01/51(b)
 
465
416,666
Series A, 3.00%, 09/01/51
 
5,155
3,805,980
AMT, 4.00%, 10/15/47(b)
 
1,995
1,766,543
Salt Verde Financial Corp., RB, 5.00%, 12/01/37
 
1,650
1,791,143
Sierra Vista Industrial Development Authority, RB(b)
 
5.00%, 06/15/34
 
55
56,786
Security
 
Par
(000)
Value
Arizona (continued)
Sierra Vista Industrial Development Authority,
RB(b) (continued)
 
5.00%, 06/15/44
$
515
$ 515,601
5.00%, 06/15/54
 
575
562,626
6.30%, 06/15/54
 
230
229,811
6.38%, 06/15/64
 
460
463,284
 
 
18,664,897
Arkansas — 5.1%
Arkansas Development Finance Authority, RB
 
AMT, 4.50%, 09/01/49(b)
 
9,435
9,149,521
AMT, 4.75%, 09/01/49(b)
 
6,850
6,717,516
AMT, Sustainability Bonds, 7.38%, 07/01/48(b)
 
2,800
3,117,724
AMT, Sustainability Bonds, 5.45%, 09/01/52
 
2,325
2,389,185
Series A, AMT, Sustainability Bonds, 6.88%,
07/01/48(b)
 
1,300
1,429,824
 
 
22,803,770
California — 6.9%
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b)
 
11,620
11,970,484
California Municipal Finance Authority, RB(b)
 
6.00%, 08/01/44
 
665
637,768
6.13%, 08/01/49
 
580
556,040
California School Finance Authority, RB, Series A,
6.40%, 07/01/48
 
1,570
1,573,086
California Statewide Financing Authority, RB, Series B,
6.00%, 05/01/43
 
1,650
1,650,970
CSCDA Community Improvement Authority, RB, M/F
Housing(b)
 
Series A, 3.00%, 09/01/56
 
1,570
1,084,932
Mezzanine Lien, 4.00%, 03/01/57
 
700
521,704
Series B, Mezzanine Lien, Sustainability Bonds,
4.00%, 12/01/59
 
6,035
3,808,743
Series B, Sub Lien, Sustainability Bonds, 4.00%,
12/01/59
 
4,000
2,659,090
Sustainability Bonds, 4.00%, 07/01/58
 
380
262,967
Series B, Sustainability Bonds, 4.00%, 07/01/58
 
435
288,063
Golden State Tobacco Securitization Corp., Refunding
RB, CAB, Series B-2, Subordinate, 0.00%,
06/01/66(c)
 
20,525
2,212,537
Hastings Campus Housing Finance Authority, RB, CAB,
Sub-Series A, Sustainability Bonds, 6.75%,
07/01/61(b)(d)
 
1,705
759,248
Inland Empire Tobacco Securitization Corp., RB,
Series C-1, 0.00%, 06/01/36(c)
 
4,105
1,899,252
Rancho Mirage Community Facilities District, ST
 
Series A, 5.00%, 09/01/49
 
270
275,260
Series A, 5.00%, 09/01/54
 
200
202,415
San Francisco City & County Redevelopment Agency
Successor Agency, TA, CAB, Series D, 0.00%,
08/01/43(b)(c)
 
1,500
567,619
 
 
30,930,178
Colorado — 3.1%
9th Avenue Metropolitan District No. 2, GOL, 5.00%,
12/01/48
 
910
904,567
Banning Lewis Ranch Metropolitan District No. 8, GOL,
4.88%, 12/01/51(b)
 
665
536,441
Baseline Metropolitan District No. 1, GO, Series B,
6.75%, 12/15/54
 
690
692,927
Canyons Metropolitan District No 5 Refunding GOL,
Series B, 6.50%, 12/01/54
 
625
644,168
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Colorado (continued)
Centerra Metropolitan District No. 1, TA, 5.00%,
12/01/47(b)
$
575
$ 554,238
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 4.13%,
11/15/53
 
1,025
953,647
Colorado Health Facilities Authority, RB
 
5.50%, 11/01/47
 
265
290,845
5.25%, 11/01/52
 
555
590,327
Series A, 5.00%, 05/15/35
 
355
293,147
Series A, 5.00%, 05/15/44
 
385
278,075
Series A, 5.00%, 05/15/49
 
750
509,584
Green Valley Ranch East Metropolitan District No. 6,
GOL, Series A, 5.88%, 12/01/50
 
935
944,416
Inspiration Metropolitan District, GOL, Series B,
Subordinate, 5.00%, 12/15/36
 
721
659,974
Karl’s Farm Metropolitan District No. 2, GOL, Series A,
5.63%, 09/01/25(b)(e)
 
545
572,156
Lanterns Metropolitan District No. 2, GOL, Series A,
4.50%, 12/01/50
 
520
408,955
Loretto Heights Community Authority, RB, 4.88%,
12/01/51
 
790
638,132
North Holly Metropolitan District, GOL, Series A, 5.50%,
12/01/48
 
500
489,895
Palisade Metropolitan District No. 2, GOL, Subordinate,
7.25%, 12/15/49
 
1,211
1,147,058
Prairie Farm Metropolitan District, GOL, Series A,
5.25%, 12/01/48
 
759
759,624
Pueblo Urban Renewal Authority, TA, 4.75%,
12/01/45(b)
 
1,065
721,538
St. Vrain Lakes Metropolitan District No. 4, GOL,
Series A, 6.75%, 09/20/54(b)(d)
 
1,035
741,440
Waters’ Edge Metropolitan District No. 2, GOL, 5.00%,
12/01/51
 
790
720,172
 
 
14,051,326
Connecticut — 1.4%
Connecticut State Health & Educational Facilities
Authority, RB
 
Series A, 5.00%, 01/01/55(b)
 
325
272,894
Series A, Sustainability Bonds, 5.38%, 07/01/54
 
1,105
1,129,764
Mohegan Tribal Finance Authority, RB, 7.00%,
02/01/45(b)
 
3,850
3,844,797
Mohegan Tribe of Indians of Connecticut, RB, Series A,
6.75%, 02/01/45(b)
 
941
941,113
 
 
6,188,568
Delaware(b) — 0.4%
Affordable Housing Opportunities Trust, RB, Series AH-
01, Class B, 6.88%, 05/01/39
 
1,209
1,178,237
Town of Bridgeville Delaware, ST
 
5.25%, 07/01/44
 
100
105,141
5.63%, 07/01/53
 
120
127,146
Town of Milton Delaware, ST
 
5.70%, 09/01/44
 
150
151,412
5.95%, 09/01/53
 
400
406,188
 
 
1,968,124
Florida — 16.3%
Antillia Community Development District, SAB
 
5.60%, 05/01/44
 
140
143,714
5.88%, 05/01/54
 
170
174,232
Babcock Ranch Community Independent Special
District, SAB
 
Series 2022, 5.00%, 05/01/42
 
510
501,057
Security
 
Par
(000)
Value
Florida (continued)
Babcock Ranch Community Independent Special
District, SAB (continued)
 
Series 2022, 5.00%, 05/01/53
$
385
$ 356,821
Bella Collina Community Development District, SAB,
5.30%, 05/01/55
 
210
203,444
Berry Bay II Community Development District, SAB,
Series 2024, 5.45%, 05/01/54
 
310
297,130
Boggy Creek Improvement District, Refunding SAB,
Series 2013, 5.13%, 05/01/43
 
1,190
1,179,970
Brevard County Health Facilities Authority, Refunding
RB(b)
 
4.00%, 11/15/24
 
440
439,803
4.00%, 11/15/25
 
460
456,743
4.00%, 11/15/27
 
495
487,819
4.00%, 11/15/29
 
435
416,551
4.00%, 11/15/32
 
450
417,885
4.00%, 11/15/35
 
675
609,968
Buckhead Trails Community Development District, SAB
 
5.88%, 05/01/54
 
525
513,593
Series 2022, 5.75%, 05/01/52
 
400
415,219
Cabot Citrus Farms Community Development District,
SAB, 5.25%, 03/01/29
 
1,070
1,088,249
Capital Projects Finance Authority, RB, 6.13%,
06/15/44(b)
 
190
194,190
Capital Region Community Development District,
Refunding SAB, Series A-1, 5.13%, 05/01/39
 
1,385
1,388,966
Capital Trust Agency, Inc., RB
 
5.00%, 01/01/55(b)
 
2,640
2,514,983
Series A, 5.00%, 12/15/49
 
370
360,331
Series A, 5.75%, 06/01/54(b)
 
940
789,784
Series A, 5.00%, 12/15/54
 
400
385,204
Capital Trust Agency, Inc., RB, CAB, 0.00%,
07/01/61(b)(c)
 
23,405
1,720,666
Capital Trust Authority, RB(b)
 
5.00%, 07/01/44
 
260
255,905
5.25%, 07/01/54
 
460
450,015
Charlotte County Industrial Development Authority, RB,
5.00%, 10/01/49(b)
 
1,415
1,390,452
City of Tampa Florida, Refunding SAB, Series 2015-2,
6.61%, 05/01/40(d)
 
590
590,372
Collier County Industrial Development Authority,
Refunding RB, Series A, 8.13%, 05/15/44(b)(f)(g)
 
630
14,962
Coral Creek Community Development District, SAB,
5.75%, 05/01/54
 
215
218,388
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.00%, 10/01/49
 
5,000
5,081,361
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(c)
 
Series A-2, 0.00%, 10/01/48
 
875
273,589
Series A-2, 0.00%, 10/01/49
 
730
215,993
Series A-2, 0.00%, 10/01/52
 
1,200
303,090
Series A-2, 0.00%, 10/01/54
 
2,875
614,490
Crosswinds East Community Development District,
SAB, 5.75%, 05/01/54
 
165
167,600
Darby Community Development District, SAB,
Series A-2, 5.88%, 05/01/35
 
1,485
1,524,605
Florida Development Finance Corp., RB(b)
 
6.50%, 06/30/57(f)(g)
 
331
233,479
Series A, 5.75%, 06/15/29
 
690
690,503
Series A, 6.00%, 06/15/34
 
835
835,556
Series A, 6.13%, 06/15/44
 
3,180
3,181,541
Series A, 5.13%, 06/15/55
 
3,645
3,179,594
Series B, 4.50%, 12/15/56
 
3,985
2,953,291
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Florida Development Finance Corp., RB(b) (continued)
 
Series C, 5.75%, 12/15/56
$
1,325
$ 1,091,020
Class A, AMT, 4.38%, 10/01/54(a)
 
880
878,193
Class A, AMT, 8.25%, 07/01/57(a)
 
1,500
1,528,855
Florida Development Finance Corp., Refunding RB
 
AMT, 12.00%, 07/15/32(a)(b)
 
4,260
4,460,970
AMT, (AGM), 5.25%, 07/01/53
 
3,675
3,815,302
Golden Gem Community Development District, SAB,
6.00%, 05/01/55
 
1,700
1,728,850
Hammock Oaks Community Development District, SAB,
5.85%, 05/01/44
 
385
392,403
Hobe-St Lucie Conservancy District, SAB, 5.88%,
05/01/55
 
240
245,645
Lakewood Ranch Stewardship District, SAB
 
4.95%, 05/01/29(b)
 
105
105,932
5.50%, 05/01/39(b)
 
100
101,853
3.00%, 05/01/41
 
275
210,687
5.13%, 05/01/46
 
675
675,825
5.65%, 05/01/48(b)
 
135
136,410
Series 1B, 4.75%, 05/01/29
 
560
562,261
Series 1B, 5.30%, 05/01/39
 
645
651,813
Series 1B, 5.45%, 05/01/48
 
1,150
1,152,931
Laurel Road Community Development District, SAB,
Series A-1, 2.60%, 05/01/26
 
80
78,513
Lee County Industrial Development Authority, RB,
Series B-1, 4.75%, 11/15/29
 
375
375,920
Malabar Springs Community Development District, SAB
 
5.20%, 05/01/44
 
230
223,627
5.50%, 05/01/54
 
345
333,192
Marion Ranch Community Development District, SAB
 
5.70%, 05/01/44
 
200
206,788
5.95%, 05/01/54
 
210
215,332
Midtown Miami Community Development District,
Refunding SAB
 
Series A, 5.00%, 05/01/37
 
845
844,930
Series B, 5.00%, 05/01/37
 
495
494,964
Normandy Community Development District, SAB,
5.55%, 05/01/54(b)
 
575
550,694
North AR-1 Pasco Community Development District,
SAB
 
Series A, 5.75%, 05/01/44
 
100
103,765
Series A, 6.00%, 05/01/54
 
165
168,953
North Powerline Road Community Development
District, SAB, 5.63%, 05/01/52(b)
 
910
934,071
North River Ranch Community Development District,
SAB
 
Series A-1, 4.00%, 05/01/40
 
310
278,987
Series A-1, 4.25%, 05/01/51
 
530
450,593
Series A-2, 4.20%, 05/01/35
 
125
118,950
Parrish Lakes Community Development District, SAB,
5.80%, 05/01/54
 
695
707,048
Poitras East Community Development District, SAB,
5.00%, 05/01/43
 
690
674,011
Rolling Hills Community Development District,
Refunding SAB, Series A-2, 3.65%, 05/01/32
 
860
780,301
Sawyers Landing Community Development District,
SAB, 4.25%, 05/01/53
 
1,145
938,092
Seminole County Industrial Development Authority,
Refunding RB, 5.75%, 11/15/54
 
985
971,521
Seminole Palms Community Development District,
SAB, 5.50%, 05/01/55(b)
 
365
350,685
Security
 
Par
(000)
Value
Florida (continued)
Shadowlawn Community Development District, SAB,
5.85%, 05/01/54
$
225
$ 230,191
South Broward Hospital District, RB, (BAM-TCRS),
3.00%, 05/01/51
 
720
547,070
Tolomato Community Development District, SAB,
Series 2015-3, 6.61%, 05/01/40(f)(g)
 
875
88
Trout Creek Community Development District, SAB
 
5.38%, 05/01/38
 
430
438,468
5.50%, 05/01/49
 
1,105
1,118,206
Village Community Development District No. 14, SAB
 
5.38%, 05/01/42
 
1,075
1,111,261
5.50%, 05/01/53
 
795
814,792
Village Community Development District No. 15, SAB,
4.80%, 05/01/55(b)
 
920
923,482
Volusia County Educational Facility Authority, RB,
5.25%, 06/01/49
 
1,020
1,066,586
West Villages Improvement District, SAB
 
4.75%, 05/01/39
 
455
453,299
5.00%, 05/01/50
 
940
921,653
5.63%, 05/01/54
 
325
327,151
Westside Haines City Community Development District,
SAB, 6.00%, 05/01/54
 
255
263,680
 
 
72,986,922
Georgia — 1.4%
Atlanta Development Authority, TA(b)
 
Series A, 5.00%, 04/01/34
 
650
655,459
Series A, 5.50%, 04/01/39
 
1,005
1,022,565
Atlanta Urban Redevelopment Agency, RB, 3.88%,
07/01/51(b)
 
765
599,801
Development Authority of Cobb County, RB, Series A,
6.38%, 06/15/58(b)
 
265
269,604
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
290
286,678
Gainesville & Hall County Hospital Authority, RB,
Series A, 4.00%, 02/15/51
 
855
795,316
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
05/15/38
 
340
368,637
Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)
 
1,195
1,269,772
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
915
950,422
 
 
6,218,254
Idaho — 0.1%
Idaho Housing & Finance Association, RB, Series A,
6.95%, 06/15/55(b)
 
580
617,048
Illinois — 6.9%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/42
 
3,500
3,433,431
Series C, 5.25%, 12/01/35
 
1,655
1,655,882
Series D, 5.00%, 12/01/46
 
2,155
2,135,063
Chicago Board of Education, Refunding GO
 
Series B, 4.00%, 12/01/35
 
745
710,684
Series B, 4.00%, 12/01/41
 
1,665
1,497,131
Series D, 5.00%, 12/01/31
 
1,000
1,020,219
City of Chicago Illinois, Refunding GO, Series A, 6.00%,
01/01/38
 
1,260
1,301,667
Illinois Finance Authority, RB(b)
 
Class A, Sustainability Bonds, 5.00%, 07/01/51
 
2,000
1,396,261
Class A, Sustainability Bonds, 5.00%, 07/01/56
 
2,000
1,355,674
Illinois Finance Authority, Refunding RB
 
4.00%, 02/15/27(e)
 
45
46,156
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois (continued)
Illinois Finance Authority, Refunding RB (continued)
 
6.00%, 02/01/34
$
365
$ 365,121
4.00%, 02/15/41
 
1,385
1,338,530
6.13%, 02/01/45
 
655
655,120
Illinois State Toll Highway Authority, RB, Series A,
4.00%, 01/01/46
 
1,795
1,722,664
Metropolitan Pier & Exposition Authority, RB
 
5.00%, 06/15/57
 
1,020
1,038,929
Series A, 5.50%, 06/15/53
 
2,370
2,399,672
Metropolitan Pier & Exposition Authority, Refunding RB,
4.00%, 06/15/50
 
2,920
2,686,796
Metropolitan Pier & Exposition Authority, Refunding RB,
CAB, 0.00%, 12/15/54(c)
 
14,000
3,482,140
State of Illinois, GO
 
5.50%, 05/01/30
 
530
574,435
5.50%, 05/01/39
 
1,055
1,139,556
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34
 
1,174
1,173,224
 
 
31,128,355
Indiana — 0.7%
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%,
01/01/34(b)
 
255
262,004
City of Vincennes Indiana, Refunding RB, 6.25%,
01/01/29(b)(f)(g)
 
1,715
1,112,606
Indiana Finance Authority, RB, Series A, AMT, 6.75%,
05/01/39
 
1,060
1,170,737
Indiana Finance Authority, Refunding RB, Series A,
5.50%, 09/15/44
 
555
589,592
 
 
3,134,939
Kansas(b) — 0.2%
City of Shawnee Kansas, RB
 
5.00%, 08/01/41
 
230
229,323
5.00%, 08/01/56
 
850
788,645
 
 
1,017,968
Kentucky(b) — 0.5%
City of Henderson Kentucky, RB
 
Series A, AMT, 4.70%, 01/01/52
 
230
222,249
Series B, AMT, 4.45%, 01/01/42
 
2,000
1,976,570
 
 
2,198,819
Louisiana — 1.1%
Louisiana Public Facilities Authority, RB
 
Series A, 6.50%, 06/01/62(b)
 
280
276,277
AMT, 5.50%, 09/01/59
 
1,865
1,985,723
Class R2, AMT, 6.50%, 10/01/53(a)(b)
 
835
883,474
Parish of St. James Louisiana, RB, Series 2, 6.35%,
07/01/40(b)
 
1,580
1,708,232
 
 
4,853,706
Maine(b) — 0.7%
Finance Authority of Maine, RB, AMT, Sustainability
Bonds, 8.00%, 12/01/51
 
1,185
427,734
Maine Health & Higher Educational Facilities Authority,
Refunding RB, 4.00%, 07/01/37
 
3,100
2,859,349
 
 
3,287,083
Maryland — 1.1%
City of Baltimore Maryland, RB, 4.88%, 06/01/42
 
325
320,727
Maryland Economic Development Corp., RB
 
5.00%, 07/01/56
 
360
368,733
Security
 
Par
(000)
Value
Maryland (continued)
Maryland Economic Development Corp.,
RB (continued)
 
Class B, AMT, Sustainability Bonds, 5.25%,
06/30/55
$
1,315
$ 1,370,658
Maryland Health & Higher Educational Facilities
Authority, RB, 7.00%, 03/01/55(b)
 
3,010
3,102,941
 
 
5,163,059
Massachusetts — 0.1%
Massachusetts Development Finance Agency,
Refunding RB, 5.00%, 10/01/57(b)
 
500
500,083
Michigan — 0.9%
Advanced Technology Academy, Refunding RB, 5.00%,
11/01/44
 
415
409,390
Michigan Finance Authority, Refunding RB, Series A,
4.00%, 12/01/49
 
2,405
2,232,865
Michigan Strategic Fund, RB
 
5.00%, 11/15/42
 
345
346,660
AMT, 5.00%, 12/31/43
 
1,200
1,218,824
 
 
4,207,739
Missouri — 0.3%
Industrial Development Authority of the City of St. Louis
Missouri, Refunding RB, Series A, 4.38%, 11/15/35
 
685
607,261
Kansas City Industrial Development Authority, RB(b)
 
Series A-1, 5.00%, 06/01/46
 
375
368,349
Series A-1, 5.00%, 06/01/54
 
240
230,214
 
 
1,205,824
Nevada — 0.5%
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50(a)
 
1,070
1,102,269
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
670
691,076
5.00%, 07/01/45
 
460
467,871
 
 
2,261,216
New Hampshire — 1.7%
New Hampshire Business Finance Authority, RB
 
5.25%, 12/01/35(b)
 
2,375
2,294,531
5.38%, 12/15/35(b)
 
2,310
2,255,319
Series A, 4.13%, 08/15/40
 
530
474,028
Series A, 4.25%, 08/15/46
 
595
506,112
Series A, 4.50%, 08/15/55
 
1,235
1,030,542
New Hampshire Business Finance Authority, RB, M/F
Housing, Series 2, Sustainability Bonds, 4.25%,
07/20/41
 
939
918,668
 
 
7,479,200
New Jersey — 6.5%
Casino Reinvestment Development Authority, Inc.,
Refunding RB
 
5.25%, 11/01/39
 
1,065
1,065,000
5.25%, 11/01/44
 
770
770,000
New Jersey Economic Development Authority, RB
 
6.00%, 10/01/43
 
1,530
1,532,230
Class A, 5.25%, 11/01/47
 
2,650
2,864,487
Series A, 5.00%, 07/01/37
 
260
260,303
Series A, 5.25%, 11/01/54(b)
 
1,675
1,502,013
Series B, 6.50%, 04/01/31
 
1,510
1,554,464
Series B, 5.00%, 06/15/43
 
2,245
2,325,227
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Economic Development Authority,
RB (continued)
 
AMT, 5.38%, 01/01/43
$
2,155
$ 2,159,206
New Jersey Economic Development Authority,
Refunding RB, Series A, 6.00%, 08/01/49(b)
 
500
500,126
New Jersey Health Care Facilities Financing Authority,
RB, 4.00%, 07/01/51
 
2,655
2,517,359
New Jersey Higher Education Student Assistance
Authority, RB, Series B, AMT, 4.25%, 12/01/45
 
400
389,785
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.25%, 06/15/41
 
1,140
1,150,238
New Jersey Transportation Trust Fund Authority, RB,
CAB, Series A, 0.00%, 12/15/35(c)
 
8,950
5,854,486
Tobacco Settlement Financing Corp., Refunding RB,
Sub-Series B, 5.00%, 06/01/46
 
4,780
4,789,939
 
 
29,234,863
New York — 13.9%
Albany Capital Resource Corp., Refunding RB, 4.00%,
07/01/51(f)(g)
 
1,500
810,000
Build NYC Resource Corp., RB, Series A, 5.00%,
07/01/32
 
745
726,526
Build NYC Resource Corp., Refunding RB, AMT,
5.00%, 01/01/35(b)
 
300
299,969
Empire State Development Corp., RB, Series A, 4.00%,
03/15/49
 
2,020
1,943,187
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
2,890
2,637,656
Huntington Local Development Corp., RB, Series A,
5.25%, 07/01/56
 
185
156,244
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
740
758,565
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
565
585,023
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
840
877,066
New York City Housing Development Corp., RB, M/F
Housing
 
Series C-1A, 4.15%, 11/01/39
 
1,895
1,825,172
Series C-1A, 4.20%, 11/01/44
 
3,475
3,350,785
Series C-1A, 4.30%, 11/01/47
 
2,845
2,731,629
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 6.25%, 06/01/41(b)
 
4,700
4,701,437
Series A, 5.00%, 06/01/42
 
3,155
2,981,100
New York Counties Tobacco Trust VI, Refunding RB
 
Series A-2B, 5.00%, 06/01/45
 
215
210,009
Series A-2B, 5.00%, 06/01/51
 
4,340
4,050,089
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
6,205
6,175,364
Class 2, 5.38%, 11/15/40(b)
 
1,080
1,080,153
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
2,250
1,655,512
New York State Urban Development Corp., Refunding
RB, 3.00%, 03/15/48
 
9,655
7,664,271
New York Transportation Development Corp., ARB,
AMT, 5.63%, 04/01/40
 
745
798,612
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,175
1,221,988
AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60
 
4,870
5,000,260
New York Transportation Development Corp.,
Refunding ARB, Series A, AMT, 5.38%, 08/01/36
 
1,490
1,575,687
New York Transportation Development Corp.,
Refunding RB, Series A, AMT, Sustainability Bonds,
(AGC), 12/31/54(h)
 
3,465
3,655,195
Security
 
Par
(000)
Value
New York (continued)
Oneida Indian Nation of New York, RB, Series B,
6.00%, 09/01/43(b)
$
440
$ 478,610
State of New York Mortgage Agency Homeowner
Mortgage Revenue, RB, S/F Housing, Series 239,
Sustainability Bonds, (SONYMA), 2.70%, 10/01/47
 
3,370
2,407,891
Suffolk Regional Off-Track Betting Co., RB, 5.00%,
12/01/34
 
605
610,841
Westchester County Local Development Corp.,
Refunding RB(b)
 
5.00%, 07/01/41
 
730
736,217
5.00%, 07/01/56
 
810
778,020
 
 
62,483,078
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A,
(AGM), 5.00%, 12/01/48
 
1,765
1,864,135
Ohio — 1.8%
Buckeye Tobacco Settlement Financing Authority
Refunding RB, 0.00%, 06/01/57(c)
 
15,880
1,464,776
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,345
2,114,782
County of Hamilton Ohio, Refunding RB, 5.00%,
01/01/46
 
875
878,151
County of Hardin Ohio, Refunding RB
 
5.00%, 05/01/30
 
240
236,222
5.25%, 05/01/40
 
240
228,395
5.50%, 05/01/50
 
1,130
1,046,385
Hickory Chase Community Authority, Refunding RB,
5.00%, 12/01/40(b)
 
365
356,338
Ohio Air Quality Development Authority, RB, AMT,
4.50%, 01/15/48(b)
 
1,300
1,229,945
Port of Greater Cincinnati Development Authority, RB,
4.25%, 12/01/50(b)
 
375
336,157
 
 
7,891,151
Oklahoma — 1.6%
Oklahoma Development Finance Authority, RB
 
7.25%, 09/01/51(b)
 
4,560
4,540,967
Series B, 5.50%, 08/15/52
 
1,570
1,607,199
Tulsa Authority for Economic Opportunity, TA, 4.38%,
12/01/41(b)
 
325
291,684
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/37
 
750
765,508
 
 
7,205,358
Oregon(b) — 0.1%
Oregon State Facilities Authority, RB
 
Series A, 5.00%, 06/15/29
 
100
99,514
Series A, 5.00%, 06/15/39
 
565
537,327
 
 
636,841
Pennsylvania — 5.0%
Allegheny Community Broadband Inc RB(b)
 
7.75%, 09/01/45
 
205
203,976
8.00%, 09/01/51
 
240
239,063
Allegheny County Airport Authority, ARB, Series A, AMT,
(AGM-CR), 4.00%, 01/01/56
 
5,240
4,751,797
Allentown Neighborhood Improvement Zone
Development Authority, RB(b)
 
5.00%, 05/01/42
 
3,560
3,644,520
Series A, 5.25%, 05/01/32
 
100
104,359
Series A, 5.25%, 05/01/42
 
100
101,193
Beaver County Industrial Development Authority,
Refunding RB, Series B, 3.75%, 10/01/47
 
1,110
963,710
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
$
200
$ 163,344
Doylestown Hospital Authority, Refunding RB(b)
 
5.00%, 07/01/31
 
190
197,753
5.38%, 07/01/39
 
430
463,074
Lancaster Municipal Authority, RB, Series B, 5.00%,
05/01/59
 
390
391,147
Northampton County Industrial Development Authority,
TA, 7.00%, 07/01/32
 
1,315
1,316,960
Pennsylvania Economic Development Financing
Authority, Refunding RB
 
Series B, 5.25%, 12/01/38(a)
 
670
678,385
Series C, 5.25%, 12/01/37(a)
 
1,170
1,184,649
AMT, 5.50%, 11/01/44
 
2,710
2,710,950
Pennsylvania Higher Education Assistance Agency, RB,
Sub-Series 1C, AMT, 5.00%, 06/01/51
 
245
242,208
Pennsylvania Turnpike Commission Oil Franchise Tax
Revenue, Refunding RB, Series B, 4.00%, 12/01/53
 
5,000
4,691,077
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
580
642,316
 
 
22,690,481
Puerto Rico — 15.3%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(c)
 
32,150
2,059,311
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.38%, 07/01/25
 
—
(i)
1
Series A-1, Restructured, 5.63%, 07/01/27
 
—
(i)
2
Series A-1, Restructured, 5.63%, 07/01/29
 
1,190
1,280,036
Series A-1, Restructured, 5.75%, 07/01/31
 
2,153
2,368,052
Series A-1, Restructured, 4.00%, 07/01/35
 
4,100
4,041,104
Series A-1, Restructured, 4.00%, 07/01/37
 
1,452
1,419,960
Series A-1, Restructured, 4.00%, 07/01/41
 
656
620,393
Series A-1, Restructured, 4.00%, 07/01/46
 
682
629,211
Commonwealth of Puerto Rico, GO, CAB, Series A,
Restructured, 0.00%, 07/01/33(c)
 
1,765
1,194,653
Commonwealth of Puerto Rico, RB(a)(f)(g)
 
0.00%, 11/01/51
 
41,724
22,247,108
Series A-1, 0.00%, 11/01/43
 
3,720
2,385,444
Puerto Rico Electric Power Authority, RB
 
Series A, 5.00%, 07/01/29(f)(g)
 
660
283,400
Series A, 7.00%, 07/01/33(f)(g)
 
3,295
1,414,853
Series A, 6.75%, 07/01/36(f)(g)
 
1,335
573,241
Series A, 5.00%, 07/01/42(f)(g)
 
910
390,748
Series A, 7.00%, 07/01/43(f)(g)
 
375
161,023
Series A-1, 10.00%, 07/01/19(f)(g)
 
75
32,245
Series A-2, 10.00%, 07/01/19(f)(g)
 
379
162,679
Series A-3, 10.00%, 07/01/19(f)(g)
 
323
138,699
Series B-3, 10.00%, 07/01/19(f)(g)
 
323
138,699
Series C-1, 5.40%, 01/01/18(f)(g)
 
887
381,067
Series C-2, 5.40%, 07/01/18(f)(g)
 
888
381,129
Series C-3, 5.40%, 01/01/20(f)(g)
 
90
38,526
Series C-4, 5.40%, 07/01/20(f)(g)
 
90
38,526
Series CCC, 5.25%, 07/01/26(f)(g)
 
260
111,642
Series CCC, 5.25%, 07/01/28(f)(g)
 
145
62,262
Series D-1, 7.50%, 01/01/20(f)(g)
 
761
326,671
Series D-4, 7.50%, 07/01/20(f)(g)
 
404
173,424
Series TT, 5.00%, 07/01/18(f)(g)
 
295
126,671
Series TT, 5.00%, 07/01/25(f)(g)
 
100
42,939
Series TT, 5.00%, 07/01/26(f)(g)
 
225
96,614
Series WW, 5.50%, 07/01/17(f)(g)
 
200
85,879
Series WW, 5.50%, 07/01/18(f)(g)
 
1,175
504,538
Security
 
Par
(000)
Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, RB (continued)
 
Series WW, 5.50%, 07/01/19(f)(g)
$
145
$ 62,262
Series WW, 5.50%, 07/01/20
 
1,595
684,883
Series WW, 5.38%, 07/01/22(f)(g)
 
1,310
562,506
Series WW, 5.25%, 07/01/33(f)(g)
 
120
51,527
Series WW, 5.50%, 07/01/38(f)(g)
 
205
88,026
Series XX, 5.25%, 07/01/17(f)(g)
 
110
47,233
Series XX, 5.25%, 07/01/35(f)(g)
 
645
276,959
Series XX, 5.75%, 07/01/36(f)(g)
 
860
369,279
Series XX, 5.25%, 07/01/40(f)(g)
 
1,020
437,982
Puerto Rico Electric Power Authority, Refunding RB(f)(g)
 
Series AAA, 5.25%, 07/01/22
 
2,545
1,092,807
Series AAA, 5.25%, 07/01/29
 
95
40,792
Series UU, 0.00%, 07/01/17(a)
 
60
25,764
Series UU, 0.00%, 07/01/18(a)
 
55
23,617
Series UU, 0.00%, 07/01/20(a)
 
495
212,550
Series UU, 3.95%, 07/01/31(a)
 
580
249,048
Series ZZ, 5.25%, 07/01/19
 
455
195,374
Series ZZ, 5.25%, 07/01/24
 
345
148,141
Series ZZ, 5.00%, 12/29/49
 
145
62,262
Puerto Rico Electric Power Authority, Refunding RB,
BAB, Series YY, 6.13%, 07/01/40(f)(g)
 
1,085
465,892
Puerto Rico Industrial Tourist Educational Medical &
Envirml Ctl Facs Fing Authority, ARB
 
Series A-1, AMT, 6.75%, 01/01/45
 
265
310,305
Series A-2, AMT, 6.50%, 01/01/42
 
175
204,014
Series A-2, AMT, 6.75%, 01/01/45
 
265
310,407
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
2,453
2,420,218
Series A-1, Restructured, 5.00%, 07/01/58
 
5,234
5,240,306
Series A-2, Restructured, 4.54%, 07/01/53
 
21
20,278
Series A-2, Restructured, 4.78%, 07/01/58
 
2,080
2,057,530
Series A-2, Restructured, 4.33%, 07/01/40
 
1,980
1,959,232
Series B-1, Restructured, 4.55%, 07/01/40
 
2,402
2,408,568
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB(c)
 
Series A-1, Restructured, 0.00%, 07/01/29
 
200
167,484
Series A-1, Restructured, 0.00%, 07/01/33
 
1,023
719,658
Series A-1, Restructured, 0.00%, 07/01/46
 
11,221
3,597,707
Series B-1, Restructured, 0.00%, 07/01/46
 
883
287,570
 
 
68,710,931
Rhode Island — 0.6%
Central Falls Detention Facility Corp., Refunding RB,
7.25%, 07/15/35(f)(g)
 
4,190
1,676,000
Tobacco Settlement Financing Corp., Refunding RB,
Series A, 5.00%, 06/01/40
 
980
982,222
 
 
2,658,222
South Carolina — 0.9%
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)
 
3,110
3,360,153
South Carolina Jobs-Economic Development Authority,
RB, 7.50%, 08/15/62(b)
 
605
584,834
 
 
3,944,987
Tennessee — 2.0%
Memphis-Shelby County Airport Authority, ARB,
Series A, AMT, 5.00%, 07/01/45
 
3,000
3,093,987
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County
Industrial Development Board, SAB, CAB, 0.00%,
06/01/43(b)(c)
$
3,270
$ 1,295,451
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
1,610
1,750,270
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
2,520
2,720,618
 
 
8,860,326
Texas — 10.0%
Angelina & Neches River Authority, RB, Series A, AMT,
7.50%, 12/01/45(b)
 
715
496,364
Arlington Higher Education Finance Corp., RB, 7.88%,
11/01/62(b)
 
565
591,177
Central Texas Regional Mobility Authority, Refunding
RB(c)
 
0.00%, 01/01/28
 
1,000
903,045
0.00%, 01/01/29
 
2,000
1,739,990
0.00%, 01/01/30
 
1,170
978,442
0.00%, 01/01/33
 
3,690
2,708,720
0.00%, 01/01/34
 
4,000
2,802,166
City of Anna Texas, SAB, 5.75%, 09/15/54(b)
 
445
446,274
City of Corpus Christi Texas, SAB
 
5.38%, 09/15/31
 
112
110,854
6.13%, 09/15/44
 
198
191,014
6.50%, 09/15/54
 
297
289,863
City of Fate Texas, SAB, 5.75%, 08/15/54(b)
 
110
112,399
City of Houston Texas Airport System Revenue, ARB
 
AMT, 4.00%, 07/15/41
 
3,350
3,099,432
Series A, AMT, 6.63%, 07/15/38
 
2,890
2,894,770
City of Houston Texas Airport System Revenue,
Refunding ARB, AMT, 5.00%, 07/15/27
 
250
254,843
City of Houston Texas Airport System Revenue,
Refunding RB
 
AMT, 5.00%, 07/01/29
 
5,730
5,732,965
Series C, AMT, 5.00%, 07/15/27
 
1,615
1,647,607
City of Oak Point Texas, SAB(b)
 
4.25%, 09/01/31
 
75
74,374
4.38%, 09/01/31
 
50
49,573
5.00%, 09/01/44
 
100
97,362
5.13%, 09/01/44
 
150
146,466
5.10%, 09/15/44
 
200
191,746
5.25%, 09/01/54
 
200
193,321
5.38%, 09/01/54
 
247
239,677
5.25%, 09/15/54
 
200
188,615
City of San Marcos Texas, SAB(b)
 
4.00%, 09/01/32
 
100
96,537
4.50%, 09/01/51
 
480
413,503
City of Sinton Texas, SAB(b)
 
5.13%, 09/01/42
 
858
843,266
5.25%, 09/01/51
 
1,195
1,155,781
Clifton Higher Education Finance Corp., RB, Series A,
6.00%, 06/15/54(b)
 
100
97,272
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB, Series A, 6.75%, 10/01/52
 
1,650
1,585,559
New Hope Higher Education Finance Corp., RB,
Series A, 5.75%, 06/15/51(b)
 
1,650
1,473,277
Newark Higher Education Finance Corp., RB(b)
 
Series A, 5.50%, 08/15/35
 
290
291,359
Series A, 5.75%, 08/15/45
 
580
584,986
Port of Beaumont Navigation District, ARB(b)
 
Series A, AMT, 5.00%, 01/01/39
 
3,435
3,489,879
Security
 
Par
(000)
Value
Texas (continued)
Port of Beaumont Navigation District,
ARB(b) (continued)
 
Series A, AMT, 5.13%, 01/01/44
$
1,530
$ 1,547,674
Port of Beaumont Navigation District, Refunding RB(b)
 
Series A, AMT, 3.63%, 01/01/35
 
1,270
1,161,659
Series A, AMT, 4.00%, 01/01/50
 
2,075
1,749,167
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
860
909,915
Texas Private Activity Bond Surface Transportation
Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58
 
3,155
3,387,673
 
 
44,968,566
Utah — 1.0%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
570
580,787
County of Utah, RB, Series A, 3.00%, 05/15/50
 
1,000
772,731
MIDA Mountain Veterans Program Public Infrastructure
District TA, 5.20%, 06/01/54(b)
 
620
619,448
SkyRidge Pegasus Infrastructure Financing District,
SAB, 5.25%, 12/01/44(b)
 
1,485
1,467,527
Utah Charter School Finance Authority, RB, Series A,
5.00%, 06/15/52(b)
 
470
407,668
Utah Infrastructure Agency, RB
 
5.50%, 10/15/44
 
160
174,436
5.50%, 10/15/48
 
150
161,749
Wood Ranch Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
185
188,638
 
 
4,372,984
Vermont — 0.7%
East Central Vermont Telecommunications District, RB,
Series A, 4.50%, 12/01/44(b)
 
4,000
3,320,601
Virginia — 2.7%
Hampton Roads Transportation Accountability
Commission, RB, Series A, Senior Lien, 4.00%,
07/01/55
 
2,435
2,253,430
James City County Economic Development Authority,
RB
 
Series A, 6.88%, 12/01/58
 
605
661,032
Series C3, 5.25%, 12/01/27
 
435
435,352
Lower Magnolia Green Community Development
Authority, SAB(b)
 
5.00%, 03/01/35
 
465
466,253
5.00%, 03/01/45
 
475
460,093
Norfolk Redevelopment & Housing Authority, RB
 
Series A, 4.00%, 01/01/29
 
300
293,695
Series A, 5.00%, 01/01/34
 
485
487,713
Series A, 5.00%, 01/01/49
 
955
885,118
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
2,370
2,291,983
Virginia Beach Development Authority, RB
 
Series A, 7.00%, 09/01/53
 
600
684,033
Series B3, 5.38%, 09/01/29
 
425
436,001
Virginia Small Business Financing Authority, RB, AMT,
5.00%, 12/31/56
 
2,000
2,012,360
Virginia Small Business Financing Authority, Refunding
RB, AMT, Senior Lien, 4.00%, 01/01/48
 
840
740,522
 
 
12,107,585
Washington — 0.9%
Washington State Housing Finance Commission, RB
 
6.00%, 07/01/59
 
100
99,950
Series A, 5.00%, 07/01/50(b)
 
450
427,995
7
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington (continued)
Washington State Housing Finance Commission,
RB (continued)
 
Series A, 5.75%, 01/01/53(b)
$
275
$ 265,746
Series A, 5.88%, 01/01/59(b)
 
225
218,361
Series B2, 3.95%, 07/01/29(b)
 
1,080
1,037,852
Washington State Housing Finance Commission,
Refunding RB
 
5.75%, 01/01/35(b)
 
315
315,300
6.00%, 01/01/45(b)
 
850
850,628
Series A, 5.00%, 07/01/43
 
340
355,444
Series A, 5.00%, 07/01/48
 
320
328,974
 
 
3,900,250
Wisconsin — 9.9%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54
 
1,595
1,318,399
Public Finance Authority, RB
 
6.25%, 10/01/31(b)(f)(g)
 
605
51,425
5.50%, 12/15/32(b)
 
2,600
2,530,219
5.75%, 12/15/33(b)
 
4,660
4,546,285
5.00%, 06/15/41(b)
 
345
344,065
5.00%, 12/15/44(b)
 
160
160,197
7.00%, 10/01/47(b)(f)(g)
 
605
51,425
5.00%, 06/15/49
 
530
532,442
5.63%, 06/15/49(b)
 
2,470
2,210,020
5.00%, 06/15/53
 
355
355,498
5.00%, 12/15/54(b)
 
460
452,405
5.00%, 06/15/55(b)
 
895
843,850
5.00%, 01/01/56(b)
 
1,470
1,255,022
Class A, 5.00%, 06/15/56(b)
 
495
417,118
Series A, 7.75%, 07/01/43(b)
 
3,270
3,365,268
Series A, 6.85%, 11/01/46(b)(f)(g)
 
900
435,375
Series A, 7.00%, 11/01/46(b)(f)(g)
 
570
275,738
Series A, 5.63%, 06/15/49(b)
 
2,855
2,736,067
Series A, 5.25%, 12/01/51(b)
 
1,470
990,368
Series A, 5.00%, 06/15/55(b)
 
4,030
3,315,977
Series A, 4.75%, 06/15/56(b)
 
2,975
2,196,355
Series A, 7.50%, 07/01/59(b)
 
3,020
3,339,141
Series A-1, 4.50%, 01/01/35(b)
 
1,160
1,142,468
Series A-4, 5.50%, 11/15/32(b)
 
2,445
2,380,470
Series B, 0.00%, 01/01/35(b)(c)
 
1,535
827,827
Series B, 0.00%, 01/01/60(b)(c)
 
35,940
2,845,937
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
1,025
889,073
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
980
832,528
Wisconsin Health & Educational Facilities Authority, RB,
Series A, 5.75%, 08/15/59
 
1,700
1,812,833
Wisconsin Health & Educational Facilities Authority,
Refunding RB
 
4.00%, 12/01/46
 
1,145
1,113,268
4.00%, 01/01/47
 
910
778,460
 
 
44,345,523
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%,
06/01/51
 
1,345
1,226,768
Total Municipal Bonds — 132.5%
(Cost: $608,622,634)
594,950,617
Security
 
Par
(000)
Value
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Florida — 1.7%
Hillsborough County Aviation Authority, ARB, Class B,
AMT, 5.50%, 10/01/54
$
7,120
$ 7,737,407
New York — 1.9%
New York City Housing Development Corp., RB, M/F
Housing, Series D-1B, Sustainability Bonds, 4.25%,
11/01/45
 
9,000
8,458,914
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 3.6%
(Cost: $16,805,605)
16,196,321
Total Long-Term Investments — 136.6%
(Cost: $627,873,239)
613,435,810
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 3.1%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(k)(l)
 
13,839,438
13,840,821
Total Short-Term Securities — 3.1%
(Cost: $13,840,821)
13,840,821
Total Investments — 139.7%
(Cost: $641,714,060)
627,276,631
Other Assets Less Liabilities — 1.5%
6,571,785
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (2.2)%
(9,894,518
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(39.0)%
(174,941,381
)
Net Assets Applicable to Common Shares — 100.0%
$  449,012,517
 
(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)
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.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
Non-income producing security.
(h)
When-issued security.
(i)
Rounds to less than 1,000.
(j)
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.
(k)
Affiliate of the Fund.
(l)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes. 
Schedule of Investments
8
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 12,746,476
$ 1,094,345
(a)
$ —
$ 1,104
$ (1,104
)
$ 13,840,821
13,839,438
$ 41,910
$ —
 
(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 at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
$ —
$ 2,288,872
$ —
$ 2,288,872
Municipal Bonds
—
594,950,617
—
594,950,617
Municipal Bonds Transferred to Tender Option Bond Trusts
—
16,196,321
—
16,196,321
Short-Term Securities 
Money Market Funds
13,840,821
—
—
13,840,821
Unfunded Commitments(a)
—
—
2,108,072
2,108,072
 
$13,840,821
$613,435,810
$2,108,072
$629,384,703
 
(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
$—
$(9,840,000
)
$—
$(9,840,000
)
VRDP Shares at Liquidation Value
—
(175,000,000
)
—
(175,000,000
)
 
$—
$(184,840,000
)
$—
$(184,840,000
)
9
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock MuniAssets Fund, Inc. (MUA)
 
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
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
GOL
 General Obligation Ltd.
M/F
 Multi-Family
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
SONYMA
 State of New York Mortgage Agency
ST
 Special Tax
TA
 Tax Allocation
Schedule of Investments
10
BlackRock MuniAssets (NYSE:MUA)
過去 株価チャート
から 11 2024 まで 12 2024 BlackRock MuniAssetsのチャートをもっと見るにはこちらをクリック
BlackRock MuniAssets (NYSE:MUA)
過去 株価チャート
から 12 2023 まで 12 2024 BlackRock MuniAssetsのチャートをもっと見るにはこちらをクリック