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April 30, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock MuniAssets Fund, Inc. (MUA)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Construction & Engineering — 0.1%
TimberHp By Go Lab, Inc.(a)
 
169,805
$      317,535
Total Common Stocks — 0.1%
(Cost: $ — )
317,535
 
 
 
Par
(000)
 
Corporate Bonds
Commercial Services & Supplies — 0.3%
Grand Canyon University, 5.13%, 10/01/28
$
1,570
1,555,520
Total Corporate Bonds — 0.3%
(Cost: $1,570,000)
1,555,520
Municipal Bonds
Alabama — 6.5%
Baldwin County Industrial Development Authority, RB(b)(c)
 
4.30%, 03/01/56
 
1,645
1,612,332
Series A, AMT, 5.00%, 06/01/55
 
1,935
1,976,903
Black Belt Energy Gas District, RB
 
Series A, 5.25%, 01/01/54(b)
 
3,085
3,279,486
Series A, 5.25%, 05/01/56(b)
 
2,075
2,108,625
Series F, 5.00%, 12/01/35
 
3,200
3,389,894
Series F, 5.50%, 11/01/53(b)
 
615
643,024
Black Belt Energy Gas District, Refunding RB, 4.00%,
06/01/51(b)
 
1,855
1,879,800
County of Jefferson AL Sewer Revenue, Refunding RB,
5.50%, 10/01/53
 
5,965
6,226,621
Energy Southeast A Cooperative District, RB, Series B,
5.25%, 07/01/54(b)
 
285
304,251
Hoover Industrial Development Board, RB, AMT,
Sustainability Bonds, 6.38%, 11/01/50(b)
 
3,180
3,512,522
MidCity Improvement District, SAB
 
4.50%, 11/01/42
 
255
237,266
4.75%, 11/01/49
 
270
240,675
Mobile County Industrial Development Authority, RB
 
Series A, AMT, 5.00%, 06/01/54
 
6,165
5,974,496
Series B, AMT, 4.75%, 12/01/54
 
2,490
2,321,938
Southeast Energy Authority A Cooperative District, RB(b)
 
Series A, 5.00%, 01/01/56
 
1,720
1,761,097
Series A-1, 5.50%, 01/01/53
 
470
499,666
Tuscaloosa County Industrial Development Authority,
Refunding RB, Series A, 5.25%, 05/01/44(c)
 
495
498,463
 
 
36,467,059
Arizona — 3.6%
Arizona Industrial Development Authority, RB(c)
 
7.10%, 01/01/55
 
1,650
1,655,018
Series A, 5.00%, 12/15/39
 
250
250,802
Series B, 5.13%, 07/01/47
 
665
629,672
Arizona Industrial Development Authority, Refunding
RB(c)
 
5.50%, 07/01/52
 
2,630
2,469,764
Series A, 5.13%, 07/01/37
 
1,320
1,320,588
Series A, 5.38%, 07/01/50
 
925
900,658
Series G, 5.00%, 07/01/47
 
135
127,023
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
100
85,879
Security
 
Par
(000)
Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(c)
$
1,255
$ 1,190,879
Industrial Development Authority of the City of Phoenix
Arizona, Refunding RB, 5.00%, 07/01/45(c)
 
255
245,862
Industrial Development Authority of the County of Pima,
Refunding RB(c)
 
4.00%, 06/15/51
 
2,510
1,891,647
5.00%, 07/01/56
 
685
535,470
La Paz County Industrial Development Authority, RB,
5.88%, 06/15/48(c)
 
875
829,363
Maricopa County Industrial Development Authority, RB
 
7.38%, 10/01/29(c)
 
875
919,639
5.25%, 10/01/40(c)
 
465
416,867
5.50%, 10/01/51(c)
 
465
385,049
Series A, 3.00%, 09/01/51
 
5,155
3,628,025
Maricopa County Industrial Development Authority,
Refunding RB, Series A, 4.13%, 09/01/38
 
375
375,332
Sierra Vista Industrial Development Authority, RB(c)
 
5.00%, 06/15/34
 
55
55,682
5.00%, 06/15/44
 
515
480,941
5.75%, 06/15/53
 
510
492,636
5.00%, 06/15/54
 
575
496,612
6.30%, 06/15/54
 
230
233,003
6.38%, 06/15/64
 
695
702,147
 
 
20,318,558
Arkansas(c) — 0.9%
Arkansas Development Finance Authority, RB
 
AMT, Sustainability Bonds, 7.38%, 07/01/48
 
2,800
3,034,055
Series A, AMT, Sustainability Bonds, 6.88%, 07/01/48
 
1,900
2,043,757
 
 
5,077,812
California — 7.1%
California County Tobacco Securitization Agency,
Refunding RB, Series A, 5.00%, 06/01/47
 
140
131,920
California Enterprise Development Authority, RB, 8.00%,
11/15/62(c)
 
205
180,921
California Housing Finance Agency, RB, M/F Housing(c)
 
Class 3, 5.80%, 04/01/36
 
1,380
1,368,551
Class 3, 6.85%, 04/01/36
 
300
297,620
Series P-S, Subordinate, 8.00%, 07/01/67(b)
 
2,560
2,587,285
California Infrastructure & Economic Development Bank,
Refunding RB, Class B, AMT, Sustainability Bonds,
12.00%, 01/01/65(b)(c)
 
14,650
8,497,000
California Municipal Finance Authority, RB, M/F Housing
 
6.00%, 02/01/38(b)
 
2,300
2,280,672
7.10%, 02/01/38(b)
 
1,100
1,088,121
Series A, 6.10%, 12/01/37
 
2,100
2,107,093
Series A-S, Subordinate, 8.00%, 09/01/55(b)(c)
 
1,030
1,053,108
California Public Finance Authority, RB, Series A, 6.38%,
06/01/59(c)
 
3,240
2,998,793
California School Finance Authority, RB(c)
 
Series A, 7.00%, 06/01/54
 
1,810
1,655,481
Series B, 9.00%, 06/01/34
 
180
183,180
California Statewide Financing Authority, RB, Series B,
6.00%, 05/01/43
 
1,650
1,653,834
CSCDA Community Improvement Authority, RB, M/F
Housing(c)
 
Series A, 3.00%, 09/01/56
 
2,295
1,570,613
Sustainability Bonds, 4.00%, 07/01/58
 
380
228,685
Series B, Sustainability Bonds, 4.00%, 07/01/58
 
635
302,504
2
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
California (continued)
Golden State Tobacco Securitization Corp., Refunding
RB, CAB, Series B-2, Subordinate, 0.00%,
06/01/66(d)
$
34,445
$ 3,388,076
Hastings Campus Housing Finance Authority, RB, CAB,
Sub-Series A, Sustainability Bonds, 6.75%,
07/01/61(c)
 
2,535
1,239,806
Indio Finance Authority, Refunding RB, Series A,
(NPFGC), 4.50%, 11/01/52
 
595
599,524
Inland Empire Tobacco Securitization Corp., RB,
Series C-1, 0.00%, 06/01/36(d)
 
6,890
3,431,077
Rancho Mirage Community Facilities District, ST,
Series A, 5.00%, 09/01/49
 
270
271,572
Regents of the University of California Medical Center
Pooled Revenue, RB, Series P, 4.00%, 05/15/53
 
935
869,828
San Marcos Unified School District, GO, CAB, Series B,
Election 2010, 0.00%, 08/01/38(d)
 
3,725
2,363,089
 
 
40,348,353
Colorado — 6.6%
9th Avenue Metropolitan District No. 2, GOL, 5.00%,
12/01/48
 
910
905,650
Aurora Crossroads Metropolitan District No. 2, Refunding
GOL, CAB, Series A-1, 6.25%, 12/01/55
 
2,200
2,055,220
Banning Lewis Ranch Metropolitan District No. 8, GOL,
4.88%, 12/01/51(c)
 
665
557,124
Baseline Metropolitan District No. 1, GO, Series B,
Subordinate, 6.75%, 12/15/54
 
690
694,447
Canyons Metropolitan District No. 5, Refunding GOL,
Series B, Subordinate, 6.50%, 12/15/54
 
625
625,802
Centerra Metropolitan District No. 1, TA, 5.00%,
12/01/47(c)
 
850
849,934
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 4.13%, 11/15/53
 
1,345
1,179,992
Series D, AMT, 5.75%, 11/15/45
 
790
856,954
Colorado Educational & Cultural Facilities Authority, RB,
Series B, Subordinate Lien, 8.50%, 02/01/59(c)
 
3,980
4,476,885
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
145
157,475
5.50%, 11/01/47
 
355
374,816
5.25%, 11/01/52
 
775
798,663
Series A, 5.00%, 05/15/35
 
495
477,028
Series A, 5.00%, 05/15/44
 
385
330,613
Series A, 5.00%, 05/15/49
 
1,040
825,236
Constitution Heights Metropolitan District, Refunding
GOL, 5.00%, 12/01/49
 
500
478,018
Creekwalk Marketplace Business Improvement District,
Refunding RB
 
Series A, 6.00%, 12/01/54
 
3,415
3,428,486
Series B, 8.00%, 12/15/54
 
855
855,838
Denver Convention Center Hotel Authority, Refunding
RB, Series A, 5.00%, 12/01/40
 
1,550
1,551,299
Elbert County Independence Water & Sanitation District,
Refunding RB, 5.13%, 12/01/33
 
1,000
1,034,289
Fitzsimons Village Metropolitan District No. 3, Refunding
GOL, Series A-1, 4.00%, 12/01/31
 
500
487,174
Gold Hill North Business Improvement District, GOL,
Series A, 5.60%, 12/01/54(c)
 
1,000
997,746
Independence Metropolitan District No. 3, GOL,
Series B, Subordinate, 7.13%, 12/15/54
 
1,000
995,689
Security
 
Par
(000)
Value
Colorado (continued)
Independence Metropolitan District No. 3, Refunding
GOL, Series A, 5.38%, 12/01/54
$
1,351
$ 1,344,960
Inspiration Metropolitan District, GOL, Series B,
Subordinate, 5.00%, 12/15/36
 
617
590,451
Lanterns Metropolitan District No. 2, GOL, Series A,
4.50%, 12/01/50
 
520
405,386
Loretto Heights Community Authority, RB, 4.88%,
12/01/51
 
1,290
1,026,547
Palisade Metropolitan District No. 2, Refunding RB, CAB,
Series B, Convertible, 5.88%, 12/15/54(c)
 
1,170
1,155,732
Prairie Farm Metropolitan District, GOL, Series A, 5.25%,
12/01/48
 
736
735,952
Redtail Ridge Metropolitan District, GOL, CAB, 0.00%,
12/01/32(d)
 
6,581
4,225,299
Sojourn at Idlewild Metropolitan District, GOL, Series A,
6.13%, 12/01/55(c)
 
500
514,037
St. Vrain Lakes Metropolitan District No. 4, GOL,
Series A, 6.75%, 09/20/54(c)
 
1,035
767,416
Waters’ Edge Metropolitan District No. 2, GOL, 5.00%,
12/01/51
 
1,290
1,207,748
 
 
36,967,906
Connecticut — 1.3%
Connecticut State Health & Educational Facilities
Authority, RB
 
Series A, 5.00%, 01/01/55(c)
 
485
405,379
Series A, Sustainability Bonds, 5.38%, 07/01/54
 
1,105
1,050,618
Mohegan Tribal Finance Authority, RB, 7.00%,
02/01/45(c)
 
3,750
3,780,913
Mohegan Tribe of Indians of Connecticut, RB, Series A,
6.75%, 02/01/45(c)
 
917
924,582
Stamford Housing Authority, Refunding RB
 
Series A, 6.50%, 10/01/55
 
600
620,167
Series A, 6.25%, 10/01/60
 
420
424,562
 
 
7,206,221
Delaware(c) — 0.5%
Affordable Housing Opportunities Trust, RB, Series AH-
01, Class B, 6.88%, 05/01/39
 
1,646
1,665,877
Town of Bridgeville Delaware, ST
 
5.25%, 07/01/44
 
200
201,064
5.63%, 07/01/53
 
220
220,516
Town of Milton Delaware, ST
 
5.70%, 09/01/44
 
150
152,576
5.95%, 09/01/53
 
400
403,653
 
 
2,643,686
District of Columbia — 0.3%
District of Columbia Tobacco Settlement Financing
Corp., RB, Series A, 0.00%, 06/15/46(d)
 
1,305
310,143
District of Columbia, TA, 5.13%, 06/01/41
 
590
590,531
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB, Series B, Subordinate,
4.00%, 10/01/49
 
870
769,934
 
 
1,670,608
Florida — 18.2%
Alachua County Housing Finance Authority, RB, M/F
Housing, Series A, 6.30%, 07/01/55(b)(c)
 
750
781,108
Antillia Community Development District, SAB
 
5.60%, 05/01/44
 
95
98,144
5.88%, 05/01/54
 
190
192,716
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Babcock Ranch Community Independent Special
District, SAB
 
Series 2022, 5.00%, 05/01/42
$
510
$ 518,044
Series 2022, 5.00%, 05/01/53
 
385
366,644
Bella Collina Community Development District, SAB,
5.30%, 05/01/55
 
210
206,581
Bella Tara Community Development District, SAB
 
5.88%, 05/01/45
 
500
521,962
6.13%, 05/01/56
 
755
775,250
Bellehaven Community Development District, SAB,
6.05%, 05/01/55
 
610
624,512
Berry Bay II Community Development District, SAB,
Series 2024, 5.45%, 05/01/54
 
420
405,375
Boggy Creek Improvement District, Refunding SAB,
Series 2013, 5.13%, 05/01/43
 
1,080
1,080,159
Brevard County Health Facilities Authority, Refunding
RB(c)
 
4.00%, 11/15/27
 
495
490,222
4.00%, 11/15/29
 
535
523,040
4.00%, 11/15/32
 
450
428,618
4.00%, 11/15/33
 
625
590,575
4.00%, 11/15/35
 
675
625,244
Buckhead Trails Community Development District, SAB
 
5.88%, 05/01/54
 
310
315,629
Series 2022, 5.75%, 05/01/52
 
545
553,362
Cabot Citrus Farms Community Development District,
SAB, 5.25%, 03/01/29
 
1,055
1,064,150
California Municipal Finance Authority, RB, 6.13%,
06/15/44(c)
 
190
197,878
Capital Region Community Development District,
Refunding SAB
 
Series A-1, 5.13%, 05/01/39
 
1,500
1,518,560
Series A-2, 4.60%, 05/01/31
 
300
303,926
Capital Trust Agency, Inc., RB
 
5.00%, 01/01/55(c)
 
3,930
3,368,226
Series A, 5.75%, 06/01/54(c)
 
1,390
1,227,049
Series A, 5.00%, 12/15/54
 
400
353,734
Series B, 0.00%, 01/01/60(d)
 
3,000
265,610
Capital Trust Agency, Inc., RB, CAB(c)(d)
 
0.00%, 07/01/61
 
22,860
1,957,570
Subordinate, 0.00%, 01/01/61
 
5,395
444,468
Capital Trust Authority, RB(c)
 
8.50%, 07/01/57
 
1,350
1,351,518
Series A, 5.00%, 07/01/44
 
260
246,341
Series A, 5.25%, 07/01/54
 
460
412,195
Capital Trust Authority, Refunding RB(c)
 
Series A, 4.75%, 06/15/40
 
260
255,261
Series A, 5.13%, 06/15/50
 
250
230,887
Series A, 5.25%, 06/15/59
 
805
734,316
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
970
1,044,422
Coastal Ridge Community Development District, SAB
 
5.75%, 05/01/45
 
715
743,447
6.00%, 05/01/55
 
550
561,419
Coral Creek Community Development District, SAB,
5.75%, 05/01/54
 
290
292,024
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.00%, 10/01/49
 
5,000
5,023,841
County of Miami-Dade Seaport Department, Refunding
RB, Series A, AMT, 5.25%, 10/01/52
 
350
355,959
County of Okaloosa Florida, RB(c)
 
5.75%, 05/15/55
 
190
192,263
Security
 
Par
(000)
Value
Florida (continued)
County of Okaloosa Florida, RB(c) (continued)
 
5.75%, 05/15/60
$
550
$ 554,524
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(d)
 
Series A-2, 0.00%, 10/01/47
 
745
243,384
Series A-2, 0.00%, 10/01/48
 
1,400
428,763
Series A-2, 0.00%, 10/01/49
 
730
212,387
Series A-2, 0.00%, 10/01/52
 
435
103,510
Series A-2, 0.00%, 10/01/54
 
2,875
608,797
Crosswinds East Community Development District, SAB,
5.75%, 05/01/54
 
265
267,869
Curiosity Creek Community Development District, SAB(c)
 
5.40%, 05/01/44
 
150
152,233
5.70%, 05/01/55
 
245
242,194
Cypress Creek Reserve Community Development
District, SAB
 
5.75%, 05/01/45
 
100
104,532
6.00%, 05/01/56
 
300
307,315
Darby Community Development District, SAB,
Series A-2, 5.88%, 05/01/35
 
300
312,380
East Ridge Cdd Florida, SAB, 05/01/57(e)
 
2,000
2,000,781
Escambia County Health Facilities Authority, Refunding
RB, (AMBAC), 4.00%, 08/15/45
 
2,325
2,156,515
Florida Development Finance Corp., RB(c)
 
5.25%, 06/01/55
 
525
495,115
Series A, 5.75%, 06/15/29
 
490
490,454
Series A, 6.00%, 06/15/34
 
835
835,831
Series A, 6.13%, 06/15/44
 
3,180
3,181,327
Series A, 5.13%, 06/15/55
 
3,645
3,054,770
Series B, 4.50%, 12/15/56
 
4,690
3,061,304
Series C, 5.75%, 12/15/56
 
1,575
1,175,821
Series A, AMT, 4.38%, 10/01/54(b)
 
1,190
1,196,543
Series A, AMT, 0.00%, 07/15/59(b)(f)(g)
 
3,710
1,038,800
Florida Development Finance Corp., Refunding RB
 
AMT, 0.00%, 07/15/32(b)(c)(f)(g)
 
2,620
733,600
AMT, (PSF), 5.00%, 07/01/44
 
3,985
3,877,648
AMT, (PSF), 5.25%, 07/01/47
 
1,000
999,306
Florida Local Government Finance Commission, RB,
6.75%, 11/15/55(c)
 
2,000
2,087,550
Gas Worx Community Development District, SAB,
5.75%, 05/01/45(c)
 
550
568,659
Golden Gem Community Development District, SAB,
6.00%, 05/01/55
 
2,305
2,326,563
Greenbriar Community Development District, SAB
 
5.65%, 05/01/45
 
230
234,696
5.88%, 05/01/54
 
275
275,659
Hammock Oaks Community Development District, SAB
 
5.85%, 05/01/44
 
340
349,583
6.15%, 05/01/54
 
120
121,507
Harbor Reserve Community Development District, SAB,
Series 2025, 5.50%, 05/01/45
 
2,375
2,396,631
Hillcrest Preserve Community Development District,
SAB, 5.30%, 05/01/54(c)
 
340
326,111
Hobe-St Lucie Conservancy District, SAB, 5.88%,
05/01/55
 
340
346,580
Ibis Landing Community Development District, SAB
 
5.70%, 06/15/45
 
155
162,522
5.88%, 06/15/55
 
200
204,729
Kings Creek I Community Development District, SAB,
6.00%, 05/01/55
 
525
532,898
Kissimmee Park Community Development District, SAB
 
5.88%, 05/01/45
 
455
474,985
4
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Kissimmee Park Community Development District,
SAB (continued)
 
6.13%, 05/01/56
$
375
$ 385,058
Lakes of Sarasota Community Development District,
SAB
 
3.90%, 05/01/41
 
285
263,718
Series B-1, 4.13%, 05/01/41
 
200
189,074
Lakewood Ranch Stewardship District, SAB
 
5.50%, 05/01/39(c)
 
90
92,955
5.50%, 05/01/40
 
415
448,932
5.80%, 05/01/45
 
495
529,301
5.13%, 05/01/46
 
975
975,037
5.65%, 05/01/48(c)
 
65
65,890
6.30%, 05/01/54
 
117
123,944
6.00%, 05/01/56
 
1,400
1,461,837
Series 1B, 4.75%, 05/01/29
 
515
524,398
Series 1B, 5.30%, 05/01/39
 
955
981,034
Series 1B, 5.45%, 05/01/48
 
1,700
1,714,409
Laurel Road Community Development District, SAB,
Series A-1, 2.60%, 05/01/26
 
80
80,000
Lee County Industrial Development Authority, RB,
Series B-1, 4.75%, 11/15/29
 
505
506,636
Malabar Springs Community Development District, SAB
 
5.20%, 05/01/44
 
230
231,708
5.50%, 05/01/54
 
345
335,386
Marion Ranch Community Development District, SAB
 
5.70%, 05/01/44
 
185
190,488
5.95%, 05/01/54
 
335
339,240
Midtown Miami Community Development District,
Refunding SAB, Series B, 5.00%, 05/01/37
 
495
490,420
Newfield Community Development District, SAB, 5.90%,
05/01/56
 
965
980,847
Normandy Community Development District, SAB,
5.55%, 05/01/54(c)
 
565
538,776
North AR-1 Pasco Community Development District,
SAB
 
Series A, 5.75%, 05/01/44
 
95
98,376
Series A, 6.00%, 05/01/54
 
135
137,310
North Powerline Road Community Development District,
SAB, 5.63%, 05/01/52(c)
 
910
931,520
Orange County Health Facilities Authority, Refunding RB,
Series A, 5.25%, 10/01/56
 
460
477,710
Ormond Crossings West Community Development
District, SAB
 
5.75%, 11/01/47
 
400
399,593
6.00%, 11/01/57
 
500
492,037
Parrish Lakes Community Development District, SAB,
5.80%, 05/01/54
 
540
541,062
Parrish Plantation Community Development District, SAB
 
5.80%, 05/01/44
 
100
104,143
6.05%, 05/01/54
 
115
117,777
Pinery Community Development District, SAB, 5.60%,
05/01/46
 
1,250
1,256,589
Poitras East Community Development District, SAB,
5.00%, 05/01/43
 
935
960,127
Reflection Bay Community Development District, SAB
 
5.63%, 05/01/45
 
150
154,606
5.88%, 05/01/55
 
245
248,078
Seminole County Industrial Development Authority,
Refunding RB, 5.75%, 11/15/54
 
985
904,595
Security
 
Par
(000)
Value
Florida (continued)
Seminole Palms Community Development District, SAB,
5.50%, 05/01/55(c)
$
445
$ 439,794
Shadowlawn Community Development District, SAB,
5.85%, 05/01/54
 
225
222,847
Solaeris Community Development District, SAB, 6.00%,
05/01/45(c)
 
865
899,199
South Broward Hospital District, RB, (AGM), 3.00%,
05/01/51
 
720
524,969
Sunrise Community Development District, SAB, 5.63%,
05/01/45(c)
 
1,750
1,755,612
Tolomato Community Development District, SAB
 
4.80%, 05/01/44
 
280
277,627
5.13%, 05/01/54
 
280
272,876
Trout Creek Community Development District, SAB
 
5.00%, 05/01/28
 
100
101,468
5.38%, 05/01/38
 
430
439,082
5.50%, 05/01/49
 
1,670
1,679,557
Village Community Development District No. 14, SAB
 
5.38%, 05/01/42
 
1,420
1,463,174
5.50%, 05/01/53
 
1,045
1,059,754
Village Community Development District No. 16, SAB,
4.88%, 05/01/45
 
1,750
1,766,940
Volusia County Educational Facility Authority, RB, 5.25%,
06/01/49
 
1,385
1,401,892
West Villages Improvement District, SAB
 
4.75%, 05/01/39
 
675
675,908
5.00%, 05/01/50
 
1,390
1,361,596
5.63%, 05/01/54
 
325
323,846
Westside Haines City Community Development District,
SAB, 6.00%, 05/01/54
 
245
249,663
 
 
102,675,040
Georgia — 1.9%
Atlanta Development Authority, TA(c)
 
Series A, 5.00%, 04/01/34
 
880
899,845
Series A, 5.50%, 04/01/39
 
1,360
1,390,298
Development Authority of Cobb County, RB, Series A,
6.38%, 06/15/58(c)
 
365
357,754
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(c)(f)(g)
 
400
240,000
Gainesville & Hall County Hospital Authority, RB,
Series A, 4.00%, 02/15/51
 
855
742,550
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(b)
 
3,500
3,676,720
Main Street Natural Gas, Inc., Refunding RB(b)
 
Series E-1, 5.00%, 12/01/53
 
1,195
1,274,608
Series E-2, 4.14%, 12/01/53
 
1,605
1,648,697
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
460
467,760
 
 
10,698,232
Idaho(c) — 0.1%
Idaho Housing & Finance Association, Refunding RB,
6.00%, 03/01/61
 
250
251,957
Idaho Housing & Finance Association, Refunding RB,
CAB, 0.00%, 03/01/62(d)
 
960
494,364
 
 
746,321
Illinois — 7.0%
Chicago Board of Education, GO
 
Series A, 6.25%, 12/01/50
 
3,195
3,354,536
Series C, 5.25%, 12/01/35
 
830
826,595
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois (continued)
Chicago Board of Education, GO (continued)
 
Series D, 5.00%, 12/01/46
$
3,190
$ 2,934,937
Series H, 5.00%, 12/01/36
 
1,935
1,933,691
Chicago Board of Education, Refunding GO
 
Series B, 6.00%, 12/01/44
 
1,710
1,808,326
Series C, 5.00%, 12/01/34
 
940
941,954
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, Senior Lien, 4.00%,
12/01/49
 
640
563,578
City of Chicago Illinois, GO, Series A, 6.00%, 01/01/50
 
2,650
2,763,334
City of Chicago Illinois, Refunding GO, Series A, 6.00%,
01/01/38
 
1,855
1,872,453
City of Marion Illinois Sales Tax Revenue, Refunding RB
 
6.38%, 06/01/45
 
965
979,240
6.63%, 06/01/55
 
1,780
1,787,523
County of Cook Illinois, RB, M/F Housing, 6.50%,
01/01/45
 
2,625
2,685,945
Illinois Finance Authority, RB(c)
 
Class A, Sustainability Bonds, 5.00%, 07/01/51
 
2,000
1,433,795
Class A, Sustainability Bonds, 5.00%, 07/01/56
 
2,000
1,383,707
Illinois Finance Authority, Refunding RB
 
5.25%, 08/01/35(c)
 
505
512,346
Series A, 4.00%, 07/15/47
 
1,815
1,619,631
Series C, 4.00%, 02/15/27(h)
 
1,425
1,438,788
Series C, 4.00%, 02/15/41
 
5
4,911
Illinois Housing Development Authority, RB, S/F Housing,
Series G, Sustainability Bonds, (FNMA, GNMA),
6.25%, 10/01/52
 
600
644,751
Illinois State Toll Highway Authority, RB, Series A, 4.00%,
01/01/46
 
2,295
2,166,784
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
1,575
1,554,773
Metropolitan Pier & Exposition Authority, RB, CAB,
Series A, 0.00%, 12/15/56(d)
 
1,315
275,305
Metropolitan Pier & Exposition Authority, Refunding RB,
Series B, 5.00%, 06/15/52
 
225
222,367
Metropolitan Pier & Exposition Authority, Refunding RB,
CAB, 0.00%, 12/15/54(d)
 
12,685
2,961,188
State of Illinois, GO
 
5.50%, 05/01/30
 
530
562,338
5.50%, 05/01/39
 
1,055
1,120,041
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34
 
973
974,589
 
 
39,327,426
Indiana — 0.5%
City of Valparaiso Indiana, Refunding RB, AMT, 4.50%,
01/01/34(c)
 
225
229,607
Indiana Finance Authority, RB
 
Series A, 6.13%, 10/15/45(c)
 
250
253,232
Series A, 6.38%, 10/15/55(c)
 
195
195,667
Series A, AMT, 6.75%, 05/01/39
 
1,575
1,753,442
Town of Whitestown, Refunding TA, 6.00%, 09/01/50(c)
 
500
500,631
 
 
2,932,579
Iowa — 0.5%
Iowa Finance Authority, Refunding RB
 
Series A, 5.13%, 05/15/59
 
1,225
1,149,660
Series E, 4.00%, 08/15/46
 
1,815
1,671,655
 
 
2,821,315
Security
 
Par
(000)
Value
Kansas — 0.2%
City of Manhattan Kansas, RB, Series A, 5.50%,
06/01/55
$
200
$ 201,117
City of Shawnee Kansas, RB(c)
 
5.00%, 08/01/41
 
230
211,974
5.00%, 08/01/56
 
850
684,722
 
 
1,097,813
Kentucky — 0.5%
City of Henderson Kentucky, RB(c)
 
Series A, AMT, 4.70%, 01/01/52
 
230
213,320
Series B, AMT, 4.45%, 01/01/42
 
2,000
1,970,406
Kentucky Public Transportation Infrastructure Authority,
RB, CAB, Convertible, 6.75%, 07/01/43
 
565
634,571
 
 
2,818,297
Louisiana(c) — 0.6%
Louisiana Public Facilities Authority, RB
 
6.00%, 06/15/59
 
770
775,212
Series A, 6.50%, 06/01/62
 
385
333,327
Class R2, AMT, 6.50%, 10/01/53
 
835
880,799
Parish of St. James Louisiana, RB, Series 2, 6.35%,
07/01/40
 
1,580
1,710,801
 
 
3,700,139
Maine — 1.1%
Finance Authority of Maine, RB
 
Series B, 9.50%, 06/01/32
 
305
259,634
Series A, AMT, 8.50%, 06/01/32
 
325
276,687
AMT, Sustainability Bonds, 8.50%, 06/01/35(f)(g)
 
1,452
750,597
Finance Authority of Maine, Refunding RB, AMT, 4.63%,
12/01/47(b)(c)
 
675
703,894
Maine Health & Higher Educational Facilities Authority,
Refunding RB, 4.00%, 07/01/37(c)
 
4,200
3,980,786
 
 
5,971,598
Maryland — 1.0%
City of Baltimore Maryland, RB, 4.88%, 06/01/42
 
445
455,099
Maryland Economic Development Corp., RB
 
5.00%, 07/01/56
 
360
353,720
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47
 
380
382,658
Maryland Health & Higher Educational Facilities
Authority, RB, 7.00%, 03/01/55(c)
 
4,490
4,626,065
 
 
5,817,542
Massachusetts — 0.5%
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
860
859,977
Massachusetts Development Finance Agency, Refunding
RB, 5.00%, 10/01/57(c)
 
500
480,677
Massachusetts Housing Finance Agency, Refunding RB
 
Series A, AMT, 4.45%, 12/01/42
 
310
307,284
Series A, AMT, 4.50%, 12/01/47
 
1,030
958,602
 
 
2,606,540
Michigan — 0.8%
Advanced Technology Academy, Refunding RB, 5.00%,
11/01/44
 
415
402,373
Michigan Finance Authority, RB, 4.00%, 02/15/50
 
2,000
1,712,008
Michigan Strategic Fund, RB
 
5.00%, 11/15/42
 
510
510,169
AMT, 5.00%, 12/31/43
 
1,700
1,713,914
 
 
4,338,464
6
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Minnesota — 0.1%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (GNMA), 6.00%,
01/01/53
$
340
$ 360,855
Missouri — 0.5%
Industrial Development Authority of the City of St. Louis
Missouri, Refunding RB, Series A, 4.38%, 11/15/35
 
1,015
982,274
Kansas City Industrial Development Authority, ARB
 
Class B, AMT, (NPFGC), 5.00%, 03/01/49
 
425
428,144
Class B, AMT, (AGM), 5.00%, 03/01/55
 
425
426,174
Kansas City Industrial Development Authority, RB(c)
 
Series A-1, 5.00%, 06/01/46
 
505
508,696
Series A-1, 5.00%, 06/01/54
 
340
332,961
 
 
2,678,249
Nebraska — 0.0%
Omaha Airport Authority, ARB, AMT, (AGM), 5.25%,
12/15/54
 
275
284,220
Nevada — 0.1%
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
355
365,239
5.00%, 07/01/45
 
460
465,826
 
 
831,065
New Hampshire — 4.4%
New Hampshire Business Finance Authority, RB
 
5.95%, 12/01/31(c)
 
419
419,077
5.88%, 12/15/33(c)
 
1,666
1,665,157
5.25%, 12/01/35(c)
 
1,000
997,791
5.38%, 12/15/35(c)
 
2,318
2,318,215
Series A, 4.13%, 08/15/40
 
790
729,430
Series A, 4.25%, 08/15/46
 
885
773,113
Series A, 4.50%, 08/15/55
 
1,835
1,526,827
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
6,000
6,207,275
New Hampshire Business Finance Authority, RB,
CAB(c)(d)
 
0.00%, 04/01/32
 
690
477,951
0.00%, 12/15/33
 
6,305
3,631,877
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
1,255
1,290,377
1st Series, Subordinate, 5.13%, 01/28/43(b)
 
1,410
1,420,109
Series 2025, Subordinate, 5.15%, 09/28/37
 
2,375
2,370,971
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
1,248
1,244,788
 
 
25,072,958
New Jersey — 5.3%
New Jersey Economic Development Authority, RB
 
5.00%, 06/15/43
 
125
128,858
Class A, 5.25%, 11/01/47
 
2,650
2,791,753
Series A, 5.00%, 07/01/37
 
260
260,213
Series A, 5.25%, 11/01/54(c)
 
1,675
1,446,598
Series B, 6.50%, 04/01/31
 
1,150
1,153,810
AMT, 5.38%, 01/01/43
 
2,155
2,157,416
New Jersey Economic Development Authority, Refunding
RB, Series A, 6.00%, 08/01/49(c)
 
500
500,057
New Jersey Economic Development Authority, Refunding
SAB, 5.75%, 04/01/31
 
785
788,966
New Jersey Health Care Facilities Financing Authority,
RB, 4.00%, 07/01/51
 
2,655
2,467,034
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Higher Education Student Assistance
Authority, RB, Series C, AMT, Subordinate, 4.25%,
12/01/50
$
1,340
$ 1,146,727
New Jersey Higher Education Student Assistance
Authority, Refunding RB, Sub-Series C, AMT, 3.63%,
12/01/49
 
645
501,769
New Jersey Transportation Trust Fund Authority, RB
 
Series AA, 5.25%, 06/15/41
 
1,140
1,141,095
Series AA, 5.00%, 06/15/45
 
585
585,291
New Jersey Transportation Trust Fund Authority, RB,
CAB, Series A, 0.00%, 12/15/35(d)
 
8,950
6,396,480
Tobacco Settlement Financing Corp., Refunding RB
 
Sub-Series B, 5.00%, 06/01/46
 
6,815
6,625,382
Series A, AMT, Intermediate Lien, 5.25%, 06/01/46
 
1,700
1,703,272
 
 
29,794,721
New York — 11.4%
Albany Capital Resource Corp., Refunding RB, 4.00%,
07/01/51(f)(g)
 
846
16,916
Build NYC Resource Corp., RB
 
5.50%, 06/01/56(c)
 
200
193,633
7.00%, 12/15/65(c)
 
780
774,736
Series A, 5.00%, 07/01/32
 
745
738,495
Build NYC Resource Corp., Refunding RB, AMT, 5.00%,
01/01/35(c)
 
275
275,375
Empire State Development Corp., RB, Series A, 4.00%,
03/15/49
 
2,020
1,862,465
Empire State Development Corp., Refunding RB, 3.00%,
03/15/48
 
9,655
7,209,019
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
3,800
3,088,749
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
1,725
1,734,887
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
565
570,107
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
840
852,701
New York City Housing Development Corp., RB, M/F
Housing, Series C-1A, 4.30%, 11/01/47
 
2,845
2,776,354
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Sub-Series B-1, 4.00%, 11/01/45
 
2,000
1,882,910
Series A-1, Subordinate, 4.00%, 08/01/48
 
555
512,717
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 6.25%, 06/01/41(c)
 
5,501
5,401,714
Series A, 5.00%, 06/01/42
 
4,660
4,025,615
New York Counties Tobacco Trust VI, Refunding RB
 
Series A-2B, 5.00%, 06/01/45
 
215
187,135
Series A-2B, 5.00%, 06/01/51
 
5,340
4,467,966
New York Liberty Development Corp., Refunding RB
 
Class 2, 5.38%, 11/15/40(c)
 
1,475
1,475,962
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
2,755
2,014,231
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
565
505,956
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/50
 
1,610
1,675,278
Series B, 5.00%, 03/15/54
 
740
763,713
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
1,005
1,064,085
AMT, 5.00%, 12/01/40
 
555
580,049
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,150
1,201,017
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
New York Transportation Development Corp.,
RB (continued)
 
AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60
$
6,620
$ 6,650,016
AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA),
5.25%, 06/30/60
 
4,695
4,755,402
New York Transportation Development Corp., Refunding
ARB, Series A, AMT, 5.38%, 08/01/36
 
2,220
2,304,978
TSASC, Inc., Refunding RB, Series B, 5.00%, 06/01/48
 
530
494,792
Ulster County Capital Resource Corp., RB, 5.88%,
09/15/59(c)
 
700
701,082
Westchester County Local Development Corp., RB,
Senior Lien, 6.38%, 12/01/55(c)
 
300
306,403
Westchester County Local Development Corp.,
Refunding RB(c)
 
5.00%, 07/01/41
 
1,070
1,079,571
5.00%, 07/01/56
 
1,190
1,067,097
Westchester Tobacco Asset Securitization Corp.,
Refunding RB, Sub-Series C, 4.00%, 06/01/42
 
1,170
961,660
 
 
64,172,786
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F
Housing, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.00%, 07/01/53
 
420
445,251
North Carolina Medical Care Commission, RB, 5.25%,
11/01/56
 
1,600
1,607,309
 
 
2,052,560
North Dakota — 0.4%
City of Grand Forks North Dakota, RB
 
Series A, (AGM), 5.00%, 12/01/48
 
1,765
1,794,996
Series A, (HUD SEC 8), 5.00%, 12/01/53
 
525
531,124
 
 
2,326,120
Ohio — 2.0%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,680
2,125,564
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, CAB, Series B-3, Class 2, 0.00%,
06/01/57(d)
 
15,630
1,193,108
Cleveland-Cuyahoga County Port Authority, Refunding
RB(c)
 
Series A, 5.38%, 01/01/39
 
285
290,632
Series A, 5.88%, 01/01/49
 
575
573,259
County of Hamilton Ohio, Refunding RB
 
5.00%, 01/01/46
 
875
867,537
4.00%, 08/15/50
 
800
698,422
County of Hardin Ohio, Refunding RB
 
5.00%, 05/01/30
 
240
239,225
5.25%, 05/01/40
 
240
231,981
5.50%, 05/01/50
 
1,130
1,023,160
Hickory Chase Community Authority, Refunding RB,
5.00%, 12/01/40(c)
 
340
349,585
Ohio Air Quality Development Authority, RB, AMT,
4.50%, 01/15/48(c)
 
3,995
3,703,615
 
 
11,296,088
Oklahoma — 2.3%
Oklahoma Development Finance Authority, RB
 
7.25%, 09/01/51(c)
 
6,680
6,552,880
Series B, 5.50%, 08/15/52
 
2,335
2,328,438
Security
 
Par
(000)
Value
Oklahoma (continued)
Tulsa County Industrial Authority, Refunding RB
 
5.25%, 11/15/37
$
750
$ 758,276
5.25%, 11/15/45
 
925
927,773
Tulsa Municipal Airport Trust Trustees, Refunding, ARB,
AMT, 6.25%, 12/01/40
 
2,355
2,599,941
 
 
13,167,308
Oregon — 0.2%
Clackamas County School District No. 12 North
Clackamas, GO, CAB(d)
 
Series A, (HUD SECT 8), 0.00%, 06/15/27(h)
 
65
38,591
Series A, (AGM), 0.00%, 06/15/38
 
560
327,724
Oregon State Facilities Authority, RB(c)
 
Series A, 5.00%, 06/15/29
 
25
25,310
Series A, 5.00%, 06/15/39
 
565
551,730
 
 
943,355
Pennsylvania — 5.1%
Allegheny Community Broadband, Inc., RB(c)
 
7.75%, 09/01/45
 
205
204,971
8.00%, 09/01/51
 
240
233,674
Allegheny County Airport Authority, ARB, Series A, AMT,
(FNMA), 4.00%, 01/01/56
 
5,240
4,510,159
Allentown Neighborhood Improvement Zone
Development Authority, RB(c)
 
5.00%, 05/01/42
 
4,495
4,657,689
Series A, 5.25%, 05/01/32
 
100
102,419
Series A, 5.25%, 05/01/42
 
100
102,335
Beaver County Industrial Development Authority,
Refunding RB, Series B, 3.75%, 10/01/47
 
1,110
935,142
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (FHLMC, FNMA,
GNMA), 4.50%, 09/01/48
 
800
805,376
Doylestown Hospital Authority, Refunding RB(c)
 
5.00%, 07/01/31
 
285
301,084
5.38%, 07/01/39
 
585
638,996
Lancaster Municipal Authority, RB, Series B, 5.00%,
05/01/59
 
530
508,347
Montgomery County Industrial Development Authority,
RB, Series C, 5.00%, 11/15/45
 
95
95,944
Pennsylvania Economic Development Financing
Authority, RB
 
5.00%, 06/30/42
 
465
465,171
6.88%, 09/01/47(c)
 
3,855
4,063,038
AMT, 5.75%, 06/30/48
 
335
350,510
AMT, 5.25%, 06/30/53
 
1,360
1,364,519
Pennsylvania Economic Development Financing
Authority, Refunding RB
 
Series B, 5.25%, 12/01/38(b)
 
910
910,977
Series C, 5.25%, 12/01/37(b)
 
1,585
1,586,701
AMT, 5.50%, 11/01/44
 
3,430
3,432,072
Pennsylvania Higher Education Assistance Agency, RB,
Sub-Series 1C, AMT, 5.00%, 06/01/51
 
345
327,692
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 143A, Sustainability Bonds, 5.38%,
10/01/46
 
960
1,005,915
Philadelphia Authority for Industrial Development, RB
 
5.25%, 11/01/52
 
355
363,699
8
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development,
RB (continued)
 
Series A, 4.00%, 07/01/49
$
805
$ 737,681
School District of Philadelphia, GOL, Series A, (AGM),
5.50%, 09/01/48
 
800
849,566
 
 
28,553,677
Puerto Rico — 12.2%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57(d)
 
39,095
1,893,316
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.63%, 07/01/27
 
—
(i)
2
Series A-1, Restructured, 5.63%, 07/01/29
 
1,190
1,252,502
Series A-1, Restructured, 5.75%, 07/01/31
 
2,937
3,175,324
Series A-1, Restructured, 4.00%, 07/01/35
 
4,100
4,062,021
Series A-1, Restructured, 4.00%, 07/01/41
 
141
131,601
Series A-1, Restructured, 4.00%, 07/01/46
 
682
593,670
Commonwealth of Puerto Rico, GO, CAB, Series A,
Restructured, 0.00%, 07/01/33(d)
 
1,765
1,278,506
Commonwealth of Puerto Rico, Notes, 0.00%,
11/01/51(b)(f)(g)
 
31,844
19,584,318
Puerto Rico Electric Power Authority, RB
 
Series A, 7.00%, 07/01/33(f)(g)
 
3,295
2,322,975
Series A, 6.75%, 07/01/36(f)(g)
 
1,335
941,175
Series A, 5.00%, 07/01/42(f)(g)
 
910
641,550
Series A, 7.00%, 07/01/43(f)(g)
 
375
264,375
Series A-1, 10.00%, 07/01/19(f)(g)
 
75
55,758
Series A-2, 10.00%, 07/01/19(f)(g)
 
379
281,302
Series A-3, 10.00%, 07/01/19(f)(g)
 
323
239,835
Series B-3, 10.00%, 07/01/19(f)(g)
 
323
239,835
Series C-1, 5.40%, 01/01/18(f)(g)
 
887
625,654
Series C-2, 5.40%, 07/01/18(f)(g)
 
888
625,756
Series C-3, 5.40%, 01/01/20(f)(g)
 
90
63,253
Series C-4, 5.40%, 07/01/20(f)(g)
 
90
63,253
Series CCC, 5.25%, 07/01/26(f)(g)
 
260
183,300
Series CCC, 5.25%, 07/01/28(f)(g)
 
145
102,225
Series D-1, 7.50%, 01/01/20(f)(g)
 
761
547,757
Series D-4, 7.50%, 07/01/20(f)(g)
 
404
290,795
Series TT, 5.00%, 07/01/18(f)(g)
 
295
207,975
Series WW, 5.50%, 07/01/17(f)(g)
 
200
141,000
Series WW, 5.50%, 07/01/18(f)(g)
 
1,175
828,375
Series WW, 5.50%, 07/01/19(f)(g)
 
145
102,225
Series WW, 5.50%, 07/01/20
 
1,595
1,124,475
Series WW, 5.38%, 07/01/22(f)(g)
 
1,310
923,550
Series WW, 5.25%, 07/01/33(f)(g)
 
120
84,600
Series WW, 5.50%, 07/01/38(f)(g)
 
205
144,525
Series XX, 5.25%, 07/01/27(f)(g)
 
110
77,550
Series XX, 5.25%, 07/01/35(f)(g)
 
645
454,725
Series XX, 5.75%, 07/01/36(f)(g)
 
860
606,300
Series XX, 5.25%, 07/01/40(f)(g)
 
1,020
719,100
Puerto Rico Electric Power Authority, Refunding RB(f)(g)
 
Series AAA, 5.25%, 07/01/22
 
2,545
1,794,225
Series AAA, 5.25%, 07/01/29
 
95
66,975
Series UU, 0.00%, 07/01/17(b)
 
60
42,300
Series UU, 0.00%, 07/01/18(b)
 
55
38,775
Series UU, 0.00%, 07/01/20(b)
 
495
348,975
Series UU, 1.00%, 07/01/31(b)
 
580
408,900
Series ZZ, 5.25%, 07/01/19
 
455
320,775
Series ZZ, 5.00%, 12/29/49
 
145
102,225
Puerto Rico Electric Power Authority, Refunding RB,
BAB, Series YY, 6.13%, 07/01/40(f)(g)
 
1,085
764,925
Security
 
Par
(000)
Value
Puerto Rico (continued)
Puerto Rico Industrial Tourist Educational Medical &
Envirml Ctl Facs Fing Authority, ARB
 
Series A-1, AMT, 6.75%, 01/01/45
$
365
$ 406,554
Series A-2, AMT, 6.50%, 01/01/42
 
275
306,484
Series A-2, AMT, 6.75%, 01/01/45
 
365
406,554
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-2, Convertible, Restructured, 4.33%,
07/01/40
 
72
71,184
Series A-1, Restructured, 4.75%, 07/01/53
 
2,505
2,388,344
Series A-1, Restructured, 5.00%, 07/01/58
 
5,390
5,235,334
Series A-2, Restructured, 4.54%, 07/01/53
 
21
19,392
Series A-2, Restructured, 4.78%, 07/01/58
 
3,118
2,970,487
Series A-2, Restructured, 4.33%, 07/01/40
 
714
705,911
Series B-1, Restructured, 4.55%, 07/01/40
 
2,402
2,404,462
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB(d)
 
Series A-1, Restructured, 0.00%, 07/01/29
 
200
180,188
Series A-1, Restructured, 0.00%, 07/01/33
 
1,023
786,700
Series A-1, Restructured, 0.00%, 07/01/46
 
10,753
3,832,837
Series B-1, Restructured, 0.00%, 07/01/46
 
883
314,740
 
 
68,791,704
Rhode Island — 0.3%
Central Falls Detention Facility Corp., Refunding RB,
7.25%, 07/15/35(f)(g)
 
4,190
1,634,100
Tobacco Settlement Financing Corp., RB, CAB, Series A,
0.00%, 06/01/52(d)
 
2,060
276,027
 
 
1,910,127
South Carolina — 1.7%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(b)
 
3,110
3,334,435
South Carolina Jobs-Economic Development Authority,
RB
 
5.38%, 04/01/56
 
1,600
1,626,217
7.50%, 08/15/62(c)
 
830
742,627
Series A, 5.63%, 10/01/50
 
600
601,234
South Carolina Jobs-Economic Development Authority,
RB, M/F Housing, Series A, 6.75%, 12/01/60(c)
 
2,140
2,116,601
South Carolina Jobs-Economic Development Authority,
Refunding RB, Series A, 5.00%, 05/01/43
 
1,110
1,129,656
 
 
9,550,770
Tennessee — 2.4%
Memphis-Shelby County Airport Authority, ARB, Series A,
AMT, 5.00%, 07/01/45
 
3,000
3,068,092
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
4.00%, 10/01/49
 
290
237,946
Metropolitan Government Nashville & Davidson County
Industrial Development Board, SAB, CAB, 0.00%,
06/01/43(c)(d)
 
3,560
1,600,577
Metropolitan Government Nashville & Davidson County
Sports Authority, RB, Series A, Senior Lien, (AGM),
5.25%, 07/01/48
 
2,195
2,323,799
Metropolitan Nashville Airport Authority, ARB
 
Series B, AMT, 5.25%, 07/01/56
 
1,000
1,027,821
Series B, AMT, 5.50%, 07/01/56
 
1,800
1,888,662
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(b)
 
3,270
3,474,888
 
 
13,621,785
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas — 10.8%
Alamo Heights Independent School District, GO, (BAM-
TCRS), 4.00%, 02/01/51
$
610
$ 558,813
Angelina & Neches River Authority, RB, Series A, AMT,
7.50%, 12/01/45(c)(f)(g)
 
1,050
52,500
Arlington Higher Education Finance Corp., RB
 
7.50%, 04/01/62(c)(f)(g)
 
230
115,000
7.88%, 11/01/62(c)(f)(g)
 
760
456,000
Series A, 5.75%, 08/15/62
 
500
260,000
Central Texas Regional Mobility Authority, Refunding
RB(d)
 
0.00%, 01/01/28
 
1,000
951,279
0.00%, 01/01/29
 
2,000
1,843,671
0.00%, 01/01/30
 
1,170
1,044,651
0.00%, 01/01/33
 
3,690
2,943,491
0.00%, 01/01/34
 
4,000
3,055,400
City of Anna Texas, SAB, 5.75%, 09/15/54(c)
 
445
450,566
City of Buda Texas, SAB(c)
 
6.00%, 09/01/55
 
575
570,661
6.75%, 09/01/55
 
1,145
1,136,963
City of Celina Texas, SAB(c)
 
5.50%, 09/01/45
 
100
101,435
5.63%, 09/01/55
 
140
139,597
City of Corpus Christi Texas, SAB
 
5.38%, 09/15/31
 
200
206,775
6.13%, 09/15/44
 
298
302,657
6.50%, 09/15/54
 
403
404,425
City of Crandall Texas, SAB(c)
 
5.25%, 09/15/45
 
175
176,171
5.50%, 09/15/55
 
375
375,271
City of Fate Texas, SAB, 5.75%, 08/15/54(c)
 
110
110,911
City of Friendswood Texas, SAB, 7.00%, 09/15/54
 
1,151
1,160,049
City of Houston Texas Airport System Revenue, ARB
 
AMT, 4.00%, 07/15/41
 
3,350
3,102,569
Series B, AMT, 5.50%, 07/15/38
 
710
756,008
City of Houston Texas Airport System Revenue,
Refunding ARB, Series A, AMT, Subordinate Lien,
(SAW), 5.25%, 07/01/48
 
340
353,087
City of Houston Texas Airport System Revenue,
Refunding RB
 
AMT, 5.00%, 07/01/29
 
4,700
4,704,976
Series C, AMT, 5.00%, 07/15/27
 
1,615
1,640,434
City of Kyle Texas, SAB, 5.75%, 09/01/56
 
1,100
1,090,072
City of Oak Point Texas, SAB(c)
 
5.10%, 09/15/44
 
200
201,008
5.25%, 09/15/54
 
340
328,162
City of Pilot Point Texas, SAB
 
6.00%, 09/15/46
 
300
301,999
6.75%, 09/15/46
 
150
150,961
6.25%, 09/15/56
 
400
399,800
7.00%, 09/15/56
 
150
149,926
City of Princeton Texas, SAB(c)
 
4.38%, 09/01/31
 
47
47,197
5.00%, 09/01/44
 
100
100,751
5.13%, 09/01/44
 
150
150,676
5.25%, 09/01/54
 
200
197,871
5.38%, 09/01/54
 
247
247,274
City of San Marcos Texas, SAB(c)
 
4.00%, 09/01/32
 
100
97,428
4.50%, 09/01/51
 
480
420,236
City of Seagoville Texas, SAB, 6.00%, 09/15/54(c)
 
295
302,684
City of Sinton Texas, SAB(c)
 
5.13%, 09/01/42
 
858
863,958
Security
 
Par
(000)
Value
Texas (continued)
City of Sinton Texas, SAB(c) (continued)
 
5.25%, 09/01/51
$
1,195
$ 1,182,046
City of Terrell Texas, SAB, 7.00%, 09/15/55(c)
 
1,195
1,222,435
Clifton Higher Education Finance Corp., RB, Series A,
6.00%, 06/15/54(c)
 
400
372,831
Club Municipal Management District No. 1, SAB, 5.38%,
09/01/55(c)
 
320
315,808
County of Denton Texas, SAB, 5.88%, 12/31/45(c)
 
520
537,602
Dallas Independent School District, Refunding GO,
(AGM), 4.00%, 02/15/53
 
500
455,872
Del Valle Independent School District Texas, GO, (GTD),
4.00%, 06/15/47
 
810
763,275
Eagle Mountain & Saginaw Independent School District,
GO, (FNMA), 4.00%, 08/15/54
 
210
188,517
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(d)(h)
 
5,200
3,057,519
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB
 
5.38%, 01/01/60
 
2,500
2,504,058
Series A, 6.75%, 10/01/52
 
2,250
2,310,357
New Hope Higher Education Finance Corp., RB,
Series A, 5.75%, 06/15/51(c)
 
1,650
1,224,989
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
 
890
819,793
Port Arthur Housing Authority, RB, M/F Housing,
Subordinate, 7.50%, 10/01/36(c)
 
595
580,666
Port of Beaumont Navigation District, Refunding RB(c)
 
Series A, AMT, 3.63%, 01/01/35
 
1,430
1,299,735
Series A, AMT, 4.00%, 01/01/50
 
2,890
2,205,223
San Antonio Education Facilities Corp., RB, Series A,
5.00%, 10/01/41
 
85
79,046
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
310
318,823
Texas Community Housing & Economic Development
Corp., RB, M/F Housing, Series A1, Senior Lien,
6.25%, 01/01/65(c)
 
2,205
2,053,322
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
2,160
2,315,877
Texas Private Activity Bond Surface Transportation
Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58
 
3,955
4,073,092
Texas Transportation Commission State Highway
249 System, RB, CAB, 0.00%, 08/01/43(d)
 
2,205
960,539
Texas Water Development Board, RB, 4.45%, 10/15/36
 
170
181,163
 
 
61,045,951
Utah — 2.0%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(c)
 
775
788,213
County of Utah, RB
 
Series A, 3.00%, 05/15/50
 
1,000
735,505
Series B, 4.00%, 05/15/47
 
750
678,684
Downtown Revitalization Public Infrastructure District,
RB, Series B, 2nd Lien, (FNMA), 5.50%, 06/01/55
 
175
187,357
MIDA Mountain Veterans Program Public Infrastructure
District, TA, 5.20%, 06/01/54(c)
 
620
621,259
Mida Mountain Village Public Infrastructure District, TA(c)
 
Series 1, 5.50%, 06/01/55
 
1,000
1,004,105
Series 1, Subordinate, 5.13%, 06/15/54
 
1,495
1,499,464
Ridges Estates Infrastructure Financing District, SAB,
12/01/53(c)
 
2,303
2,378,873
SkyRidge Pegasus Infrastructure Financing District,
SAB, 5.25%, 12/01/44(c)
 
2,015
2,029,437
10
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Utah (continued)
Utah Charter School Finance Authority, RB, Series A,
5.00%, 06/15/52(c)
$
695
$ 574,416
Utah Infrastructure Agency, RB
 
5.50%, 10/15/44
 
215
226,049
5.50%, 10/15/48
 
200
205,160
Wood Ranch Public Infrastructure District, SAB, 5.63%,
12/01/53(c)
 
177
179,007
 
 
11,107,529
Vermont — 0.6%
East Central Vermont Telecommunications District, RB,
Series A, 4.50%, 12/01/44(c)
 
4,000
3,368,985
Virginia — 2.4%
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46
 
267
264,078
Ballston Quarter Community Development Authority, TA,
CAB, Series A-2, 7.13%, 03/01/59
 
640
593,620
Hampton Roads Transportation Accountability
Commission, RB, Series A, Senior Lien, 4.00%,
07/01/55
 
2,680
2,383,366
James City County Economic Development Authority,
RB, Series A, 6.88%, 12/01/58
 
780
849,373
Lower Magnolia Green Community Development
Authority, SAB(c)
 
5.00%, 03/01/35
 
435
435,101
5.00%, 03/01/45
 
475
473,272
Norfolk Redevelopment & Housing Authority, RB
 
Series A, 4.00%, 01/01/29
 
185
185,199
Series A, 5.00%, 01/01/49
 
1,410
1,321,235
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
3,045
2,547,437
Virginia Beach Development Authority, RB
 
Series A, 7.00%, 09/01/53
 
840
919,876
Series B3, 5.38%, 09/01/29
 
580
583,193
Virginia Housing Development Authority, RB, M/F
Housing, Series G, 4.90%, 11/01/42
 
500
521,784
Virginia Small Business Financing Authority, RB, AMT,
5.00%, 12/31/56
 
2,000
1,933,411
Virginia Small Business Financing Authority, Refunding
RB, AMT, Senior Lien, 4.00%, 01/01/48
 
840
749,905
 
 
13,760,850
Washington — 1.4%
Washington Health Care Facilities Authority, Refunding
RB
 
Series A, 5.00%, 08/01/44
 
485
495,159
Series A, 5.50%, 09/01/55
 
900
947,086
Washington State Housing Finance Commission, RB
 
6.00%, 07/01/59(c)
 
100
101,198
05/01/66(e)
 
1,145
1,146,448
Series A, 5.75%, 01/01/53(c)
 
375
363,616
Series A, 5.88%, 01/01/59(c)
 
225
219,017
Series B2, 3.95%, 07/01/29(c)
 
1,460
1,460,123
Washington State Housing Finance Commission,
Refunding RB
 
5.75%, 01/01/35(c)
 
315
315,051
6.00%, 01/01/45(c)
 
850
850,003
Series A, 5.00%, 07/01/48
 
435
430,577
Series C-3, 6.25%, 01/01/56
 
1,700
1,718,485
 
 
8,046,763
Security
 
Par
(000)
Value
West Virginia — 0.3%
Morgantown Utility Board, Inc., RB, Series B, 4.00%,
12/01/48
$
1,895
$ 1,723,575
Wisconsin — 11.4%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54
 
1,595
1,325,239
Public Finance Authority, RB
 
6.25%, 10/01/31(c)(f)(g)
 
895
89,500
5.50%, 12/15/32(c)
 
1,766
1,765,977
5.75%, 12/15/33(c)
 
4,263
4,258,863
5.00%, 06/15/41(c)
 
510
460,845
7.00%, 10/01/47(c)(f)(g)
 
895
89,500
5.00%, 06/15/49
 
530
508,675
5.00%, 06/15/53
 
355
334,238
5.75%, 12/01/54(c)
 
1,705
1,718,134
5.00%, 06/15/55(c)
 
1,335
1,059,878
5.00%, 01/01/56(c)
 
2,180
1,819,539
Class A, 5.00%, 06/15/56(c)
 
725
611,014
Class A, 6.45%, 04/01/60(c)
 
575
565,459
Series A, 7.75%, 07/01/43(c)
 
4,460
3,747,280
Series A, 5.00%, 12/15/44(c)
 
160
155,014
Series A, 6.85%, 11/01/46(c)(f)(g)
 
900
315,000
Series A, 7.00%, 11/01/46(c)(f)(g)
 
570
199,500
Series A, 5.63%, 06/15/49(c)
 
2,800
2,530,775
Series A, 5.25%, 12/01/51(c)(f)(g)
 
1,470
943,802
Series A, 5.00%, 06/15/55(c)
 
4,030
3,182,185
Series A, 4.75%, 06/15/56(c)
 
3,680
3,122,153
Series A, 7.50%, 07/01/59(c)
 
4,100
4,532,904
Series A, 7.25%, 01/01/61(c)
 
2,795
2,961,682
Series A-1, 4.50%, 01/01/35(c)
 
1,545
1,514,772
Series A-4, 5.50%, 11/15/32(c)
 
3,169
3,170,498
Series B, 0.00%, 01/01/35(c)(d)
 
2,240
1,349,139
Series B, 0.00%, 01/01/60(c)(d)
 
51,965
4,600,799
AMT, 5.75%, 12/31/65
 
2,525
2,580,986
AMT, 6.50%, 12/31/65
 
2,100
2,309,945
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
1,500
1,253,941
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
1,435
1,165,289
Public Finance Authority, RB, CAB(c)(d)
 
0.00%, 12/15/38
 
1,000
460,725
0.00%, 12/15/42
 
3,195
995,228
Series B, 0.00%, 01/01/61
 
6,410
528,089
Public Finance Authority, RB, M/F Housing, Series A,
Subordinate, 7.13%, 07/01/65(c)
 
1,175
1,165,987
Wisconsin Health & Educational Facilities Authority, RB,
Series A, 5.75%, 08/15/59
 
4,700
4,829,745
Wisconsin Health & Educational Facilities Authority,
Refunding RB
 
4.00%, 12/01/46
 
1,145
1,067,584
4.00%, 01/01/47
 
910
772,157
 
 
64,062,040
Wyoming — 0.3%
University of Wyoming, RB, Series C, (GNMA), 4.00%,
06/01/51
 
1,845
1,653,140
Total Municipal Bonds — 137.7%
(Cost: $802,197,320)
776,428,690
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
Alabama — 1.2%
Black Belt Energy Gas District, RB, Series C-1, 5.25%,
02/01/53
 
6,194
6,489,789
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois — 1.8%
Chicago O’Hare International Airport, Refunding ARB,
Series A, AMT, Senior Lien, 5.50%, 01/01/59
$
10,000
$ 10,324,359
New York — 3.9%
New York City Housing Development Corp., RB, M/F
Housing, Series D-1B, Sustainability Bonds, 4.25%,
11/01/45
 
9,000
8,999,902
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series H-1, Subordinate,
5.00%, 11/01/50
 
6,780
6,984,665
New York State Dormitory Authority, Refunding RB,
Series A, 5.00%, 03/15/54(k)
 
4,577
4,707,284
Port Authority of New York & New Jersey, ARB,
Series 221, AMT, 4.00%, 07/15/55
 
1,720
1,511,055
 
 
22,202,906
Pennsylvania — 0.3%
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (FHLMC, FNMA,
GNMA), 5.50%, 09/01/53
 
1,601
1,708,846
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 7.2%
(Cost: $40,719,206)
40,725,900
 
 
 
 
Shares
 
Warrants
Construction & Engineering — 0.0%
Brightline West, (Expires 11/26/35, Strike Price USD
5.00)(a)(g)
 
121,978
213,462
Total Warrants — 0.0%
(Cost: $ — )
213,462
Total Long-Term Investments — 145.3%
(Cost: $844,486,526)
819,241,107
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.31%(l)(m)
 
9,298,795
$    9,299,725
Total Short-Term Securities — 1.7%
(Cost: $9,299,725)
9,299,725
Total Investments — 147.0%
(Cost: $853,786,251)
828,540,832
Liabilities in Excess of Other Assets — (11.4)%
(64,011,458
)
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (4.6)%
(25,772,835
)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —
(31.0)%
(174,949,563
)
Net Assets Applicable to Common Shares — 100.0%
$  563,806,976
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
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.
(c)
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.
(d)
Zero-coupon bond.
(e)
When-issued security.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
Non-income producing security.
(h)
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.
(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)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreement, which expires on March 15, 2033, is $3,550,052.
(l)
Affiliate of the Fund.
(m)
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. 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 2,459,847
$ 6,839,878
(a)
$ —
$ —
$ —
$ 9,299,725
9,298,795
$ 109,289
$ —
 
(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
12
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock MuniAssets Fund, Inc. (MUA)
 
Fair Value Hierarchy as of Period End (continued)
• 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 that may not have a secondary market and/or may have 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 
Common Stocks
$ —
$ —
$ 317,535
$ 317,535
Corporate Bonds
—
1,555,520
—
1,555,520
Municipal Bonds
—
776,428,690
—
776,428,690
Municipal Bonds Transferred to Tender Option Bond Trusts
—
40,725,900
—
40,725,900
Warrants
—
—
213,462
213,462
Short-Term Securities 
Money Market Funds
9,299,725
—
—
9,299,725
 
$9,299,725
$818,710,110
$530,997
$828,540,832
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
$—
$(25,542,450
)
$—
$(25,542,450
)
VRDP Shares at Liquidation Value
—
(251,000,000
)
—
(251,000,000
)
 
$—
$(276,542,450
)
$—
$(276,542,450
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMBAC
 AMBAC Assurance Corp.
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
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 Guaranteed
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
Portfolio Abbreviation (continued)
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
SAW
 State Aid Withholding
ST
 Special Tax
TA
 Tax Allocation
Schedule of Investments
13