Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Schedule of Investments (unaudited)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds

Education — 0.5%
Grand Canyon University, 5.13%, 10/01/28	$	2,445	$	2,163,336


Total Corporate Bonds — 0.5% (Cost: $2,445,000)				2,163,336


Municipal Bonds

Alabama — 4.3%
Black Belt Energy Gas District, RB^(a)
Series A, 5.25%, 01/01/54		3,085		3,079,802
Series F, 5.50%, 11/01/53		615		621,755
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51^(a)		5,240		4,823,217
County of Jefferson Alabama Sewer Revenue,
Refunding RB, Series D, Sub Lien, 6.00%, 10/01/42		3,745		3,824,280
Hoover Industrial Development Board, RB, AMT, 6.38%, 11/01/50^(a)		2,140		2,232,958
MidCity Improvement District, SAB 4.25%, 11/01/32		160		137,021
4.50%, 11/01/42		255		190,898
4.75%, 11/01/49		270		197,362
Sumter County Industrial Development Authority, RB, AMT, 6.00%, 07/15/52^(a)		1,600		1,101,631
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44^(b)		335		276,997


				16,485,921

Arizona — 4.4%
Arizona Industrial Development Authority, RB^(b)
7.10%, 01/01/55		1,705		1,705,629
Series A, 5.00%, 12/15/39		250		214,293
Series B, 5.13%, 07/01/47		665		570,758
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.13%, 07/01/37		960		881,305
Series A, 5.50%, 07/01/52		1,775		1,499,851
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		505		376,099
Industrial Development Authority of the City of Phoenix Arizona, RB^(b)
Series A, 6.50%, 07/01/34		570		572,266
Series A, 6.75%, 07/01/44		1,000		1,003,547
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB^(b)
5.00%, 07/01/35		320		295,404
5.00%, 07/01/45		255		218,552
Industrial Development Authority of the County of Pima, Refunding RB^(b)
4.00%, 06/15/51		1,555		1,052,256
5.00%, 07/01/56		470		362,486
La Paz County Industrial Development Authority, RB, 5.88%, 06/15/48^(b)		875		750,620
Maricopa County Industrial Development Authority, RB 5.25%, 10/01/40^(b)		465		438,645
5.50%, 10/01/51^(b)		465		424,816
Series A, 3.00%, 09/01/51		5,155		3,245,764


Security	Par (000)		Value

Arizona (continued)
Maricopa County Industrial Development Authority, RB (continued)
AMT, 4.00%, 10/15/47^(b)	$	2,495	$	1,919,983
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,650		1,598,983


				17,131,257

Arkansas — 5.2%
Arkansas Development Finance Authority, RB 12.00%, 07/01/48^(b)		2,800		2,819,397
AMT, 6.88%, 07/01/48^(b)		1,300		1,262,571
AMT, 5.45%, 09/01/52		2,325		2,032,709
AMT, 4.75%, 09/01/49^(b)		6,850		6,287,723
Series A, AMT, 4.50%, 09/01/49^(b)		8,815		7,749,746


				20,152,146

California — 5.0%
California Municipal Finance Authority, RB^(b)
Series A, 5.50%, 08/01/34		250		234,687
Series A, 6.00%, 08/01/44		665		618,809
Series A, 6.13%, 08/01/49		580		542,692
California School Finance Authority, RB, Series A, 6.40%, 07/01/48		1,570		1,570,504
California Statewide Communities Development Authority, RB, 5.25%, 12/01/38^(b)		580		560,976
California Statewide Financing Authority, RB, Series B, 6.00%, 05/01/43		1,650		1,649,877
CMFA Special Finance Agency I, RB, M/F Housing, Series A, 4.00%, 04/01/56^(b)		3,300		2,055,723
CMFA Special Finance Agency VIII, RB, M/F Housing, Series A-1, 3.00%, 08/01/56^(b)		790		457,469
CMFA Special Finance Agency XII, RB, M/F Housing, 4.38%, 08/01/49^(b)		485		350,508
CSCDA Community Improvement Authority, RB, M/F Housing^(b)
3.13%, 07/01/56		990		574,280
3.13%, 08/01/56		120		72,804
4.00%, 12/01/56		385		242,970
4.00%, 07/01/58		380		233,283
Series A, 3.00%, 09/01/56		1,570		934,971
Series B, 4.00%, 07/01/58		435		271,903
Mezzanine Lien, 4.00%, 03/01/57		700		453,087
Mezzanine Lien, 4.00%, 06/01/57		2,060		1,272,241
Series B, Mezzanine Lien, 4.00%, 12/01/59		6,035		3,499,952
Senior Lien, 3.13%, 06/01/57		655		374,752
Series B, Sub Lien, 4.00%, 12/01/59		4,000		2,371,278
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66^(c)		1,000		82,346
Hastings Campus Housing Finance Authority, RB, CAB, Sub-Series A, 6.75%, 07/01/61^(b)(d)		1,705		607,393
San Francisco City & County Redevelopment Agency Successor Agency, TA, CAB, Series D, 0.00%, 08/01/43^(b)(c)		1,500		420,398


				19,452,903

Colorado — 3.7%
9th Avenue Metropolitan District No. 2, GO, 5.00%, 12/01/48		910		716,774
Arista Metropolitan District, Refunding GO, Series A, 5.00%, 12/01/38		1,240		1,087,359


1

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Colorado (continued)
Banning Lewis Ranch Metropolitan District No. 8, GO, 4.88%, 12/01/51^(b)	$	665	$	460,393
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47^(b)		575		468,874
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/47		1,870		1,539,206
Series A, AMT, 4.13%, 11/15/53		1,025		816,410
Colorado Health Facilities Authority, RB 5.50%, 11/01/47		265		265,329
5.25%, 11/01/52		555		528,396
Series A, 5.00%, 05/15/35		355		276,328
Series A, 5.00%, 05/15/44		385		253,812
Series A, 5.00%, 05/15/49		750		468,095
Fitzsimons Village Metropolitan District No. 3, Refunding GO, Series A-1, 4.25%, 12/01/55		1,735		1,046,645
Green Valley Ranch East Metropolitan District No. 6, GO, Series A, 5.88%, 12/01/50		935		816,311
Inspiration Metropolitan District, GO, Series B, Subordinate, 5.00%, 12/15/36		769		654,798
Karl’s Farm Metropolitan District No. 2, GO, Series A, 5.63%, 12/01/50^(b)		545		430,640
Lanterns Metropolitan District No. 2, GO, Series A, 4.50%, 12/01/50		520		343,839
Loretto Heights Community Authority, RB, 4.88%, 12/01/51		790		558,765
North Holly Metropolitan District, GO, Series A, 5.50%, 12/01/48		500		431,649
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49		1,211		1,028,859
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48		760		635,051
Pueblo Urban Renewal Authority, TA, 4.75%, 12/01/45^(b)		1,065		716,702
Waters’ Edge Metropolitan District No. 2, GO, 5.00%, 12/01/51		790		597,233


				14,141,468

Connecticut^(b)— 0.7%
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/45		325		256,201
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45		1,375		1,319,597
Mohegan Tribe of Indians of Connecticut, RB, Series A, AMT, 6.75%, 02/01/45		950		936,077


				2,511,875

Delaware — 0.9%
Affordable Housing Opportunities Trust, RB, Series AH-01, Class B, 6.88%, 05/01/39^(b)(e)		1,214		1,131,170
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49		2,870		2,379,835


				3,511,005

District of Columbia — 0.9%
District of Columbia Tobacco Settlement Financing Corp., RB, Series A, 0.00%, 06/15/46^(c)		15,400		3,299,599


Florida — 14.1%
Avenir Community Development District, SAB, 5.63%, 05/01/54		655		590,852


Security	Par (000)		Value

Florida (continued)
Babcock Ranch Community Independent Special District, SAB
Series 2022, 5.00%, 05/01/42	$	510	$	459,023
Series 2022, 5.00%, 05/01/53		385		327,185
Boggy Creek Improvement District, Refunding SAB, Series 2013, 5.13%, 05/01/43		1,240		1,121,940
Brevard County Health Facilities Authority, Refunding RB^(b)
4.00%, 11/15/23		125		124,911
4.00%, 11/15/24		440		433,664
4.00%, 11/15/25		460		447,832
4.00%, 11/15/27		495		469,885
4.00%, 11/15/29		435		395,881
4.00%, 11/15/32		450		393,614
4.00%, 11/15/35		675		557,736
Buckhead Trails Community Development District, SAB, Series 2022, 5.75%, 05/01/52		400		376,178
Capital Region Community Development District, Refunding SAB, Series A-1, 5.13%, 05/01/39		1,490		1,361,618
Capital Trust Agency, Inc., RB^(b)
5.00%, 01/01/55		2,640		1,837,822
Series A, 5.75%, 06/01/54		940		704,554
Capital Trust Agency, Inc., RB, CAB, 0.00%, 07/01/61^(b)(c)		34,550		1,822,364
Charlotte County Industrial Development Authority, RB^(b)
AMT, 5.00%, 10/01/49		1,415		1,196,782
AMT, 4.00%, 10/01/51		425		298,484
Collier County Industrial Development Authority, Refunding RB, Series A, 8.13%, 05/15/44^(b)(f)(g)		630		27,720
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49		5,000		4,754,180
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/49		730		157,400
Series A-2, 0.00%, 10/01/51		875		168,004
Series A-2, 0.00%, 10/01/52		1,200		217,373
Series A-2, 0.00%, 10/01/54		2,875		466,742
Florida Development Finance Corp., RB^(b)
5.00%, 06/15/56		1,150		804,205
6.50%, 06/30/57		500		430,977
Series A, 5.75%, 06/15/29		690		673,321
Series A, 6.00%, 06/15/34		835		810,462
Series A, 6.13%, 06/15/44		3,180		2,879,704
Series A, 5.13%, 06/15/55		3,645		2,637,282
Series B, 4.50%, 12/15/56		3,985		2,581,265
Series C, 5.75%, 12/15/56		1,325		968,252
AMT, 5.00%, 05/01/29		2,155		1,961,732
Series B, AMT, 7.38%, 01/01/49		490		476,880
Lakewood Ranch Stewardship District, SAB 4.25%, 05/01/26		90		88,621
4.95%, 05/01/29^(b)		345		339,388
5.50%, 05/01/39^(b)		315		299,681
3.00%, 05/01/41		275		185,852
5.13%, 05/01/46		675		588,062
5.65%, 05/01/48^(b)		520		476,778
Series 1B, 4.75%, 05/01/29		565		552,155
Series 1B, 5.30%, 05/01/39		645		600,722
Series 1B, 5.45%, 05/01/48		1,150		1,025,950
Laurel Road Community Development District, SAB Series A-1, 2.60%, 05/01/26		80		76,928


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Laurel Road Community Development District, SAB (continued)
Series A-1, 3.00%, 05/01/31	$	100	$	87,544
Series A-1, 3.25%, 05/01/41		190		132,900
Series A-1, 4.00%, 05/01/52		300		205,561
Series A-2, 3.13%, 05/01/31		400		334,364
Miami-Dade County Industrial Development Authority, RB, 5.00%, 01/15/48		915		803,794
Midtown Miami Community Development District, Refunding SAB
Series A, 5.00%, 05/01/37		845		777,191
Series B, 5.00%, 05/01/37		495		455,277
North Powerline Road Community Development District, SAB, 5.63%, 05/01/52^(b)		925		789,613
North River Ranch Community Development District, SAB
Series A-1, 4.00%, 05/01/40		310		249,923
Series A-1, 4.25%, 05/01/51		530		395,564
Series A-2, 4.20%, 05/01/35		260		219,497
Poitras East Community Development District, SAB, 5.00%, 05/01/43		690		600,601
Rolling Hills Community Development District, Refunding SAB, Series A-2, 3.65%, 05/01/32		1,000		839,797
Sawyers Landing Community Development District, SAB, 4.25%, 05/01/53		1,145		794,626
Seminole County Industrial Development Authority, Refunding RB, 5.75%, 11/15/54		985		699,312
South Broward Hospital District, RB
(BAM-TCRS), 3.00%, 05/01/51		720		458,833
Series A, 3.00%, 05/01/51		6,355		3,917,479
Tolomato Community Development District, Refunding SAB, Series 2015-2, 6.61%, 05/01/40^(d)		805		702,466
Tolomato Community Development District, SAB, Series 2015-3, 6.61%, 05/01/40^(f)(g)		875		9
Trout Creek Community Development District, SAB 5.38%, 05/01/38		430		407,378
5.50%, 05/01/49		1,105		997,695
Village Community Development District No. 14, SAB 5.38%, 05/01/42		1,110		1,095,021
5.50%, 05/01/53		820		782,820
West Villages Improvement District, SAB 4.75%, 05/01/39		455		400,373
5.00%, 05/01/50		940		784,471
Windward at Lakewood Ranch Community Development District, SAB 4.00%, 05/01/42		240		184,468
4.25%, 05/01/52		280		200,959


				54,487,497

Georgia — 1.0%
Atlanta Urban Redevelopment Agency, RB, 3.88%, 07/01/51^(b)		765		566,996
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62^(b)		290		228,667


Security	Par (000)		Value

Georgia (continued)
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51	$	855	$	690,747
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/38		340		323,960
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53^(a)		1,195		1,185,826
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52		915		858,740


				3,854,936

Idaho — 0.1%
Idaho Housing & Finance Association, RB, Series A, 6.95%, 06/15/55^(b)		580		568,006


Illinois — 7.3%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,650		1,474,777
Series C, 5.25%, 12/01/35		1,655		1,613,497
Series D, 5.00%, 12/01/46		2,155		1,904,121
Chicago Board of Education, Refunding GO
Series B, 4.00%, 12/01/35		745		650,321
Series B, 4.00%, 12/01/41		1,665		1,314,479
Series D, 5.00%, 12/01/31		1,000		988,168
City of Chicago Illinois, Refunding GO
Series A, 6.00%, 01/01/38		1,260		1,289,737
Series B, 4.00%, 01/01/37		1,709		1,498,756
Illinois Finance Authority, RB^(b)
Class A, 5.00%, 07/01/51		2,000		1,337,584
Class A, 5.00%, 07/01/56		2,000		1,299,048
Illinois Finance Authority, Refunding RB 6.60%, 07/01/24		230		226,583
6.00%, 02/01/34		365		352,272
6.13%, 02/01/45		860		800,938
Series C, 4.00%, 02/15/41		1,430		1,239,327
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46		1,795		1,496,869
Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57		1,020		931,819
Series A, 5.50%, 06/15/53		2,370		2,348,714
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		2,920		2,260,240
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54^(c)		14,000		2,273,367
State of Illinois, GO 5.50%, 05/01/30		530		554,778
5.50%, 05/01/39		1,055		1,079,447
Village of Lincolnshire Illinois, ST, 6.25%, 03/01/34		1,277		1,182,796


				28,117,638

Indiana — 1.4%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		825		826,926
AMT, 7.00%, 01/01/44		2,000		2,004,332


3

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Indiana (continued)
City of Vincennes Indiana, Refunding RB, 6.25%, 01/01/29^(b)(f)(g)	$	1,715	$	1,418,477
Indiana Finance Authority, RB, Series A, AMT, 6.75%, 05/01/39		1,060		1,117,964


				5,367,699

Kansas^(b)— 0.2%
City of Shawnee Kansas, RB 5.00%, 08/01/41		230		194,256
5.00%, 08/01/56		850		641,923


				836,179

Kentucky^(b)— 0.5%
City of Henderson Kentucky, RB
AMT, 4.45%, 01/01/42		2,000		1,790,378
Series A, AMT, 4.70%, 01/01/52		230		201,386


				1,991,764

Louisiana — 1.8%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 07/01/54^(b)		930		661,997
Louisiana Public Facilities Authority, RB, Series A, 6.50%, 06/01/62^(b)		280		238,505
Parish of St. James Louisiana, RB, 2nd Series, 6.35%, 07/01/40^(b)		1,580		1,616,950
Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35		4,540		4,541,888


				7,059,340

Maine — 0.2%
Finance Authority of Maine, RB, AMT, 8.00%, 12/01/51^(b)		1,185		711,431


Maryland — 1.3%
City of Baltimore Maryland, RB, 4.88%, 06/01/42		325		282,836
Maryland Economic Development Corp., RB 5.00%, 07/01/56		360		319,700
Class B, AMT, 5.25%, 06/30/55		1,555		1,426,110
Maryland Health & Higher Educational Facilities Authority, RB, Series A, 7.00%, 03/01/55^(b)		3,010		2,978,990


				5,007,636

Michigan — 1.0%
Advanced Technology Academy, Refunding RB, 5.00%, 11/01/44		415		345,900
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		2,405		1,917,245
Michigan Strategic Fund, RB 5.00%, 11/15/42		345		286,993
AMT, 5.00%, 12/31/43		1,200		1,115,742


				3,665,880

Minnesota — 0.3%
City of Minneapolis Minnesota, RB, Series A, 5.75%, 07/01/55		1,480		1,299,367


Security	Par (000)		Value

Missouri — 0.3%
Industrial Development Authority of the City of St Louis Missouri, Refunding RB
Series A, 4.38%, 11/15/35	$	685	$	510,349
Series A, 4.75%, 11/15/47		760		509,839


				1,020,188

Nevada — 0.3%
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40		670		613,149
5.00%, 07/01/45		460		403,315


				1,016,464

New Hampshire — 0.7%
New Hampshire Business Finance Authority, RB
Series A, 4.13%, 08/15/40		530		406,345
Series A, 4.25%, 08/15/46		595		428,734
Series A, 4.50%, 08/15/55		1,235		873,596
New Hampshire Business Finance Authority, Refunding RB^(b)
Series B, 4.63%, 11/01/42		1,015		800,670
Series C, AMT, 4.88%, 11/01/42		485		375,869


				2,885,214

New Jersey — 7.6%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		1,065		1,029,432
5.25%, 11/01/44		770		716,828
Middlesex County Improvement Authority RB, Series B, 6.13%, 01/01/25		990		12,226
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37		2,145		26,491
New Jersey Economic Development Authority, RB 6.00%, 10/01/43		1,530		1,530,585
Class A, 5.25%, 11/01/47		2,650		2,685,869
Series A, 5.00%, 07/01/32		165		157,453
Series A, 5.00%, 07/01/37		260		240,609
Series A, 5.25%, 11/01/54^(b)		1,675		1,275,812
Series B, 5.00%, 06/15/43		2,245		2,225,747
AMT, 5.38%, 01/01/43		2,155		2,086,497
Series B, AMT, 6.50%, 04/01/31		1,660		1,646,623
New Jersey Economic Development Authority, Refunding RB, Series A, 6.00%, 08/01/49^(b)		500		460,184
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		2,655		2,173,068
New Jersey Transportation Trust Fund Authority, RB Series AA, 5.25%, 06/15/41		1,140		1,141,338
Series S, 5.25%, 06/15/43		2,345		2,368,243
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35^(c)		8,950		4,917,078
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		5,120		4,754,513


				29,448,596

New Mexico — 0.2%
Winrock Town Center Tax Increment Development District No. 1, Refunding TA, Senior Lien, 4.25%, 05/01/40^(b)		1,000		774,346


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York — 13.7%
Albany Capital Resource Corp., Refunding RB, 4.00%, 07/01/51	$	1,500	$	750,389
Build NYC Resource Corp., RB, Series A, 5.00%, 07/01/32		745		664,506
City of New York, GO, Series A-1, 4.00%, 09/01/46		1,195		1,015,519
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		2,890		2,503,051
Huntington Local Development Corp., RB, Series A, 5.25%, 07/01/56		185		130,642
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		740		680,593
Series C-1, 5.00%, 11/15/50		565		533,011
Series C-1, 5.25%, 11/15/55		840		825,922
New York City Housing Development Corp., RB, M/F Housing
Series C-1A, 4.15%, 11/01/39		1,895		1,699,319
Series C-1A, 4.20%, 11/01/44		3,475		3,049,817
Series C-1A, 4.30%, 11/01/47		2,845		2,399,373
New York Counties Tobacco Trust IV, Refunding RB
Series A, 6.25%, 06/01/41^(b)		4,900		4,899,849
Series A, 5.00%, 06/01/42		3,155		2,756,464
New York Counties Tobacco Trust VI, Refunding RB
Series A-2B, 5.00%, 06/01/45		215		190,657
Series A-2B, 5.00%, 06/01/51		4,340		3,714,842
New York Liberty Development Corp., Refunding RB
Class 1, 5.00%, 11/15/44^(b)		6,205		5,537,089
Class 2, 5.38%, 11/15/40^(b)		1,080		998,229
Series A, 3.00%, 11/15/51		2,250		1,458,601
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55		1,435		1,165,717
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/48		1,505		1,278,175
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49		2,020		1,692,775
New York State Urban Development Corp., Refunding RB 3.00%, 03/15/48		9,655		6,561,178
4.00%, 03/15/49		2,330		1,952,145
New York Transportation Development Corp., RB 5.63%, 04/01/40^(h)		745		737,194
AMT, 5.00%, 10/01/35		1,175		1,121,306
New York Transportation Development Corp., Refunding ARB, AMT, 5.38%, 08/01/36		1,490		1,455,490
State of New York Mortgage Agency Homeowner Mortgage Revenue, RB, S/F Housing, Series 239, (SONYMA), 2.70%, 10/01/47		3,370		2,110,379
Westchester County Local Development Corp., Refunding RB^(b)
5.00%, 07/01/41		730		575,524
5.00%, 07/01/56		810		571,775


				53,029,531

North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series B, (AGM), 5.00%, 12/01/48		1,765		1,697,492


Ohio — 3.1%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55		5,995		4,902,121


Security	Par (000)		Value

Ohio (continued)
Cleveland-Cuyahoga County Port Authority, Refunding TA^(b)
Series A, 4.00%, 12/01/55	$	250	$	185,403
Series S, 4.50%, 12/01/55		210		154,309
County of Hamilton Ohio, Refunding RB, Series C, 5.00%, 01/01/46		875		714,067
County of Hardin Ohio, Refunding RB 5.00%, 05/01/30		240		218,362
5.25%, 05/01/40		240		198,493
5.50%, 05/01/50		1,130		873,537
Hickory Chase Community Authority, Refunding RB, 5.00%, 12/01/40^(b)		375		311,678
Jefferson County Port Authority, RB, AMT, 3.50%, 12/01/51^(b)		1,125		705,428
Ohio Air Quality Development Authority, RB^(b)
AMT, 4.50%, 01/15/48		1,300		1,122,835
AMT, 5.00%, 07/01/49		740		589,858
Port of Greater Cincinnati Development Authority, RB, 4.25%, 12/01/50^(b)		375		278,110
Southern Ohio Port Authority, RB, Series A, AMT, 7.00%, 12/01/42^(b)		2,315		1,556,695


				11,810,896

Oklahoma — 2.4%
Oklahoma Development Finance Authority, RB 7.25%, 09/01/51^(b)		4,615		4,477,840
Series B, 5.00%, 08/15/38		2,990		2,570,521
Series B, 5.50%, 08/15/52		1,570		1,352,290
Tulsa Authority for Economic Opportunity, TA, 4.38%, 12/01/41^(b)		325		271,019
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/37		750		705,461


				9,377,131

Oregon — 0.6%
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Series A, 5.50%, 10/01/24⁽ⁱ⁾		1,765		1,791,297
Oregon State Facilities Authority, RB^(b)
Series A, 5.00%, 06/15/29		115		109,580
Series A, 5.00%, 06/15/39		565		475,353


				2,376,230

Pennsylvania — 4.1%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56		5,240		4,031,429
Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24		3,400		3,367,016
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		200		131,578
Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32		1,430		1,380,466
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		2,710		2,428,607
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53		5,000		3,983,776
School District of Philadelphia, GO, Series A, 5.50%, 09/01/48^(h)		580		594,633


				15,917,505


5

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Puerto Rico — 15.1%
Children’s Trust Fund, RB, Series A, 0.00%, 05/15/57^(c)	$	44,330		$	2,299,992
Commonwealth of Puerto Rico, GO 0.00%, 11/01/51^(a)		23,415			10,811,310
Series A-1, 0.00%, 11/01/43^(a)		4,994			2,566,021
Series A-1, Restructured, 5.38%, 07/01/25		—	^(j)		2
Series A-1, Restructured, 5.63%, 07/01/27		—	^(j)		2
Series A-1, Restructured, 5.63%, 07/01/29		3,644			3,722,531
Series A-1, Restructured, 5.75%, 07/01/31		2,813			2,891,920
Series A-1, Restructured, 4.00%, 07/01/33		625			544,219
Series A-1, Restructured, 4.00%, 07/01/35		4,100			3,469,482
Series A-1, Restructured, 4.00%, 07/01/37		1,452			1,177,502
Series A-1, Restructured, 4.00%, 07/01/41		656			504,003
Series A-1, Restructured, 4.00%, 07/01/46		682			498,097
Commonwealth of Puerto Rico, GO, CAB^(c)
Series A, Restructured, 0.00%, 07/01/24		—	^(j)		1
Series A, Restructured, 0.00%, 07/01/33		1,765			990,698
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51^(a)		8,999			1,422,236
Puerto Rico Electric Power Authority, RB^(f)(g)
3rd Series, 5.40%, 01/01/23^(a)		90			22,430
Series A, 5.00%, 07/01/29		660			165,000
Series A, 7.00%, 07/01/33		3,295			823,750
Series A, 5.00%, 07/01/42		910			227,500
Series A, 7.00%, 07/01/43		375			93,750
Series A-1, 10.00%, 07/01/19		75			18,774
Series A-2, 10.00%, 07/01/19		379			94,715
Series A-3, 10.00%, 07/01/19		323			80,753
Series B-3, 10.00%, 07/01/19		323			80,753
Series C-1, 5.40%, 01/01/18		887			221,863
Series C-2, 5.40%, 07/01/18		888			221,899
Series C-4, 5.40%, 07/01/20		90			22,430
Series CCC, 5.25%, 07/01/26		260			65,000
Series CCC, 5.25%, 07/01/28		145			36,250
Series D-1, 7.50%, 01/01/20		761			190,193
Series D-4, 7.50%, 07/01/20		404			100,971
Series TT, 5.00%, 07/01/18		295			73,750
Series TT, 5.00%, 07/01/25		100			25,000
Series TT, 5.00%, 07/01/26		225			56,250
Series WW, 5.50%, 07/01/17		200			50,000
Series WW, 5.50%, 07/01/18		1,175			293,750
Series WW, 5.50%, 07/01/19		145			36,250
Series WW, 5.50%, 07/01/20		1,595			398,750
Series WW, 5.38%, 07/01/22		1,310			327,500
Series WW, 5.25%, 07/01/33		120			30,000
Series WW, 5.50%, 07/01/38		205			51,250
Series XX, 5.25%, 07/01/27		110			27,500
Series XX, 5.25%, 07/01/35		645			161,250
Series XX, 5.75%, 07/01/36		860			215,000
Series XX, 5.25%, 07/01/40		1,020			255,000
Series A, AMT, 6.75%, 07/01/36		1,335			333,750
Puerto Rico Electric Power Authority, Refunding RB^(f)(g)
Series AAA, 5.25%, 07/01/22		2,545			636,250
Series AAA, 5.25%, 07/01/29		95			23,750
Series UU, 0.00%, 07/01/17^(a)		60			15,000
Series UU, 0.00%, 07/01/18^(a)		55			13,750
Series UU, 1.32%, 07/01/20^(a)		495			123,750
Series UU, 4.49%, 07/01/31^(a)		580			145,000
Series ZZ, 5.00%, 07/01/17		145			36,250


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Electric Power Authority, Refunding RB^(f)(g) (continued)
Series ZZ, 5.25%, 07/01/19	$	455	$	113,750
Series ZZ, 5.25%, 07/01/24		345		86,250
Puerto Rico Electric Power Authority, Refunding RB, BAB, Series YY, 6.13%, 07/01/40^(f)(g)		1,085		271,250
Puerto Rico Highway & Transportation Authority, RB, CAB, Series B, Restructured, 0.00%, 07/01/32^(c)		2,520		1,610,779
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		2,453		2,069,246
Series A-1, Restructured, 5.00%, 07/01/58		5,234		4,535,959
Series A-2, Restructured, 4.54%, 07/01/53		21		17,043
Series A-2, Restructured, 4.78%, 07/01/58		2,080		1,741,500
Series A-2, Restructured, 4.33%, 07/01/40		6,129		5,292,469
Series B-1, Restructured, 4.55%, 07/01/40		2,402		2,130,516
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB^(c)
Series A-1, Restructured, 0.00%, 07/01/29		200		152,477
Series A-1, Restructured, 0.00%, 07/01/33		1,023		631,879
Series A-1, Restructured, 0.00%, 07/01/46		12,021		2,971,452
Series B-1, Restructured, 0.00%, 07/01/46		883		218,196


				58,535,563

Rhode Island — 0.4%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35^(f)(g)		4,190		754,200
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40		980		932,213


				1,686,413

South Carolina — 0.9%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54^(a)		3,110		3,098,541
South Carolina Jobs-Economic Development Authority, RB, 7.50%, 08/15/62^(b)		605		501,925


				3,600,466

Tennessee — 2.1%
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45		3,000		2,878,089
Metropolitan Government Nashville & Davidson County Industrial Development Board, SAB, CAB, 0.00%, 06/01/43^(b)(c)		3,270		1,078,917
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48		1,610		1,648,948
Tennergy Corp., RB, Series A, 5.50%, 10/01/53^(a)		2,520		2,528,147


				8,134,101

Texas — 11.3%
Angelina & Neches River Authority, RB, Series A, AMT, 7.50%, 12/01/45^(b)		715		450,667
Arlington Higher Education Finance Corp., RB 5.00%, 06/15/51		715		550,921
7.88%, 11/01/62^(b)		565		531,935
Arlington Higher Education Finance Corp., Refunding RB, Series S, 5.00%, 08/15/41		370		296,989
Brazoria County Industrial Development Corp., RB, AMT, 7.00%, 03/01/39		675		557,634
Central Texas Regional Mobility Authority, Refunding RB^(c)
0.00%, 01/01/28		1,000		838,344


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Central Texas Regional Mobility Authority, Refunding RB^(c) (continued)
0.00%, 01/01/29	$	2,000	$	1,600,046
0.00%, 01/01/30		1,170		891,738
0.00%, 01/01/33		3,690		2,410,473
0.00%, 01/01/34		4,000		2,464,705
City of Houston Texas Airport System Revenue, ARB AMT, 4.00%, 07/15/41		3,350		2,700,484
Series A, AMT, 6.63%, 07/15/38		2,890		2,864,556
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		250		241,392
City of Houston Texas Airport System Revenue, Refunding RB
AMT, 5.00%, 07/01/29		5,730		5,574,546
Series C, AMT, 5.00%, 07/15/27		1,615		1,566,919
City of San Marcos Texas, SAB^(b)
4.00%, 09/01/32		100		89,772
4.50%, 09/01/51		480		365,451
City of Sinton Texas, SAB^(b) 5.13%, 09/01/42		858		745,182
5.25%, 09/01/51		1,195		992,037
Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31^(b)		785		738,484
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 6.75%, 10/01/52		1,650		1,349,729
New Hope Higher Education Finance Corp., RB, Series A, 5.75%, 06/15/51^(b)		1,650		1,305,359
Newark Higher Education Finance Corp., RB^(b)
Series A, 5.50%, 08/15/35		290		280,814
Series A, 5.75%, 08/15/45		580		538,921
Port Beaumont Navigation District, RB^(b)
AMT, 2.75%, 01/01/36		920		618,869
AMT, 3.00%, 01/01/50		2,910		1,519,458
Port Beaumont Navigation District, Refunding RB^(b)
Series A, AMT, 3.63%, 01/01/35		1,215		921,021
Series A, AMT, 4.00%, 01/01/50		4,795		3,075,974
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49		865		731,669
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		860		833,457
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58		3,155		3,169,615
Texas Transportation Commission State Highway 249 System, RB, CAB^(c)
0.00%, 08/01/46		1,420		348,249
0.00%, 08/01/47		2,120		482,706
0.00%, 08/01/48		2,235		481,369
0.00%, 08/01/49		2,100		423,210
0.00%, 08/01/50		3,015		569,751
0.00%, 08/01/51		1,770		313,470
0.00%, 08/01/52		1,770		292,706
0.00%, 08/01/53		160		24,985


				43,753,607


Security	Par (000)		Value

Utah — 0.3%
County of Utah Utah, RB, Series A, 3.00%, 05/15/50	$	1,000	$	653,730
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/52^(b)		470		352,986


				1,006,716

Vermont — 0.8%
East Central Vermont Telecommunications District, RB, Series A, 4.50%, 12/01/44^(b)		4,000		3,009,858


Virginia — 2.3%
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/55		2,435		2,004,170
Lower Magnolia Green Community Development Authority, SAB^(b)
5.00%, 03/01/35		465		438,015
5.00%, 03/01/45		475		415,167
Norfolk Redevelopment & Housing Authority, RB
Series A, 4.00%, 01/01/29		300		262,174
Series A, 5.00%, 01/01/34		485		414,375
Series A, 5.00%, 01/01/49		955		705,425
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		2,370		2,041,399
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/56		2,000		1,831,293
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48		840		669,368


				8,781,386

Washington — 0.5%
Washington State Housing Finance Commission, RB, Series A, 5.00%, 07/01/50^(b)		450		373,305
Washington State Housing Finance Commission, Refunding RB 5.75%, 01/01/35^(b)		315		274,890
6.00%, 01/01/45^(b)		850		705,348
Series A, 5.00%, 07/01/43		340		314,586
Series A, 5.00%, 07/01/48		320		286,767


				1,954,896

Wisconsin — 6.8%
Public Finance Authority, ARB, AMT, 4.25%, 07/01/54		1,595		1,009,567
Public Finance Authority, RB 5.00%, 06/15/39		175		158,401
5.00%, 06/15/41^(b)		345		302,161
7.75%, 07/01/43^(b)		3,270		3,063,940
5.00%, 06/15/49		530		440,748
5.63%, 06/15/49^(b)		2,480		1,897,222
5.00%, 06/15/53		355		291,130
5.00%, 06/15/55^(b)		895		727,550
5.00%, 01/01/56^(b)		1,470		1,099,685
Class A, 5.00%, 06/15/56^(b)		495		345,807
Series A, 6.25%, 10/01/31^(b)		605		435,600
Series A, 6.85%, 11/01/46^(b)(f)(g)		900		585,000
Series A, 7.00%, 11/01/46^(b)(f)(g)		570		370,500
Series A, 7.00%, 10/01/47^(b)		605		435,600
Series A, 5.63%, 06/15/49^(b)		2,890		2,411,517
Series A, 5.25%, 12/01/51^(b)		1,470		1,003,982
Series A, 5.00%, 06/15/55^(b)		4,030		2,737,263
Series A, 4.75%, 06/15/56^(b)		2,990		1,899,169


7

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wisconsin (continued)
Public Finance Authority, RB (continued)
Series A-1, 4.50%, 01/01/35^(b)	$	1,210	$	1,014,708
Series A-1, 5.50%, 12/01/48^(b)(f)(g)		20		4,385
Series B, 0.00%, 01/01/35^(b)(c)		1,615		710,587
Series B, 0.00%, 01/01/60^(b)(c)		35,940		1,869,812
AMT, 4.00%, 09/30/51		1,025		743,261
AMT, 4.00%, 03/31/56		980		687,907
Wisconsin Health & Educational Facilities Authority, Refunding RB 4.00%, 12/01/46		1,145		926,508
4.00%, 01/01/47		1,300		771,693
4.00%, 01/01/57		350		190,818


				26,134,521

Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51		1,345		1,077,766


Total Municipal Bonds — 128.5% (Cost: $584,746,826)				496,682,433


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

New York — 2.0%
New York City Housing Development Corp., RB, M/F Housing, Series D-1B, 4.25%, 11/01/45		9,000		7,601,655


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0% (Cost: $9,000,605)				7,601,655


Total Long-Term Investments — 131.0% (Cost: $596,192,431)				506,447,424


	Shares

Short-Term Securities

Money Market Funds — 13.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%^(l)(m)		50,621,212		50,621,212


Total Short-Term Securities — 13.1% (Cost: $50,614,985)				50,621,212


Total Investments — 144.1% (Cost: $646,807,416)				557,068,636

Other Assets Less Liabilities — 2.4%			8,919,181

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2)%				(4,542,000	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.3)%				(174,935,898	)


Net Assets Applicable to Common Shares — 100.0%			$	386,509,919

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

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

^(c)	Zero-coupon bond.

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

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

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	When-issued security.

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

^(j)	Rounds to less than 1,000.

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

^(l)	Affiliate of the Fund.

^(m)	Annualized 7-day yield as of period end.

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)

Affiliates

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



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

BlackRock Liquidity Funds, MuniCash, Institutional Class.	$	73,862,164	$	—	$	(23,241,772	)^(a)	$	1,271	$	(451	)	$	50,621,212		50,621,212	$	493,758	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

•

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

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Corporate Bonds	$	—	$	2,163,336	$	—	$	2,163,336
Municipal Bonds		—		495,551,263		1,131,170		496,682,433
Municipal Bonds Transferred to Tender Option Bond Trusts		—		7,601,655		—		7,601,655
Short-Term Securities
Money Market Funds		50,621,212		—		—		50,621,212
Unfunded Commitments^(a)		—		—		2,058,061		2,058,061

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

^(a)

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

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



	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(4,500,000	)	$	—	$	(4,500,000	)
VRDP Shares at Liquidation Value		—		(175,000,000	)		—		(175,000,000	)

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


9

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock MuniAssets Fund, Inc. (MUA)


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AGM-CR		AGM Insured Custodial Receipt

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAB		Build America Bond

BAM-TCRS		Build America Mutual Assurance Co.- Transferable Custodial Receipts

CAB		Capital Appreciation Bonds

CR		Custodian Receipt

GO		General Obligation Bonds

M/F		Multi-Family

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAN		State Aid Notes

SONYMA		State of New York Mortgage Agency

ST		Special Tax

TA		Tax Allocation