Edgar Filing: BLACKROCK MUNIENHANCED FUND, INC.

BLACKROCK MUNIENHANCED FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05739

Name of Fund: BlackRock MuniEnhanced Fund, Inc. (MEN)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock

MuniEnhanced Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2013

Date of reporting period: 04/30/2013

Item 1 – Report to Stockholders

APRIL 30, 2013

ANNUAL REPORT

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock MuniEnhanced Fund, Inc. (MEN)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniHoldings Fund II, Inc. (MUH)

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

BlackRock MuniVest Fund II, Inc. (MVT)

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents


	Page
Dear Shareholder		3
Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Fund Summaries		6
Financial Statements:
Schedules of Investments		20
Statements of Assets and Liabilities		63
Statements of Operations		64
Statements of Changes in Net Assets		65
Statements of Cash Flows		67
Financial Highlights		68
Notes to Financial Statements		75
Report of Independent Registered Public Accounting Firm		86
Automatic Dividend Reinvestment Plan		87
Officers and Directors		88
Additional Information		91



2	ANNUAL REPORT	APRIL 30, 2013

Dear Shareholder

About this time one year ago, financial market activity was dominated by concerns about Europe’s debt crisis. Investors were also discouraged by gloomy economic reports from various parts of the world, particularly in China. As the outlook for the global economy worsened, however, investors grew increasingly optimistic that the world’s largest central banks would intervene to stimulate growth. This theme, along with the European Central Bank’s (“ECB’s”) firm commitment to preserve the euro currency bloc, drove most asset classes higher through the summer of 2012. In early September, the ECB announced its sovereign bond-buying program designed to support the region’s debt-laden countries. Days later, the US Federal Reserve announced its own much-anticipated stimulus package.

Although financial markets world-wide were buoyed by these aggressive policy actions, risk assets weakened in the fall of 2012. Global trade slowed as many European countries fell into recession and growth continued to decelerate in China. In the United States, stocks slid on lackluster corporate earnings and volatility rose in advance of the US Presidential election. In the post-election environment, investors became more concerned about the “fiscal cliff,” the automatic tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013. High levels of global market volatility persisted through year-end due to fears that bipartisan gridlock would preclude a timely resolution, putting the US economy at high risk for recession. Ultimately, the worst of the fiscal cliff was averted with a last-minute tax deal, although decisions relating to spending cuts and the debt ceiling were postponed, leaving lingering uncertainty.

Investors shook off the nerve-wracking finale to 2012 and the New Year began with a powerful relief rally. Money that had been pulled to the sidelines amid year-end tax-rate uncertainty poured back into the markets in January. Key indicators signaling modest but broad-based improvements in the world’s major economies underpinned the rally. Underlying this aura of comfort was the absence of negative headlines out of Europe. Against this backdrop, global equities surged through January while rising US Treasury yields pressured high quality fixed income assets (as prices move in the opposite direction of yields).

However, bond markets regained strength in February (as yields once again dropped) when global economic momentum slowed and investors toned down their risk appetite. International stock markets weakened amid a resurgence of macro risk out of Europe. A stalemate presidential election in Italy was a reminder that political instability continued to plague the eurozone and a severe banking crisis in Cyprus underscored the fragility of the broader European banking system. In the United States, stocks continued to rise, but at a more moderate pace. Investors grew more cautious given uncertainty as to how long the central bank would continue its stimulus programs. How government spending cuts would impact the already slow economic recovery was another concern. But improving labor market data and rising home prices boosted sentiment in March, pushing major US stock indices to all-time highs. Investors scaled back their enthusiasm in April due to a series of disappointing economic reports. On the whole, US stocks have performed well thus far in 2013 as the US economy demonstrated enough resilience to allay fears of recession, but growth has remained slow enough to dissuade the US Federal Reserve from changing its stance.

Despite continued headwinds for global growth, risk assets have rallied, driven largely by investors seeking meaningful yields in the ongoing low-interest-rate environment. For the 6- and 12-month periods ended April 30, 2013, US and international stocks and high yield bonds posted strong gains. Emerging market equities lagged the rally as the uneven pace of global growth raised doubts that developing economies could thrive in the near term. US Treasury yields were highly volatile over the past 12 months, although they continue to remain low from a historical perspective. US Treasury and investment-grade bonds generated modest returns in this environment, while tax-exempt municipal bonds benefited from favorable supply-and-demand dynamics. Near-zero short term interest rates continued to keep yields on money market securities near their all-time lows.

Market conditions have improved over the past couple of years, but investors still remain highly uncertain and many of the old ways of investing no longer work. That’s why the new world of investing calls for a new approach. One that seeks out more opportunities in more places across a broader array of investments in a portfolio designed to move freely as the markets move up and down. Visit www.blackrockplan.com to learn more about how to take action.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“Despite continued headwinds for global growth, risk assets have rallied, driven largely by investors seeking meaningful yields in the ongoing low-interest-rate environment.”

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2013
	6-month			12-month
US large cap equities (S&P 500^® Index)		14.42	%		16.89	%
US small cap equities (Russell 2000^® Index)		16.58			17.69
International equities (MSCI Europe, Australasia, Far East Index)		16.90			19.39
Emerging market equities (MSCI Emerging Markets Index)		5.29			3.97
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.06			0.12
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		1.52			5.07
US investment grade bonds (Barclays US Aggregate Bond Index)		0.90			3.68
Tax-exempt municipal bonds (S&P Municipal Bond Index)		2.01			5.74
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		7.26			13.95
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Municipal Market Overview


For the Reporting Period Ended April 30, 2013

Municipal Bonds Performed Well

Market conditions remained favorable even though supply picked up considerably in the past year. Total new issuance for the 12 months ended April 30, 2013 was $383 billion as compared to $337 billion in the prior 12-month period. However, it is important to note that a significant portion (roughly 60%) of the new supply during the most recent 12-month period was attributable to refinancing activity as issuers took advantage of lower interest rates to reduce their borrowing costs. More recently, municipal issuers have favored the taxable market, where issuance is up 139% year-over-year.

Increased supply was met with strong demand during the period as investors were starved for yield in the low-rate, low-return environment. Investors poured into municipal bond mutual funds, favoring long-duration and high-yield funds as they tend to provide higher levels of income. For the 12 months ended April 30, 2013, municipal bond fund inflows exceeded $39.7 billion (according to the Investment Company Institute).

S&P Municipal Bond Index

Total Returns as of April 30, 2013

6 months: 2.01%

12 months: 5.74%

A Closer Look at Yields

LOGO

From April 30, 2012 to April 30, 2013, muni yields declined by 41 basis points (“bps”) from 3.25% to 2.84% on AAA-rated 30-year municipal bonds, while falling 18 bps from 1.87% to 1.69% on 10-year bonds and dropping a modest 8 bps from 0.82% to 0.74% on 5-year issues (as measured by Thomson Municipal Market Data). (Bond prices rise as yields fall.) Overall, the municipal yield curve remained relatively steep, but flattened considerably over the 12-month period as the spread between 2- and 30-year maturities tightened by 39 bps and the spread between 2- and 10-year maturities tightened by 16 bps.

During the same time period, US Treasury rates fell by 23 bps on 30-year and 25 bps on 10-year bonds, while moving down 13 bps on 5-year issues. Accordingly, tax-exempt municipal bonds moderately underperformed Treasuries in the 5- and 10-year space, but significantly outperformed Treasury bonds on the long end of the curve. This outperformance was driven largely by a supply/demand imbalance within the municipal market while evidence of a recovering domestic economy coupled with the removal of certain political and tax policy uncertainties pushed interest rates higher. Additionally, as higher US tax rates began to appear imminent late in 2012, municipal bonds benefited from the increased appeal of tax-exempt investing. The municipal market has become an attractive avenue for investors seeking yield in the low-rate, low-return environment as the asset class is known for its lower volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers Continue to Improve

Austerity and de-leveraging have been the general themes across the country as states seek to balance their budgets, although a small number of states continue to rely on a “kick-the-can” approach to close their budget gaps. Broadly speaking, state governments have demonstrated better fiscal health as their revenues have steadily improved in recent years while they cut more than 700,000 jobs. Many local municipalities, however, continue to face increased health care and pension costs passed down from the state level. BlackRock maintains the view that municipal bond defaults will be minimal and remain in the periphery, and that the overall market is fundamentally sound. We continue to recognize that careful credit research, appropriate structure and security selection remain imperative amid uncertainty in this fragile economic environment.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



4	ANNUAL REPORT	APRIL 30, 2013


The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the yield and net asset value (“NAV”) of their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

To obtain leverage, the Funds, except MUA, issue Variable Rate Demand Preferred Shares (“VRDP Shares”) or Variable Rate Muni Term Preferred Shares (“VMTP Shares”) (collectively, “Preferred Shares”). Preferred Shares pay dividends at prevailing short-term interest rates, and the Funds invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders will benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Funds had not used leverage.

To illustrate these concepts, assume a Fund’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Fund with assets received from Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Fund’s long-term investments, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Fund pays higher short-term interest rates whereas the Fund’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Funds’ Preferred Shares and/or debt securities does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively in addition to the impact on Fund performance from leverage from Preferred Shares discussed above.

The Funds may also leverage their assets through the use of tender option bond trusts (“TOBs”), as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Fund’s NAV per share.

The use of leverage may enhance opportunities for increased income to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Funds’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Fund’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Fund to incur losses. The use of leverage may limit each Fund’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Funds. Each Fund will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Funds are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Fund’s total assets less the sum of its accrued liabilities). In addition, each Fund voluntarily limits its economic leverage to 50% of its total managed assets, while each Fund with VRDP Shares or VMTP Shares outstanding limits its economic leverage to 45% of its total managed assets. As of April 30, 2013, the Funds had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:


	Percent of Economic Leverage
MUA		13	%
MEN		37	%
MHD		37	%
MUH		37	%
MUS		41	%
MUI		38	%
MVT		41	%


Derivative Financial Instruments

The Funds may invest in various derivative financial instruments, including financial futures contracts and options, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, interest rate and/or other risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Funds’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Fund can realize on an investment, may result in lower dividends paid to shareholders or may cause a Fund to hold an investment that it might otherwise sell. The Funds’ investments in these instruments are discussed in detail in the Notes to Financial Statements.



ANNUAL REPORT	APRIL 30, 2013	5


Fund Summary as of April 30, 2013		BlackRock MuniAssets Fund, Inc.


Fund Overview

BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. or BBB or lower by Standard & Poor’s Corporation) or non-rated securities which are of comparable quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 12.22% based on market price and 12.70% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 10.40% based on market price and 12.70% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

The Fund’s holdings of lower-quality investment grade, non-investment grade and non-rated bonds had a positive impact on performance as these segments benefited from the ongoing contraction in credit spreads. The Fund’s use of leverage enhanced results in the municipal market rally. A preference for securities with longer maturities proved beneficial as the yield curve flattened during the period (long-term rates fell more than short- and intermediate-term rates). Also contributing positively were the Fund’s concentrations in the strong-performing transportation, health and corporate sectors.

The Fund’s below-average distribution yield represented an opportunity cost versus its more highly leveraged Lipper category peers. Additionally, the Fund held low exposure to the tobacco sector, which was the strongest-performing sector for the period. A greater commitment to this sector would have benefited the Fund’s performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


Fund Information


Symbol on New York Stock Exchange (“NYSE”)		MUA
Initial Offering Date		June 25, 1993
Yield on Closing Market Price as of April 30, 2013 ($13.96)¹		5.37%
Tax Equivalent Yield²		9.49%
Current Monthly Distribution per Common Share³		$0.0625
Current Annualized Distribution per Common Share³		$0.7500
Economic Leverage as of April 30, 2013⁴		13%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

The distribution rate is not constant and is subject to change.

⁴

Represents TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.



6	ANNUAL REPORT	APRIL 30, 2013


		BlackRock MuniAssets Fund, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	13.96	$	13.15		6.16	%	$	14.60	$	13.01
Net Asset Value	$	14.36	$	13.47		6.61	%	$	14.44	$	13.47

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
Health		25	%		27	%
Transportation		21			21
County/City/Special District/School District		15			13
Corporate		14			16
Utilities		12			10
Education		5			6
Tobacco		4			4
State		4			3


Credit Quality Allocation¹
	4/30/13			4/30/12

AAA/Aaa		1	%		1	%
AA/Aa		20			18
A		11			11
BBB/Baa		28			27
BB/Ba		4			6
B		7			7
CCC/Caa		1			2
CC/Ca		—			1
Not Rated²		28			27

Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2013 and April 30, 2012, the market value of these securities was $22,305,427, representing 4%, and $25,540,846, representing 5%, respectively, of the Fund’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,
2013	12	%
2014	6
2015	4
2016	3
2017	5

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	7


Fund Summary as of April 30, 2013				BlackRock MuniEnhanced Fund, Inc.


Fund Overview

BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds rated investment grade quality at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 14.69% based on market price and 10.16% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 8.05% based on market price and 10.61% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

The Fund benefited from the accrual of income generated from coupon payments on its fully invested portfolio of tax-exempt municipal bonds. The Fund’s positive performance was also driven by the flattening of the municipal yield curve during the period (long-term municipal rates fell more than short- and intermediate-term rates) as well as the overall decline in tax-exempt interest rates (bond prices rise when interest rates fall) and the tightening of municipal credit spreads. Exposure to zero-coupon municipal bonds boosted results as these types of bonds perform particularly well amid declining interest rates and tightening spreads.


Fund Information


Symbol on NYSE		MEN
Initial Offering Date		March 2, 1989
Yield on Closing Market Price as of April 30, 2013 ($12.65)¹		5.50%
Tax Equivalent Yield²		9.72%
Current Monthly Distribution per Common Share³		$0.058
Current Annualized Distribution per Common Share³		$0.696
Economic Leverage as of April 30, 2013⁴		37%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The Monthly Distribution per Common Share, declared on June 3, 2013, was increased to $0.0605 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

⁴

Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.



8	ANNUAL REPORT	APRIL 30, 2013


		BlackRock MuniEnhanced Fund, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	12.65	$	11.66		8.49	%	$	13.65	$	11.62
Net Asset Value	$	12.63	$	12.12		4.21	%	$	12.98	$	12.12

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
Transportation		24	%		24	%
County/City/Special District/School District		22			25
State		20			19
Utilities		14			13
Health		9			7
Education		7			7
Corporate		2			3
Housing		2			2


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		14	%		15	%
AA/Aa		57			58
A		25			20
BBB/Baa		3			6
B		1			1

Using the higher of S&P’s or Moody’s ratings.


Call/Maturity Schedule²
Calendar Year Ended December 31,
2013	5	%
2014	9
2015	7
2016	4
2017	13

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	9


Fund Summary as of April 30, 2013		BlackRock MuniHoldings Fund, Inc.


Fund Overview

BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 8.21% based on market price and 12.20% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 8.05% based on market price and 10.61% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

During the period, the Fund benefited from its overall long duration bias (greater sensitivity to interest rates) and preference for longer-dated bonds as interest rates declined (bond prices rise when interest rates fall) and the yield curve flattened (long-term rates fell more than short- and intermediate-term rates). The Fund’s allocations to lower-quality investment grade, non-investment grade and non-rated bonds had a positive impact as these segments benefited from the ongoing contraction in credit spreads. Also contributing positively to results were the Fund’s concentrations in the strong-performing health, transportation and corporate sectors. Finally, the Fund’s holdings generated an above-average distribution yield, which in the aggregate, had a meaningful impact on returns.

Conversely, the Fund held low exposure to the tobacco sector, which was the strongest-performing sector for the period. A greater commitment to this segment would have benefited the Fund’s performance.


Fund Information


Symbol on NYSE		MHD
Initial Offering Date		May 2, 1997
Yield on Closing Market Price as of April 30, 2013 ($18.20)¹		6.03%
Tax Equivalent Yield²		10.65%
Current Monthly Distribution per Common Share³		$0.0915
Current Annualized Distribution per Common Share³		$1.0980
Economic Leverage as of April 30, 2013⁴		37%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

⁴

Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.



10	ANNUAL REPORT	APRIL 30, 2013


		BlackRock MuniHoldings Fund, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	18.20	$	18.08		0.66	%	$	19.99	$	17.17
Net Asset Value	$	18.12	$	17.36		4.38	%	$	18.88	$	17.36

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
Transportation		22	%		18	%
Health		21			21
State		13			13
County/City/Special District/School District		13			12
Utilities		12			13
Education		9			10
Corporate		7			8
Housing		2			2
Tobacco		1			3


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		9	%		8	%
AA/Aa		42			37
A		29			23
BBB/Baa		9			15
BB/Ba		1			1
B		3			5
CCC/Caa		—			1
Not Rated²		7			10

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2013 and April 30, 2012, the market value of these securities was $7,320,539, representing 2%, and $24,953,999, representing 7%, respectively, of the Fund’s long-term investments.


Call/Maturity Schedule³


Calendar Year Ended December 31,
2013	7	%
2014	4
2015	3
2016	3
2017	5

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	11


Fund Summary as of April 30, 2013				BlackRock MuniHoldings Fund II, Inc.


Fund Overview

BlackRock MuniHoldings Fund II, Inc.’s (MUH) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 9.25% based on market price and 11.99% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 8.05% based on market price and 10.61% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.


Fund Information


Symbol on NYSE		MUH
Initial Offering Date		February 27, 1998
Yield on Closing Market Price as of April 30, 2013 ($16.75)¹		5.95%
Tax Equivalent Yield²		10.51%
Current Monthly Distribution per Common Share³		$0.083
Current Annualized Distribution per Common Share³		$0.996
Economic Leverage as of April 30, 2013⁴		37%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

⁴



12	ANNUAL REPORT	APRIL 30, 2013


				BlackRock MuniHoldings Fund II, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	16.75	$	16.46		1.76	%	$	18.52	$	16.14
Net Asset Value	$	16.93	$	16.23		4.31	%	$	17.60	$	16.23

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
Transportation		21	%		18	%
Health		20			21
County/City/Special District/School District		17			16
State		15			14
Utilities		10			11
Education		8			10
Corporate		7			7
Housing		1			1
Tobacco		1			2


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		9	%		12	%
AA/Aa		48			45
A		26			24
BBB/Baa		8			9
B		2			2
CCC/Caa		1			1
Not Rated²		6			7

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2013 and April 30, 2012, the market value of these securities was $7,446,854, representing 2%, and $7,289,016, representing 3%, respectively, of the Fund’s long-term investments.


Call/Maturity Schedule³


Calendar Year Ended December 31,
2013	7	%
2014	4
2015	3
2016	4
2017	6

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	13


Fund Summary as of April 30, 2013		BlackRock MuniHoldings Quality Fund, Inc.


Fund Overview

BlackRock MuniHoldings Quality Fund, Inc.’s (MUS) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in investment grade municipal obligations with remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 8.90% based on market price and 11.06% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 8.05% based on market price and 10.61% based on NAV. All returns reflect reinvestment of dividends. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

The Fund’s longer-dated holdings contributed positively to performance as the municipal yield curve flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the curve. The Fund’s holdings in the health, education and transportation sectors enhanced results. Particularly strong returns came from the Fund’s lower-quality holdings in those sectors, which benefited from strong demand as investors sought higher-yielding assets in the low interest rate environment.

The Fund’s lack of zero-coupon holdings was a disadvantage as zeros were the strongest-performing coupon segment during the period.


Fund Information


Symbol on NYSE		MUS
Initial Offering Date		May 1, 1998
Yield on Closing Market Price as of April 30, 2013 ($14.92)¹		5.95%
Tax Equivalent Yield²		10.51%
Current Monthly Distribution per Common Share³		$0.074
Current Annualized Distribution per Common Share³		$0.888
Economic Leverage as of April 30, 2013⁴		41%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The Monthly Distribution per Common Share, declared on June 3, 2013, was decreased to $0.0675 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

⁴



14	ANNUAL REPORT	APRIL 30, 2013


		BlackRock MuniHoldings Quality Fund, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	14.92	$	14.52		2.75	%	$	17.12	$	14.14
Net Asset Value	$	15.31	$	14.61		4.79	%	$	15.93	$	14.61

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
County/City/Special District/School District		27	%		28	%
Transportation		26			22
Utilities		17			18
State		13			13
Health		9			9
Education		6			7
Housing		1			2
Tobacco		1			1


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		11	%		12	%
AA/Aa		55			65
A		32			21
BBB/Baa		2			1
B		—			1

Using the higher of S&P’s or Moody’s ratings.


Call/Maturity Schedule²


Calendar Year Ended December 31,
2013	—
2014	4	%
2015	4
2016	3
2017	—

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	15


Fund Summary as of April 30, 2013		BlackRock Muni Intermediate Duration Fund, Inc.


Fund Overview

BlackRock Muni Intermediate Duration Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 3013, the Fund returned 4.09% based on market price and 8.78% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 3.82% based on market price and 7.33% based on NAV. All returns reflect reinvestment of dividends. The Fund moved from a premium to NAV to a discount by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

The Fund benefited from its overall long duration bias (greater sensitivity to interest rates) and positioning in longer-dated maturities within the Fund’s intermediate duration mandate, with its heaviest concentrations in the 10- and 7-year duration buckets. These factors accounted for the majority of the Fund’s positive return as the municipal market rallied over the period and the yield curve flattened (long-term rates fell more than short and intermediate rates). Also contributing positively to results were the Fund’s large allocations to the strong—performing corporate and health sectors, as well as its heavy exposures to California, Florida and Illinois credits, which were among the top-performing states. Additionally, the tightening of credit spreads during the period bode particularly well for the Fund as it maintained a preference for lower-quality investment grade holdings.

Although the Fund held only a small allocation to Puerto Rico and pre-refunded credits, these exposures represent an opportunity cost as these issues underperformed the broader market and the Fund would have been better served with the assets deployed elsewhere. Conversely, the Fund held low exposure to the tobacco sector, which was the strongest-performing sector for the period. A greater commitment to that sector would have benefited the Fund’s performance.


Fund Information


Symbol on NYSE		MUI
Initial Offering Date		August 1, 2003
Yield on Closing Market Price as of April 30, 2013 ($16.12)¹		5.32%
Tax Equivalent Yield²		9.40%
Current Monthly Distribution per Common Share³		$0.0715
Current Annualized Distribution per Common Share³		$0.8580
Economic Leverage as of April 30, 2013⁴		38%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

⁴



16	ANNUAL REPORT	APRIL 30, 2013


		BlackRock Muni Intermediate Duration Fund, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	16.12	$	16.45		(2.01	)%	$	17.88	$	15.14
Net Asset Value	$	16.60	$	16.21		2.41	%	$	17.19	$	16.18

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
County/City/Special District/School District		26	%		23	%
State		18			20
Transportation		13			9
Health		12			15
Education		10			10
Utilities		8			9
Corporate		8			8
Tobacco		3			3
Housing		2			3


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		4	%		11	%
AA/Aa		53			49
A		29			25
BBB/Baa		6			6
BB/Ba		1			1
B		2			2
Not Rated²		5			6

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2013 and April 30, 2012, the market value of these securities was $8,944,363 and $12,831,333, each representing 1%, respectively, of the Fund’s long-term investment.


Call/Maturity Schedule³


Calendar Year Ended December 31,
2013	5	%
2014	5
2015	6
2016	6
2017	7

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	17


Fund Summary as of April 30, 2013		BlackRock MuniVest Fund II, Inc.


Fund Overview

BlackRock MuniVest Fund II, Inc.’s (MVT) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.


Performance

For the 12-month period ended April 30, 2013, the Fund returned 10.28% based on market price and 11.95% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 8.05% based on market price and 10.61% based on NAV. All returns reflect reinvestment of dividends. The Fund’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.


Fund Information


Symbol on NYSE		MVT
Initial Offering Date		March 29, 1993
Yield on Closing Market Price as of April 30, 2013 ($17.31)¹		6.31%
Tax Equivalent Yield²		11.15%
Current Monthly Distribution per Common Share³		$0.091
Current Annualized Distribution per Common Share³		$1.092
Economic Leverage as of April 30, 2013⁴		41%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

The distribution rate is not constant and is subject to change.

⁴



18	ANNUAL REPORT	APRIL 30, 2013


		BlackRock MuniVest Fund II, Inc.


Market Price and Net Asset Value

The table below summarizes the changes in the Fund’s market price and NAV per share:


	4/30/13		4/30/12		Change			High		Low
Market Price	$	17.31	$	16.75		3.34	%	$	18.49	$	16.48
Net Asset Value	$	16.69	$	15.91		4.90	%	$	17.19	$	15.91

The following charts show the sector allocation, credit quality allocation and call/maturity schedule of the Fund’s long-term investments:


Sector Allocation
	4/30/13			4/30/12
Transportation		22	%		19	%
Health		20			21
State		15			15
Utilities		11			11
County/City/Special District/School District		11			10
Corporate		10			11
Education		7			7
Tobacco		2			3
Housing		2			3


Credit Quality Allocation¹
	4/30/13			4/30/12
AAA/Aaa		9	%		9	%
AA/Aa		46			47
A		25			24
BBB/Baa		10			9
BB/Ba		1			1
B		2			3
Not Rated²		7			7

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2013 and April 30, 2012 the market value of these securities was $6,940,695 and $4,822,745, each representing 1%, respectively, of the Fund’s long-term investments.


Call/Maturity Schedule³


Calendar Year Ended December 31,
2013	7	%
2014	2
2015	3
2016	3
2017	7

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.



ANNUAL REPORT	APRIL 30, 2013	19

Schedule of Investments April 30, 2013

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 1.3%
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40	$	2,165	$	2,581,394
County of Jefferson Alabama, RB, Series A:
5.25%, 1/01/17		895		895,072
5.25%, 1/01/19		2,000		1,999,360
5.50%, 1/01/21		1,215		1,216,677

				6,692,503
Alaska — 1.3%
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:
4.63%, 6/01/23		1,720		1,725,900
5.00%, 6/01/32		1,500		1,396,890
5.00%, 6/01/46		4,000		3,563,400

				6,686,190
Arizona — 2.6%
Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A, 6.63%, 7/01/20		1,320		1,087,918
Phoenix IDA Arizona, ERB, Great Hearts Academies—Veritas Project:
6.30%, 7/01/42		500		534,335
6.40%, 7/01/47		425		455,868
Phoenix IDA Arizona, Refunding RB, America West Airlines, Inc. Project, AMT, 6.30%, 4/01/23		5,750		5,770,987
Pima County IDA Arizona, ERB, Arizona Charter School Project:
Series A, 6.75%, 7/01/31		490		490,706
Series E, 7.25%, 7/01/31		2,255		2,259,983
Show Low Improvement District, Special Assessment Bonds, District No. 5, 6.38%, 1/01/15		235		235,994
Tempe IDA Arizona, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42		720		785,052
University Medical Center Corp. Arizona, RB:
6.25%, 7/01/29		820		950,511
6.50%, 7/01/39		500		579,550

				13,150,904
California — 4.7%
California Pollution Control Financing Authority, RB:
Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37		1,065		1,099,730
San Diego County Water Anthority Desalination Project, 5.00%, 11/21/45		1,270		1,312,837
California (concluded)
California Statewide Communities Development Authority, Refunding RB:
American Baptist Homes of The West, 6.25%, 10/01/39	$	2,175	$	2,469,321
Eskaton Properties, Inc., 5.25%, 11/15/34		1,595		1,708,676
City of Fontana California, Refunding RB, Special Tax Bonds, Community Facilities District No. 22-Sierra, Series H, 6.00%, 9/01/34		2,320		2,369,903
City of San Jose California, RB, Convention Center Expansion & Renovation Project:
6.50%, 5/01/36		900		1,102,527
6.50%, 5/01/42		2,220		2,703,871
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 6.05%, 1/15/33 (a)		12,450		3,844,311
San Marcos County Unified School District, GO, CAB, Series B (a):
4.78%, 8/01/40		5,000		1,380,000
5.03%, 8/01/51		12,050		1,803,644
Tobacco Securitization Authority of Southern California, Refunding RB, Senior Series A1, 5.00%, 6/01/37		4,860		4,476,740

				24,271,560
Colorado — 1.2%
Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 8.00%, 6/01/14 (b)		4,850		5,293,193
Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Refunding, Public Improvement Fee, Tax Increment, 5.00%, 12/01/40		575		599,346

				5,892,539
Connecticut — 0.3%
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31		1,370		1,371,110
Delaware — 1.0%
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40		1,000		1,130,420
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45		3,625		3,888,973

				5,019,393
District of Columbia — 0.9%
District of Columbia, RB, Methodist Home District of Columbia, Series A:
7.38%, 1/01/30		1,665		1,689,359
7.50%, 1/01/39		1,615		1,636,673


Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	ACA	American Capital Access Corp.	HRB	Housing Revenue Bonds
	AGC	Assured Guaranty Corp.	IDA	Industrial Development Authority
	AGM	Assured Guaranty Municipal Corp.	IDB	Industrial Development Board
	AMBAC	American Municipal Bond Assurance Corp.	ISD	Independent School District
	AMT	Alternative Minimum Tax (subject to)	LRB	Lease Revenue Bonds
	ARB	Airport Revenue Bonds	M/F	Multi-Family
	BHAC	Berkshire Hathaway Assurance Corp.	MRB	Mortgage Revenue Bonds
	CAB	Capital Appreciation Bonds	NPFGC	National Public Finance Guarantee Corp.
	COP	Certificates of Participation	PSF-GTD	Permanent School Fund Guaranteed
	EDA	Economic Development Authority	Q-SBLF	Qualified School Bond Loan Fund
	EDC	Economic Development Corp.	Radian	Radian Financial Guaranty
	ERB	Education Revenue Bonds	RB	Revenue Bonds
	FSA	Financial Security Assurance, Inc.	SBPA	Stand-by Bond Purchase Agreements
	GARB	General Airport Revenue Bonds	S/F	Single-Family
	GO	General Obligation Bonds	Syncora	Syncora Guarantee
	HDA	Housing Development Authority	VRDN	Variable Rate Demand Notes
	HFA	Housing Finance Agency

See Notes to Financial Statements.



20	ANNUAL REPORT	APRIL 30, 2013

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
District of Columbia (concluded)
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33	$	1,055	$	1,257,128

				4,583,160
Florida — 11.4%
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43 (c)		4,165		4,099,151
Greater Orlando Aviation Authority Florida, RB, Special Purpose, JetBlue Airways Corp., AMT, 6.38%, 11/15/26		4,500		4,533,435
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43 (c)		4,165		4,099,151
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33		455		456,520
Hillsborough County IDA, RB, National Gypsum Co., AMT:
Series A, 7.13%, 4/01/30		3,000		3,009,480
Series B, 7.13%, 4/01/30		1,560		1,560,811
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US, Inc., AMT, 5.30%, 5/01/37		4,500		4,509,270
Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17		1,095		1,242,365
Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects, 8.00%, 5/01/40		1,485		1,716,497
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40		4,550		5,803,889
Midtown Miami Community Development District, Special Assessment Bonds, Series A:
6.00%, 5/01/24		1,165		1,180,238
6.25%, 5/01/37		4,605		4,676,377
Palm Beach County Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/33		3,500		3,841,215
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (d)(e)		4,917		1,966,610
Sarasota County Health Facilities Authority, Refunding RB, Village On The Isle Project, 5.50%, 1/01/27		955		1,026,348
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38		3,825		3,604,909
Tampa Palms Open Space & Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18		1,305		1,306,710
Tolomato Community Development District, Refunding, Special Assessment Bonds:
CAB, 6.67%, 5/01/17 (f)		250		190,938
CAB, 7.08%, 5/01/19 (f)		585		365,625
CAB, 7.56%, 5/01/22 (f)		305		141,825
Series A-1, 6.65%, 5/01/40		910		933,906
Tolomato Community Development District, Special Assessment Bonds (d)(e):
Series 1, 6.65%, 5/01/40		70		37,813
Series 2, 6.65%, 5/01/40		2,110		845,329
Series 3, 6.65%, 5/01/40		710		7
Village Community Development District No. 9, Special Assessment Bonds:
6.75%, 5/01/31		1,880		2,176,683
7.00%, 5/01/41		3,025		3,521,886
5.50%, 5/01/42		1,365		1,475,524

				58,322,512
Georgia — 2.4%
City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31	$	1,035	$	1,053,133
Clayton County Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29		3,365		4,264,094
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33		2,765		2,880,107
DeKalb County Hospital Authority Georgia, Refunding RB, DeKalb Medical Center, Inc. Project, 6.13%, 9/01/40		1,000		1,172,020
Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2:
6.38%, 11/15/29		700		805,266
6.63%, 11/15/39		880		1,010,698
Private Colleges & Universities Authority, Refunding RB, Mercer University Project, Series A, 5.00%, 10/01/32		855		937,995

				12,123,313
Guam — 0.6%
Guam Government Waterworks Authority, Refunding RB, Water & Wastewater Systems, 6.00%, 7/01/25		1,265		1,318,332
Territory of Guam, GO, Series A:
6.00%, 11/15/19		615		680,325
7.00%, 11/15/39		1,115		1,266,016

				3,264,673
Illinois — 5.5%
City of Chicago Illinois, Refunding RB, American Airlines, Inc. Project, 5.50%, 12/01/30 (d)(e)		7,000		7,717,500
Illinois Finance Authority, Refunding RB:
CAB, Clare Water Tower, Series B, 0.00%, 5/15/50 (a)(d)(e)		1,214		12
Clare Water Tower, Series A-7, 6.13%, 5/15/41 (d)(e)		3,129		31
Friendship Village Of Schaumburg, 7.25%, 2/15/45		4,000		4,479,520
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42		2,395		2,510,750
Primary Health Care Centers Program, 6.60%, 7/01/24		1,175		1,191,368
Roosevelt University Project, 6.50%, 4/01/44		4,170		4,752,382
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 4.97%, 6/15/46 (a)		9,860		1,939,265
Railsplitter Tobacco Settlement Authority, RB:
5.50%, 6/01/23		1,400		1,711,108
6.00%, 6/01/28		710		867,045
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34		1,800		1,855,044
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25		1,465		1,474,083

				28,498,108
Indiana — 0.4%
Indiana Finance Authority, RB, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series A:
5.00%, 7/01/44		470		498,835
5.00%, 7/01/48		1,555		1,630,744

				2,129,579
Iowa — 0.7%
Iowa Finance Authority, Refunding RB, Sunrise Retirement Community Project:
5.50%, 9/01/37		1,355		1,355,867
5.75%, 9/01/43		2,115		2,137,631

				3,493,498

See Notes to Financial Statements.



ANNUAL REPORT	APRIL 30, 2013	21

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Louisiana — 1.5%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32	$	5,000	$	5,714,050
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41		1,855		2,191,664

				7,905,714
Maine — 0.7%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41		2,955		3,575,964
Maryland — 2.6%
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35		3,615		4,122,654
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25		4,785		5,343,170
Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.50%, 7/01/38 (d)(e)		1,000		350,020
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor’s Community Hospital, 5.75%, 7/01/38		3,110		3,491,442

				13,307,286
Massachusetts — 0.6%
Massachusetts Development Finance Agency, RB, Foxborough Regional Charter School, Series A, 7.00%, 7/01/42		1,025		1,212,852
Massachusetts Development Finance Agency, Refunding RB:
Eastern Nazarene College, 5.63%, 4/01/19		30		30,091
Eastern Nazarene College, 5.63%, 4/01/29		80		80,249
Tufts Medical Center, Series I, 6.75%, 1/01/36		1,490		1,810,931

				3,134,123
Michigan — 2.3%
City of Detroit Michigan, GO, Limited Tax:
Series A-1, 5.00%, 4/01/16		650		595,198
Series A-2, 8.00%, 4/01/14		3,185		3,062,282
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39		6,310		8,084,183

				11,741,663
Minnesota — 0.4%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32		1,785		2,170,399
Missouri — 0.5%
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39		2,315		2,772,861
New Jersey — 5.1%
New Jersey EDA, RB:
Continental Airlines, Inc. Project, AMT, 9.00%, 6/01/33 (g)		1,250		1,287,475
Kapkowski Road Landfill Project, Series 1998B-MB, AMT, 6.50%, 4/01/31		2,250		2,668,815
Patterson Charter School for Science and Technology, Inc. Project, Series A, 6.10%, 7/01/44		1,085		1,193,619
New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel, 7.00%, 10/01/14		4,000		4,019,760
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B:
7.13%, 12/01/23		670		857,969
7.50%, 12/01/32		3,575		4,447,943
New Jersey (concluded)
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Barnabas Health, Series A, 5.63%, 7/01/37	$	2,650	$	2,988,750
St. Joseph’s Healthcare System, 6.63%, 7/01/38		4,090		4,716,506
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation System, Series C (AMBAC), 4.63%, 12/15/35 (a)		6,210		2,204,612
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1-A, 4.63%, 6/01/26		2,000		1,939,920

				26,325,369
New Mexico — 0.6%
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42		2,970		3,065,812
New York — 4.9%
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42		3,695		4,135,961
Dutchess County Industrial Development Agency New York, RB, St. Francis Hospital, Series B, 7.50%, 3/01/29		1,000		1,023,140
Dutchess County Industrial Development Agency New York, Refunding RB, St. Francis Hospital, Series A, 7.50%, 3/01/29		1,400		1,432,396
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28		2,000		2,506,400
New York City Industrial Development Agency, RB:
American Airlines, Inc., JFK International Airport, AMT, 8.00%, 8/01/28 (d)(e)(g)		1,765		2,041,117
British Airways Plc Project, AMT, 7.63%, 12/01/32		4,130		4,212,518
Series C, 6.80%, 6/01/28		860		871,171
Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/24		610		615,179
Special Needs Facilities Pooled Program, Series C-1, 6.63%, 7/01/29		1,100		1,104,015
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49		1,270		1,518,399
Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42		1,835		1,906,822
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 6.00%, 12/01/36		1,340		1,573,160
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41		2,090		2,364,333

				25,304,611
North Carolina — 1.5%
North Carolina Medical Care Commission, Refunding RB, First Mortgage, Series A:
Deerfield, 6.13%, 11/01/38		4,565		5,011,548
Whitestone, 7.75%, 3/01/31		1,000		1,156,380
Whitestone, 7.75%, 3/01/41		1,420		1,626,866

				7,794,794
Ohio — 2.9%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Series A-2:
5.13%, 6/01/24		1,350		1,249,087
5.75%, 6/01/34		6,745		5,889,262
6.00%, 6/01/42		3,040		2,743,874
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35		4,880		5,064,464

				14,946,687

See Notes to Financial Statements.



22	ANNUAL REPORT	APRIL 30, 2013

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Oklahoma — 0.3%
Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32	$	1,305	$	1,426,509
Pennsylvania — 6.2%
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:
5.00%, 5/01/35		1,815		1,955,354
5.00%, 5/01/42		4,170		4,453,393
Bucks County IDA, RB, Ann’s Choice, Inc. Facility, Series A:
6.13%, 1/01/25		1,360		1,377,109
6.25%, 1/01/35		1,550		1,569,483
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39		6,165		6,917,377
Lancaster County Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26		1,160		1,243,590
Lehigh County General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32		2,905		2,905,319
Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care, 6.13%, 2/01/28		2,330		2,372,662
Pennsylvania Economic Development Financing Authority, RB, National Gypsum Co., Series A, AMT, 6.25%, 11/01/27		1,250		1,249,925
Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT, 7.75%, 12/01/17		8,000		8,012,320

				32,056,532
Puerto Rico — 1.5%
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series U, 5.25%, 7/01/42		3,790		3,706,658
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44		2,650		3,005,259
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-Series C, 5.84%, 8/01/38 (a)		4,445		1,038,885

				7,750,802
Rhode Island — 0.7%
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35		4,245		3,678,675
Tennessee — 0.1%
Shelby County Health Educational & Housing Facilities Board Tennessee, RB, Village at Germantown, 6.25%, 12/01/16 (b)		575		657,265
Texas — 13.6%
Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45		5,040		5,721,509
Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33		5,080		431,800
Central Texas Regional Mobility Authority, Refunding RB:
Senior Lien, 5.75%, 1/01/25		675		800,766
Senior Lien, 6.25%, 1/01/46		2,210		2,610,673
Senior Lien, Series A, 5.00%, 1/01/33 (c)		105		115,736
Senior Lien, Series A, 5.00%, 1/01/43 (c)		195		210,499
Subordinate Lien, Sub-Lien, 5.00%, 1/01/33 (c)		375		397,699
Subordinate Lien, Sub-Lien, 5.00%, 1/01/42 (c)		330		343,325
Central Texas Regional Mobility Authority, Refunding RB, CAB (a):
4.71%, 1/01/28		1,000		505,140
4.77%, 1/01/29		2,000		954,860
4.89%, 1/01/30		1,170		522,627
4.99%, 1/01/31		2,000		837,760
5.09%, 1/01/32		3,500		1,368,850
5.21%, 1/01/33		3,690		1,341,758
5.25%, 1/01/34		4,000		1,370,480
Texas (concluded)
City of Houston Texas, RB, Special Facilities, Continental Airlines, Inc., AMT:
Series E, 6.75%, 7/01/21	$	4,550	$	4,566,926
Terminal Improvement Projects, 6.63%, 7/15/38		2,890		3,265,006
Clifton Higher Education Finance Corp., ERB, Idea Public Schools:
5.50%, 8/01/31		955		1,078,185
5.75%, 8/01/41		720		817,913
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A, 4.40%, 12/01/47		810		813,119
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (b):
7.13%, 12/01/18		1,500		1,991,265
7.25%, 12/01/18		1,110		1,484,603
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 5.46%, 11/15/38 (a)		10,000		2,528,400
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc. Series A, 6.88%, 5/15/41		595		753,776
La Vernia Higher Education Finance Corp., RB, KIPP, Inc., Series A, 6.38%, 8/15/44		860		1,005,366
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40		1,500		1,634,085
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29		2,090		2,465,009
North Texas Education Finance Corp., ERB, Uplift Education, Series A:
5.13%, 12/01/42		745		800,659
5.25%, 12/01/47		1,600		1,728,256
North Texas Tollway Authority, RB, CAB, Special Projects System, Series B, 5.06%, 9/01/37 (a)		2,110		625,678
North Texas Tollway Authority, Refunding RB, Toll Second Tier, Series F, 6.13%, 1/01/31		4,425		4,886,085
Red River Health Facilities Development Corp., First MRB:
Eden Home, Inc. Project, 7.25%, 12/15/42		2,895		3,077,993
Wichita Falls Retirement Foundation Project, 5.13%, 1/01/41		900		905,724
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A:
CC Young Memorial Home, 8.00%, 2/15/38		1,745		2,003,085
Senior Living Center Project, 8.25%, 11/15/44		4,200		4,800,012
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Gas Supply, 5.00%, 12/15/29		1,945		2,107,310
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40		4,455		5,451,316
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39		3,000		3,607,080

				69,930,333
Vermont — 0.2%
Vermont EDA, Refunding MRB, Wake Robin Corp. Project, Series A, 5.40%, 5/01/33		770		816,970
Virginia — 3.5%
Fairfax County EDA, Refunding RB:
Goodwin House, Inc., 5.13%, 10/01/42		2,500		2,644,975
Vinson Hall LLC, Series A, 5.00%, 12/01/42		1,330		1,358,475
Vinson Hall LLC, Series A, 5.00%, 12/01/47		1,735		1,764,911
Lexington IDA, Refunding MRB, Kendal at Lexington, Series A, 5.38%, 1/01/28		40		41,020

See Notes to Financial Statements.



ANNUAL REPORT	APRIL 30, 2013	23

Schedule of Investments (continued)

BlackRock MuniAssets Fund, Inc. (MUA)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Virginia (concluded)
Mosaic District Community Development Authority, RB, Special Assessment Bonds, Series A:
6.63%, 3/01/26	$	1,485	$	1,725,392
6.88%, 3/01/36		1,300		1,507,467
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossing Project, AMT:
5.25%, 1/01/32		810		890,951
6.00%, 1/01/37		5,705		6,568,052
5.50%, 1/01/42		1,175		1,278,988

				17,780,231
Washington — 0.6%
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42		1,495		1,597,856
King County, Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40		1,455		1,596,411

				3,194,267
Wisconsin — 0.3%
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. John’s Communities, Inc., Series A:
7.25%, 9/15/29		425		487,615
7.63%, 9/15/39		855		989,030

				1,476,645
Total Municipal Bonds – 84.9%				436,312,554


Municipal Bonds Transferred to Tender Option Bond Trusts (h)
Colorado — 2.4%
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/40		11,475		12,526,110
District of Columbia — 1.6%
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 (i)		6,679		8,064,991
Florida — 3.3%
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A, AMT (AGC), 5.25%, 10/01/33		15,000		16,967,250
Illinois — 3.0%
City of Chicago Illinois, RB, General Airport, Third Lien, Series A (NPFGC), 5.00%, 1/01/33		6,510		7,004,435
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41		7,180		8,473,046

				15,477,481
Michigan — 0.9%
Detroit Water and Sewerage Department, Refunding RB, Senior Lien, Series A:
5.00%, 7/01/32		$ 1,613	$	1,761,057
5.25%, 7/01/39		2,786		3,040,123

				4,801,180
New York — 14.3%
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47		4,520		5,365,898
New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Second General Resolution:
Series CC, 5.00%, 6/15/47		14,180		16,211,710
Series EE, 5.50%, 6/15/43		7,605		9,050,787
Series HH, 5.00%, 6/15/31 (i)		8,609		9,996,827
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43		18,105		20,793,671
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51		6,600		7,827,336
New York State Dormitory Authority, ERB, Series F, 5.00%, 3/15/35		4,004		4,287,207

				73,533,436
Washington — 1.8%
City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40		7,966		9,060,686
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 27.3%				140,431,134
Total Long-Term Investments (Cost — $529,804,768) — 112.2%				576,743,688



Short-Term Securities	Shares
Money Market Funds — 1.8%
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)		9,209,652		9,209,652
Total Short-Term Securities (Cost — $9,209,652) — 1.8%				9,209,652
Total Investments (Cost — $539,014,420) — 114.0%				585,953,340
Other Assets Less Liabilities — 0.9%				4,462,556
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.9)%				(76,492,942	)

Net Assets — 100.0%			$	513,922,954

Notes to Schedule of Investments

(a)

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

(b)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c)

When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Appreciation
Citigroup, Inc.	$	8,198,302	$	24,740
JPMorgan Chase & Co.	$	1,067,259	$	17,223

(d)

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

See Notes to Financial Statements.



24	ANNUAL REPORT	APRIL 30, 2013


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

(e)

Non-income producing security.

(f)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

(g)

Variable rate security. Rate shown is as of report date.

(h)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

(i)

All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to June 15, 2019, is $11,174,587.

(j)

Investments in issuers considered to be an affiliate of the Fund during the year ended April 30, 2013, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliate	Shares Held at April 30, 2012		Net Activity		Shares Held at April 30, 2013		Income
FFI Institutional Tax-Exempt Fund		3,404,970		5,804,682		9,209,652	$	460

(k)

Represents the current yield as of report date.

Financial futures contracts as of April 30, 2013 were as follows:


Contracts Sold			Issue	Exchange	Expiration	Notional Value		Unrealized Depreciation
	(184	)	10-Year US Treasury Note	Chicago Board of Trade	June 2013	$	24,538,125	$	(430,054	)

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access

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

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Note 1 of the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2013:


	Level 1			Level 2		Level 3	Total
Assets:
Investments:
Long-Term Investments¹		—		$	576,743,688	—	$	576,743,688
Short-Term Securities	$	9,209,652			—	—		9,209,652

Total	$	9,209,652		$	576,743,688	—	$	585,953,340

¹See above Schedule of Investments for values in each state or political subdivision.
	Level 1			Level 2		Level 3	Total
Derivative Financial Instruments²
Liabilities:
Interest rate contracts	$	(430,054	)		—	—	$	(430,054	)
² Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.



ANNUAL REPORT	APRIL 30, 2013	25


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

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of April 30, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	242,000		—			—	$	242,000
Liabilities:
TOB trust certificates		—	$	(76,451,238	)		—		(76,451,238	)

Total	$	242,000	$	(76,451,238	)		—	$	(76,209,238	)

There were no transfers between levels during the year ended April 30, 2013.

See Notes to Financial Statements.



26	ANNUAL REPORT	APRIL 30, 2013

Schedule of Investments April 30, 2013

BlackRock MuniEnhanced Fund, Inc. (MEN)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alabama — 1.5%
City of Birmingham Alabama, GO, Convertible CAB, Series A, 3.99%, 3/01/17 (a)	$	710	$	644,474
County of Jefferson Alabama, RB, Series A:
5.50%, 1/01/22		2,750		2,753,795
4.75%, 1/01/25		2,200		2,100,142

				5,498,411
Alaska — 1.2%
Alaska Housing Finance Corp., RB, General Housing, Series B (NPFGC), 5.25%, 12/01/30		400		415,668
Alaska Housing Finance Corp., Refunding RB, Series A, 4.13%, 12/01/37		1,265		1,308,503
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41		990		1,156,865
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC), 6.00%, 9/01/28		1,200		1,488,312

				4,369,348
Arizona — 1.5%
Greater Arizona Development Authority, RB, Series B (NPFGC), 5.00%, 8/01/35		1,300		1,390,311
State of Arizona, COP, Department of Administration, Series A (AGM):
5.00%, 10/01/27		3,250		3,699,085
5.00%, 10/01/29		400		452,372

				5,541,768
California — 22.4%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Subordinate Lien, Series A (AMBAC):
5.40%, 10/01/24		10,185		11,414,431
5.45%, 10/01/25		3,700		4,134,195
Anaheim Public Financing Authority California, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 9/01/24		5,000		6,213,050
Cabrillo Community College District, GO, CAB, Election of 2004, Series B (NPFGC), 4.89%, 8/01/37 (b)		2,400		742,992
California Health Facilities Financing Authority, RB:
St. Joseph Health System, Series A, 5.75%, 7/01/39		550		648,489
Sutter Health, Series A, 5.00%, 8/15/52		1,420		1,548,766
Sutter Health, Series B, 5.88%, 8/15/31		1,200		1,465,152
California State Public Works Board, LRB, Various Judicial Council Projects, Series A, 5.00%, 3/01/38		710		782,406
California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/37		2,000		2,229,460
California Statewide Communities Development Authority, RB, Series A, 5.00%, 4/01/42		1,480		1,642,800
City of Redding California, COP, Refunding, Series A (AGM), 5.00%, 6/01/30		1,420		1,603,634
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34		850		981,300
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32		1,300		1,464,528
Los Angeles Department of Water & Power, RB, Series C (NPFGC), 5.00%, 7/01/14		5,160		5,411,395
Metropolitan Water District of Southern California, RB, Series B-1 (NPFGC) (c):
5.00%, 10/01/29		2,570		2,621,683
5.00%, 10/01/36		1,480		1,509,763
Orange County Sanitation District, COP:
(NPFGC), 5.00%, 8/01/13 (c)		6,455		6,530,846
Series B (AGM), 5.00%, 2/01/30		1,500		1,671,165
Series B (AGM), 5.00%, 2/01/31		900		1,000,971
Municipal Bonds	Par (000)		Value
California (concluded)
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement Election of 2007, 4.69%, 8/01/36 (b)	$	3,750	$	1,276,087
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 4.62%, 8/01/38 (b)		5,000		1,577,200
San Diego Unified School District California, GO, CAB, Election of 2008, Series C, 4.54%, 7/01/38 (b)		1,600		516,800
San Diego Unified School District California, GO, Refunding, CAB, Series R-1 (b):
4.22%, 7/01/30		5,000		2,441,050
4.35%, 7/01/31		1,280		585,651
San Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36		2,175		2,687,430
San Marcos Unified School District, GO, Election of 2010, Series A:
5.00%, 8/01/34		700		793,982
5.00%, 8/01/38		600		675,444
San Mateo County Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 3.70%, 9/01/30 (b)		12,740		6,747,486
State of California, GO, Various Purpose, 5.00%, 4/01/42		1,000		1,117,290
State of California, GO, Refunding:
5.00%, 2/01/38		2,500		2,800,500
Various Purpose, 5.00%, 10/01/41		1,000		1,112,400
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 4.67%, 8/01/36 (b)		5,500		1,881,385
West Basin Municipal Water District California, COP, Refunding, Series B (AGC), 5.00%, 8/01/30		5,035		5,701,634

				83,531,365
Colorado — 0.6%
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31		2,000		2,274,460
District of Columbia — 1.5%
District of Columbia, RB, Series B-1 (NPFGC), 5.00%, 2/01/31		5,480		5,667,416
Florida — 9.8%
Broward County Water & Sewer Utility Revenue, Refunding RB, Series A, 5.25%, 10/01/34		850		978,699
City of Jacksonville Transportation, Refunding RB, Series A, 5.00%, 10/01/30		280		326,399
Collier County School Board, COP (AGM), 5.00%, 2/15/23		3,000		3,317,190
County of Duval Florida School Board, COP, Master Lease Program (AGM), 5.00%, 7/01/33		2,625		2,922,885
County of Lee Florida, Refunding ARB, Series A, AMT:
5.63%, 10/01/26		960		1,124,314
5.38%, 10/01/32		3,160		3,524,064
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 5.75%, 7/01/33		1,400		1,631,882
County of Miami-Dade Florida, Refunding RB:
Miami International Airport, AMT (AGC), 5.00%, 10/01/40		9,900		10,691,307
Series B, 5.00%, 10/01/37		710		792,999
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT:
5.13%, 6/01/27		2,000		2,332,780
5.38%, 10/01/29		1,050		1,235,125
Highlands County Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37		1,450		1,733,228

See Notes to Financial Statements.



ANNUAL REPORT	APRIL 30, 2013	27

Schedule of Investments (continued)

BlackRock MuniEnhanced Fund, Inc. (MEN)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Florida (concluded)
Hillsborough County Aviation Authority Florida, RB, Series A, AMT (AGC), 5.38%, 10/01/33	$	4,050	$	4,598,167
Sarasota County Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39		275		304,425
South Florida Water Management District, COP (AGC), 5.00%, 10/01/22		1,000		1,133,570

				36,647,034
Georgia — 8.1%
Burke County Development Authority, Refunding RB, Oglethorpe Power-Vogtle Project, Series C, 5.70%, 1/01/43		1,150		1,272,671
City of Atlanta Georgia Department of Aviation, Refunding ARB, General, Series B (AGM), 5.25%, 1/01/33		17,355		18,179,015
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 1/01/25		7,475		10,870,519

				30,322,205
Illinois — 18.5%
Chicago Illinois Board of Education, GO, Unlimited Tax, 5.50%, 12/01/39		2,375		2,711,324
Chicago Illinois Board of Education, GO, Refunding, Chicago School Reform Board (NPFGC), 5.50%, 12/01/26		725		905,032
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/36		595		682,554
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien:
Series A, 5.75%, 1/01/39		5,110		6,004,914
Series B-2, AMT (AGM), 5.75%, 1/01/23		5,670		5,857,337
Series B-2, AMT (Syncora), 6.00%, 1/01/29		2,500		2,576,650
City of Chicago Illinois, Board of Education, GO, Refunding, Series A (AGM), 5.50%, 12/01/31		2,875		3,706,335
City of Chicago Illinois, GO, Unlimited Tax, Harbor Facilities Revenues, Series C, 5.25%, 1/01/40		550		627,319
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/37		330		377,233
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37		285		324,584
Illinois Finance Authority, RB, Carle Foundation, Series A:
5.75%, 8/15/34		650		771,927
6.00%, 8/15/41		1,000		1,199,230
Illinois HDA, RB, Liberty Arms Senior Apartments, Series D, AMT (AMBAC), 4.88%, 7/01/47		2,180		2,209,626
Illinois Municipal Electric Agency, RB, Series A (NPFGC), 5.25%, 2/01/35		1,000		1,109,690
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 6/15/30		17,620		19,184,832
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 (d)		2,140		2,420,062
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC) (b):
3.76%, 12/15/26		5,000		3,010,050
4.46%, 12/15/33		9,950		4,006,069
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 4.95%, 6/15/44 (b)		3,450		753,100
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28		675		824,303
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20		8,070		9,691,021

				68,953,192
Municipal Bonds	Par (000)		Value
Indiana — 1.6%
Indiana Finance Authority, RB:
First Lien, CWA Authority Project, Series A, 5.25%, 10/01/38	$	1,100	$	1,282,028
Private Activity, Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/40		890		948,384
Private Activity Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44		515		546,595
Indiana Municipal Power Agency, RB, Series B, 5.75%, 1/01/34		400		412,640
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC):
5.25%, 1/01/29		600		674,868
5.50%, 1/01/38		1,825		2,063,199

				5,927,714
Iowa — 4.1%
Iowa Finance Authority, RB, Series A (AGC), 5.63%, 8/15/37		5,725		6,485,795
Iowa Student Loan Liquidity Corp., RB, Series A-2, AMT:
5.60%, 12/01/26		3,670		4,208,572
5.70%, 12/01/27		1,670		1,918,429
5.80%, 12/01/29		1,125		1,287,439
5.85%, 12/01/30		1,170		1,337,135

				15,237,370
Louisiana — 1.3%
Louisiana Public Facilities Authority, Refunding RB, Christus Health, Series B (AGC), 6.50%, 7/01/30		1,250		1,471,475
Parish of St. John the Baptist Louisiana, RB, Marathon Oil Corp., Series A, 5.13%, 6/01/37		3,150		3,340,764

				4,812,239
Maine — 0.1%
Maine State Housing Authority, Refunding RB, Series B-1, AMT, 4.00%, 11/15/27		335		351,067
Massachusetts — 1.3%
Massachusetts HFA, RB, S/F Housing, Series 128, AMT (AGM), 4.88%, 12/01/38 (e)		475		489,701
Massachusetts HFA, Refunding RB, AMT:
Rental Housing, Series A (AGM), 5.15%, 7/01/26		185		185,581
Series C, 5.35%, 12/01/42		1,150		1,242,483
Massachusetts Water Resources Authority, Refunding RB, General, Series A (NPFGC), 5.00%, 8/01/34		2,700		3,080,889

				4,998,654
Michigan — 2.9%
City of Detroit Michigan, RB, Second Lien, Water Supply System (AGM), 6.25%, 7/01/36		400		464,632
City of Detroit Michigan, Refunding RB:
Sewage Disposal System, Senior Lien, Series B (AGM), 7.50%, 7/01/33		500		619,475
Series E (BHAC), 5.75%, 7/01/31		2,500		2,865,525
City of Detroit Michigan Water Supply System, RB, Water Supply System, Second Lien (AGM), 7.00%, 7/01/36		200		240,990
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41		1,700		2,011,236
Michigan State Building Authority, Refunding RB, Facilities Program:
Series I-A, 5.38%, 10/15/36		145		167,626
Series I-A, 5.38%, 10/15/41		700		805,875
Series II-A (AGM), 5.25%, 10/15/36		900		1,036,485
Michigan State HDA, RB, Series C, AMT, 5.50%, 12/01/28		1,040		1,128,712

See Notes to Financial Statements.



28	ANNUAL REPORT	APRIL 30, 2013

Schedule of Investments (continued)

BlackRock MuniEnhanced Fund, Inc. (MEN)

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Michigan (concluded)
Michigan Strategic Fund, Refunding RB, Detroit Edison Co. Project, Series A, AMT (Syncora), 5.50%, 6/01/30	$	1,300	$	1,310,686

				10,651,242
Minnesota — 0.8%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38		2,500		3,061,250
Mississippi — 0.2%
Medical Center Educational Building Corp., RB, University of Mississippi Medical Center Facilities, Expansion & Renovation Project, Series A, 5.00%, 6/01/41		740		841,780
Missouri — 0.3%
Missouri State Health & Educational Facilities Authority, Refunding, RB, Cox Health, Series A, 5.00%, 11/15/44		1,000		1,093,410
Nebraska — 0.2%
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37		750		838,455
Nevada — 3.0%
City of Carson City Nevada, RB, Carson-Tahoe Hospital Project, Series A (Radian), 5.50%, 9/01/13 (c)		1,250		1,271,613
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34		850		992,358
County of Clark Nevada, ARB:
Las Vegas-McCarran International Airport, Series A (AGC), 5.25%, 7/01/39		3,800		4,286,248
Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/30		1,000		1,040,880
Subordinate Lien, Series A-2 (NPFGC), 5.00%, 7/01/36		3,200		3,331,200
County of Clark Nevada, RB, Southwest Gas Corp. Project, Series A, AMT (NPFGC), 4.75%, 9/01/36		75		78,056

				11,000,355
New Jersey — 6.3%
New Jersey EDA, RB:
Cigarette Tax (Radian), 5.50%, 6/15/14 (c)		600		635,100
Cigarette Tax (Radian), 5.75%, 6/15/14 (c)		305		323,700
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/31		3,125		3,275,625
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33		7,800		8,175,960
School Facilities Construction, Series Z (AGC), 6.00%, 12/15/18 (c)		655		841,786
School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34		1,345		1,601,774
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:
5.50%, 12/01/26		600		680,808
5.75%, 12/01/27		3,870		4,437,148
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33		1,230		1,260,320
New Jersey Transportation Trust Fund Authority, RB, Series A, 5.50%, 6/15/41		2,000		2,343,920

				23,576,141
New York — 5.1%
Erie County Industrial Development Agency, RB, City School District of Buffalo Project, Series A (AGM), 5.75%, 5/01/28		1,500		1,740,030
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47		700		831,075
Municipal Bonds	Par (000)		Value
New York (concluded)
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28	$	4,000	$	5,012,800
New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-4:
5.50%, 1/15/33		1,600		1,869,600
5.50%, 1/15/34		2,750		3,213,375
New York HFA, RB, Affordable Housing, Series B, 5.30%, 11/01/37		2,500		2,643,425
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36		1,200		1,443,072
New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/37		2,095		2,363,223

				19,116,600
North Carolina — 0.2%
North Carolina Medical Care Commission, RB, Novant Health Obligation, Series A, 4.75%, 11/01/43		750		805,245
Ohio — 0.4%
County of Allen Ohio, Refunding RB, Hospital Facilities, Catholic Health Partners, Series A, 5.00%, 5/01/42		750		832,568
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37		530		667,487

				1,500,055
Pennsylvania — 0.7%
Pennsylvania Turnpike Commission, RB:
Sub-Series A, 5.00%, 12/01/43		1,420		1,543,881
Subordinate, Special Motor License Fund, 6.00%, 12/01/36		575		704,357
Philadelphia School District, GO, Series E, 6.00%, 9/01/38		400		468,060

				2,716,298
Puerto Rico — 3.1%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: