# BlackRock MuniAssets Fund

BlackRock MuniAssets Fund is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** blackrock.com

## Regulatory record

- **Reports private funds:** No

## About

BlackRock MuniAssets Fund, Inc. launched in 1993 as a closed-end management investment company under the BlackRock umbrella. The fund is co-managed by Walter O'Connor and Michael Kalinoski, veteran fixed-income portfolio managers within BlackRock's municipal bond group, which oversees one of the largest tax-exempt platforms globally. The vehicle's mandate centers on providing high current income exempt from federal income tax by investing predominantly in long-term municipal obligations rated investment grade at the time of purchase. The fund deploys capital across a diversified pool of municipal bonds financing essential public projects — water and sewer systems, transportation infrastructure, school districts, and healthcare facilities — with the ability to invest up to 20% of assets in lower-rated or unrated securities for yield enhancement. It typically uses leverage, often via auction-rate preferred shares or other structural borrowings, to amplify distributable income to common shareholders. Geographic exposure spans actively managed state and local credits, with significant weight historically concentrated in issuers from California, New York, Texas, and Illinois. The closed-end structure means the fund trades on an exchange at a discount or premium to net asset value, a dynamic that BlackRock's management has periodically addressed through share repurchases when discounts widen materially. The fund operates within BlackRock's broader municipal fixed-income complex, which as of early 2025 manages well over $100 billion in municipal assets across open-end funds, closed-end funds, and separately managed accounts. While the MuniAssets Fund's specific net assets change daily with market value and any share-buyback activity, its structure as a regulated investment company subjects it to the Investment Company Act of 1940. The portfolio management team — led by O'Connor and Kalinoski — draws on BlackRock's centralized municipal credit research group, which includes more than 30 analysts covering thousands of issuers nationwide. As a closed-end fund, MuniAssets differs structurally from the open-end mutual funds that dominate the municipal space: its fixed capital base allows it to hold less-liquid credits and maintain leveraged exposure through market dislocations without facing forced redemptions. This architecture gives the managers a permanent capital advantage during periods of credit-market stress — a structural differentiator that matters most when retail-facing muni funds are experiencing outflows and forced selling. The vehicle's governance follows standard closed-end fund protocols, with a board of directors overseeing management and advisory contracts with BlackRock Advisors, LLC.

## Sectors

- Municipal Bonds
- Fixed Income

## People

- Walter O'Connor — Portfolio Manager
- Michael Kalinoski — Portfolio Manager

## Questions

### What is the difference between this closed-end fund and an open-end municipal bond fund?

A closed-end fund like MuniAssets has a fixed number of shares that trade on an exchange, meaning its price can differ from its net asset value. This structure prevents forced asset sales during investor redemptions, allowing portfolio managers to hold less-liquid credits and maintain leverage through volatile periods. Open-end funds, by contrast, must buy and sell portfolio assets as investors enter or exit the fund.

### Who makes the investment decisions for the fund?

Portfolio managers Walter O'Connor and Michael Kalinoski lead day-to-day investment decisions, supported by BlackRock's municipal credit research team of more than 30 analysts. O'Connor and Kalinoski are long-tenured professionals within BlackRock's municipal fixed-income group.

### Does BlackRock ever repurchase shares of this fund?

BlackRock has, at times, conducted share repurchases for MuniAssets Fund, particularly when the discount to net asset value widens substantially. These buybacks can benefit remaining shareholders by reducing the discount and slightly increasing net asset value per share, but they are discretionary and not guaranteed.

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Last updated: 2026-06-03T20:00:00.000Z

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