Here we go, deleted my old answer, this should be a more direct solution:
Place subfolder in your assets directory, and the following should iterate and open each asset.
String[] file_arr = null;
Context m_context = getActivity();
try {
file_arr = m_context.getAssets().list(subfolderName);
} catch (IOException e) {
// TODO Auto-generated catch block
e.printStackTrace();
}
InputStream is;
for(String filename : file_arr){
try {
is = m_context.getAssets().open(filename);
} catch (IOException e) {
// TODO Auto-generated catch block
e.printStackTrace();
}
//..do something
}