UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File number 811-7642
Name of Fund: BlackRock MuniAssets Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniAssets Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ
08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 05/31/2007
Date of reporting period: 06/01/2006 - 08/31/2006
Item 1 - Schedule of Investments
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 1.5% $ 2,420 Brewton, Alabama, IDB, PCR, Refunding (Container Corporation of America-Jefferson
Smurfit Corp. Project), 8% due 4/01/2009 $ 2,449
1,820 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential Care
Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.875% due
8/01/2036 1,847
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Alaska - 0.4% 1,125 Alaska Industrial Development and Export Authority Revenue Bonds (Williams Lynxs
Alaska Cargoport), AMT, 7.80% due 5/01/2014 1,182
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Arizona - 6.4% 3,000 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), AMT, Series A, 7.125% due 10/01/2032 3,129
2,500 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), Series B, 7% due 10/01/2032 2,605
1,325 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625% due 7/01/2020 1,330
1,615 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75% due 5/01/2031 1,410
5,950 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 5,972
1,420 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,530
1,105 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2031 1,155
1,200 Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds, 6.375%
due 1/01/2015 1,235
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California - 1.7% 1,900 California State, Various Purpose, GO, 5.25% due 11/01/2025 2,034
1,300 California State, Various Purpose, GO, 5.50% due 11/01/2033 1,420
1,320 Fontana, California, Special Tax, Refunding (Community Facilities District Number
22 - Sierra), 6% due 9/01/2034 1,399
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Colorado - 6.5% 2,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75% due
11/15/2013 (a) 2,283
2,155 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds
(Pavilions), AMT, 7.75% due 9/01/2016 2,203
3,000 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds
(Pavilions), AMT, 7.75% due 9/01/2017 3,066
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Portfolio Abbreviations
To simplify the listings of BlackRock MuniAssets Fund, Inc.'s portfolio holdings
in the Schedule of Investments, we have abbreviated the names of many of the
securities according to the list below.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,580 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.10% due 9/01/2014 $ 1,698
2,095 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 2,245
420 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7% due 9/01/2031 434
1,760 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% due 12/15/2031 1,893
2,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 3,148
525 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 528
1,170 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1),
7.125% due 12/01/2034 1,291
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Connecticut - 1.6% 680 Connecticut State Development Authority, Airport Facility Revenue Bonds (Learjet
Inc. Project), AMT, 7.95% due 4/01/2026 811
3,490 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT, 8%
due 4/01/2030 3,776
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Florida - 6.3% 675 Arbor Greene Community Development District, Florida, Special Assessment Revenue
Bonds, 7.60% due 11/01/2006 (b) 686
1,130 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue
Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032 1,244
1,160 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds, Series
A, 5% due 6/01/2038 1,175
490 Harbor Bay, Florida, Community Development District, Capital Improvement Special
Assessment Revenue Bonds, Series A, 7% due 5/01/2033 529
1,195 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 1,258
2,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 2,201
3,255 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 3,546
1,180 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue
Bonds (JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 1,224
2,305 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2033 2,489
2,685 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,724
905 Waterchase, Florida, Community Development District, Capital Improvement Revenue
Bonds, Series A, 6.70% due 5/01/2032 966
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Georgia - 3.4% 3,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due
12/01/2024 3,334
590 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40% due
1/01/2020 605
740 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50% due
1/01/2031 750
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,165 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.125% due
1/01/2025 $ 1,146
1,690 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.25% due
1/01/2035 1,665
1,060 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (d) 1,060
1,170 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway), First Mortgage,
Series A, 7.40% due 1/01/2034 1,230
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Idaho - 0.4% 1,000 Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley Vista Care
Corporation), Series A, 7.75% due 11/15/2016 1,050
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Illinois - 7.2% 2,630 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project),
7% due 12/30/2022 2,762
4,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 4,102
60 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.50% due 12/01/2006 (c) 61
290 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.50% due 12/01/2006 291
475 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2006 (b) 489
2,720 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2016 2,788
2,950 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 3,052
600 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 622
685 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60% due 7/01/2024 709
1,070 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25% due 3/01/2034 1,135
2,600 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,778
1,165 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8% due
12/01/2012 (d) 1,165
825 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 810
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Indiana - 0.9% 1,160 Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds (Cardinal
Health System Obligated Group), 5.25% due 8/01/2036 1,192
1,200 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District Tax
Allocation Bonds, 5.25% due 2/01/2031 1,252
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.0% $ 2,210 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25% due 7/01/2011 (b) $ 2,753
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Kansas - 0.6% 1,770 Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding Bonds
(General Motors Corporation Project), 6% due 6/01/2025 1,774
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Kentucky - 1.0% 2,850 Kenton County, Kentucky, Airport Board, Special Facilities Revenue Bonds (Mesaba
Aviation Inc. Project), AMT, Series A, 6.70% due 7/01/2029 2,933
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Louisiana - 0.7% 1,870 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 1,956
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Maine - 0.4% 1,160 Maine Finance Authority, Solid Waste Recycling Facilities Revenue Bonds (Great
Northern Paper Project-Bowater), AMT, 7.75% due 10/01/2022 1,170
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Maryland - 1.2% 1,910 Maryland State Economic Development Corporation Revenue Refunding Bonds (Baltimore
Association for Retarded Citizens-Health and Mental Hygiene Program), Series A,
7.75% due 3/01/2025 2,045
1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,516
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Massachusetts - 1.7% 1,680 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2029 1,708
1,150 Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75% due 10/01/2033 1,261
1,945 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 1,968
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Michigan - 1.2% 1,635 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,726
1,740 Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue Refunding
Bonds (Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,809
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Minnesota - 0.8% 1,770 Saint Paul, Minnesota, Port Authority, Hotel Facility, Revenue Refunding Bonds
(Radisson Kellogg Project), Series 2, 7.375% due 8/01/2008 (b) 1,940
440 Virginia, Minnesota, Housing and Redevelopment Authority, Health Care Facility
Lease Revenue Bonds, 5.25% due 10/01/2025 456
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Missouri - 0.7% 920 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois
Bluffs), 7% due 10/01/2011 (b) 1,066
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds (Bishop
Spencer Place), Series A, 6.50% due 1/01/2035 1,054
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Nevada - 0.2% 645 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 669
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New Hampshire - 0.4% 1,165 New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds
(Catholic Medical Center), 5% due 7/01/2036 1,185
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New Jersey - 15.9% 5,600 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Holt Hauling & Warehousing), AMT, Series A, 9.625% due 1/01/2011 (f)(g) 2,302
5,800 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Holt Hauling & Warehousing), AMT, Series A, 9.875% due 1/01/2021 (f)(g) 2,384
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 325 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste
Resource Recovery, Revenue Bonds, Series D, 7.25% due 12/01/2010 $ 330
9,000 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste
Resource Recovery, Revenue Refunding Bonds, AMT, Series A, 7.50% due 12/01/2010 9,137
765 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste
Resource Recovery, Revenue Refunding Bonds, AMT, Series B, 7.50% due 12/01/2009 777
3,065 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 3,212
2,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due 10/01/2014 2,590
1,665 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2021 1,817
5,800 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2023 6,509
2,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2019 2,035
4,650 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 4,745
1,250 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 9% due 6/01/2033 1,484
2,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625% due 7/01/2036 2,065
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Trinitas Hospital Obligation Group), 7.40% due 7/01/2020 1,669
3,450 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (a)(h) 887
1,990 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 5.75% due 6/01/2032 2,089
1,425 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2041 1,624
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New Mexico - 0.9% 2,500 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San Juan
Project), Series A, 6.95% due 10/01/2020 2,600
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New York - 6.5% 1,400 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint
Francis Hospital), Series A, 7.50% due 3/01/2029 1,530
2,610 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project),
Series A, 6% due 11/15/2036 2,750
510 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 552
1,515 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facilities Pooled Program), Series C-1, 6.625% due 7/01/2029 1,550
2,400 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways
Plc Project), AMT, 7.625% due 12/01/2032 2,693
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 870 New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125% due 2/15/2019 $ 897
2,920 New York State Dormitory Authority, Non-State Supported Debt, Revenue Bonds
(Mount Sinai-NYU Medical Center Health System), 5.50% due 7/01/2026 2,962
2,635 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding
Bonds (Mount Sinai Hospital), Series C, 5.50% due 7/01/2026 2,673
1,475 Suffolk County, New York, IDA, Continuing Care and Retirement, Revenue Refunding
Bonds (Jeffersons Ferry Project), 5% due 11/01/2028 1,510
1,575 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2034 1,681
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North Carolina - 0.6% 1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage
Revenue Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 1,612
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Oklahoma - 0.5% 1,295 Norman, Oklahoma, Regional Hospital Authority, Hospital Revenue Bonds, 5.375% due
9/01/2036 1,347
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Oregon - 0.7% 1,440 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds (Wauna
Cogeneration Project), AMT, Series B, 7.40% due 1/01/2016 1,445
700 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds (Wauna
Cogeneration Project), Series A, 7.125% due 1/01/2021 702
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Pennsylvania - 5.8% 200 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.125% due 1/01/2025 214
1,550 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.25% due 1/01/2035 1,649
2,330 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125% due 2/01/2028 2,477
3,250 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 3,427
2,270 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 2,488
6,440 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75% due
12/01/2017 6,481
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Rhode Island - 1.0% 2,495 Central Falls, Rhode Island, Detention Facility Corporation, Detention Facility,
Revenue Refunding Bonds, 7.25% due 7/15/2035 2,761
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South Carolina - 1.7% 1,485 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (h) 838
3,500 South Carolina Jobs, EDA, Economic Development Revenue Bonds (Westminster
Presbyterian Center), 7.75% due 11/15/2010 (b) 4,108
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Tennessee - 1.1% 355 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25% due 12/01/2034 359
2,500 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 2,660
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Texas - 6.2% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2028 1,065
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
$ 2,550 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT,
Series A, 7.70% due 4/01/2033 $ 2,977
1,680 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 1,794
3,185 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corporation
Revenue Bonds (American Airlines, Inc.), AMT, 7.25% due 11/01/2030 3,185
1,170 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds (Independent
Senior Living Center), 7.75% due 1/01/2034 1,172
1,400 Houston, Texas, Health Facilities Development Corporation, Retirement Facility
Revenue Bonds (Buckingham Senior Living Community), Series A, 7.125% due 2/15/2034 1,555
750 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 776
3,190 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,404
1,860 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due
11/01/2031 1,932
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Utah - 0.6% 1,660 Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw
Environmental), AMT, Series A, 7.45% due 7/01/2017 1,727
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Virginia - 8.1% 1,475 Dulles Town Center, Virginia, Community Development Authority, Special Assessment
Tax (Dulles Town Center Project), 6.25% due 3/01/2026 1,541
86,800 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Capital
Appreciation, Senior-Series B, 5.95% due 8/15/2008 (b)(h) 20,848
1,000 Suffolk, Virginia, IDA, Retirement Facilities, Revenue Refunding Bonds (Lake
Prince Center), 5.30% due 9/01/2031 1,014
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Wisconsin - 0.7% 1,855 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (New
Castle Place Project), Series A, 7% due 12/01/2031 1,924
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Puerto Rico - 0.2% 500 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2030 530
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U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.2% Coker Project), AMT, 6.50% due 7/01/2021 3,376
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Total Municipal Bonds (Cost - $268,742) - 97.9% 281,594
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Shares
Held Short-Term Securities
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500 Merrill Lynch Institutional Tax-Exempt Fund, 3.33% (e)(i) 500
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Total Short-Term Securities (Cost - $500) - 0.2% 500
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Total Investments (Cost - $269,242*) - 98.1% 282,094
Other Assets Less Liabilities - 1.9% 5,322
------------
Net Assets - 100.0% $ 287,416
============
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2006 (in Thousands)
* The cost and unrealized appreciation (depreciation) of investments as of
August 31, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 269,212
=========
Gross unrealized appreciation $ 20,052
Gross unrealized depreciation (7,170)
---------
Net unrealized appreciation $ 12,882
=========
(a) AMBAC Insured.
(b) Prerefunded.
(c) Escrowed to maturity.
(d) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(e) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
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Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund (2,806) $17
--------------------------------------------------------------------------
(f) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(g) Restricted securities as to resale, representing approximately 1.6% of net
assets, were as follows:
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Acquisition
Issue Date(s) Cost Value
--------------------------------------------------------------------------------------------------------------------------
Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Holt Hauling & Warehousing), AMT, Series A, 9.625% due 1/01/2011 1/29/1997 $ 5,925 $ 2,302
Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds 2/06/1996-
(Holt Hauling & Warehousing), AMT, Series A, 9.875% due 1/01/2021 1/29/1997 5,944 2,384
--------------------------------------------------------------------------------------------------------------------------
Total $11,869 $ 4,686
=========================
(h) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(i) Represents the current yield as of August 31, 2006.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniAssets Fund, Inc.
By: /s/ Robert C. Doll, Jr.
------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniAssets Fund, Inc.
Date: October 19, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
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Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniAssets Fund, Inc.
Date: October 19, 2006
By: /s/ Donald C. Burke
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Donald C. Burke
Chief Financial Officer
BlackRock MuniAssets Fund, Inc.
Date: October 19, 2006