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: 12/01/06 - 02/28/07
Item 1 - Schedule of Investments
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (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 $ 2,426
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 1,862
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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 1,201
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Arizona - 6.0% 3,000 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), AMT, Series A, 7.125% due 10/01/2032 3,102
2,500 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), Series B, 7% due 10/01/2032 2,583
1,325 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), 1,354
Series A, 6.625% due 7/01/2020
1,615 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75% due 5/01/2031 1,672
4,800 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 4,895
1,420 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,586
1,105 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2031 1,189
1,095 Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds,
6.375% due 1/01/2015 1,121
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California - 1.7% 1,900 California State, Various Purpose, GO, 5.25% due 11/01/2025 2,049
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 1,416
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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
EDR Economic Development Revenue Bonds
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 February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Colorado - 7.4% $ 650 Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian Living
Communities Project), Series A, 5.75% due 1/01/2026 $ 686
2,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (a) 2,252
5,155 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 3/01/2007 (b) 5,207
1,580 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.10% due 9/01/2014 1,693
2,095 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 2,232
420 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7.45% due 9/01/2031 448
1,760 North Range Metropolitan District Number 1, Colorado, GO, 7.25% due 12/15/2011 (b) 2,000
2,100 North Range Metropolitan District Number 1, Colorado, GO, Refunding, 4.50% due
12/15/2031 (c) 2,087
2,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 3,173
525 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 530
1,170 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1), 7.125%
due 12/01/2034 1,302
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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 822
3,490 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT,
8% due 4/01/2030 3,787
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Florida - 6.2% 1,130 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue Bonds
(Glenridge on Palmer Ranch), Series A, 8% due 6/01/2012 (b) 1,344
1,160 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds, Series A,
5% due 6/01/2038 1,193
490 Harbor Bay, Florida, Community Development District, Capital Improvement Special
Assessment Revenue Bonds, Series A, 7% due 5/01/2033 531
1,195 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 1,276
2,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum
Company), AMT, Series A, 7.125% due 4/01/2030 2,194
3,255 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 3,553
1,180 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds
(JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 1,259
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,305 Orlando, Florida, Urban Community Development District, Capital Improvement Special
Assessment Bonds, Series A, 6.95% due 5/01/2033 $ 2,492
3,040 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 3,065
905 Waterchase, Florida, Community Development District, Capital Improvement Revenue
Bonds, Series A, 6.70% due 5/01/2032 968
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Georgia - 3.8% 3,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due
12/01/2024 3,333
590 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40% due
1/01/2020 611
740 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50% due 1/01/2031 759
1,165 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.125%
due 1/01/2025 1,139
1,690 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.25%
due 1/01/2035 1,660
1,060 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (f) 1,060
1,000 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2027 1,040
1,170 Savannah, Georgia, EDA, First Mortgage Revenue Bonds (Marshes of Skidaway), Series A,
7.40% due 1/01/2034 1,292
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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 1,051
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Illinois - 6.9% 2,630 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project), 7%
due 12/30/2022 2,782
4,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding
Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 4,120
2,720 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2016 2,790
2,950 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 3,111
600 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 642
685 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers Program),
6.60% due 7/01/2024 721
1,070 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds (Sedgebrook
Project), 6.25% due 3/01/2034 1,147
2,600 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds (Conference
Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,808
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,165 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8%
due 12/01/2012 (f) $ 1,165
825 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax Increment
Financing (TIF) Redevelopment Project), 6% due 1/01/2025 844
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Indiana - 0.4% 1,200 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District Tax
Allocation Bonds, 5.25% due 2/01/2031 1,289
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Iowa - 0.9% 2,210 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25% due 7/01/2011 (b) 2,706
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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 1,805
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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 2,927
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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 1,987
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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 1,169
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Maryland - 1.9% 1,855 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 2,044
1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,508
1,250 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(King Farm Presbyterian Community), Series A, 5.30% due 1/01/2037 1,273
590 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(Washington Christian Academy), 5.50% due 7/01/2038 608
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Massachusetts - 1.1% 1,150 Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75% due 10/01/2033 1,275
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 1,986
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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 1,739
1,740 Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue Refunding
Bonds (Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,848
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Minnesota - 0.7% 1,770 Saint Paul, Minnesota, Port Authority, Hotel Facility, Revenue Refunding Bonds
(Radisson Kellogg Project), Series 2, 7.375% due 8/01/2008 (b) 1,910
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Mississippi - 0.6% 1,780 Mississippi Business Finance Corporation Revenue Bonds (Northrop Grumman Ship System),
4.55% due 12/01/2028 1,796
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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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) $ 1,054
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds (Bishop
Spencer Place), Series A, 6.50% due 1/01/2035 1,064
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Nevada - 0.2% 645 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 668
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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 1,208
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New Jersey - 13.8% 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 9,125
565 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste Resource
Recovery, Revenue Refunding Bonds, AMT, Series B, 7.50% due 12/01/2009 573
3,065 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 3,238
2,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due 10/01/2014 2,585
1,665 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (b) 1,922
5,800 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2010 (b) 6,705
2,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
6.25% due 9/15/2019 2,073
3,330 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
6.25% due 9/15/2029 3,461
1,250 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
9% due 6/01/2033 1,551
2,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 2,196
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Trinitas Hospital Obligation Group), 7.40% due 7/01/2020 1,658
3,450 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 5.05% due 12/15/2035 (a)(h) 1,008
1,425 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2013 (b) 1,685
1,990 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
5.75% due 6/01/2032 2,133
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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 2,581
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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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 $ 1,564
2,610 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project), Series A,
6% due 11/15/2036 2,796
510 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 562
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 1,587
2,400 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc
Project), AMT, 7.625% due 12/01/2032 2,710
870 New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125% due 2/15/2019 919
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 2,970
2,635 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(Mount Sinai-NYU Medical Center Health System), Series C, 5.50% due 7/01/2026 2,680
1,475 Suffolk County, New York, IDA, Continuing Care and Retirement, Revenue Refunding Bonds
(Jeffersons Ferry Project), 5% due 11/01/2028 1,521
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 1,697
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North Carolina - 0.7% 350 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage Revenue
Refunding Bonds (Salemtowne Project), 5.10% due 10/01/2030 358
1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue
Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 1,630
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Oklahoma - 0.5% 1,295 Norman, Oklahoma, Regional Hospital Authority, Hospital Revenue Bonds, 5.375%
due 9/01/2036 1,370
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Pennsylvania - 6.8% 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 1,652
2,250 Hampton Township, Pennsylvania, School District, GO, Refunding, Series B, 4.25%
due 8/15/2031 (d) 2,226
900 Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg University
of Science), Series B, 6% due 9/01/2036 928
2,330 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125% due 2/01/2028 2,467
3,250 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 3,424
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,270 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 $ 2,493
6,440 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 6,455
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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 2,815
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South Carolina - 2.2% 1,500 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital Appreciation
Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (h) 1,333
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) 882
3,500 South Carolina Jobs, EDA, EDR (Westminster Presbyterian Center), 7.75% due
11/15/2010 (b) 4,046
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Tennessee - 3.0% 6,785 Knox County, Tennessee, Health, Educational and Housing Facilities Board, Hospital
Facilities Revenue Refunding Bonds (Covenant Health), Series A, 5.06% due
1/01/2040 (h) 1,324
355 Shelby County, Tennessee, Health, Educational and Housing Facilities Board Revenue
Bonds (Germantown Village), 6.25% due 12/01/2034 325
2,500 Shelby County, Tennessee, Health, Educational and Housing Facilities Board Revenue
Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 2,543
4,320 Sullivan County, Tennessee, Health, Educational & Housing Facilities Board, Hospital
Revenue Bonds (Wellmont Health System Project), Series C, 5.25% due 9/01/2036 4,565
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Texas - 6.1% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2011 (b) 1,106
2,550 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A,
7.70% due 4/01/2033 2,928
1,680 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project),
Series B, 7.75% due 12/01/2018 1,772
3,185 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corporation
Revenue Bonds (American Airlines, Inc.), AMT, 7.25% due 11/01/2030 3,237
945 HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds, Series A, 5.625%
due 11/01/2026 981
1,400 Houston, Texas, Health Facilities Development Corporation, Retirement Facility Revenue
Bonds (Buckingham Senior Living Community), Series A, 7.125% due 2/15/2034 1,570
750 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 790
3,190 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,363
1,860 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25%
due 11/01/2031 1,907
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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 1,708
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Virginia - 7.5% $ 1,465 Dulles Town Center, Virginia, Community Development Authority, Special Assessment Tax
(Dulles Town Center Project), 6.25% due 3/01/2026 $ 1,519
440 Farms of New Kent, Virginia, Community Development Authority, Special Assessment
Bonds, Series C, 5.80% due 3/01/2036 445
76,800 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Capital
Appreciation, Senior-Series B, 5.95% due 8/15/2008 (b)(h) 18,844
1,000 Suffolk, Virginia, IDA, Retirement Facilities, Revenue Refunding Bonds (Lake Prince
Center), 5.30% due 9/01/2031 1,028
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Washington - 1.1% 1,350 Washington State Housing Financing Commission, Nonprofit Revenue Bonds (Skyline at
First Hill Project), Series A, 5.25% due 1/01/2017 1,371
1,750 Washington State Housing Financing Commission, Nonprofit Revenue Bonds (Skyline at
First Hill Project), Series A, 5.625% due 1/01/2038 1,802
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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 1,944
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Puerto Rico - 0.4% 1,185 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Refunding Bonds, Series M, 5% due 7/01/2046 1,254
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U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 1.2% Project), AMT, 6.50% due 7/01/2021 3,393
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Total Municipal Bonds (Cost - $268,277) - 99.7% 289,421
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Shares
Held Short-Term Securities
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4,100 Merrill Lynch Institutional Tax-Exempt Fund, 3.46% (e)(g) 4,100
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Total Short-Term Securities (Cost - $4,100) - 1.4% 4,100
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Total Investments (Cost - $272,377*) - 101.1% 293,521
Liabilities in Excess of Other Assets - (1.1%) (3,222)
---------
Net Assets - 100.0% $ 290,299
=========
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 272,347
=========
Gross unrealized appreciation $ 21,174
Gross unrealized depreciation --
---------
Net unrealized appreciation $ 21,174
=========
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2007 (in Thousands)
(a) AMBAC Insured.
(b) Prerefunded.
(c) ACA Insured.
(d) FSA Insured.
(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:
--------------------------------------------------------------------------
Affiliate Net Dividend
Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund 794 $ 70
--------------------------------------------------------------------------
(f) 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.
(g) Represents the current yield as of February 28, 2007.
(h) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
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) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrant's internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that
has materially affected, or is reasonably likely to 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: April 23, 2007
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: April 23, 2007
By: /s/ Donald C. Burke
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Donald C. Burke
Chief Financial Officer
BlackRock MuniAssets Fund, Inc.
Date: April 23, 2007