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 811-07642
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: (800) 882-0052
Date of fiscal year end: 05/31/2008
Date of reporting period: 06/01/2007 - 08/31/2007
Item 1 - Schedule of Investments
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.6% $ 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 $ 1,782
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Alaska - 0.4% 1,015 Alaska Industrial Development and Export Authority Revenue Bonds (Williams Lynxs
Alaska Cargoport), AMT, 7.80% due 5/01/2014 1,056
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Arizona - 6.1% 3,000 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), AMT, Series A, 7.125% due 10/01/2032 3,064
2,500 Coconino County, Arizona, Pollution Control Corporation Revenue Refunding Bonds
(Tucson Electric Power - Navajo), Series B, 7% due 10/01/2032 2,553
1,325 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625% due 7/01/2020 1,294
1,615 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75% due 5/01/2031 1,633
4,800 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 4,818
1,420 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,510
415 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2011 (b) 458
675 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2031 697
1,095 Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds,
6.375% due 1/01/2015 1,110
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California - 3.6% 1,900 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,969
1,300 California State, Various Purpose, GO, 5.50% due 11/01/2033 1,360
1,320 Fontana, California, Special Tax, Refunding (Community Facilities District
Number 22 - Sierra), 6% due 9/01/2034 1,356
1,030 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Senior Series A-1, 5.125% due 6/01/2047 911
4,295 San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A, 5.50%
due 3/01/2032 (a) 4,492
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Colorado - 4.9% 650 Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian Living
Communities Project), Series A, 5.75% due 1/01/2026 633
2,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (a) 2,215
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
HFA Housing Finance Agency
IDA Industrial Development Authority
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, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,430 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.10% due 9/01/2014 $ 1,502
2,095 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 2,181
395 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7.45% due 9/01/2031 411
1,760 North Range Metropolitan District Number 1, Colorado, GO, 7.25%
due 12/15/2011 (b) 1,968
2,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 3,065
525 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 518
1,170 Southlands Metropolitan District Number 1, Colorado, GO, 7.125%
due 12/01/2014 (b) 1,404
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Connecticut - 3.5% 680 Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95% due 4/01/2026 789
3,490 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT,
8% due 4/01/2030 3,711
5,500 Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds, AMT,
Sub-Series A-2, 5.15% due 5/15/2038 5,400
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Florida - 10.0% 1,130 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue
Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2012 (b) 1,347
1,160 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds,
Series A, 5% due 6/01/2038 1,062
490 Harbor Bay, Florida, Community Development District, Capital Improvement Special
Assessment Revenue Bonds, Series A, 7% due 5/01/2033 515
1,195 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 1,191
2,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 2,097
4,300 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa General Hospital
Project), 5% due 10/01/2036 4,153
1,000 Jacksonville, Florida, Economic Development Commission, Health Care Facilities,
Revenue Refunding Bonds (Florida Proton Therapy Institute), Series A,
6% due 9/01/2017 993
1,300 Jacksonville, Florida, Economic Development Commission, IDR (Gerdau Ameristeel
US, Inc.), AMT, 5.30% due 5/01/2037 1,223
2,620 Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A, 5.375%
due 6/15/2037 2,374
3,255 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25% due 5/01/2037 3,242
1,180 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue
Bonds (JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 1,206
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,295 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2033 $ 2,403
3,040 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,953
860 Sarosota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2027 825
795 Sarosota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2032 742
900 Waterchase, Florida, Community Development District, Capital Improvement Revenue
Bonds, Series A, 6.70% due 5/01/2011 (b) 979
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Georgia - 3.8% 3,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due
12/01/2011 (b) 3,482
740 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50% due
1/01/2031 688
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 (g) 895
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 (g) 1,288
1,060 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 7.50% due 4/01/2010 (e) 1,060
1,000 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2027 939
2,435 Rockdale County, Georgia, Development Authority Revenue Bonds (Visy Paper
Project), AMT, Series A, 6.125% due 1/01/2034 2,407
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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 1,095
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Illinois - 6.0% 2,630 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project),
7% due 12/30/2022 2,685
4,140 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 5.50% due 12/01/2030 3,897
2,950 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 2,946
600 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 595
685 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60% due 7/01/2024 695
1,070 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25% due 3/01/2034 1,096
2,600 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,695
1,165 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 7.50%
due 12/01/2012 (e) 1,165
825 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 805
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.9% $ 2,830 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue
Bonds (Community Foundation of Northwest Indiana), 5.50% due 3/01/2037 $ 2,703
1,200 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District
Tax Allocation Bonds, 5.25% due 2/01/2031 1,214
615 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.70% due 9/01/2037 579
765 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.75% due 9/01/2042 718
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Iowa - 0.9% 2,180 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds
(Care Initiatives Project), 9.25% due 7/01/2011 (b) 2,619
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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 1,758
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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 2,867
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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 1,872
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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 1,168
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Maryland - 2.1% 880 Howard County, Maryland, Retirement Community Revenue Refunding Bonds
(Columbia Vantage House Corporation), Series B, 5.25% due 4/01/2037 791
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 1,995
1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,504
1,250 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(King Farm Presbyterian Community), Series A, 5.30% due 1/01/2037 1,141
590 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(Washington Christian Academy), 5.50% due 7/01/2038 563
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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 1,209
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 1,945
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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 1,582
1,740 Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue Refunding
Bonds (Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,673
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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 1,580
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Missouri - 1.2% 1,040 Branson, Missouri, Regional Airport Transportation Development District, Airport
Revenue Bonds, AMT, Series B, 6% due 7/01/2037 980
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 920 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2011 (b) $ 1,041
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,025
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Nevada - 0.2% 645 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 666
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New Hampshire - 1.5% 1,165 New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds
(Catholic Medical Center), 5% due 7/01/2036 1,067
3,165 New Hampshire State Business Financing Authority, Solid Waste Disposal Revenue
Bonds (Waste Management Inc. Project), AMT, 5.20% due 5/01/2027 2,958
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New Jersey - 13.7% 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 9,116
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 572
3,065 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 3,115
2,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due
10/01/2014 2,563
1,665 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (b) 1,898
5,800 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2010 (b) 6,614
2,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2019 2,016
3,330 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 3,374
1,250 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 9% due 6/01/2033 1,457
2,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625% due 7/01/2036 1,404
3,450 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (a)(g) 846
1,425 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2013 (b) 1,654
1,800 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 5.75% due 6/01/2032 1,926
1,845 Tobacco Settlement Financing Corporation of New Jersey, Revenue Refunding Bonds,
Series 1A, 5% due 6/01/2041 1,596
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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 2,552
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York - 4.5% $ 1,400 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint
Francis Hospital), Series A, 7.50% due 3/01/2029 $ 1,514
2,610 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project),
Series A, 6% due 11/15/2036 2,581
510 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 545
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 1,542
2,400 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 2,601
870 New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125% due 2/15/2019 881
1,470 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 1,483
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 1,635
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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 317
1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage
Revenue Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2013 (b) 1,712
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Oklahoma - 0.5% 1,475 Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John
Health System), 5% due 2/15/2042 1,451
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Pennsylvania - 7.9% 3,015 Allegheny County, Pennsylvania, Hospital Development Authority, Health System
Revenue Refunding Bonds (West Penn Allegheny Health System), Series A,
5.375% due 11/15/2040 2,809
200 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.125% due 1/01/2025 203
1,550 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.25% due 1/01/2035 1,563
2,250 Hampton Township, Pennsylvania, School District, GO, Refunding, Series B, 4.25%
due 8/15/2031 (c) 2,027
900 Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg
University of Science), Series B, 6% due 9/01/2036 896
2,330 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125% due 2/01/2028 2,312
3,250 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 3,320
2,270 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 2,411
6,440 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 6,450
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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 2,728
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BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 1.4% $ 1,500 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (g) $ 1,370
1,485 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (g) 885
1,500 South Carolina Jobs, EDA, EDR (Westminster Presbyterian Center), 7.75% due
11/15/2010 (b) 1,707
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Tennessee - 1.4% 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 (g) 1,085
355 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25% due 12/01/2034 303
2,500 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 2,503
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Texas - 5.0% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2011 (b) 1,092
2,550 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project),
AMT, Series A, 7.70% due 4/01/2033 2,789
1,680 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 1,746
945 HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds, Series A,
5.625% due 11/01/2026 887
1,400 Houston, Texas, Health Facilities Development Corporation, Retirement Facility
Revenue Bonds (Buckingham Senior Living Community), Series A, 7.125%
due 2/15/2014 (b) 1,658
500 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 471
3,190 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,306
1,860 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT,
8.25% due 11/01/2031 1,901
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U.S. Virgin Islands - 1.1% 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Coker Project), AMT, 6.50% due 7/01/2021 3,148
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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 1,696
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Virginia - 6.6% 1,465 Dulles Town Center, Virginia, Community Development Authority, Special Assessment
Tax (Dulles Town Center Project), 6.25% due 3/01/2026 1,495
750 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2037 679
450 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2042 401
440 Farms of New Kent, Virginia, Community Development Authority, Special Assessment
Bonds, Series C, 5.80% due 3/01/2036 418
540 Lexington, Virginia, IDA, Residential Care Facility, Mortgage Revenue Refunding
Bonds (Kendal at Lexington), Series A, 5.375% due 1/01/2028 502
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of August 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 310 Lexington, Virginia, IDA, Residential Care Facility, Mortgage Revenue Refunding
Bonds (Kendal at Lexington), Series A, 5.50% due 1/01/2037 $ 284
48,400 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Capital
Appreciation, Senior-Series B, 5.95% due 8/15/2008 (b)(g) 12,366
500 Suffolk, Virginia, IDA, Retirement Facilities, Revenue Refunding Bonds (Lake
Prince Center), 5.30% due 9/01/2031 455
2,180 Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding Bonds,
Senior Series B-1, 5% due 6/01/2047 1,883
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Washington - 0.6% 1,750 Washington State Housing Financing Commission, Nonprofit Revenue Bonds (Skyline
at First Hill Project), Series A, 5.625% due 1/01/2038 1,675
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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 1,895
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Total Municipal Bonds (Cost - $268,951) - 99.3% 277,100
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Shares
Held Short-Term Securities
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3,200 Merrill Lynch Institutional Tax-Exempt Fund, 3.75% (d)(f) 3,200
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Total Short-Term Securities (Cost - $3,200) - 1.1% 3,200
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Total Investments (Cost - $272,151*) - 100.4% 280,300
Liabilities in Excess of Other Assets - (0.4%) (1,003)
---------
Net Assets - 100.0% $ 279,297
=========
* The cost and unrealized appreciation (depreciation) of investments as of
August 31, 2007 as computed for the federal income tax purposes, were as
follows:
Aggregate cost $ 272,151
=============
Gross unrealized appreciation $ 13,651
Gross unrealized depreciation (5,502)
-------------
Net unrealized appreciation $ 8,149
=============
(a) AMBAC Insured.
(b) Prerefunded.
(c) FSA Insured.
(d) 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 (6,210) $ 54
-------------------------------------------------------------------------
(e) 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.
(f) Represents the current yield as of August 31, 2007.
(g) 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 principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal quarter that have
materially affected, or are 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 (principal executive
officer) of BlackRock MuniAssets Fund, Inc.
Date: October 22, 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.
-------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive
officer) of BlackRock MuniAssets Fund, Inc.
Date: October 22, 2007
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke,
Chief Financial Officer (principal financial
officer) of BlackRock MuniAssets Fund, Inc.
Date: October 22, 2007