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. (MUA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, 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, Option 4
Date of fiscal year end: 05/31/2008
Date of reporting period: 12/01/2007 - 02/29/2008
Item 1 - Schedule of Investments
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
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 $ 1,563,416
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.4% 1,015 Alaska Industrial Development and Export Authority Revenue Bonds
(Williams Lynxs Alaska Cargoport), AMT, 7.80% due 5/01/2014 1,041,979
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 8.5% 3,000 Coconino County, Arizona, Pollution Control Corporation Revenue
Refunding Bonds (Tucson Electric Power - Navajo), AMT, Series A,
7.125% due 10/01/2032 3,030,330
2,500 Coconino County, Arizona, Pollution Control Corporation Revenue
Refunding Bonds (Tucson Electric Power - Navajo), Series B,
7% due 10/01/2032 2,520,625
1,625 Maricopa County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project 1), Series A, 6.625% due 7/01/2020 1,445,161
1,615 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds
(Sun King Apartments Project), Series A, 6.75% due 5/01/2031 1,549,205
4,800 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds
(America West Airlines Inc. Project), AMT, 6.30% due 4/01/2023 4,312,416
1,390 Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series E, 7.25% due 7/01/2031 1,419,760
500 Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project), Series O, 5.25% due 7/01/2031 409,415
415 Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project II), Series A, 6.75% due 7/01/2011 (a) 459,476
675 Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project II), Series A, 6.75% due 7/01/2031 675,716
2,840 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,
5% due 12/01/2032 2,361,318
3,975 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,
5% due 12/01/2037 3,225,037
1,000 Show Low, Arizona, Improvement District Number 5, Special
Assessment Bonds, 6.375% due 1/01/2015 1,010,870
------------
22,419,329
-----------------------------------------------------------------------------------------------------------------------------------
California - 2.5% 1,900 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,880,449
1,300 California State, Various Purpose, GO, 5.50% due 11/01/2033 1,303,029
1,320 Fontana, California, Special Tax, Refunding (Community Facilities
District Number 22 - Sierra), 6% due 9/01/2034 1,182,205
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
HDA Housing Development Authority
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 February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$2,585 Southern California Public Power Authority, Natural Gas Project
Number 1 Revenue Bonds, Series A, 5% due 11/01/2029 $ 2,296,514
------------
6,662,197
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 5.1% 650 Colorado Health Facilities Authority, Revenue Refunding Bonds
(Christian Living Communities Project), Series A, 5.75% due 1/01/2026 567,872
1,805 Denver, Colorado, City and County Airport Revenue Bonds, AMT,
Series D, 7.75% due 11/15/2013 (b) 2,002,648
1,430 Elk Valley, Colorado, Public Improvement Revenue Bonds
(Public Improvement Fee), Series A, 7.10% due 9/01/2014 1,494,278
2,095 Elk Valley, Colorado, Public Improvement Revenue Bonds
(Public Improvement Fee), Series A, 7.30% due 9/01/2022 2,115,321
275 Elk Valley, Colorado, Public Improvement Revenue Bonds
(Public Improvement Fee), Series B, 7.45% due 9/01/2031 276,620
1,760 North Range Metropolitan District Number 1, Colorado, GO,
7.25% due 12/15/2011 (a) 1,986,371
2,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees), 8% due 12/01/2025 2,937,723
525 Plaza Metropolitan District Number 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees), 8.125% due 12/01/2025 494,907
1,170 Southlands Metropolitan District Number 1, Colorado, GO,
7.125% due 12/01/2014 (a) 1,397,085
------------
13,272,825
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 2.4% 680 Connecticut State Development Authority, Airport Facility Revenue
Bonds (Learjet Inc. Project), AMT, 7.95% due 4/01/2026 723,806
3,490 Connecticut State Development Authority, IDR (AFCO Cargo
BDL-LLC Project), AMT, 8% due 4/01/2030 3,581,438
2,250 Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds,
AMT, Sub-Series A-2, 5.15% due 5/15/2038 2,027,722
------------
6,332,966
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 10.6% 1,130 Capital Projects Finance Authority, Florida, Continuing Care
Retirement Revenue Bonds (Glenridge on Palmer Ranch), Series A,
8% due 6/01/2012 (a) 1,345,514
1,180 Greater Orlando Aviation Authority, Florida, Airport Facilities
Revenue Bonds (JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 1,049,634
1,160 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding
Bonds, Series A, 5% due 6/01/2038 955,828
490 Harbor Bay, Florida, Community Development District, Capital
Improvement Special Assessment Revenue Bonds, Series A,
7% due 5/01/2033 497,340
1,195 Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 1,101,957
2,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 2,009,280
4,300 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa
General Hospital Project), 5% due 10/01/2036 3,699,677
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$1,000 Jacksonville, Florida, Economic Development Commission, Health Care
Facilities, Revenue Refunding Bonds (Florida Proton Therapy Institute),
Series A, 6% due 9/01/2017 $ 957,450
1,300 Jacksonville, Florida, Economic Development Commission, IDR
(Gerdau Ameristeel US, Inc.), AMT, 5.30% due 5/01/2037 1,025,245
2,620 Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A,
5.375% due 6/15/2037 2,023,662
3,255 Midtown Miami, Florida, Community Development District,
Special Assessment Revenue Bonds, Series A, 6.25% due 5/01/2037 2,948,997
2,295 Orlando, Florida, Urban Community Development District, Capital
Improvement Special Assessment Bonds, Series A, 6.95% due 5/01/2011 (a) 2,531,385
3,040 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds,
6.25% due 7/01/2028 2,706,451
860 Sarasota County, Florida, Health Facilities Authority, Retirement
Facility Revenue Refunding Bonds (Village on the Isle Project),
5.50% due 1/01/2027 744,605
795 Sarasota County, Florida, Health Facilities Authority, Retirement
Facility Revenue Refunding Bonds (Village on the Isle Project),
5.50% due 1/01/2032 659,993
2,680 Tolomato Community Development District, Florida,
Special Assessment Bonds, 6.65% due 5/01/2040 2,495,964
900 Waterchase, Florida, Community Development District,
Capital Improvement Revenue Bonds, Series A, 6.70% due 5/01/2011 (a) 985,950
------------
27,738,932
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 3.2% 3,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),
7.90% due 12/01/2011 (a) 3,517,650
740 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project),
5.50% due 1/01/2031 636,045
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 (c)(d) 803,850
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 (c)(d) 1,166,100
2,435 Rockdale County, Georgia, Development Authority Revenue Bonds
(Visy Paper Project), AMT, Series A, 6.125% due 1/01/2034 2,200,510
------------
8,324,155
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.4% 1,000 Idaho Health Facilities Authority, Revenue Refunding Bonds
(Valley Vista Care Corporation), Series A, 7.75% due 11/15/2016 1,094,310
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 5.6% 4,140 Chicago, Illinois, O'Hare International Airport, Special Facility
Revenue Refunding Bonds (American Airlines Inc. Project),
5.50% due 12/01/2030 3,097,424
2,950 Illinois State Finance Authority Revenue Bonds (Clare At Water
Tower Project), Series A, 6.125% due 5/15/2038 2,605,293
600 Illinois State Finance Authority Revenue Bonds (Landing At
Plymouth Place Project), Series A, 6% due 5/15/2037 525,030
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 820 Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.
Project), Series A, 7% due 12/01/2037 $ 788,241
685 Illinois State Finance Authority Revenue Bonds (Primary Health
Care Centers Program), 6.60% due 7/01/2024 636,139
2,850 Illinois State Finance Authority, Revenue Refunding Bonds
(Advocate Health and Hospital Corporation), VRDN, Series B-3,
7.19% due 11/01/2038 (b)(e) 2,850,000
1,070 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax
Bonds (Sedgebrook Project), 6.25% due 3/01/2034 1,003,596
2,600 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue
Bonds (Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,547,584
825 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-
Cook Tax Increment Financing (TIF) Redevelopment Project),
6% due 1/01/2025 738,053
------------
14,791,360
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.8% 2,830 Indiana Health and Educational Facilities Financing Authority,
Hospital Revenue Bonds (Community Foundation of Northwest Indiana),
5.50% due 3/01/2037 2,398,057
1,200 Vanderburgh County, Indiana, Redevelopment Commission,
Redevelopment District Tax Allocation Bonds, 5.25% due 2/01/2031 1,054,776
615 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union
Hospital, Inc.), 5.70% due 9/01/2037 525,764
765 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union
Hospital, Inc.), 5.75% due 9/01/2042 652,843
------------
4,631,440
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.0% 2,180 Iowa Finance Authority, Health Care Facilities, Revenue Refunding
Bonds (Care Initiatives Project), 9.25% due 7/01/2011 (a) 2,615,564
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.6% 1,770 Wyandotte County, Kansas, Kansas City Unified Government Revenue
Refunding Bonds (General Motors Corporation Project), 6% due 6/01/2025 1,547,600
-----------------------------------------------------------------------------------------------------------------------------------
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 2,698,437
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.8% 3,000 Louisiana Local Government Environmental Facilities and Community
Development Authority Revenue Bonds (Westlake Chemical Corporation),
6.75% due 11/01/2032 2,913,810
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 1,705,702
------------
4,619,512
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.8% 1,815 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 1,910,015
1,500 Maryland State Energy Financing Administration, Limited Obligation
Revenue Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%
due 9/01/2021 1,414,770
1,250 Maryland State Health and Higher Educational Facilities Authority
Revenue Bonds (King Farm Presbyterian Community), Series A, 5.30%
due 1/01/2039 976,350
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 590 Maryland State Health and Higher Educational Facilities Authority
Revenue Bonds (Washington Christian Academy), 5.50% due 7/01/2038 $ 462,749
------------
4,763,884
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 1.1% 1,150 Massachusetts State Health and Educational Facilities Authority Revenue
Bonds (Jordan Hospital), Series E, 6.75% due 10/01/2033 1,164,812
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 1,800,642
------------
2,965,454
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 2.1% 2,700 Eastern Michigan University, Revenue Refunding Bonds, VRDN, Series A,
8.50% due 6/01/2036 (e)(f) 2,700,000
1,635 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,476,143
1,740 Monroe County, Michigan, Hospital Financing Authority, Hospital
Revenue Refunding Bonds (Mercy Memorial Hospital Corporation),
5.50% due 6/01/2035 1,447,871
------------
5,624,014
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.8% 920 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2011 (a) 1,040,456
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue
Bonds (Bishop Spencer Place), Series A, 6.50% due 1/01/2035 942,020
------------
1,982,476
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.2% 640 Clark County, Nevada, Improvement District Number 142, Special
Assessment Bonds, 6.375% due 8/01/2023 581,030
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.4% 1,165 New Hampshire Health and Education Facilities Authority, Hospital
Revenue Bonds (Catholic Medical Center), 5% due 7/01/2036 973,975
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 13.0% 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 9,026,730
345 Camden County, New Jersey, Pollution Control Financing Authority,
Solid Waste Resource Recovery, Revenue Refunding Bonds, AMT,
Series B, 7.50% due 12/01/2009 345,997
3,065 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,861,484
2,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel),
7% due 10/01/2014 2,521,875
1,665 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village
Inc. Facility), Series A, 7.25% due 11/15/2011 (a) 1,904,444
5,800 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook
Village Inc.), Series A, 8.125% due 11/15/2010 (a) 6,615,016
2,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 6.25% due 9/15/2019 1,833,580
3,330 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 6.25% due 9/15/2029 2,922,774
1,250 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 9% due 6/01/2033 (h)
1,348,138
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$2,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625% due 7/01/2036 $ 1,079,000
3,450 New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series C, 5.05% due 12/15/2035 (b)(d) 667,127
1,425 Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Bonds, 7% due 6/01/2013 (a) 1,661,094
1,845 Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Refunding Bonds, Series 1A, 5% due 6/01/2041 1,469,782
------------
34,257,041
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 1.0% 2,500 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power
Company - San Juan Project), Series A, 6.95% due 10/01/2020 2,516,775
-----------------------------------------------------------------------------------------------------------------------------------
New York - 3.7% 1,400 Dutchess County, New York, IDA, Civic Facility Revenue Refunding
Bonds (Saint Francis Hospital), Series A, 7.50% due 3/01/2029 1,463,560
510 New York City, New York, City IDA, Civic Facility Revenue Bonds,
Series C, 6.80% due 6/01/2028 524,637
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 1,411,995
2,400 New York City, New York, City IDA, Special Facility Revenue Bonds
(British Airways Plc Project), AMT, 7.625% due 12/01/2032 2,442,456
870 New York Liberty Development Corporation Revenue Bonds
(National Sports Museum Project), Series A, 6.125% due 2/15/2019 824,847
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 1,439,968
1,575 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage
Revenue Bonds (Kendal on Hudson Project), Series A,
6.50% due 1/01/2013 (a) 1,764,205
------------
9,871,668
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.7% 1,500 North Carolina Medical Care Commission, Retirement Facilities,
First Mortgage Revenue Bonds (Givens Estates Project), Series A,
6.50% due 7/01/2013 (a) 1,729,785
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.7% 1,915 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Bonds, Series A-2, 6.50% due 6/01/2047 1,885,356
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 7.6% 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 2,453,758
200 Bucks County, Pennsylvania, IDA, Retirement Community Revenue
Bonds (Ann's Choice Inc.), Series A, 6.125% due 1/01/2025 190,700
1,550 Bucks County, Pennsylvania, IDA, Retirement Community Revenue
Bonds (Ann's Choice Inc.), Series A, 6.25% due 1/01/2035 1,465,308
900 Harrisburg, Pennsylvania, Authority, University Revenue Bonds
(Harrisburg University of Science), Series B, 6% due 9/01/2036 791,505
685 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds
(Brethren Village Project), Series A, 6.25% due 7/01/2026
647,140
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 590 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds
(Brethren Village Project), Series A, 6.50% due 7/01/2040 $ 551,626
2,330 Montgomery County, Pennsylvania, IDA, Revenue Bonds
(Whitemarsh Continuing Care Project), 6.125% due 2/01/2028 2,151,242
3,250 Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds (National Gypsum Company), AMT,
Series A, 6.25% due 11/01/2027 3,020,778
2,270 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT,
Series A, 7.50% due 1/01/2025 2,311,405
6,440 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
7.75% due 12/01/2017 6,445,345
------------
20,028,807
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 1.0% 2,495 Central Falls, Rhode Island, Detention Facility Corporation,
Detention Facility, Revenue Refunding Bonds, 7.25% due 7/15/2035 2,531,926
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 1.5% 1,500 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (d) 1,406,175
1,485 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (d) 818,814
1,500 South Carolina Jobs, EDA, EDR (Westminster Presbyterian Center),
7.75% due 11/15/2010 (a) 1,710,705
------------
3,935,694
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.3% 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 (d)
855,724
355 Shelby County, Tennessee, Health, Educational and Housing Facilities
Board Revenue Bonds (Germantown Village), 6.25% due 12/01/2034 285,175
2,500 Shelby County, Tennessee, Health, Educational and Housing Facilities
Board Revenue Bonds (Germantown Village), Series A, 7.25%
due 12/01/2034 2,335,200
------------
3,476,099
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 4.1% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises
Inc.), First Tier, Series A, 6.70% due 1/01/2011 (a) 1,091,360
2,550 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC
Project), AMT, Series A, 7.70% due 4/01/2033 2,555,839
1,680 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy
Inc. Project), Series B, 7.75% due 12/01/2018 1,715,095
1,400 Houston, Texas, Health Facilities Development Corporation, Retirement
Facility Revenue Bonds (Buckingham Senior Living Community), Series A,
7.125% due 2/15/2014 (a) 1,667,694
500 Kerrville, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Sid Peterson Memorial Hospital Project),
5.375% due 8/15/2035 427,820
3,190 Matagorda County, Texas, Navigation District Number 1, Revenue
Refunding Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,257,500
------------
10,715,308
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State (000) Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
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 $ 1,670,425
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 5.7% 1,455 Dulles Town Center, Virginia, Community Development Authority, Special
Assessment Tax (Dulles Town Center Project), 6.25% due 3/01/2026 1,381,275
750 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2037 635,040
450 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2042 374,234
440 Farms of New Kent Community Development Authority, Virginia,
Special Assessment Bonds, Series C, 5.80% due 3/01/2036 347,010
540 Lexington, Virginia, IDA, Residential Care Facility, Mortgage Revenue
Refunding Bonds (Kendal at Lexington), Series A, 5.375% due 1/01/2028 466,560
38,400 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds,
Capital Appreciation, Senior Series B, 5.95% due 8/15/2008 (a)(d) 10,053,120
2,180 Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding
Bonds, Senior Series B-1, 5% due 6/01/2047 1,717,557
------------
14,974,796
-----------------------------------------------------------------------------------------------------------------------------------
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 1,446,428
-----------------------------------------------------------------------------------------------------------------------------------
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 1,850,455
-----------------------------------------------------------------------------------------------------------------------------------
U.S. 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding
Virgin Islands - 1.1% Bonds (Hovensa Coker Project), AMT, 6.50% due 7/01/2021 3,023,130
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $256,643,359) - 95.2% 250,158,548
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (i)
-----------------------------------------------------------------------------------------------------------------------------------
California - 1.5% 4,290 San Jose, California, Airport Revenue Refunding Bonds, Series A,
5.50% due 3/01/2032 (b) 4,092,317
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.2% 8,690 Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,
Sub-Series H-1, 5.375% due 7/01/2036 (g) 8,365,429
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $13,271,124) - 4.7% 12,457,746
-----------------------------------------------------------------------------------------------------------------------------------
Shares (000) Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
3,500 Merrill Lynch Institutional Tax-Exempt Fund, 3.03% (j)(k) 3,500,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $3,500,000) - 1.3% 3,500,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $273,414,483*) - 101.2% 266,116,294
Other Assets Less Liabilities - 1.3% 3,331,642
Liability for Trust Certificates, Including Interest Expense
Payable - (2.5%) (6,543,833)
------------
Net Assets - 100.0% $262,904,103
============
* The cost and unrealized appreciation (depreciation) of investments as of
February 29, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 267,087,756
=============
Gross unrealized appreciation $ 8,982,474
Gross unrealized depreciation (16,443,936)
-------------
Net unrealized depreciation $ (7,461,462)
=============
BlackRock MuniAssets Fund, Inc.
Schedule of Investments as of February 29, 2008 (Unaudited)
(a) Prerefunded.
(b) AMBAC Insured.
(c) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(d) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(e) Variable rate security. Rate shown is interest rate as of the report
date.
(f) XL Capital Insured.
(g) MBIA Insured.
(h) Represents a pay-in-kind security which may pay interest/dividends in
additional face/shares.
(i) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(j) 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:
--------------------------------------------------------------------------
Net Activity Dividend
Affiliate (000) Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund (5,910) $75,656
--------------------------------------------------------------------------
(k) Represents the current yield as of February 29, 2008.
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 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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniAssets Fund, Inc.
Date: April 23, 2008
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniAssets Fund, Inc.
Date: April 23, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniAssets Fund, Inc.
Date: April 23, 2008