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: 05/31/2009
Date of reporting period: 06/01/2008 - 08/31/2008
Item 1 - Schedule of Investments
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
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Alabama - 0.5% Tuscaloosa, Alabama, Special Care Facilities Financing Authority,
Residential Care Facility Revenue Bonds (Capstone Village, Inc.
Project), Series A, 5.875%, 8/01/36 $ 1,820 $ 1,390,516
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Alaska - 0.3% Alaska Industrial Development and Export Authority Revenue Bonds
(Williams Lynxs Alaska Cargoport), AMT, 7.80%, 5/01/14 770 777,746
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Arizona - 7.7% Coconino County, Arizona, Pollution Control Corporation Revenue
Refunding Bonds (Tucson Electric Power - Navajo), AMT, Series A,
7.125%, 10/01/32 3,000 3,003,300
Coconino County, Arizona, Pollution Control Corporation Revenue
Refunding Bonds (Tucson Electric Power - Navajo), Series B, 7%,
10/01/32 2,500 2,509,875
Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona
Charter Schools Project 1), Series A, 6.625%, 7/01/20 1,625 1,457,528
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King
Apartments Project), Series A, 6.75%, 5/01/31 1,615 1,538,465
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds
(America West Airlines Inc. Project), AMT, 6.30%, 4/01/23 4,800 3,635,616
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project), Series E, 7.25%, 7/01/31 1,390 1,424,514
Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project), Series O, 5.25%, 7/01/31 500 417,805
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona
Charter Schools Project II), Series A, 6.75%, 7/01/11 (a) 415 462,181
Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project II), Series A, 6.75%, 7/01/31 675 677,936
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, 5%, 12/01/32 2,840 2,405,622
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, 5%, 12/01/37 1,850 1,534,520
Show Low, Arizona, Improvement District Number 5, Special
Assessment Bonds, 6.375%, 1/01/15 1,000 1,004,750
-------------
20,072,112
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California - 6.0% California State, Various Purpose, GO, 5.25%, 11/01/25 1,900 1,941,230
California State, Various Purpose, GO, 5.50%, 11/01/33 1,300 1,324,466
Fontana, California, Special Tax, Refunding (Community Facilities
District Number 22 - Sierra), 6%, 9/01/34 1,320 1,321,967
Los Angeles County, California, Metropolitan Transportation
Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN,
Second Senior Series A, 7.50%, 7/01/20 (b)(c) 5,000 5,000,000
Portfolio Abbreviations
To simplify the listings of 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 August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
San Jose, California, Airport Revenue Refunding Bonds, AMT, Series
A, 5.50%, 3/01/32 (d) $ 4,290 $ 4,141,952
Southern California Public Power Authority, Natural Gas Project
Number 1 Revenue Bonds, Series A, 5%, 11/01/29 2,085 1,970,325
-------------
15,699,940
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Colorado - 4.6% Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian
Living Communities Project), Series A, 5.75%, 1/01/26 650 596,830
Denver, Colorado, City and County Airport Revenue Bonds, AMT,
Series D, 7.75%, 11/15/13 (d) 1,805 1,957,667
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public
Improvement Fee), Series A, 7.10%, 9/01/14 1,410 1,462,861
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public
Improvement Fee), Series A, 7.30%, 9/01/22 2,095 2,128,017
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public
Improvement Fee), Series B, 7.45%, 9/01/31 260 260,179
North Range Metropolitan District Number 1, Colorado, GO, 7.25%,
12/15/11 (a) 1,760 1,990,261
Plaza Metropolitan District Number 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees), 8%, 12/01/25 2,850 2,991,018
Plaza Metropolitan District Number 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees), 8.125%, 12/01/25 525 526,528
-------------
11,913,361
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Connecticut - 2.7% Connecticut State Development Authority, Airport Facility Revenue
Bonds (Learjet Inc. Project), AMT, 7.95%, 4/01/26 680 722,228
Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC
Project), AMT, 8%, 4/01/30 3,490 3,522,248
Connecticut State, HFA, Housing Mortgage Finance Program Revenue
Bonds, AMT, Sub-Series A-2, 5.15%, 5/15/38 2,250 1,985,512
Mashantucket Western Pequot Tribe, Connecticut, Revenue
Refunding Bonds, Sub-Series A, 5.50%, 9/01/36 885 744,701
-------------
6,974,689
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Florida - 11.4% Capital Projects Finance Authority, Florida, Continuing Care
Retirement Revenue Bonds (Glenridge on Palmer Ranch), Series A,
8%, 6/01/12 (a) 1,130 1,354,768
Greater Orlando Aviation Authority, Florida, Airport Facilities
Revenue Bonds (JetBlue Airways Corp.), AMT, 6.375%, 11/15/26 1,180 847,759
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding
Bonds, Series A, 5%, 6/01/38 1,160 1,001,289
Harbor Bay, Florida, Community Development District, Capital
Improvement Special Assessment Revenue Bonds, Series A, 7%,
5/01/33 490 504,259
Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), Series C, 5.25%, 11/15/36 1,195 1,150,677
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series A, 7.125%, 4/01/30 2,000 1,895,740
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (Tampa
General Hospital Project), 5%, 10/01/36 $ 4,300 $ 3,809,456
Jacksonville, Florida, Economic Development Commission, Health
Care Facilities, Revenue Refunding Bonds (Florida Proton Therapy
Institute), Series A, 6%, 9/01/17 920 916,210
Jacksonville, Florida, Economic Development Commission, IDR
(Gerdau Ameristeel US, Inc.), AMT, 5.30%, 5/01/37 1,300 1,020,110
Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A,
5.375%, 6/15/37 2,620 2,108,995
Midtown Miami, Florida, Community Development District, Special
Assessment Revenue Bonds, Series A, 6.25%, 5/01/37 3,255 2,939,591
Orlando, Florida, Urban Community Development District, Capital
Improvement Special Assessment Bonds, Series A, 6.95%, 5/01/11 (a) 2,245 2,483,644
Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%,
7/01/28 3,040 2,675,230
Sarasota County, Florida, Health Facilities Authority, Retirement
Facility Revenue Refunding Bonds (Village on the Isle Project),
5.50%, 1/01/27 860 768,548
Sarasota County, Florida, Health Facilities Authority, Retirement
Facility Revenue Refunding Bonds (Village on the Isle Project),
5.50%, 1/01/32 795 680,623
Sumter Landing Community Development District, Florida,
Recreational Revenue Bonds, Sub-Series B,
5.70%, 10/01/38 2,425 1,979,746
Tolomato Community Development District, Florida, Special
Assessment Bonds, 6.65%, 5/01/40 2,680 2,593,892
Waterchase, Florida, Community Development District, Capital
Improvement Revenue Bonds, Series A,
6.70%, 5/01/11 (a) 895 984,428
-------------
29,714,965
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Georgia - 3.7% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),
7.90%, 12/01/11 (a) 3,000 3,532,950
Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project),
5.50%, 1/01/31 740 652,569
Clayton County, Georgia, Tax Allocation Bonds (Ellenwood Project),
7.50%, 7/01/33 2,375 2,230,362
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,
Series A, 6.375%, 7/15/38 940 853,708
Rockdale County, Georgia, Development Authority Revenue Bonds
(Visy Paper Project), AMT, Series A, 6.125%, 1/01/34 2,435 2,307,601
-------------
9,577,190
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Idaho - 0.4% Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley
Vista Care Corporation), Series A, 7.75%, 11/15/16 1,000 1,083,370
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Illinois - 4.3% Chicago, Illinois, O'Hare International Airport, Special Facility
Revenue Refunding Bonds (American Airlines Inc. Project), 5.50%,
12/01/30 4,140 2,411,633
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois State Finance Authority Revenue Bonds (Clare At Water
Tower Project), Series A, 6.125%, 5/15/38 $ 2,950 $ 2,549,242
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth
Place Project), Series A, 6%, 5/15/37 600 523,446
Illinois State Finance Authority Revenue Bonds (Monarch Landing,
Inc. Project), Series A, 7%, 12/01/37 820 791,267
Illinois State Finance Authority Revenue Bonds (Primary Health Care
Centers Program), 6.60%, 7/01/24 685 642,276
Lincolnshire, Illinois, Special Service Area Number 1, Special Tax
Bonds (Sedgebrook Project), 6.25%, 3/01/34 1,070 1,010,262
Lombard, Illinois, Public Facilities Corporation, First Tier Revenue
Bonds (Conference Center and Hotel), Series A-1, 7.125%, 1/01/36 2,600 2,622,490
Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-
Cook Tax Increment Financing (TIF) Redevelopment Project), 6%,
1/01/25 825 746,089
-------------
11,296,705
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Indiana - 0.9% Vanderburgh County, Indiana, Redevelopment Commission,
Redevelopment District Tax Allocation Bonds, 5.25%, 2/01/31 1,200 1,130,628
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union
Hospital, Inc.), 5.70%, 9/01/37 615 522,990
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union
Hospital, Inc.), 5.75%, 9/01/42 765 640,695
-------------
2,294,313
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Iowa - 1.0% Iowa Finance Authority, Health Care Facilities, Revenue Refunding
Bonds (Care Initiatives Project), 9.25%, 7/01/11 (a) 2,165 2,596,441
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Kansas - 0.4% Wyandotte County, Kansas, Kansas City Unified Government Revenue
Refunding Bonds (General Motors Corporation Project), 6%, 6/01/25 1,770 1,050,460
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Kentucky - 1.1% Kenton County, Kentucky, Airport Board, Special Facilities Revenue
Bonds (Mesaba Aviation Inc. Project), AMT, Series A,
6.70%, 7/01/09 (a) 2,850 3,000,993
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Louisiana - 2.8% Louisiana Local Government Environmental Facilities and Community
Development Authority Revenue Bonds (Westlake Chemical
Corporation), 6.75%, 11/01/32 3,000 2,936,700
Louisiana Public Facilities Authority, Hospital Revenue Bonds
(Franciscan Missionaries of Our Lady Health System, Inc.), Series A,
5.25%, 8/15/36 1,870 1,788,187
Saint John Baptist Parish, Louisiana, Revenue Bonds (Marathon Oil
Corporation), Series A, 5.125%, 6/01/37 2,950 2,533,608
-------------
7,258,495
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Maryland - 1.8% Maryland State Economic Development Corporation Revenue
Refunding Bonds (Baltimore Association for Retarded Citizens-Health
and Mental Hygiene Program), Series A, 7.75%, 3/01/25 1,815 1,905,387
Maryland State Energy Financing Administration, Limited Obligation
Revenue Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%,
9/01/19 1,500 1,456,845
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Maryland State Health and Higher Educational Facilities Authority
Revenue Bonds (King Farm Presbyterian Community), Series A,
5.30%, 1/01/37 $ 1,250 $ 988,225
Maryland State Health and Higher Educational Facilities Authority
Revenue Bonds (Washington Christian Academy), 5.50%, 7/01/38 590 476,018
-------------
4,826,475
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Massachusetts - 1.1% Massachusetts State Health and Educational Facilities Authority
Revenue Bonds (Jordan Hospital), Series E, 6.75%, 10/01/33 1,150 1,136,890
Massachusetts State Health and Educational Facilities Authority,
Revenue Refunding Bonds (Bay Cove Human Services Issue), Series A,
5.90%, 4/01/28 1,945 1,811,320
-------------
2,948,210
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Michigan - 1.5% Advanced Technology Academy, Michigan, Revenue Bonds, 6%,
11/01/37 900 860,607
Macomb County, Michigan, Hospital Finance Authority, Hospital
Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875%,
11/15/13 (a) 1,635 1,840,797
Monroe County, Michigan, Hospital Financing Authority, Hospital
Revenue Refunding Bonds (Mercy Memorial Hospital Corporation),
5.50%, 6/01/35 1,740 1,327,533
-------------
4,028,937
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Missouri - 0.4% Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue
Bonds (Bishop Spencer Place), Series A, 6.50%, 1/01/35 1,000 945,840
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Nevada - 0.7% Clark County, Nevada, IDR (Nevada Power Company Project), AMT,
Series A, 5.60%, 10/01/30 1,380 1,173,869
Clark County, Nevada, Improvement District Number 142, Special
Assessment Bonds, 6.375%, 8/01/23 635 596,055
-------------
1,769,924
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New Hampshire - 0.4% New Hampshire Health and Education Facilities Authority, Hospital
Revenue Bonds (Catholic Medical Center), 5%, 7/01/36 1,165 1,018,117
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New Jersey - 10.6% Camden County, New Jersey, Pollution Control Financing Authority,
Solid Waste Resource Recovery, Revenue Refunding Bonds, AMT,
Series A, 7.50%, 12/01/10 9,000 9,022,500
Camden County, New Jersey, Pollution Control Financing Authority,
Solid Waste Resource Recovery, Revenue Refunding Bonds, AMT,
Series B, 7.50%, 12/01/09 345 346,018
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 3,065 2,912,670
New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7%,
10/01/14 2,500 2,511,000
New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest
Village Inc. Facility), Series A, 7.25%, 11/15/11 (a) 1,665 1,914,767
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 6.25%, 9/15/19 2,000 1,631,400
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 6.25%, 9/15/29 3,330 2,484,380
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines
Inc. Project), AMT, 9%, 6/01/33 1,250 1,249,688
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625%, 7/01/36 $ 2,000 $ 1,387,600
New Jersey Health Care Facilities Financing Authority, Revenue
Refunding Bonds (Saint Joseph's Healthcare System), 6.625%,
7/01/38 2,410 2,296,296
New Jersey State Transportation Trust Fund Authority, Transportation
System Revenue Bonds, Series C, 5.05%, 12/15/35 (d)(e) 3,450 798,089
Tobacco Settlement Financing Corporation of New Jersey, Asset-
Backed Revenue Refunding Bonds, Series 1A, 5%, 6/01/41 1,545 1,100,025
-------------
27,654,433
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New Mexico - 1.0% Farmington, New Mexico, PCR, Refunding (Tucson Electric Power
Company - San Juan Project), Series A, 6.95%, 10/01/20 2,500 2,511,050
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New York - 4.1% Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds
(Saint Francis Hospital), Series A, 7.50%, 3/01/29 1,400 1,488,634
New York City, New York, City IDA, Civic Facility Revenue Bonds,
Series C, 6.80%, 6/01/28 510 528,253
New York City, New York, City IDA, Civic Facility Revenue Bonds
(Special Needs Facilities Pooled Program), Series C-1, 6.625%,
7/01/29 1,515 1,435,569
New York City, New York, City IDA, Special Facility Revenue Bonds
(British Airways Plc Project), AMT, 7.625%, 12/01/32 2,400 2,064,096
New York Liberty Development Corporation Revenue Bonds (National
Sports Museum Project), Series A, 6.125%, 2/15/19 870 769,889
New York State Dormitory Authority, Non-State Supported Debt,
Revenue Refunding Bonds (Mount Sinai-NYU Medical Center Health
System), Series C, 5.50%, 7/01/26 1,470 1,463,267
New York State Dormitory Authority, Non-State Supported Debt,
Revenue Refunding Bonds (New York University Hospital Center),
Series A, 5%, 7/01/20 2,960 2,824,817
Westchester County, New York, IDA, Continuing Care Retirement,
Mortgage Revenue Bonds (Kendal on Hudson Project), Series A,
6.50%, 1/01/13 (a) 100 115,589
-------------
10,690,114
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North Carolina - 2.5% North Carolina Medical Care Commission, Health Care Facilities, First
Mortgage Revenue Refunding Bonds (Deerfield Episcopal Project),
Series A, 6.125%, 11/01/38 2,335 2,349,687
North Carolina Medical Care Commission, Retirement Facilities, First
Mortgage Revenue Bonds (Givens Estates Project), Series A, 6.50%,
7/01/13 (a) 1,500 1,750,695
North Carolina State Educational Assistance Authority, Revenue
Refunding Bonds (Guaranteed Student Loan), VRDN, AMT, Series A-1,
10%, 9/01/35 (b)(d) 2,390 2,390,000
-------------
6,490,382
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Ohio - 1.3% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 3,935 3,499,828
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 8.5% Allegheny County, Pennsylvania, Hospital Development Authority,
Revenue Refunding Bonds (West Penn Allegheny Health System),
Series A, 5.375%, 11/15/40 3,015 2,104,379
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Bucks County, Pennsylvania, IDA, Retirement Community Revenue
Bonds (Ann's Choice Inc.), Series A, 6.125%, 1/01/25 $ 200 $ 197,988
Bucks County, Pennsylvania, IDA, Retirement Community Revenue
Bonds (Ann's Choice Inc.), Series A, 6.25%, 1/01/35 1,550 1,500,322
Harrisburg, Pennsylvania, Authority, University Revenue Bonds
(Harrisburg University of Science), Series B, 6%, 9/01/36 900 836,856
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds
(Brethren Village Project), Series A, 6.25%, 7/01/26 685 672,307
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds
(Brethren Village Project), Series A, 6.50%, 7/01/40 590 584,448
Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh
Continuing Care Project), 6.125%, 2/01/28 2,330 2,107,602
Pennsylvania Economic Development Financing Authority, Exempt
Facilities Revenue Bonds (National Gypsum Company), AMT, Series A,
6.25%, 11/01/27 3,250 2,795,813
Pennsylvania Economic Development Financing Authority, Exempt
Facilities Revenue Bonds (Reliant Energy), AMT, Series B, 6.75%,
12/01/36 2,810 2,814,889
Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT,
Series A, 7.50%, 1/01/25 2,270 2,280,873
Philadelphia, Pennsylvania, Authority for IDR, Commercial
Development, 7.75%, 12/01/17 6,440 6,444,894
-------------
22,340,371
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Rhode Island - 1.0% Central Falls, Rhode Island, Detention Facility Corporation, Revenue
Refunding Bonds, 7.25%, 7/15/35 2,495 2,505,155
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South Carolina - 1.5% Connector 2000 Association, Inc., South Carolina, Toll Road and
Capital Appreciation Revenue Bonds, Senior-Series B, 6.50%,
1/01/09 (e) 1,500 1,446,240
Connector 2000 Association, Inc., South Carolina, Toll Road and
Capital Appreciation Revenue Bonds, Senior-Series B, 7.969%,
1/01/14 (e) 1,485 776,521
South Carolina Jobs, EDA, EDR (Westminster Presbyterian Center),
7.75%, 11/15/10 (a) 1,500 1,703,175
-------------
3,925,936
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Tennessee - 1.4% Knox County, Tennessee, Health, Educational and Housing Facilities
Board, Hospital Facilities Revenue Refunding Bonds (Covenant
Health), Series A, 5.06%, 1/01/40 (e) 6,785 903,016
Shelby County, Tennessee, Health, Educational and Housing
Facilities Board Revenue Bonds (Germantown Village), 6.25%,
12/01/34 355 285,239
Shelby County, Tennessee, Health, Educational and Housing
Facilities Board Revenue Bonds (Germantown Village), Series A,
7.25%, 12/01/34 2,500 2,453,325
-------------
3,641,580
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 3.0% Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company
LLC Project), AMT, Series A, 7.70%, 4/01/33 2,550 2,362,830
Houston, Texas, Health Facilities Development Corporation,
Retirement Facility Revenue Bonds (Buckingham Senior Living
Community), Series A, 7.125%, 2/15/14 (a) 1,400 1,694,322
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
North Texas Tollway Authority, System Revenue Refunding Bonds,
Second Tier, Series F, 6.125%, 1/01/31 $ 3,675 $ 3,721,158
-------------
7,778,310
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 0.6% Carbon County, Utah, Solid Waste Disposal, Revenue Refunding
Bonds (Laidlaw Environmental), AMT, Series A, 7.45%, 7/01/17 1,660 1,670,176
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.5% Dulles Town Center, Virginia, Community Development Authority,
Special Assessment Tax (Dulles Town Center Project), 6.25%,
3/01/26 1,455 1,447,347
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/37 750 662,040
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/42 450 389,614
Lexington, Virginia, IDA, Residential Care Facility, Mortgage Revenue
Refunding Bonds (Kendal at Lexington), Series A, 5.375%, 1/01/28 540 465,107
Tobacco Settlement Financing Corporation of Virginia, Revenue
Refunding Bonds, Senior Series B-1, 5%, 6/01/47 1,320 936,131
-------------
3,900,239
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.6% Washington State Housing Financing Commission, Nonprofit Revenue
Bonds (Skyline at First Hill Project), Series A, 5.625%, 1/01/38 1,750 1,526,735
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.7% Wisconsin State Health and Educational Facilities Authority Revenue
Bonds (New Castle Place Project), Series A, 7%, 12/01/31 1,855 1,858,766
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 1.1% Wyoming Municipal Power Agency, Power Supply Revenue Bonds,
Series A, 5.375%, 1/01/42 3,030 2,936,222
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Islands - 1.1% Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
(Hovensa Coker Project), AMT, 6.50%, 7/01/21 3,000 3,006,390
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 94.2% 246,174,486
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (f)
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.2% Miami-Dade County, Florida, Aviation Revenue Bonds (Miami
International Airport), AMT, Series A, 5.25%, 10/01/33 (g) 8,870 8,408,139
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.3% Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,
Series H, Sub-Series H-1, 5.375%, 7/01/36 (c) 8,690 8,614,918
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 6.5% 17,023,057
-----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments
(Cost - $273,452,548) - 100.7% 263,197,543
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Short-Term Securities Shares
-----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 1.84% (h)(i) 3,300,000 3,300,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $3,300,000) - 1.3% 3,300,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $276,752,548*) - 102.0% 266,497,543
Other Assets Less Liabilities - 1.4% 3,531,027
Liability for Trust Certificates, Including Interest Expense
and Fees Payable - (3.4)% (8,809,262)
-------------
Net Assets - 100.0% $ 261,219,308
=============
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
* The cost and unrealized appreciation (depreciation) of investments as of
August 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 268,031,634
=============
Gross unrealized appreciation $ 5,892,694
Gross unrealized depreciation (16,206,785)
-------------
Net unrealized depreciation $ (10,314,091)
=============
(a) U.S. government securities, held in escrow, are used to pay interest on
this security as well as to retire the bond in full at the date indicated,
typically at a premium to par.
(b) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(c) MBIA Insured.
(d) AMBAC Insured.
(e) Represents a zero coupon bond. Rate shown reflects the effective yield at
the time of purchase.
(f) Securities represents bonds transferred to a tender option bond trust in
exchange for which the Fund acquired the residual interest certificates.
These securities serve as collateral in a financing transaction.
(g) Assured Guaranty Insured.
(h) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
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Net
Affiliate Activity Income
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Merrill Lynch Institutional Tax-Exempt Fund 99,559 $24,146
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(i) Represents the current yield as of report date.
BlackRock MuniAssets Fund, Inc.
Schedule of Investments August 31, 2008 (Unaudited)
o Effective June 1, 2008, the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are
used in determining the fair value of investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for
identical securities
o Level 2 - other observable inputs (including, but not limited
to: quoted prices for similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks, and default rates) or other
market-corroborated inputs)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs
are not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of August 31, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------
Valuation Investments in
Inputs Securities
--------------------------------------------------------------------
Level 1 --
Level 2 $ 266,497,543
Level 3 --
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Total $ 266,497,543
=============
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: October 20, 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: October 20, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniAssets Fund, Inc.
Date: October 20, 2008