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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000901243-02-000001.txt : 20020414
<SEC-HEADER>0000901243-02-000001.hdr.sgml : 20020414
ACCESSION NUMBER:		0000901243-02-000001
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20011130
FILED AS OF DATE:		20020128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIASSETS FUND INC
		CENTRAL INDEX KEY:			0000901243
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07642
		FILM NUMBER:		02518302

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822800

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIINCOME FUND INC
		DATE OF NAME CHANGE:	19930517
</SEC-HEADER>
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<PAGE>      PAGE  1
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011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
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012 A000001 THE BANK OF NEW YORK
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014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 THE BANK OF NEW YORK
015 B000001 C
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015 A000002 BANKERS TRUST COMPANY
015 B000002 S
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015 A000003 THE CHASE MANHATTAN BANK
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015 C020003 NY
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022 A000002 J.P. MORGAN SECURITIES INC.
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022 C000002      5900
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022 A000003 MORGAN KEEGAN & COMPANY, INC.
022 B000003 64-0474907
022 C000003      3900
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022 A000004 UBS PAINEWEBBER INC.
022 B000004 13-2638166
022 C000004      1811
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022 A000005 COMMERCE CAPITAL MARKETS, INC.
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022 A000006 BANK ONE SECURITIES CORPORATION
022 B000006 31-1147810
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022 A000007 PRAGER, MCCARTHY & SEALY, LLC
022 B000007 94-3057440
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022 A000010 KIRKPATRICK, PETTIS, SMITH, POLIAN INC.
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77M MERGERS
<SEQUENCE>3
<FILENAME>mnast77m.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>Merrill Lynch Arizona Fund, Inc.</TITLE>
</HEAD>
<BODY>

<B><FONT SIZE=3><P ALIGN="CENTER">MuniAssets Fund, Inc.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">File No. 811-7642</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Item No. 77M (Mergers) -- Attachment</P>
<P ALIGN="CENTER"></P>
</B><P>During the fiscal semi-annual period ending November 30, 2001, MuniAssets Fund, Inc. (the &quot;Registrant&quot;) acquired substantially all of the assets and assumed substantially all of the liabilities of Merrill Lynch High Income Municipal Bond Fund, Inc. (&quot;High Income Municipal&quot;), File No. 811-6156.</P>

<P>At meetings of the Boards of Directors of the Registrant and High Income Municipal, the Boards of Directors approved an Agreement and Plan of Reorganization (the &quot;Reorganization&quot;).  The Reorganization referred collectively to (i) the acquisition of substantially all of the assets and the assumption of substantially all of the liabilities of High Income Municipal by the Registrant, (ii) the simultaneous issuance of MuniAssets common stock to High Income Municipal, (iii) the subsequent distribution of such shares of MuniAssets common stock to the holders of High Income Municipal common stock (plus cash in lieu of fractional shares), and (iv) the dissolution of High Income Municipal and the termination of its registration under the Investment Company Act of 1940. </P>

<P>On July 19, 2001, in connection with the Reorganization, the Registrant filed a Registration Statement on Form N-14 (File Nos. 333-65446 and 811-7642) (the &quot;N-14 Registration Statement&quot;).  The N-14 Registration Statement contained the proxy materials soliciting the approval of the Reorganization by the shareholders of High Income Municipal.  Pre-Effective Amendment No. 1 to the N-14 Registration Statement was filed on September 10, 2001.  The N-14 Registration Statement as so amended was declared effective by the Commission on September 10, 2001.</P>

<P>On October 24, 2001, the shareholders of the Registrant and High Income Municipal approved the Reorganization at a special meeting of shareholders held for that purpose.  On December 17, 2001 (the &quot;Reorganization Date&quot;), pursuant to the Agreement, High Income Municipal transferred assets valued at $125,685,331.43 to the Registrant and received in exchange 9,886,013 shares of the Registrant.  Such shares were then distributed to the shareholders of High Income Municipal on that date in proportion to each shareholders interest in the assets transferred. </P>

<P>An Application for Deregistration on Form N-8F will be filed by High Income Municipal with the Securities and Exchange Commission.</P>

</FONT><FONT SIZE=2><P>&nbsp;</P></FONT></BODY>
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