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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000901243-03-000001.txt : 20030730
<SEC-HEADER>0000901243-03-000001.hdr.sgml : 20030730
<ACCEPTANCE-DATETIME>20030730121205
ACCESSION NUMBER:		0000901243-03-000001
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20030531
FILED AS OF DATE:		20030730
EFFECTIVENESS DATE:		20030730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIASSETS FUND INC
		CENTRAL INDEX KEY:			0000901243
		IRS NUMBER:				223239638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07642
		FILM NUMBER:		03810658

	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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<TYPE>NSAR-B
<SEQUENCE>1
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<PAGE>      PAGE  1
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011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 C040001 1201
012 A000001 THE BANK OF NEW YORK
012 B000001 85-05006
012 C010001 NEW YORK
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013 A000001 DELOITTE & TOUCHE LLP
<PAGE>      PAGE  2
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015 A000002 BANKERS TRUST COMPANY
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015 C010002 NEW YORK
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015 C030002 10006
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015 A000003 J.P. MORGAN CHASE BANK
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015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
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015 A000004 CUSTODIAL TRUST CO.
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015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
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022 A000001 J.P. MORGAN SECURITIES INC.
<PAGE>      PAGE  3
022 B000001 13-3224016
022 C000001     29810
022 D000001     25980
022 A000002 BEAR, STEARNS & CO. INC.
022 B000002 13-3299429
022 C000002     21090
022 D000002     17740
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003     18130
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022 A000004 U.S. BANCORP PIPER JAFFRAY INC.
022 B000004 41-0953246
022 C000004      8039
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022 A000005 SALOMON SMITH BARNEY INC.
022 B000005 11-2418191
022 C000005      9989
022 D000005      3819
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006      5070
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022 A000007 MORGAN KEEGAN & COMPANY, INC.
022 B000007 64-0474907
022 C000007      5245
022 D000007      5245
022 A000008 LEHMAN BROTHERS INC.
022 B000008 13-2518466
022 C000008      3686
022 D000008      3608
022 A000009 UBS PAINEWEBBER INC.
022 B000009 13-2638166
022 C000009      1544
022 D000009      4699
022 A000010 BANC ONE SECURITIES CORPORATION
022 B000010 31-1147810
022 C000010      4870
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072DD010000    15840
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>munas77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Board of Directors</TITLE>
<META NAME="author" CONTENT="Parsippany">
<META NAME="date" CONTENT="07/22/2003">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>INDEPENDENT AUDITORS&#146; REPORT</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">To the Shareholders and Board of Directors ofof</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">MuniAssets Fund, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">In planning and performing our audit of the financial statements of MuniAssets Fund, Inc. (the &#147;Fund&#148;) for the year ended May 31, 2003 (on which we have issued our report dated July 8, 2003), we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on the Fund&#146;s internal control.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">The management of the Fund is responsible for establishing and maintaining internal control. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;Generally, controls that are relevant to an audit pertain to the entity&#146;s objective of preparing financial statements for external purposes that are fairly presented in conformity with accounting principles generally accepted in the United States of America. &nbsp;Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected. &nbsp;Also, projections of any evaluation of internal control to future periods are subject to the risk that the internal control it may become inadequate because of changes in conditions, or that the effectiveness of the design and operation may deteriorate degree of compliance with policies or procedures may deteriorate.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Our consideration of the Fund&#146;s internal control would not necessarily disclose all matters in the internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. &nbsp;A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. &nbsp;However, we noted no matters involving the Fund&#146;s internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above a
s of May 31, 2003.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">This report is intended solely for the information and use of management, the Shareholders and Board of Directors of the Fund, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties..</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000">/s/ Deloitte &amp; Touche LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Princeton, New Jersey</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">July 8, 20038</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:12pt; padding:0pt; text-indent:0pt; font-size:12pt; color:#000000"><BR></P>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>4
<FILENAME>munas770.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
<META NAME="author" CONTENT="reillhe">
<META NAME="date" CONTENT="07/24/2000">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>MUNIASSETS FUND, INC. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>FILE # 811-7642</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>ATTACHMENT 77O</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>TRADE DATE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=168><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>DESCRIPTION OF SECURITY</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>ISSUE SIZE </B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>AMOUNT</B></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>PURCHASED</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=138><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED</B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>01/16/2003</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=168><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Golden St Tobacco 6.75% 06/01/39</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,625,000,000 </P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,350,000 </P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=138><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Sterns</P>
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<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>5
<FILENAME>muas77q2.htm
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<TITLE>MuniVest New Jersey Fund, Inc</TITLE>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>MuniAssets Fund, Inc.</B></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>File No. 811-7642</B></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>Item No. 77Q2</B></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>Compliance with Section 16(a) of the</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>Securities Exchange Act of 1934</B></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; line-height:12pt; font-size:12pt; color:#000000">Fund Asset Management, L.P., Investment Adviser to the Registrant, is subject to Section 16 of the Securities Exchange Act of 1934 with respect to the Registrant. &nbsp;A Form 4 should have been filed on behalf of Fund Asset Management, L.P. by February 10, 2002. &nbsp;A late filing was executed on December 2, 2002.</P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Messrs. William Bentley, Lawrence Haber, Jerry Miller, Frank Salerno, and Charles Winters, all officers to the Registrant, are subject to Section 16 of the Securities Exchange Act of 1934 with respect to the Registrant. &nbsp;A Form 3 should have been filed on behalf of Mr. Bentley by August 30, 2002 and Forms 3 should have been filed on behalf of Messrs. Haber, Miller, Salerno, and Winters by August 18, 2002. &nbsp;Late filings on behalf of each of the above officers were executed on October 25, 2002.</P>
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