<SEC-DOCUMENT>0001287695-11-000342.txt : 20110629
<SEC-HEADER>0001287695-11-000342.hdr.sgml : 20110629
<ACCEPTANCE-DATETIME>20110628183207
ACCESSION NUMBER:		0001287695-11-000342
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110430
FILED AS OF DATE:		20110629
DATE AS OF CHANGE:		20110628
EFFECTIVENESS DATE:		20110629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK 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:		11936886

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIASSETS FUND INC
		DATE OF NAME CHANGE:	19930714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIINCOME FUND INC
		DATE OF NAME CHANGE:	19930517
</SEC-HEADER>
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<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
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SIGNATURE   NEAL J. ANDREWS
TITLE       CFO

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>munasset77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by FileMerlin</TITLE>
<META NAME="author" CONTENT="Dennis F. Emory (Open)">
<META NAME="date" CONTENT="05/17/2011">
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<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=justify><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>To the Shareholders and Board of Directors of BlackRock MuniAssets Fund, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>In planning and performing our audit of the financial statements of BlackRock MuniAssets Fund, Inc. (the &#147;Fund&#148;), as of and for the year ended April 30, 2011, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#146;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund&#146;s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of April 30, 2011.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></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=justify>This report is intended solely for the information and use of management and the Board of Directors of BlackRock</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=justify>MuniAssets Fund, Inc. 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:10pt; color:#000000" align=justify><BR></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=justify>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" align=justify><BR></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=justify>Princeton, New Jersey</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:9.15pt; padding:0pt; text-indent:0pt; line-height:11.5pt; font-size:10pt; color:#000000" align=justify>June 24 2011</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77M MERGERS
<SEQUENCE>3
<FILENAME>munasset77m.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Merrill Lynch Arizona Fund, Inc.</TITLE>
<META NAME="author" CONTENT="Catherine A. Johnston">
<META NAME="date" CONTENT="06/20/2011">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>BlackRock MuniAssets Fund, Inc.</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>File No. 811-07642</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000" align=center><B>Item No. 77M (Mergers) -- Attachment</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">During the fiscal semi-annual period ending April 30, 2011, BlackRock MuniAssets Fund, Inc., (the &#147;MuniAssets Fund&#148;) (the &#147;Registrant&#148;), File No. 811-07642, acquired substantially all of the assets and certain stated liabilities of the BlackRock Apex Municipal Fund, Inc. (the &#147;Apex Municipal Fund&#148;), File No. 811-05227 in a Reorganization (the &#147;Reorganization&#148;).</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">The Board of Directors of the Registrant unanimously approved the Reorganization on September 2, 2010. In the Reorganization, the Apex Municipal Fund merged with and into MUA Merger Subsidiary, LLC, a Maryland limited liability company and a direct, wholly owned subsidiary of the Registrant, which then dissolved under Maryland law and liquidated into the Registrant immediately following the Reorganization. &nbsp;In the Reorganization, the outstanding common shares of the Apex Municipal Fund were converted into the right to receive newly issued common shares of the Registrant. &nbsp;The aggregate net asset value of the Registrant's common shares received by the shareholders of the Apex Municipal Fund in the Reorganization was equal the aggregate net asset value of the Apex Municipal Fund common shares held by such shareholders immediately prior to the Reorganization, less the costs of the Reorganization (though shareholders may have received cash for their fractional common shares).</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; line-height:11pt; font-size:11pt; color:#000000">On September 15, 2010, in connection with the Reorganization, the Registrant filed a Registration Statement on Form N-14 (File No. 333-169396) (the &#147;N-14 Registration Statement&#148;). &nbsp;An amendment to the N-14 Registration Statement was filed with the Commission on November 9, 2010. &nbsp;The N-14 Registration Statement contained the proxy materials informing the shareholders of the Apex Municipal Fund of the Reorganization. &nbsp;The N-14 Registration Statement as amended was declared effective by the Commission on November 11, 2010. A filing on Form 497 relating to the N-14 Registration Statement was filed on November 12, 2010. &nbsp;</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; line-height:11pt; font-size:11pt; color:#000000">Shareholders of the Registrant and the Apex Municipal Fund approved the Reorganization on December 17, 2010 and January 14, 2011, respectively.</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; line-height:11pt; font-size:11pt; color:#000000">On February 28, 2011, (the &#147;Reorganization Date&#148;), pursuant to the Agreement and Plan of Reorganization, the Apex Municipal Fund transferred assets valued at $176,471,885 to the MuniAssets Fund and received in exchange 14,565,390 common shares of the MuniAssets Fund. </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; line-height:11pt; font-size:11pt; color:#000000">The Apex Municipal Fund filed an application for deregistration under the 1940 Act on Form N-8F on April 4, 2011.</P>
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<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>munasset77q1a.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>BlackRock Equity Dividend Fund</TITLE>
<META NAME="author" CONTENT="GCHING">
<META NAME="date" CONTENT="06/20/2011">
</HEAD>
<BODY>
<BR>
<BR>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><U>BlackRock MuniAssets Fund, Inc. (the &#147;Registrant&#148;)</U></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">77Q1(a):</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">Copies of material amendments to Registrant&#146;s charter or by-laws</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">Attached please find as an exhibit under Sub-Item 77Q1(a) of Form N-SAR a copy of the Registrant's Articles Supplementary filed with the with the State Department of Assessments and Taxation of Maryland on September 17, 2010. </P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000" align=center><B>BLACKROCK MUNIASSETS FUND, INC.</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>Articles Supplementary</B></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:72pt; line-height:12pt; font-size:12pt; color:#000000">BlackRock MuniAssets Fund, Inc., a Maryland corporation (the &#147;Corporation&#148;), hereby certifies to the State Department of Assessments and Taxation of the State of Maryland, that:</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-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:36pt; line-height:12pt; font-size:12pt; color:#000000">FIRST: &nbsp;Under a power contained in Title 3, Subtitle 8 of the Maryland General Corporation Law (the &#147;MGCL&#148;), the Corporation, by amendment to the bylaws of the Corporation (the &#147;Bylaw Amendment&#148;), elected to become subject to Section 3-804(c) of the MGCL. &nbsp;</P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:36pt; line-height:12pt; font-size:12pt; color:#000000">SECOND: &nbsp;The Bylaw Amendment provides that the Corporation elects to be subject to the provisions of Section 3-804(c) of the MGCL, subject to applicable requirements of the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and the right of the stockholders of a class or series of stock of the Corporation to elect additional directors to the board of directors of the Corporation &nbsp;in accordance with the charter of the Corporation, the repeal of which may be effected only by the means authorized by Section 3-802(b)(3) of the MGCL. &nbsp;</P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:7.5pt; font-size:7.5pt; color:#000000">= 2&quot;920587-New York Server 1A - MSW&quot; &quot;&quot; &nbsp;920587-New York Server 1A - MSW</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">IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf as of the 17<SUP>th</SUP> day of September, 2010, by its President who acknowledges that these Articles Supplementary are the act of the Corporation and, to the best of his knowledge, information and belief and under penalties for perjury, all matters and facts contained in these Articles Supplementary are true in all material respects. &nbsp;</P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">ATTEST:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:216pt; line-height:12pt; font-size:12pt; color:#000000">BLACKROCK MUNIASSETS FUND, INC. </P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><U>/s/ Howard Surloff</U></P>
<U><P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:216pt; line-height:12pt; font-size:12pt; color:#000000"></U>By: <U>/s/ Anne Ackerley</U></P>
<U><P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:396pt; line-height:12pt; font-size:12pt; color:#000000"></U>(SEAL)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Name:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:36pt; line-height:12pt; font-size:12pt; color:#000000"><U>Howard Surloff</U></P>
<U><P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:216pt; line-height:12pt; font-size:12pt; color:#000000"></U>Name:<U> Anne Ackerley</U></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000">Title:<U> Secretary</U></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding:0pt; text-indent:252pt; line-height:12pt; font-size:12pt; color:#000000"><U>President</U></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:7.5pt; font-size:7.5pt; color:#000000">= 2&quot;920587-New York Server 1A - MSW&quot; &quot;&quot; &nbsp;920587-New York Server 1A - MSW</P>
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