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 811-7642
Name of Fund: MuniAssets Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, 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: (609) 282-2800
Date of fiscal year end: 05/31/2006
Date of reporting period: 12/01/05 - 02/28/06
Item 1 - Schedule of Investments
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.9% $ 2,420 Brewton, Alabama, IDB, PCR, Refunding (Container Corporation of America-Jefferson
Smurfit Corp. Project), 8% due 4/01/2009 $ 2,473
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Alaska - 0.4% 1,290 Alaska Industrial Development and Export Authority Revenue Bonds (Williams Lynxs Alaska
Cargoport), AMT, 7.80% due 5/01/2014 1,255
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Arizona - 6.7% 3,000 Coconino County, Arizona, Pollution Control Corporation, Revenue Refunding Bonds
(Tucson Electric Power - Navajo), AMT, Series A, 7.125% due 10/01/2032 3,142
2,500 Coconino County, Arizona, Pollution Control Corporation, Revenue Refunding Bonds
(Tucson Electric Power - Navajo), Series B, 7% due 10/01/2032 2,596
1,425 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625% due 7/01/2020 1,429
1,615 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments Project),
Series A, 6.75% due 5/01/2031 1,393
7,600 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West Airlines
Inc. Project), AMT, 6.30% due 4/01/2023 6,206
1,420 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series E, 7.25% due 7/01/2031 1,536
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project II),
Series A, 6.75% due 7/01/2031 1,048
1,200 Show Low, Arizona, Improvement District Number 5, Special Assessment Bonds, 6.375%
due 1/01/2015 1,240
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California - 1.7% 1,900 California State, Various Purpose, GO, 5.25% due 11/01/2025 2,043
1,300 California State, Various Purpose, GO, 5.50% due 11/01/2033 1,435
1,320 Fontana, California, Special Tax, Refunding (Community Facilities District Number 22 -
Sierra), 6% due 9/01/2034 1,396
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Portfolio Abbreviations
To simplify the listings of 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)
BAN Bond Anticipation Notes
EDA Economic Development Authority
GO General Obligation Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Colorado - 7.0% $ 2,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (a)(f) $ 2,323
2,295 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 9/01/2016 2,377
3,000 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 9/01/2017 3,104
1,690 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.10% due 9/01/2014 1,815
2,095 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 2,244
800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7% due 9/01/2031 823
1,760 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% due 12/15/2031 1,864
2,850 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8% due 12/01/2025 3,148
525 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8.125% due 12/01/2025 526
1,170 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1), 7.125%
due 12/01/2034 1,278
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Connecticut - 3.2% 2,350 Bridgeport, Connecticut, Senior Living Facilities Revenue Bonds (3030 Park Retirement
Community Project), 7.25% due 4/01/2035 1,998
680 Connecticut State Development Authority, Airport Facility Revenue Bonds (LearJet Inc.
Project), AMT, 7.95% due 4/01/2026 809
3,490 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT, 8%
due 4/01/2030 3,773
2,330 New Haven, Connecticut, Facility Revenue Bonds (Hill Health Corporation Project),
9.25% due 5/01/2017 2,333
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Florida - 5.5% 715 Arbor Greene Community Development District, Florida, Special Assessment Revenue Bonds,
7.60% due 5/01/2018 731
1,130 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue Bonds
(Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032 1,249
495 Harbor Bay, Florida, Community Development District, Capital Improvement Special
Assessment Revenue Bonds, Series A, 7% due 5/01/2033 536
2,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum),
AMT, Series A, 7.125% due 4/01/2030 2,221
3,255 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 3,464
1,180 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds
(JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 1,182
2,305 Orlando, Florida, Urban Community Development District, Capital Improvement Special
Assessment Bonds, Series A, 6.95% due 5/01/2033 2,495
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,400 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 $ 2,425
925 Waterchase, Florida, Community Development District, Capital Improvement Revenue
Bonds, Series A, 6.70% due 5/01/2032 989
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Georgia - 3.3% 3,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due 12/01/2024 3,261
590 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40% due 1/01/2020 605
1,165 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue Bonds
(Coastal Community Retirement Corporation Project), Series A, 7.125% due 1/01/2025 1,186
1,690 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue Bonds
(Coastal Community Retirement Corporation Project), Series A, 7.25% due 1/01/2035 1,719
200 Burke County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation), VRDN, Series B, 2.96% due 1/01/2020 (a)(d) 200
1,060 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (d) 1,060
1,170 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway), First Mortgage, Series A,
7.40% due 1/01/2034 1,246
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Idaho - 0.4% 1,000 Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley Vista Care
Corporation), Series A, 7.75% due 11/15/2016 1,019
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Illinois - 7.4% 2,630 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project),
7% due 12/30/2022 2,773
4,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding
Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 3,970
290 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.50% due 12/01/2006 294
60 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.50% due 12/01/2006 (c) 62
475 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2006 (b) 498
2,720 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2016 2,817
2,950 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 2,988
600 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 604
685 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers Program),
6.60% due 7/01/2024 706
1,070 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds (Sedgebrook
Project), 6.25% due 3/01/2034 1,140
2,600 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds (Conference
Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,733
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,165 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8%
due 12/01/2012 (d) $ 1,165
825 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax Increment
Financing (TIF) Redevelopment Project), 6% due 1/01/2025 812
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Iowa - 1.0% 2,235 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25% due 7/01/2025 2,682
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Kansas - 0.5% 1,770 Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding Bonds
(General Motors Corporation Project), 6% due 6/01/2025 1,389
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Kentucky - 0.7% 2,850 Kenton County, Kentucky, Airport Board, Special Facilities Revenue Bonds (Mesaba
Aviation Inc. Project), AMT, Series A, 6.70% due 7/01/2029 1,970
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Louisiana - 1.4% 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 1,936
1,860 New Orleans, Louisiana, Sewer Service Revenue Notes, BAN, 3% due 7/26/2006 1,841
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Maine - 0.4% 1,160 Maine Finance Authority, Solid Waste Recycling Facilities Revenue Bonds (Great Northern
Paper Project-Bowater), AMT, 7.75% due 10/01/2022 1,177
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Maryland - 1.8% 540 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B, 5.875%
due 9/01/2039 568
1,910 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 2,052
2,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 2,533
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Massachusetts - 1.8% 1,680 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2029 1,688
1,150 Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Jordan
Hospital), Series E, 6.75% due 10/01/2033 1,263
2,045 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 2,067
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Michigan - 0.6% 1,635 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount
Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,660
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Minnesota - 0.8% 1,770 Saint Paul, Minnesota, Port Authority, Hotel Facility, Revenue Refunding Bonds
(Radisson Kellogg Project), Series 2, 7.375% due 8/01/2029 1,850
440 Virginia, Minnesota, Housing and Redevelopment Authority, Health Care Facility Lease
Revenue Bonds, 5.25% due 10/01/2025 455
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Missouri - 0.8% 120 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 6.75% due 10/01/2015 120
1,000 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2021 1,073
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,051
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Nevada - 0.2% 645 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 670
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MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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New Jersey - 15.1% $ 5,600 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (Holt Hauling &
Warehousing), AMT, Series A, 9.625% due 1/01/2011 (e)(h) $ 788
5,800 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (Holt Hauling &
Warehousing), AMT, Series A, 9.875% due 1/01/2021 (e)(h) 817
325 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste Resource
Recovery, Revenue Bonds, Series D, 7.25% due 12/01/2010 325
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 9,160
765 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste Resource
Recovery, Revenue Refunding Bonds, AMT, Series B, 7.50% due 12/01/2009 779
3,065 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 3,211
2,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due 10/01/2014 2,585
1,665 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility),
Series A, 7.25% due 11/15/2021 1,824
5,800 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.), Series A,
8.125% due 11/15/2023 6,566
2,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
6.25% due 9/15/2019 1,964
4,650 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
6.25% due 9/15/2029 4,493
1,250 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
9% due 6/01/2033 1,384
2,650 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 2,703
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Trinitas Hospital Obligation Group), 7.40% due 7/01/2020 1,688
2,035 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
5.75% due 6/01/2032 2,125
1,425 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2041 1,630
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New Mexico - 0.9% 2,500 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Co.-San Juan Project),
Series A, 6.95% due 10/01/2020 2,604
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New York - 5.2% 1,400 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint Francis
Hospital), Series A, 7.50% due 3/01/2029 1,532
510 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 553
2,715 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facilities Pooled Program), Series C-1, 3.313% due 7/01/2029 2,545
2,400 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc
Project), AMT, 7.625% due 12/01/2032 2,614
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,920 New York State Dormitory Authority, Non-State Supported Debt, Revenue Bonds (Mount
Sinai-NYU Medical Center Health System), 5.50% due 7/01/2026 $ 2,968
2,635 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(Mount Sinai Hospital), Series C, 5.50% due 7/01/2026 2,679
1,575 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue Bonds
(Kendal on Hudson Project), Series A, 6.50% due 1/01/2034 1,684
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North Carolina - 0.6% 1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue
Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 1,606
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Oklahoma - 0.5% 1,295 Norman, Oklahoma, Regional Hospital Authority, Hospital Revenue Bonds, 5.375%
due 9/01/2036 1,324
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Oregon - 0.8% 1,440 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds (Wauna
Cogeneration Project), AMT, Series B, 7.40% due 1/01/2016 1,460
700 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds (Wauna
Cogeneration Project), Series A, 7.125% due 1/01/2021 710
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Pennsylvania - 6.0% 200 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.),
Series A, 6.125% due 1/01/2025 208
1,550 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.),
Series A, 6.25% due 1/01/2035 1,605
2,330 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care Project),
6.125% due 2/01/2028 2,442
3,250 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 3,465
2,270 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 2,423
6,440 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 6,518
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Rhode Island - 1.0% 2,495 Central Falls, Rhode Island, Detention Facility Corporation, Detention Facility,
Revenue Refunding Bonds, 7.25% due 7/15/2035 2,746
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South Carolina - 1.5% 3,500 South Carolina Jobs, EDA, Economic Development Revenue Bonds (Westminster Presbyterian
Center), 7.75% due 11/15/2010 (b) 4,122
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Tennessee - 0.9% 2,500 Shelby County, Tennessee, Health, Educational and Housing Facilities Board Revenue
Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 2,592
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Texas - 6.7% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2028 1,069
2,550 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A,
7.70% due 4/01/2033 2,986
3,865 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company), AMT,
Series B, 5.05% due 6/01/2030 3,881
1,680 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project),
Series B, 7.75% due 12/01/2018 1,834
1,170 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds (Independent Senior
Living Center), 7.75% due 1/01/2034 1,223
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,400 Houston, Texas, Health Facilities Development Corporation, Retirement Facility Revenue
Bonds (Buckingham Senior Living Community), Series A, 7.125% due 2/15/2034 $ 1,539
750 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 767
3,190 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds (Reliant
Energy Inc.), Series C, 8% due 5/01/2029 3,451
1,860 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25%
due 11/01/2031 1,957
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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 1,748
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Virginia - 8.3% 1,475 Dulles Town Center, Virginia, Community Development Authority, Special Assessment Tax
(Dulles Town Center Project), 6.25% due 3/01/2026 1,554
48,400 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Capital
Appreciation, Senior-Series B, 5.95%** due 8/15/2031 11,148
48,400 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Capital
Appreciation, Senior-Series B, 5.95%** due 8/15/2032 10,512
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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 1,923
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U.S. Virgin 3,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 1.2% Project), AMT, 6.50% due 7/01/2021 3,394
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Total Municipal Bonds (Cost - $264,381) - 96.5% 269,230
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Shares
Held Short-Term Securities
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4,700 Merrill Lynch Institutional Tax-Exempt Fund, 2.98% (g) 4,700
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Total Short-Term Securities (Cost - $4,700) - 1.7% 4,700
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Total Investments (Cost - $269,081*) - 98.2% 273,930
Other Assets Less Liabilities - 1.8% 4,954
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Net Assets - 100.0% $278,884
========
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 269,081
=========
Gross unrealized appreciation $ 17,968
Gross unrealized depreciation (13,119)
---------
Net unrealized appreciation $ 4,849
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
MuniAssets Fund, Inc.
Schedule of Investments as of February 28, 2006 (in Thousands)
(a) AMBAC Insured.
(b) Prerefunded.
(c) Escrowed to maturity.
(d) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(e) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(f) Tradable Custodial Receipts (TRACERS).
(g) 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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Dividend
Affiliate Net Activity Income
--------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 2.98% 4,700 $29
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(h) Restricted securities as to resale, representing 0.6% of net assets were
as follows:
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Acquisition
Issue Date(s) Cost Value
---------------------------------------------------------------------------------------------------------------------
Camden County, New Jersey, Improvement Authority, Lease
Revenue Bonds (Holt Hauling & Warehousing), AMT, Series
A, 9.625% due 1/01/2011 1/29/1997 $ 5,925 $ 788
Camden County, New Jersey, Improvement Authority, Lease
Revenue Bonds (Holt Hauling & Warehousing), AMT, Series 2/06/1996-
A, 9.875% due 1/01/2021 1/29/1997 $ 5,944 $ 817
---------------------------------------------------------------------------------------------------------------------
Total $11,869 $1,605
==========================
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information relating to
the registrant is made known to us by others particularly during the period in
which this report is being prepared. The registrant's certifying officers have
determined that the registrant's disclosure controls and procedures are
effective based on our evaluation of these controls and procedures as of a date
within 90 days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the last fiscal quarter of the period covered by this report
that has materially affected, or is 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.
MuniAssets Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniAssets Fund, Inc.
Date: April 20, 2006
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniAssets Fund, Inc.
Date: April 20, 2006
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniAssets Fund, Inc.
Date: April 20, 2006