Board of Directors

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BURKE TITLE TREASURER EX-99.77B ACCT LTTR 3 munas77b.htm Board of Directors

INDEPENDENT AUDITORS’ REPORT

To the Shareholders and Board of Directors ofof

MuniAssets Fund, Inc.:

In planning and performing our audit of the financial statements of MuniAssets Fund, Inc. (the “Fund”) 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’s internal control.

The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity’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. Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected. 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.

Our consideration of the Fund’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. 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. However, we noted no matters involving the Fund’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.

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..

/s/ Deloitte & Touche LLP

Princeton, New Jersey

July 8, 20038

EX-99.77O RULE 10F-3 4 munas770.htm 10F-3 TRANSACTIONS

MUNIASSETS FUND, INC.

FILE # 811-7642

ATTACHMENT 77O

TRADE DATE

DESCRIPTION OF SECURITY

ISSUE SIZE

AMOUNT

PURCHASED

MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED

01/16/2003

Golden St Tobacco 6.75% 06/01/39

2,625,000,000

2,350,000

Bear Sterns

EX-99.77Q2 ITEM 405 5 muas77q2.htm MuniVest New Jersey Fund, Inc

MuniAssets Fund, Inc.

File No. 811-7642

Item No. 77Q2

Compliance with Section 16(a) of the

Securities Exchange Act of 1934

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. A Form 4 should have been filed on behalf of Fund Asset Management, L.P. by February 10, 2002. A late filing was executed on December 2, 2002.

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. 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. Late filings on behalf of each of the above officers were executed on October 25, 2002.

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