Dynamic Asset Tagging is a "Beta" feature in version 7.0x.
From the In-Product help (click on the "?" while in the MVM GUI)., search for "Dynamic Asset Tag".
[Beta] Dynamic asset tags
The dynamic asset tags is a beta feature for this release. This feature must be enabled by modifying the config.ini file. See KnowledgeBase article KB71442 for instructions on enabling this feature.
I checked and the KB is there.
Go to http://kc.mcafee.com and search for the referenced KB article above.
The rest of the help should also answer your questions about how to create the reports etc. too.
I hope it helps!