BlackRock Announces Board Approval of
Reorganization and Changes to Investment
Guidelines of Two Municipal Closed-End Funds
September 02, 2010 07:06 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--BlackRock Advisors, LLC announced today that the Board of
Directors of each of BlackRock Apex Municipal Fund, Inc. (NYSE:APX) and BlackRock MuniAssets Fund, Inc.
(NYSE:MUA) (each a “Fund” and together, the “Funds”) approved the reorganization of the Funds, with MUA
being the surviving Fund (the “Reorganization”).
It is currently expected that the Reorganization will be concluded in the first quarter of 2011, subject to requisite
shareholder approvals and all regulatory requirements and customary closing conditions being satisfied.
Each Fund currently has, as a fundamental investment policy, a leverage policy restricting the issuance of senior
securities and borrowings to 5% of the Fund's total assets (the “Policy”). The Board of Directors of each Fund also
approved amending the Policy to make it a non-fundamental policy to use leverage up to 25% of each Fund’s total
assets at the time of borrowing. As a fundamental investment policy, the Policy’s amendment is subject to approval
by each Fund’s shareholders. Approval of the amendment to the Policy is not contingent upon the approval of the
Additional Information about the Proposed Reorganizations and Where to Find It
This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the funds;
nor is this press release intended to solicit a proxy from any shareholder of any of the funds. The solicitation of the
purchase or sale of securities or of proxies to effect each reorganization may only be made by a final, effective
Registration Statement, which includes a definitive Joint Proxy Statement/Prospectus, after the Registration
Statement is declared effective by the Securities and Exchange Commission (“SEC”).
This press release references a Registration Stateme