BlackRock Announces Board Approval of Reorganization and Changes to Investment Guidelines of Two Municipal Closed-End Funds ..

02. Sep, 2010

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

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