X0303 4 2011-02-28 0 0000901243 BLACKROCK MUNIASSETS FUND, INC. MUA 0001075522 CAVANAGH RICHARD 55 EAST 52ND STREET NEW YORK NY 10055 1 0 0 0 Common Stock 2011-02-28 4 A 0 72 A 172 D Effective as of February 28, 2011, BlackRock Apex Municipal Fund, Inc. (the "Target Fund") merged into the Issuer (the "Reorganization"). In the Reorganization, common stockholders of the Target Fund received shares of common stock of the Issuer in an amount equal to the aggregate net asset value of the Target Fund's common stock as determined at the close of business on February 25, 2011, less the costs of the Reorganization (although cash was distributed for any fractional shares of common stock). As of February 25, 2011, the Target Fund reported a net asset value per share of $8.8277 and the Issuer reported a net asset value per share of $12.1158. The conversion ratio for the Target Fund's shares of common stock was 0.72861057. In the Reorganization, Mr. Cavanagh received 72 shares of common stock of the Issuer in exchange for his 100 shares of common stock of the Target Fund. /s/ Aaron Wasserman as Attorney-in-Fact 2011-03-02