BlackRock Long-Term Municipal Advantage Trust Completes Reorganization into MuniAssets Fund; New Fund Adopts Discount Management Program

summarizeSummary

This filing announces the completion of the reorganization of BlackRock Long-Term Municipal Advantage Trust (BTA) into BlackRock MuniAssets Fund, Inc. (MUA). As a result, BTA shareholders have received common shares of MUA based on the relative net asset values of the funds. This marks a significant structural change for investors, as BTA ceases to exist as a standalone entity. Additionally, the acquiring fund, MUA, has adopted a Discount Management Program, which aims to enhance long-term shareholder value by offering to repurchase shares if they trade at a persistent discount to net asset value. This program provides a potential mechanism for liquidity and value protection for the newly converted shareholders.

check_boxKey Events

• Reorganization Completed

  BlackRock Long-Term Municipal Advantage Trust (BTA) has officially completed its reorganization, merging with and into BlackRock MuniAssets Fund, Inc. (MUA).

• Share Conversion Details

  Common shareholders of BTA received 0.88368101 common shares of MUA for each BTA share held, based on the relative net asset values as of February 20, 2026. Fractional shares were distributed in cash.

• Discount Management Program Adopted

  The survivor fund, BlackRock MuniAssets Fund, Inc. (MUA), has adopted a Discount Management Program. This program intends to offer to repurchase a minimum of 5% of its outstanding common shares at 98% of NAV if the fund's shares trade at an average daily discount to NAV greater than 10.00% during a 9-month measurement period (January 1, 2026 - September 30, 2026).

auto_awesomeAnalysis

This filing announces the completion of the reorganization of BlackRock Long-Term Municipal Advantage Trust (BTA) into BlackRock MuniAssets Fund, Inc. (MUA). As a result, BTA shareholders have received common shares of MUA based on the relative net asset values of the funds. This marks a significant structural change for investors, as BTA ceases to exist as a standalone entity. Additionally, the acquiring fund, MUA, has adopted a Discount Management Program, which aims to enhance long-term shareholder value by offering to repurchase shares if they trade at a persistent discount to net asset value. This program provides a potential mechanism for liquidity and value protection for the newly converted shareholders.