MUA - BlackRock MuniAssets Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 2, 2026

   Sit Investment now owns 10.6%, as a passive investor.

   Original document →

2. Sept 10, 2026

   The fund said it will repay some borrowed money on Oct 2, 2026.

   Original document →

3. July 29, 2026

   The fund offered holders the right to buy more shares, until Aug 20, 2026.

   Original document →

4. July 14, 2026

   The fund said it may sell new shares.

   Original document →

5. May 22, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $559 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 34% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 89% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 2.6% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 20 charge a lower management fee and 22 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $36 in the first year and about $300 over 10 years, assuming the holdings return 5% a year. As of July 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended July 31, 2026) the fund paid $0.67 a share. $0.64 of that was income; $0.03 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $11.09. The shares traded at $10.10, about 8.9% below that. As of July 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 9.8% below to 6.3% above. As of July 31, 2026, from the fund's annual report. Original document →
• How the holdings did: up 0.6% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.67 in the fiscal year ended July 31, 2026; $0.67 in the year ended July 31, 2025; $0.61 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.03 in the year ended July 31, 2026; $0.16 in the year ended July 31, 2025; $0.08 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.59% a year in the fiscal year ended July 31, 2026; 2.59% a year in the year ended July 31, 2025; 2.74% a year in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $559 million at July 31, 2026; $413 million at July 31, 2025; $457 million at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• Borrowing: about 34% on top of its own money at July 31, 2026; 32% at July 31, 2025; 31% at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• The fund had about 50.4 million shares at July 31, 2026, up 31% from July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2026: the shares returned +3.7%, counting payouts; the holdings +9.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of July 31, 2026, from the fund's annual report. Original document →
• The year ended July 31, 2025: the shares returned -4.5%, counting payouts; the holdings -4.1%. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +19.1%, counting payouts; the holdings +11.6%. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -12.9%, counting payouts; the holdings -3.9%. As of July 31, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +2.8%. $10,000 of shares bought at the start (Aug 1, 2022) would have become about $10,300 by July 31, 2026, with every payout counted, before tax. As of July 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +9.8%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 33 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 31 reported a higher share return for that year and 1 a lower one. As of July 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all tax-free municipal bonds (99%). All of it issued in the U.S.

8.9% of holdings are in default.

1. Commonwealth of Puerto Rico, Puerto Rico Cmwlth - 5%
2. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 2%
3. Chicago O'Hare International Airport, Chicago IL O'hare International Arpt Revenue - 1.8%
4. California Infrastructure & Economic Development Bank, California St Infrastructure & Econ Dev Bank Revenue - 1.7%
5. New York City Housing Development - 1.6%
6. Empire State Development, New York St Urban Dev Corp Revenue - 1.3%
7. New York City Transitional Finance Authority, New York NY City Transitional Fin Auth Rev - 1.2%
8. Oklahoma Development Finance Authority, Oklahoma St Dev Fin Auth - 1.2%
9. Tobacco Settlement Financing, Tobacco Settlement Fing Corp NJ - 1.1%
10. New Jersey Transportation Trust Fund Authority, New Jersey St Transprtn Trust Fund Auth - 1.1%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →