The BlackRock closed-end funds (each a “Fund,” and collectively
the “Funds”) listed below announced today the implementation of
voluntary management fee waivers, effective May 1, 2024. Under the
terms of this initiative, BlackRock Advisors, LLC (“BlackRock”)
intends to waive management fees if certain conditions, detailed
below, are met. In addition, BlackRock will be waiving an
additional one-time $2 million in management/advisory fees pro-rata
across the Funds.
“We believe this fee waiver is a meaningful enhancement to these
Funds and will increase tax-exempt income to shareholders,
consistent with their investment objective. We will continue to
evaluate options for improving our closed-end funds for the benefit
of all shareholders, as we work to protect and advance their best
interests,” said R. Glenn Hubbard, Chair of the Board of BlackRock
Closed-End Funds.
BlackRock Closed-End Funds
Implementing a Voluntary Management Fee Waiver
Fund Name
Ticker
BlackRock MuniHoldings California
Quality Fund, Inc.
MUC
BlackRock MuniHoldings New Jersey
Quality Fund, Inc.
MUJ
BlackRock MuniHoldings New York
Quality Fund, Inc.
MHN
BlackRock MuniHoldings Fund,
Inc.
MHD
BlackRock MuniHoldings Quality
Fund II, Inc.
MUE
BlackRock MuniAssets Fund,
Inc.
MUA
BlackRock Investment Quality
Municipal Trust, Inc.
BKN
BlackRock MuniYield Fund,
Inc.
MYD
BlackRock MuniYield Quality Fund
III, Inc.
MYI
BlackRock MuniYield New York
Quality Fund, Inc.
MYN
BlackRock MuniYield Quality Fund,
Inc.
MQY
BlackRock MuniYield Quality Fund
II, Inc.
MQT
BlackRock MuniYield Michigan
Quality Fund, Inc.
MIY
BlackRock MuniYield Pennsylvania
Quality Fund
MPA
BlackRock MuniVest Fund II,
Inc.
MVT
BlackRock MuniVest Fund, Inc.
MVF
BlackRock Municipal Income Fund,
Inc.
MUI
BlackRock Municipal Income
Trust
BFK
BlackRock Municipal Income Trust
II
BLE
BlackRock Municipal Income
Quality Trust
BYM
BlackRock California Municipal
Income Trust
BFZ
BlackRock New York Municipal
Income Trust
BNY
BlackRock Virginia Municipal Bond
Trust
BHV
BlackRock Long-Term Municipal
Advantage Trust
BTA
With respect to each Fund, if the monthly dividend on preferred
shares (VRDP or VMTP) exceeds the calculated value1 of the Fund’s
gross monthly income attributable to investments from the proceeds
of the preferred shares, then BlackRock will waive the management
fee payable to BlackRock charged on preferred share assets.2
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate
Availability of Fund Updates
BlackRock will update performance and certain other data for the
Funds on a monthly basis on its website in the “Closed-end Funds”
section of www.blackrock.com as well as certain other material
information as necessary from time to time. Investors and others
are advised to check the website for updated performance
information and the release of other material information about the
Funds. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Funds and does
not, and is not intended to, incorporate BlackRock’s website in
this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a Fund’s or BlackRock’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for the Funds or
in a Fund’s net asset value; (2) the relative and absolute
investment performance of a Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, and regulatory, supervisory or
enforcement actions of government agencies relating to a Fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities, health epidemics and/or pandemics and natural
disasters, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries or
BlackRock; (9) BlackRock’s ability to attract and retain highly
talented professionals; (10) the impact of BlackRock electing to
provide support to its products from time to time; and (11) the
impact of problems at other financial institutions or the failure
or negative performance of products at other financial
institutions.
Annual and Semi-Annual Reports and other regulatory filings of
the Funds with the Securities and Exchange Commission (“SEC”) are
accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Funds. The information
contained on BlackRock’s website is not a part of this press
release.
1 Determined by multiplying the Fund’s gross monthly income by
the ratio of (i) the liquidation preference of any outstanding
preferred shares to (ii) total assets of the Fund minus the sum of
its accrued liabilities (which does not include liabilities
represented by TOB Trusts and the liquidation preference of any
outstanding preferred shares.
2 The voluntary waivers may be reduced or discontinued at any
time without notice.
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