BlackRock Announces Changes to Investment Policies for Certain Municipal Closed-End Funds
June 07 2013 - 5:30PM
Business Wire
BlackRock Advisors, LLC today announced that the Boards of
Directors or Trustees, as applicable (the “Boards”), of BlackRock
MuniVest Fund, Inc. (NYSE MKT:MVF), BlackRock MuniYield California
Fund, Inc. (NYSE:MYC), BlackRock MuniYield New Jersey Fund, Inc.
(NYSE:MYJ) and BlackRock MuniYield Investment Fund (NYSE:MYF)
(collectively, the “Funds”) recently approved changes to certain
non-fundamental investment policies of the Funds.
As a result of these policy changes, each Fund will no longer
restrict its investments to long-term municipal obligations that
are rated investment grade at time of purchase; instead each Fund
may invest up to 20% of its total assets in securities rated below
investment grade at time of purchase (or deemed equivalent).
Each Fund’s current and amended non-fundamental policies are as
follows:
Current Policy Amended Policy
Policy With Respect to Credit Quality The Fund
invests primarily in long term municipal obligations that are rated
investment grade at the time of purchase.
Prospectus is silent with regard to any
purchase of securities rated below investment grade at time of
purchase, or deemed equivalent.
Up to 20% of total assets can be invested in securities
rated below investment grade at time of purchase, or deemed
equivalent.
The Boards have taken this action in order to increase the
flexibility of investments eligible for purchase by each of the
Funds. No action is required by shareholders of the Funds in
connection with this change, which will become effective on July 1,
2013. Each Fund will continue to trade on the New York Stock
Exchange or the NYSE MKT, as applicable, under its current ticker
symbol even after the investment policy change becomes
effective.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2013, BlackRock’s AUM was $3.936 trillion.
BlackRock helps clients meet their goals and overcome challenges
with a range of products that include separate accounts, mutual
funds, iShares® (exchange-traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of March 31, 2013, the firm has
approximately 10,600 employees in 30 countries and a major presence
in key global markets, including North and South America, Europe,
Asia, Australia and the Middle East and Africa. For additional
information, please visit BlackRock’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or the
Funds may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Funds 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, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to a Fund or BlackRock, as applicable; (8) terrorist activities,
international hostilities 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 a
Fund 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.
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