BlackRock Announces Changes to Investment Policies for Certain Municipal Closed-End Funds

Fri Jun 7, 2013 5:30pm EDT

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BlackRock Announces Changes to Investment Policies for Certain Municipal Closed-End Funds

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

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 and on BlackRock’s website at, 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.