BlackRock Advisors, LLC today announced changes to the names of
17 of its insured municipal closed-end funds (the “Funds”). The
name changes were made in connection with the changes to certain
non-fundamental investment policies of the Funds that were
previously announced on September 3, 2010. The name changes are as
follows:
Ticker New Fund Name National
Funds BAF BlackRock Municipal Income
Investment Quality Trust BYM BlackRock
Municipal Income Quality Trust MFL BlackRock
MuniHoldings Investment Quality Fund MFT
BlackRock MuniYield Investment Quality Fund MUE
BlackRock MuniHoldings Quality Fund II, Inc. MUS
BlackRock MuniHoldings Quality Fund, Inc. MYI
BlackRock MuniYield Quality Fund III, Inc.
California Funds MCA BlackRock
MuniYield California Quality Fund, Inc. MUC
BlackRock MuniHoldings California Quality Fund, Inc.
Michigan
Funds MIY BlackRock MuniYield Michigan
Quality Fund, Inc. MYM BlackRock MuniYield
Michigan Quality Fund II, Inc.
New Jersey Funds MJI
BlackRock MuniYield New Jersey Quality Fund, Inc. MUJ
BlackRock MuniHoldings New Jersey Quality
Fund, Inc.
New York Funds BSE BlackRock
New York Municipal Income Quality Trust MYN
BlackRock MuniYield New York Quality Fund, Inc. MHN
BlackRock MuniHoldings New York Quality Fund, Inc.
Pennsylvania Funds MPA BlackRock
MuniYield Pennsylvania Quality Fund
Historically, under normal market conditions, each Fund has been
required to invest at least 80% of its assets in municipal bonds
either (i) insured under an insurance policy purchased by the Fund
or (ii) insured under an insurance policy obtained by the issuer of
the municipal bond or any other party. In September 2008, the Funds
adopted an amended investment policy of permitting purchases of
municipal bonds insured by insurance providers with claims-paying
abilities rated investment grade or in the three highest ratings
categories at time of investment (the “Insurance Policy”).
Following the onset of the credit and liquidity crises, the
claims-paying ability rating of most of the municipal bond
insurance providers has been lowered by the rating agencies. These
downgrades have called into question the long-term viability of the
municipal bond insurance market, which has the potential to
severely limit the ability of BlackRock Advisors, LLC, the Fund's
investment advisor ("BlackRock"), to manage the Funds under the
Insurance Policy.
Consequently, as announced on September 3, 2010, BlackRock
recommended, and each Fund’s Board of Directors/Trustees approved,
the removal of the Insurance Policy. The Funds are not required to
dispose of assets currently held within the Funds as a result of
this investment policy change. The Funds will maintain, and have no
current intention to amend, their investment policy of, under
normal market conditions, generally investing in municipal
obligations rated investment grade or in the three highest ratings
categories, as applicable.
Each Fund was required to provide shareholders 60 days notice of
a change to the Insurance Policy. This 60 day notice period ends on
November 9, 2010, after which BlackRock anticipates that it will
gradually reposition the Funds’ portfolios over time, and that
during such repositioning, each Fund may continue to hold a
substantial portion of its assets in insured municipal bonds. At
this time, it is uncertain how long the repositioning may take, and
the Funds may continue to be subject to risks associated with
investing a substantial portion of their assets in insured bonds
until the repositioning is complete. As a result of the removal of
the Insurance Policy, the Funds will be permitted to invest
substantially all of their assets in municipal bonds that do not
have the benefit of insurance and the Fund will be dependent on the
issuer of the municipal bond for the payment of interest and the
repayment of principal with respect to these securities. No action
is required by shareholders of the Funds in connection with this
change. Each Fund will continue to trade on New York Stock Exchange
under its current ticker symbol.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2010, BlackRock’s AUM was $3.446
trillion. BlackRock offers products that span the risk spectrum to
meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including 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 September 30, 2010, the firm
has approximately 8,900 employees in 24 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 the Company's website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
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 any
forward-looking statements or historical performance: (1) changes
in political, economic or industry conditions, the interest rate
environment or financial and capital markets, which could result in
changes in each Fund’s net asset value; (2) the performance of each
Fund’s investments; (3) the impact of increased competition; (4)
the extent and timing of any distributions or share repurchases;
(5) the impact of legislative and regulatory actions and reforms
and regulatory, supervisory or enforcement actions of government
agencies relating to each Fund or BlackRock, as applicable; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of each 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 Fund. The information
contained on BlackRock’s website is not a part of this press
release.
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