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NEW YORK–(BUSINESS WIRE)–BlackRock Advisors, LLC (“BlackRock”) announced today a new investment policy for the Funds listed below. Each Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase, subject to such Fund’s other investment policies. The adoption of the new policy will have no effect on each Fund’s existing investment policy to invest either primarily or at least 80% of its assets in investment grade municipal bonds or obligations. In connection with the adoption of the new policy, MQY’s and MQT’s investments in municipal bonds will no longer be limited to the three highest quality rating categories.


Fund Name


BlackRock Municipal Income Investment Quality Trust


BlackRock New York Municipal Income Quality Trust


BlackRock Municipal Income Quality Trust


BlackRock MuniYield California Quality Fund, Inc.


BlackRock MuniEnhanced Fund, Inc.


BlackRock MuniHoldings New York Quality Fund, Inc.


BlackRock MuniHoldings Investment Quality Fund


BlackRock MuniYield Investment Quality Fund


BlackRock MuniYield Michigan Quality Fund, Inc.


BlackRock MuniYield Pennsylvania Quality Fund


BlackRock MuniYield Quality Fund II, Inc.


BlackRock MuniYield Quality Fund, Inc.


BlackRock MuniHoldings California Quality Fund, Inc.


BlackRock MuniHoldings Quality Fund II, Inc.


BlackRock MuniHoldings New Jersey Quality Fund, Inc.


BlackRock MuniHoldings Quality Fund, Inc.


BlackRock MuniYield Quality Fund III, Inc.


BlackRock MuniYield New York Quality Fund, Inc.

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2019, the firm managed approximately $6.842 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit | Twitter: @blackrock | Blog: | LinkedIn:

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 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 the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to ’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, 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 the Funds with the 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.


BlackRock Closed-End Funds