BlackRock Announces Results of Shareholder Vote at Adjourned Joint Special Shareholder Meeting Relating to the Reorganizations of Six Municipal Closed-End Funds

BlackRock Advisors, LLC announced today that, at a joint special meeting of shareholders (the “Meeting”) of BlackRock Massachusetts Tax-Exempt Trust (NYSE: MHE), BlackRock MuniYield Arizona Fund, Inc. (NYSE: MZA), and BlackRock MuniYield Quality Fund, Inc. (NYSE: MQY), the requisite votes of shareholders of MQY have approved the reorganization of each of MHE, MZA, BlackRock Maryland Municipal Bond Trust (NYSE: BZM), BlackRock MuniYield Investment Fund (NYSE: MYF) and BlackRock MuniEnhanced Fund, Inc. (NYSE: MEN and collectively with BZM, MHE, MZA, MYF and MQY, the “Funds,” and each, a “Fund”) with and into MQY, with MQY continuing as the surviving Fund, and the transactions contemplated thereby (collectively, the “Reorganizations”), and the requisite votes of shareholders of MHE and MZA have approved the applicable Reorganization. Shareholders of each of BZM, MYF and MEN previously approved the applicable Reorganization at a joint special meeting of shareholders.

It is currently expected that the Reorganizations will be completed in the beginning of the second quarter of 2021, subject to the satisfaction of customary closing conditions. Each Reorganization, if completed, would occur based on the relative net asset values of the common shares of the applicable Funds. In addition, holders of Variable Rate Demand Preferred Shares (“VRDP Shares”) of each of MEN, BZM, MHE, MZA and MYF would receive on a one-for-one basis, newly issued VRDP Shares of MQY in an amount equal to the aggregate VRDP Share liquidation preference (including any accumulated and unpaid dividends) held by holders of MEN, BZM, MHE, MZA and MYF VRDP Shares, as applicable, immediately prior to the Reorganizations.

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.

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 | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.