BlackRock Announces Special Distributions Related to the Reorganization of Six Municipal Closed-End Funds

BlackRock Advisors, LLC today announced the declaration of a special distribution for BlackRock Maryland Municipal Bond Trust (NYSE: BZM), BlackRock Massachusetts Tax-Exempt Trust (NYSE: MHE), BlackRock MuniYield Arizona Fund, Inc. (NYSE: MZA), BlackRock MuniYield Investment Fund (NYSE: MYF), BlackRock MuniEnhanced Fund, Inc. (NYSE: MEN) and BlackRock MuniYield Quality Fund, Inc. (NYSE: MQY and collectively with BZM, MHE, MZA, MYF and MEN, the “Funds,” and each, a “Fund”) in connection with the reorganizations of BZM, MHE, MZA, MYF, and MEN into MQY, with MQY continuing (the “Combined Fund”) as the surviving Fund (the “Reorganizations”).

With respect to each of the Funds, the special distribution declared today represents undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain status as a regulated investment company and to avoid the imposition of a corporate level income tax, each of BZM, MHE, MZA, MYF, and MEN are required to declare a distribution of all net investment income prior to the consummation of the Reorganizations as described below. Other than the special distribution announced today, BZM, MHE, MZA, MYF, and MEN will declare no further distributions prior to or following the Reorganizations. As this special distribution includes all net investment income earned by each Fund in earlier periods and not previously distributed, it is not indicative of the amount of the Combined Fund’s future monthly distributions.

BZM, MHE, MZA, MYF, and MEN are declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021 and the record date is April 8, 2021. Accordingly, persons who are holders of record of BZM, MHE, MZA, MYF, or MEN common shares on April 8, 2021 should expect to receive the distribution. The distribution payable to shareholders of BZM, MHE, MZA, MYF, or MEN will be paid in cash. Common shares of BZM, MHE, MZA, MYF, or MEN acquired after April 6^th, 2021 will not be entitled to the distribution.

MQY is declaring a special distribution that will be payable on May 3, 2021. The ex-dividend date for the distribution is April 7, 2021, and the record date is April 8, 2021. Accordingly, persons who are holders of record of MQY common shares on April 8, 2021 should expect to receive the distribution. Common shares of MQY acquired after April 6^th, 2021 will not be entitled to the distribution.