BlackRock Announces Changes to Investment Policies for The Massachusetts Health & Education Tax-Exem
BlackRock Announces Changes to Investment Policies for The Massachusetts Health & Education Tax-Exempt Trust
NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC today announced that the Board of Trustees (the "Board") of The Massachusetts Health & Education Tax-Exempt Trust (NYSE MKT:MHE, the "Fund") recently approved a change to a non-fundamental investment policy of MHE.
As a result of this policy change, MHE will no longer restrict its investments to tax-exempt obligations issued on behalf of Massachusetts not-for-profit health and education institutions.
MHE's current and amended non-fundamental policy is as follows:
|Current Policy||Amended Policy|
|80% Policy With Respect to MA Health & Education Obligations||At least 80% of MHE's total assets must be invested in tax-exempt obligations issued on behalf of Massachusetts not-for-profit health and education institutions.||Remove Current Policy.|
The Board has taken this action in order to increase the flexibility of investments eligible for purchase by MHE. MHE will continue to maintain its other 80% policies, including (i) to invest at least 80% of its total assets in obligations that are deemed to be "investment grade" and (ii) to invest its assets so that, during any fiscal year, at least 80% of the income generated by the Trust will be exempt from regular Federal income taxes and Massachusetts personal income taxes and from the Federal alternative minimum tax.
MHE is required to provide shareholders 60 days' notice of a change to the non-fundamental investment policy described above. Accordingly, a notice describing the change discussed above will be mailed to shareholders of record as of June 10, 2013. No action is required by shareholders of MHE in connection with this change.
Upon the completion of the 60-day notice period, MHE's name will be changed to reflect this change in non-fundamental policy. MHE will continue to trade on the NYSE MKT under its current ticker symbol even after the name change becomes effective.
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 www.blackrock.com.
This press release, and other statements that BlackRock or the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund 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 Fund, 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 Fund or in the Fund's net asset value; (2) the relative and absolute investment performance of the 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 the 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 Fund with the Securities and Exchange Commission ("SEC") are accessible on the SEC's website at www.sec.govand 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.
KEYWORDS: United States North America New York
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