BlackRock Multi-State Municipal Series Trust has announced a significant change to its fee structure, moving to a unitary administration fee model. This decision, effective on or about April 6, 2027, is designed to streamline operations and potentially enhance the appeal of its investment offerings.

The Trust's Board of Trustees approved this change, which will see the Fund enter into a new administration agreement with BlackRock Advisors, LLC. Under this agreement, BlackRock will provide administration services and cover all expenses incurred by the Fund, excluding certain specified costs. The new fee structure will include rates of 0.14% for Institutional Shares, 0.12% for Investor A Shares, 0.11% for Investor A1 Shares, 0.12% for Investor C Shares, and 0.06% for Class K Shares.

Background

BlackRock Multi-State Municipal Series Trust, incorporated in Massachusetts, is an investment trust that focuses on municipal securities. The Trust operates under the Central Index Key (CIK) 0000774013 and has undergone several name changes in its history, the most recent being from Merrill Lynch Multi-State Municipal Series Trust in December 2005. The Trust's fiscal year ends on July 31.

What the Filing Says

The recent filing details the changes to the Fund's fee structure, stating, "The Fund will convert to a unitary administration fee structure by entering into a new administration agreement with the Fund's administrator, BlackRock Advisors, LLC." It also mentions the adjustments to the existing investment management agreement to remove the provision of administrative services and adjust the management fee schedule.

Impact

This change may affect various stakeholders, including current and potential investors in the BlackRock New York Municipal Opportunities Fund. By simplifying the fee structure, the Trust aims to make its investment products more attractive, potentially increasing investor interest and participation.

What's Next

The filing does not specify what happens next regarding the implementation of these changes, but stakeholders are advised to monitor future updates from the Trust.

Source: SEC Filing Accession Number 0001193125-26-441397