BlackRock Multi-State Municipal Series Trust has announced a significant update regarding its fee structure, which is set to take effect on April 6, 2027. This change will transition the fund to a unitary administration fee structure, simplifying the cost model for investors. The move is designed to enhance transparency and efficiency in the fund's operations, aligning with growing industry trends towards clearer fee disclosures.

The fund will enter into a new administration agreement with BlackRock Advisors, LLC, which will provide administration services and cover all expenses incurred by the fund, with some exceptions. Under this new agreement, the trust will pay BlackRock a fee based on the share class, ranging from 0.06% to 0.14%.

Background

BlackRock Multi-State Municipal Series Trust is an investment trust based in Wilmington, Delaware. It focuses on municipal securities and offers various share classes, including Institutional and Investor shares. The trust operates under the Central Index Key (CIK) number 0000774013 and has undergone several name changes in its history, with the most recent being in December 2005.

What the Filing Says

The recent filing, dated October 28, 2026, outlines the approved changes by the Board of Trustees, stating, "The Fund will convert to a unitary administration fee structure by entering into a new administration agreement." The filing also mentions adjustments to the existing investment management agreement, which will now exclude administrative services and adjust management fee rates based on asset levels.

Impact

This change may significantly affect current and prospective investors in the BlackRock Multi-State Municipal Series Trust. By simplifying the fee structure, the trust aims to attract a broader investor base while potentially influencing competitors in the investment management sector to evaluate their own fee arrangements.

What's Next

The filing does not specify what happens next following this change in fee structure.