NEW YORK -- (Business Wire)
BlackRock Advisors, LLC announced today that the Boards of Directors/Trustees of fifty BlackRock municipal, taxable fixed income, equity, and multi-asset closed-end funds (the "Funds") have authorized the renewal of open market share repurchase programs (the "Repurchase Programs"). Under each Fund's current Repurchase Program, each Fund may repurchase, through November 30, 2022, up to 5% of its outstanding common shares (based on common shares outstanding on November 18, 2021 or November 30, 2021, as applicable for each Fund)1 in open market transactions. Pursuant to the Boards' renewal of the Repurchase Programs, commencing on December 1, 2022, each Fund may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2022) in open market transactions through November 30, 2023. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value ("NAV") per share, which could result in incremental accretion to a Fund's NAV. The Boards have authorized the renewal of a Repurchase Program for the following Funds:
BlackRock California Municipal Income Trust
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Long-Term Municipal Advantage Trust
BlackRock Municipal Income Fund, Inc.
BlackRock MuniAssets Fund, Inc.
BlackRock Municipal Income Quality Trust
BlackRock Municipal Income Trust
BlackRock Municipal Income Trust II
BlackRock MuniHoldings California Quality Fund, Inc.
BlackRock MuniHoldings Fund, Inc.
BlackRock MuniHoldings New Jersey Quality Fund, Inc.
BlackRock MuniHoldings New York Quality Fund, Inc.
BlackRock MuniHoldings Quality Fund II, Inc.
BlackRock MuniVest Fund, Inc.
BlackRock MuniVest Fund II, Inc.
BlackRock MuniYield Fund, Inc.
BlackRock MuniYield Michigan Quality Fund, Inc.
BlackRock MuniYield New York Quality Fund, Inc.
BlackRock MuniYield Pennsylvania Quality Fund
BlackRock MuniYield Quality Fund, Inc.
BlackRock MuniYield Quality Fund II, Inc.
BlackRock MuniYield Quality Fund III, Inc.
BlackRock New York Municipal Income Trust
BlackRock Virginia Municipal Bond Trust
BlackRock Municipal 2030 Target Term Trust
Taxable Fixed Income Funds
BlackRock Taxable Municipal Bond Trust
BlackRock Core Bond Trust
BlackRock Corporate High Yield Fund, Inc.
BlackRock Credit Allocation Income Trust
BlackRock Enhanced Government Fund, Inc.
BlackRock Floating Rate Income Strategies Fund, Inc.
BlackRock Floating Rate Income Trust
BlackRock Income Trust, Inc.
BlackRock Limited Duration Income Trust
BlackRock Multi-Sector Income Trust
BlackRock Debt Strategies Fund, Inc.
BlackRock Energy and Resources Trust
BlackRock Enhanced Capital and Income Fund, Inc.
BlackRock Enhanced Equity Dividend Trust
BlackRock Enhanced Global Dividend Trust
BlackRock Health Sciences Trust
BlackRock Health Sciences Trust II
BlackRock Enhanced International Dividend Trust
BlackRock Resources & Commodities Strategy Trust
BlackRock Science and Technology Trust
BlackRock Science and Technology Trust II
BlackRock Utilities, Infrastructure & Power Opportunities Trust
BlackRock Innovation & Growth Trust
BlackRock Capital Allocation Trust
BlackRock ESG Capital Allocation Trust
The amount and timing of any repurchases under each Fund's Repurchase Program will be determined either at the discretion of the Fund's management or pursuant to predetermined parameters and instructions subject to market conditions. There is no assurance that any Fund will repurchase shares in any particular amounts. A Fund's repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. Any repurchases made under any Fund Repurchase Program will be made on a national security exchange at the prevailing market price, subject to exchange requirements and certain volume and timing limitations and other regulations under federal securities laws.
1 Based on common shares outstanding on November 18, 2021 for BlackRock Municipal 2030 Target Term Trust (NYSE:BTT), BlackRock Science and Technology Trust II (NYSE:BSTZ), BlackRock Health Sciences Trust II (NYSE: BMEZ), Blackrock Innovation and Growth Trust (NYSE:BIGZ), Blackrock Capital Allocation Trust (NYSE:BCAT), and BlackRock ESG Capital Allocation Trust (NYSE: ECAT). Based on common shares outstanding on November 30, 2021 for all Funds other than BTT, BSTZ, BMEZ, BIGZ, BCAT, and ECAT.
2 On September 8, 2022, BlackRock Income Trust (NYSE: BKT) announced a 1-for -3 reverse stock split effective prior to the open of trading on the New York Stock Exchange on October 18, 2022. Shares of the Fund's common stock will continue trading on the NYSE under its existing ticker symbol (NYSE:BKT), but will be assigned a new CUSIP number: 09247F209.
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 | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this release.
This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds' 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 Funds, 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 Funds or in the Funds' net asset values; (2) the relative and absolute investment performance of the Funds and their 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 and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics 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 Funds with the SEC are accessible on the SEC's website atwww.sec.gov and on BlackRock's website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock's website is not a part of this press release.
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Source: BlackRock Closed-End Funds
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