Certain Closed-End Funds Announce Renewal of Share Repurchase Programs

BY Business Wire | MUNICIPAL | 09/27/21 06:00 PM EDT

NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC announced today that the Boards of Directors/Trustees of forty eight BlackRock municipal, taxable fixed income, and equity 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, 2021, up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2020) in open market transactions. Pursuant to the Boards? renewal of the Repurchase Programs, commencing on December 1, 2021, each Fund may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2021) in open market transactions through November 30, 2022. 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:

Municipal Funds

Ticker (NYSE)

Fund

CUSIP

BFZ

BlackRock California Municipal Income Trust (BFZ)

09248E102

BKN

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

09247D105

BTA

BlackRock Long-Term Municipal Advantage Trust (BTA)

09250B103

MUI

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

09253X102

MUA

BlackRock MuniAssets Fund, Inc. (MUA)

09254J102

BYM

BlackRock Municipal Income Quality Trust (BYM)

092479104

BFK

BlackRock Municipal Income Trust (BFK)

09248F109

BLE

BlackRock Municipal Income Trust II (BLE)

09249N101

MUC

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

09254L107

MHD

BlackRock MuniHoldings Fund, Inc. (MHD)

09253N104

MFL

BlackRock MuniHoldings Investment Quality Fund (MFL)

09254P108

MUJ

BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)

09254X101

MHN

BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)

09255C106

MUE

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

09254C107

MVF

BlackRock MuniVest Fund, Inc. (MVF)

09253R105

MVT

BlackRock MuniVest Fund II, Inc. (MVT)

09253T101

MYC

BlackRock MuniYield California Fund, Inc. (MYC)

09254M105

MCA

BlackRock MuniYield California Quality Fund, Inc. (MCA)

09254N103

MYD

BlackRock MuniYield Fund, Inc. (MYD)

09253W104

MIY

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

09254V105

MYJ

BlackRock MuniYield New Jersey Fund, Inc. (MYJ)

09254Y109

MYN

BlackRock MuniYield New York Quality Fund, Inc. (MYN)

09255E102

MPA

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

09255G107

MQY

BlackRock MuniYield Quality Fund, Inc. (MQY)

09254F100

MQT

BlackRock MuniYield Quality Fund II, Inc. (MQT)

09254G108

MYI

BlackRock MuniYield Quality Fund III, Inc. (MYI)

09254E103

BNY

BlackRock New York Municipal Income Trust (BNY)

09248L106

BHV

BlackRock Virginia Municipal Bond Trust (BHV)

092481100

Taxable Fixed Income Funds

Ticker (NYSE)

Fund

CUSIP

BBN

BlackRock Taxable Municipal Bond Trust (BBN)

09248X100

BHK

BlackRock Core Bond Trust (BHK)

09249E101

HYT

BlackRock Corporate High Yield Fund, Inc. (HYT)

09255P107

BTZ

BlackRock Credit Allocation Income Trust (BTZ)

092508100

EGF

BlackRock Enhanced Government Fund, Inc. (EGF)

09255K108

FRA

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

09255X100

BGT

BlackRock Floating Rate Income Trust (BGT)

091941104

BKT

BlackRock Income Trust, Inc. (BKT)

09247F100

BLW

BlackRock Limited Duration Income Trust (BLW)

09249W101

BIT

BlackRock Multi-Sector Income Trust (BIT)

09258A107

DSU

BlackRock Debt Strategies Fund, Inc.

09255R202

Equity Funds

Ticker (NYSE)

Fund

CUSIP

BGR

BlackRock Energy and Resources Trust (BGR)

09250U101

CII

BlackRock Enhanced Capital and Income Fund, Inc. (CII)

09256A109

BDJ

BlackRock Enhanced Equity Dividend Trust (BDJ)

09251A104

BOE

BlackRock Enhanced Global Dividend Trust (BOE)

092501105

BME

BlackRock Health Sciences Trust (BME)

09250W107

BGY

BlackRock Enhanced International Dividend Trust (BGY)

092524107

BCX

BlackRock Resources & Commodities Strategy Trust (BCX)

09257A108

BST

BlackRock Science and Technology Trust (BST)

09258G104

BUI

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

09248D104

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.

About BlackRock

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.

Forward-Looking Statements

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, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, 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 at www.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.

Source: BlackRock Closed-End Funds

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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