Certain Closed-End Funds Announce Renewal of Share Repurchase Programs

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Sep 29, 2020
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BlackRock Advisors, LLC announced today that the Boards of Directors/Trustees of sixty two 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, 2020, up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2019) in open market transactions. Pursuant to the Board’s renewal of the Repurchase Programs, commencing on December 1, 2020, each Fund may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2020) in open market transactions through November 30, 2021. 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.