BlackRock Announces Changes to Names for Certain of its Closed-End Funds
14 November 2009 - 1:05AM
Business Wire
BlackRock Advisors, LLC today announced that the Boards of
Directors/Trustees of BlackRock Preferred and Corporate Income
Strategies Fund, Inc. (NYSE:PSW), BlackRock Preferred Income
Strategies Fund, Inc. (NYSE:PSY), BlackRock Preferred Opportunity
Trust (NYSE:BPP) and BlackRock Preferred and Equity Advantage Trust
(NYSE:BTZ) (collectively, the “Funds”) recently approved a name
change for each of the Funds. The name changes were made in
connection with the changes to certain non-fundamental investment
policies of the Funds that were previously announced on September
4, 2009. The name changes are as follows:
Prior Name
Ticker New Name BlackRock Preferred and
Corporate Income Strategies Fund, Inc. PSW BlackRock
Credit Allocation Income Trust I, Inc. BlackRock Preferred Income
Strategies Fund, Inc. PSY BlackRock Credit Allocation
Income Trust II, Inc. BlackRock Preferred Opportunity Trust
BPP BlackRock Credit Allocation Income Trust III BlackRock
Preferred and Equity Advantage Trust BTZ BlackRock
Credit Allocation Income Trust IV
Pursuant to the changes announced on September 4, 2009, the
Funds will no longer focus their investments primarily on preferred
securities. Instead, each Fund will transition into a portfolio
investing in a broader spectrum of securities across the capital
structure. With regard to BTZ, the Fund will no longer invest a
substantial portion of its assets in equity securities, nor will it
utilize an option-writing strategy. Please refer to the September 4
press release for additional details regarding each Fund’s change
to its investment strategy.
As disclosed in its prospectus, each Fund was required to
provide shareholders 60 days notice of a change to its current
non-fundamental policy with respect to investing in preferred
securities. This 60 day notice period ends on November 13, 2009,
after which BlackRock anticipates that it will gradually reposition
the Funds’ portfolios over time, and that during such period, each
Fund may continue to hold a substantial portion of its assets in
preferred securities. At this time, it is uncertain how long the
repositioning may take, and the Funds may continue to be subject to
risks associated with investing a substantial portion of their
assets in preferred securities until the repositioning is complete.
The Funds will continue to trade on the New York Stock Exchange
under their current ticker symbols.
About BlackRock
BlackRock is one of the world’s largest publicly traded
investment management firms. At September 30, 2009, BlackRock’s
assets under management were $1.435 trillion. The firm manages
assets on behalf of institutions and individuals worldwide through
a variety of equity and balanced, fixed income, cash management,
alternative investment and advisory products. In addition, a
growing number of institutional investors use BlackRock Solutions
investment system, risk management and financial advisory services.
Headquartered in New York City, as of September 30, 2009, the firm
has approximately 5,000 full-time employees in 21 countries and a
major presence in key global markets, including the United States,
Europe, Asia, Australia and the Middle East. For additional
information, please visit the firm’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
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 each Fund, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
Fund’s net asset value; (2) the performance of the Fund’s
investments; (3) the impact of increased competition; (4) the
extent and timing of any distributions or share repurchases; (5)
the impact of legislative and regulatory actions and reforms and
regulatory, supervisory or enforcement actions of government
agencies relating to the Fund or BlackRock, as applicable; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds with the Securities and Exchange Commission (“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 our website is not a part of this press release.
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