BlackRock today announced the release of quarterly fund commentaries for BlackRock Innovation and Growth Term Trust (NYSE: BIGZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), and BlackRock 2037 Municipal Target Term Trust (NYSE: BMN) (the “Trusts”) for the second quarter of 2023. Use the links provided below to learn more about each Trust’s performance and current positioning.
BlackRock also released its quarterly update of Private investments with BlackRock Closed-End Funds. Learn how certain BlackRock closed-end funds are taking advantage of the closed-end fund structure and democratizing access to private companies for investors.
Second Quarter Fund Commentaries
BlackRock Innovation and Growth Term Trust (BIGZ): BIGZ invests in innovative small- and mid-cap public and private companies along with deploying a tactical single-stock option-writing strategy to generate income and potentially reduce volatility.
BIGZ Commentary
BlackRock Science and Technology Term Trust (BSTZ): BSTZ invests in the technology sector by blending “next generation” technology stocks and private investments with a tactical single-stock option-writing strategy to generate income and potentially reduce volatility.
BSTZ Commentary
BlackRock Health Sciences Term Trust (BMEZ): BMEZ invests in the healthcare sector by blending “next generation” healthcare stocks and private investments along with a tactical single-stock option-writing strategy to generate income and potentially reduce volatility.
BMEZ Commentary
BlackRock Capital Allocation Term Trust (BCAT): BCAT takes an unconstrained approach with the ability to invest in public and private markets across different asset classes to generate income.
BCAT Commentary
BlackRock ESG Capital Allocation Term Trust (ECAT): ECAT takes an unconstrained approach with an ESG focus and has the ability to invest in public and private markets across different asset classes to generate income.
ECAT Commentary
BlackRock 2037 Municipal Target Term Trust (BMN): BMN invests in a portfolio of municipal securities with the objectives of providing current income that is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and returning $25 per common share (the initial public offering price per common share) to holders of common shares on or about September 30, 2037. 1
BMN Commentary
1 The Trust will terminate on or about September 30, 2037 in accordance with the terms of its Amended and Restated Agreement and Declaration of Trust, unless (i) a majority of the Board of Trustees of the Trust (the “Board") and 75% of the outstanding shares of the Trust approve an amendment to the Trust’s Amended and Restated Agreement and Declaration of Trust to extend the Trust’s termination date or (ii) 80% of the Trust’s Board approves an earlier termination date. The Trust seeks to return $25.00 per common share (the initial public offering price per common share) to holders of common shares on or about September 30, 2037. The Trust’s limited term may cause it to sell securities when it otherwise would not, which could cause the Trust’s returns to decrease and the market price and/or net asset value of the common shares to fall. As the Trust approaches its termination date, BlackRock Advisors, LLC (the “Advisor”) may need to reinvest the proceeds from sold, matured or called securities into securities with shorter maturity dates and lower yields, or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust or the Trust’s ability to maintain its dividend.
For more information on BlackRock’s closed-end funds, please visit www.blackrock.com/CEF
Carefully consider each Trust’s investment objective, risk factors, and charges and expenses before investing. This and other information can be found in each Trust’s shareholder report which may be obtained by visiting the SEC Edgar database. Read the shareholder report carefully before investing.
Investing involves risk, including possible loss of principal.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
Restricted and Illiquid Investments Risk. The Trusts may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trusts may not be able to readily dispose of such investments at prices that approximate those at which the Trusts could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trusts may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trusts’ NAV and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
About BlackRock
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Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts 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 Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts 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 a Trust may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Trust’s 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 Trusts, 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 Trusts or in a Trust’s net asset value; (2) the relative and absolute investment performance of a Trust and its 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 a Trust 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 Trusts 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 Trusts. The information contained on BlackRock’s website is not a part of this press release.
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