BlackRock Municipal Closed-End Funds Repurchased Over $160 Million of Shares in 2023

BlackRock Advisors, LLC (“BlackRock”) released today share repurchase activity for certain BlackRock-advised closed-end funds (the “Funds”) during the quarter ended September 30, 2023. The Funds have authorized open market share repurchase programs (the “Repurchase Programs”) pursuant to which each Fund may repurchase, through November 30, 2023, up to 5% of its outstanding common shares in open market transactions. 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. Below is a summary of share repurchase activity over this past quarter and since the inception of each Fund’s Repurchase Program:

• BlackRock repurchased over $160 million in BlackRock municipal closed-end fund (“CEF”) shares, leading to approximately $25 million in shares in NAV accretion in 2023 year to date.
• Since the initial Repurchase Program inception in 2016, BlackRock has repurchased over $1.1 billion in shares across the BlackRock CEF complex, leading to over $184 million in NAV accretion.

Below is a summary of share repurchase activity over this past quarter and since the inception of each Fund’s Repurchase Program:

Municipal CEFs

Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock California Municipal Income Trust	BFZ	34,606	$385,787	$47,791	-11.2%
BlackRock MuniHoldings California Quality Fund, Inc.	MUC	735,540	$7,647,378	$1,341,702	-15.1%
BlackRock MuniHoldings New Jersey Quality Fund, Inc.	MUJ	312,775	$3,398,237	$574,036	-14.7%
BlackRock MuniYield Michigan Quality Fund, Inc.	MIY	153,763	$1,650,642	$281,853	-14.9%
BlackRock MuniYield Pennsylvania Quality Fund	MPA	42,618	$474,751	$63,876	-12.1%
BlackRock Virginia Municipal Bond Trust	BHV	9,633	$96,541	$16,212	-14.4%
BlackRock New York Municipal Income Trust	BNY	122,952	$1,217,057	$211,284	-15.1%
BlackRock MuniHoldings New York Quality Fund, Inc.	MHN	158,889	$1,585,881	$272,214	-14.9%
BlackRock MuniYield New York Quality Fund, Inc.	MYN	221,503	$2,147,910	$362,206	-14.8%
BlackRock MuniVest Fund, Inc.	MVF	340,658	$2,236,420	$376,409	-14.7%
BlackRock MuniVest Fund II, Inc.	MVT	166,496	$1,685,265	$291,106	-14.9%
BlackRock Municipal Income Fund, Inc.	MUI	483,701	$5,309,379	$870,034	-14.3%
BlackRock MuniYield Quality Fund, Inc.	MQY	562,040	$6,282,246	$906,467	-12.9%
BlackRock MuniYield Quality Fund II, Inc.	MQT	161,131	$1,574,826	$251,602	-14.1%
BlackRock Municipal Income Trust II	BLE	349,645	$3,495,946	$583,128	-14.5%
BlackRock Municipal Income Quality Trust	BYM	207,486	$2,220,992	$329,675	-13.1%
BlackRock Investment Quality Municipal Trust Inc.	BKN	148,704	$1,641,023	$242,627	-13.0%
BlackRock MuniYield Fund, Inc.	MYD	320,004	$3,199,424	$532,652	-14.4%
BlackRock Municipal Income Trust	BFK	395,136	$3,815,411	$646,636	-14.7%
BlackRock MuniYield Quality Fund III, Inc.	MYI	555,665	$5,829,800	$894,539	-13.5%
BlackRock MuniHoldings Quality Fund II, Inc.	MUE	240,199	$2,269,264	$397,475	-15.0%
BlackRock MuniHoldings Fund, Inc.	MHD	425,427	$4,779,984	$808,797	-14.7%
BlackRock MuniAssets Fund, Inc.	MUA	88,775	$826,505	$110,860	-12.3%

Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock California Municipal Income Trust	BFZ	1,663,310	$19,512,332	$3,071,465	-13.6%
BlackRock MuniHoldings California Quality Fund, Inc.	MUC	2,621,333	$28,301,909	$4,494,148	-14.2%
BlackRock MuniHoldings New Jersey Quality Fund, Inc.	MUJ	1,106,333	$12,552,142	$1,940,909	-14.0%
BlackRock MuniYield Michigan Quality Fund, Inc.	MIY	476,746	$5,370,544	$866,490	-14.3%
BlackRock MuniYield Pennsylvania Quality Fund	MPA	367,579	$4,241,328	$645,345	-12.9%
BlackRock Virginia Municipal Bond Trust	BHV	15,392	$157,923	$25,966	-14.2%
BlackRock New York Municipal Income Trust	BNY	401,087	$4,053,212	$692,198	-14.4%
BlackRock MuniHoldings New York Quality Fund, Inc.	MHN	704,554	$7,171,483	$1,121,240	-13.9%
BlackRock MuniYield New York Quality Fund, Inc.	MYN	1,005,789	$9,915,953	$1,549,492	-13.9%
BlackRock MuniVest Fund, Inc.	MVF	1,030,405	$6,903,752	$1,064,057	-13.8%
BlackRock MuniVest Fund II, Inc.	MVT	392,282	$4,085,532	$649,784	-14.0%
BlackRock Municipal Income Fund, Inc.	MUI	1,348,660	$15,345,720	$2,284,385	-13.4%
BlackRock MuniYield Quality Fund, Inc.	MQY	1,012,460	$11,476,304	$1,617,081	-12.6%
BlackRock MuniYield Quality Fund II, Inc.	MQT	339,561	$3,397,997	$512,709	-13.5%
BlackRock Municipal Income Trust II	BLE	833,204	$8,560,298	$1,325,686	-13.9%
BlackRock Municipal Income Quality Trust	BYM	330,309	$3,599,426	$514,021	-12.7%
BlackRock Investment Quality Municipal Trust Inc.	BKN	376,081	$4,187,507	$591,719	-12.8%
BlackRock MuniYield Fund, Inc.	MYD	749,894	$7,737,267	$1,185,618	-13.7%
BlackRock Municipal Income Trust	BFK	877,427	$8,609,992	$1,405,305	-14.3%
BlackRock MuniYield Quality Fund III, Inc.	MYI	1,020,790	$10,891,959	$1,598,590	-13.0%
BlackRock MuniHoldings Quality Fund II, Inc.	MUE	437,902	$4,200,900	$709,986	-14.5%
BlackRock MuniHoldings Fund, Inc.	MHD	887,327	$10,165,532	$1,650,197	-14.1%
BlackRock MuniAssets Fund, Inc.	MUA	88,775	$826,505	$110,860	-12.3%

Equity CEFs

Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock Health Sciences Term Trust	BMEZ	1,515,753	$22,384,628	$4,276,401	-15.7%
BlackRock Innovation and Growth Term Trust	BIGZ	2,490,297	$17,319,181	$3,938,979	-19.0%
BlackRock Science and Technology Term Trust	BSTZ	845,159	$14,060,665	$3,213,653	-19.1%
BlackRock Resources & Commodities Strategy Trust	BCX	1,000,736	$9,420,661	$1,398,013	-13.2%
BlackRock Enhanced International Dividend Trust	BGY	660,810	$3,485,985	$497,831	-12.9%
BlackRock Enhanced Global Dividend Trust	BOE	351,426	$3,476,988	$534,150	-13.6%
BlackRock Energy and Resources Trust	BGR	214,134	$2,727,745	$361,972	-12.1%

Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock Innovation and Growth Term Trust	BIGZ	18,909,732	$176,860,365	$35,473,427	-18.5%
BlackRock Health Sciences Term Trust	BMEZ	6,155,567	$95,748,350	$17,702,027	-15.6%
BlackRock Science and Technology Term Trust	BSTZ	2,467,361	$41,616,419	$8,535,673	-16.7%
BlackRock Energy and Resources Trust	BGR	2,211,550	$22,631,112	$3,118,124	-12.3%
BlackRock Enhanced Equity Dividend Trust	BDJ	2,974,888	$23,626,347	$2,641,607	-10.1%
BlackRock Enhanced Global Dividend Trust	BOE	7,603,259	$77,598,471	$10,349,962	-12.2%
BlackRock Enhanced International Dividend Trust	BGY	9,274,687	$49,389,567	$6,386,285	-11.9%
BlackRock Resources & Commodities Strategy Trust	BCX	14,201,774	$116,163,619	$16,914,856	-13.1%
BlackRock Science and Technology Trust	BST	136,367	$2,799,570	$284,111	-9.1%

Multi-Asset CEFs

Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock Capital Allocation Term Trust	BCAT	673,184	$9,718,056	$1,515,672	-13.8%
BlackRock ESG Capital Allocation Term Trust	ECAT	489,120	$7,268,837	$1,090,235	-13.4%

Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock Capital Allocation Term Trust	BCAT	5,127,654	$78,243,175	$13,254,684	-15.3%
BlackRock ESG Capital Allocation Term Trust	ECAT	3,814,731	$54,526,808	$10,776,340	-16.7%

Fixed Income CEFs

Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:

No Repurchase this quarter.

Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:

Fund Name	Ticker	Number of Shares Repurchased	Total Amount of Shares Repurchased	Total Amount of NAV Accretion	Average Discount on Days Repurchased
BlackRock Corporate High Yield Fund, Inc.	HYT	4,695,612	$48,249,031	$6,328,699	-11.8%
BlackRock Credit Allocation Income Trust	BTZ	4,222,616	$52,321,626	$7,126,080	-12.1%
BlackRock Debt Strategies Fund, Inc.	DSU	4,887,450	$54,871,336	$5,651,691	-9.7%
BlackRock Floating Rate Income Strategies Fund, Inc.	FRA	2,000,291	$24,605,346	$3,520,574	-12.8%
BlackRock Floating Rate Income Trust	BGT	1,361,673	$15,886,943	$2,250,227	-12.4%
BlackRock Income Trust, Inc.	BKT	145,423	$854,488	$79,581	-8.7%
BlackRock Limited Duration Income Trust	BLW	1,341,749	$19,494,225	$2,522,574	-11.4%
BlackRock Multi-Sector Income Trust	BIT	884,028	$14,722,265	$1,722,801	-10.5%

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 Repurchase Program will be made on a national securities exchange at the prevailing market price, subject to exchange requirements and certain volume and timing limitations and other regulations under federal securities laws.

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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.

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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 a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund 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 Fund 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 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 BlackRock’s website is not a part of this press release.

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