(Source: Business Wire)
BlackRock, Inc. today announced that its Closed-End Fund Board of Directors/Trustees (the "Board") has recently approved changes to certain non-fundamental investment policies for each of BlackRock Preferred Income Strategies Fund (NYSE: PSY), BlackRock Preferred & Corporate Income Strategies Fund (NYSE: PSW), BlackRock Preferred Opportunity Trust (NYSE: BPP) and BlackRock Preferred & Equity Advantage Trust (NYSE: BTZ) (collectively, the "Funds"). As a result of these policy changes, the Funds will no longer focus their investments primarily on preferred securities. Instead, each Fund will transition into portfolios 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.
The Funds' current and amended non-fundamental policies are as follows:
Non-Fundamental Investment Policy with Respect to Preferred Securities Ticker Current Amended (same for all Funds) PSY Under normal market conditions, at least 80% of the Fund's total assets will be invested in preferred securities. Under normal market conditions, at least 80% of the Fund's total assets will be invested in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds, bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. PSW Under normal market conditions, at least 80% of the Fund's total assets will be invested in a portfolio of preferred securities and corporate debt securities. Under normal market conditions, the Fund will invest at least 65% of its total assets in preferred securities and may invest up to 35% of its total assets in debt securities.
