Only time will tell. Closed structure allows for greater flexibility in the types of investment strategies that can be used and helps portfolio managers stay invested for the longterm without forced selling. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower. Carbon Transition Readiness ETF, BlackRock World ex U.S. The CEF also utilizes high leverage of about 31.1%. The performance quoted represents past performance and does not guarantee future results. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%. Published 13 April 22. stocks Volatility Doesnt Have to Spell Retirement Planning Trouble, Who is Required to File a Tax Return, and Who Isn't, The Best REIT Stocks to Buy Now (or Hold), Biden's Inflation Reduction Act: Investing Winners and Losers, 12 REITs Flaunting Fast-Growing Dividends, The 10 Best European Stocks for 2022 and Beyond. Well, as a closed-end fund, ClearBridge Energy Midstream Opportunity doesn't have these issues. Learn why its important to consider total return when evaluating a closed-end funds performance. (opens in new tab), Best Dividend Stocks You Can Count On in 2023. New York, * Includes 0.62% in management fees, 0.04% in other expenses and 0.51% in interest expenses. Wed like to share more about how we work and what drives our day-to-day business. In such instances, the relevant share class-specific fee is applied to the synthetic, pre-inception performance to show how the share class would have performed had it existed over the time period shown. 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 BlackRocks website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The Fund also includes an option overlay strategy; ESG factors are not considered in the investment process for the options overlay strategy. Each of these funds trades at a reasonable discount to NAV and offers a yield that's at least competitive, if not downright extravagant. Explore our experts latest insights on the closed-end fund market. One potential beneficiary in 2023 is the First Trust Dynamic Europe Equity Income Fund (FDEU (opens in new tab), $12.44). The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock). Land and building prices tend to at least keep pace with inflation over time, and commercial rental contracts will generally have rent escalators that will rise. Fixed Income Balanced Risk Factor ETF, BlackRock Short Maturity Municipal Bond ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares Emerging Markets Equity Factor ETF, iShares International Small-Cap Equity Factor ETF, iShares Currency Hedged MSCI United Kingdom ETF, iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF, iShares Total U.S. Stock Market Index Fund, BlackRock Sustainable Advantage Large Cap Core Fund, iShares Core International Aggregate Bond ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares International Dividend Growth ETF, iShares ESG Advanced High Yield Corporate Bond ETF, BlackRock Sustainable Advantage CoreAlpha Bond Fund, iShares MSCI USA Small-Cap Min Vol Factor ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares Core MSCI International Developed Markets ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, BlackRock GA Disciplined Volatility Equity Fund, BlackRock Sustainable Emerging Markets Bond Fund, iShares ESG Aware 1-5 Year USD Corporate Bond ETF, iShares MSCI Emerging Markets ex China ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares U.S. Tech Independence Focused ETF, iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, BlackRock College Advantage 529 - College, iShares Robotics and Artificial Intelligence Multisector ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares ESG Aware U.S. How we use your information depends on the product and service that you use and your relationship with us. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. October 05, 2022 04:30 PM Eastern Daylight Time. BLACKROCK and BUILD ON BLACKROCK are registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. may trade at a premium to NAV but often trade at a discount. But the fund also has exposure to preferred stock (3.4% of the portfolio) and bonds (4.7%), as well as a few smaller positions in other assets. Related Quotes. This and other information can be found in the Funds' prospectuses which may be obtained by visiting the SEC Edgar database. The name changes . That means we're getting a massive discount on an already cheap sector. Review the MSCI methodology behind the Business Involvement metrics, using links below. So if you buy one at a discount and hold until liquidation, you should benefit handsomely as that discount narrows. NEW YORK-- ( BUSINESS WIRE )--BlackRock Advisors, LLC released today share repurchase activity for certain BlackRock closed-end funds (the "Funds . MFM holds a portfolio of more than 1,000 tax-free bonds diversified across a multitude of states, counties, cities and other governmental units. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. The chart assumes Fund expenses, including management fees and other expenses were deducted. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. CEF prices are set by the market the same way a share of Apple (AAPL (opens in new tab)) or Amazon.com (AMZN (opens in new tab)) would be, but that price can vary wildly from the value of the assets the fund holds. The market changed last year, however, as the Fed's pivot to a more hawkish monetary policy drove investors out of flashy growth stocks and into more staid value names. Net asset value (NAV) is the value of all fund assets, less liabilities divided by the number of shares outstanding. The closing price and net asset value (NAV) of a funds shares will fluctuate with market conditions. And there's an inflation angle as well. BlackRock Closed-End Funds 1-800-882-0052. * Includes 1.41% in management fees, 0.33% in additional expenses, 1.34% in interest expenses and 0.01% in income tax expenses. Gold has been trending higher since November, and if the dollar is potentially starting a multi-year bear market, then gold's rise could be just starting. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. Charles Lewis Sizemore, CFA is the Chief Investment Officer of Sizemore Capital Management LLC, a registered investment advisor based in Dallas, Texas, where he specializes in dividend-focused portfolios and in building alternative allocations with minimal correlation to the stock market. Speaking of energy, good old fashioned oil stocks were some of the best performers in 2022 and the energy sector entered 2023 with strong momentum. BlackRock Corporate High Yield Fund, Inc. BlackRock Floating Rate Income Strategies Fund, Inc. Learn more about EMO at the Clearbridge provider site. Published 16 December 22. Business Involvement metrics are not indicative of a funds investment objective, and, unless otherwise stated in fund documentation and included within a funds investment objective, do not change a funds investment objective or constrain the funds investable universe. CEF shares are bought and sold at market price determined by competitive bidding on the stock exchange. Following the dot-com crash of 2000-2002, European stocks performed exceptionally well as investors fled the growth-centric U.S. market and rotated into the more value-centric European markets. When you purchase through links on our site, we may earn an affiliate commission. There is no assurance that any Fund will repurchase shares in any particular amounts. That's fantastic news for anyone looking to buy today. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. Investment return, price, yields and NAV will fluctuate with changes in market conditions. Mr. Menge began his investment career in 2001 at Credit Suisse First Boston as an analyst for fixed income sales. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Periods of such market dislocation may occur again at any time. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. The starting NAV for the NAV performance chart reflects a deduction of the sales charge from the initial public offering price. Copyright 2023 Morningstar, Inc. All rights reserved. Distributions can be a combination of dividends, interest income, realized capital gains and return of capital. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November . Listed CEFs can offer intra-day liquidity. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. Performance shown for certain share classes of certain funds is synthetic, pre-inception performance leveraging the performance of a different share class of the fund. But that's where the similarities stop. They often trade at deep discounts to NAV, can persist like that for years, and nothing seems to shake them out of that rut. Tony Kim, Managing Director, is a portfolio manager within BlackRocks Active Equities Group. In such instances, the relevant share class-specific fee is applied to the synthetic, pre-inception performance to show how the share class would have performed had it existed over the time period shown. Unlike open end funds, closed end funds trade on an exchange at a price which is often a discount to their net asset value (NAV). For more information regarding a fund's investment strategy, please see the fund's prospectus. BlackRocks purpose is to help more and more people experience financial well-being. Announces Management Fee . A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Funds distributions should be reported for federal income tax purposes. And herein lies the appeal of term funds. Visit our corporate site. Learn more about ETG at the Eaton Vance provider site. Source: Lipper. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. That's a high yield for a blue-chip stock fund. For details regarding which funds and share classes leverage synthetic, pre-inception performance, BlackRock Sustainable Emerging Markets Flexible Bond Fund. The amount and timing of any repurchases under each Funds Repurchase Program will be determined either at the discretion of the Funds management or pursuant to predetermined parameters and instructions subject to market conditions. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Yet even after a good run, energy stocks are still attractively priced. This Years Top-Performing Growth Funds Cant Erase Longer-Term Losses, Markets Brief: Brace Yourself for the Worst Quarterly Earnings Season in Three Years, 5 Things for All Investors to Watch in Q1 Bank Earnings, March CPI Report Shows Inflation Cooling Off, but Its Still Too Hot for the Fed. BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. All else equal, this should benefit European stocks, as European stock markets tend to be full of older, more traditional value stocks. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. CEFs are a type of investment fund, and in fact, they are older than mutual funds. It also yields a very competitive 6.9%. To be included in MSCI ESG Fund Ratings, 65% of the funds gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a funds gross weight; the absolute values of short positions are included but treated as uncovered), the funds holdings date must be less than one year old, and the fund must have at least ten securities. Privacy Policy and Aggregate Bond ETF, iShares Interest Rate Hedged U.S. ETG invests primarily in dividend-paying value stocks, and is willing and able to scour the globe in its pursuits. Limited liquidity can also affect the market price of investments, thereby adversely affecting the funds NAV and ability to make dividend distributions. Javascript is required. March 31, 2023. Let's cap this off this list of the best closed-end funds with another solid term fund: The BlackRock Municipal 2030 Target Term Trust (BTT (opens in new tab), $22.06). Learn more about how investors are shifting to alternatives in hopes of boosting returns, generating income and providing diversification from traditional investments. The fund manages this risk by holding a first-lien position in 80% of the portfolio. Sean and Phil will give an update on the municipal bond market and provide their outlook for municipal closed-end funds (the "Funds"). 04.12 Pershing Square Holdings, Ltd. Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments. The potential returns here look juicy, which is why JQC is one of the best closed-end funds to buy. * Includes 1.43% in management fees, 0.22% in other expenses and 0.37% in interest expenses. EMO allows you to get access to some of the biggest and best names in the MLP space without all the irritating tax complications. The term feature ensures NAV liquidity upon maturity. Learn more about CEM at the ClearBridge provider site. That's not a bad gig. So anyone buying today can enjoy the 8.2% dividend while waiting for the discount to close. The vast majority of the portfolio, at over 85%, is invested in common stocks. Periods of such market dislocation may occur again at any time. Aggregate Bond ETF, iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2032 Term Treasury ETF, iShares 20+ Year Treasury Bond BuyWrite Strategy ETF, iShares High Yield Corporate Bond BuyWrite Strategy ETF, iShares Investment Grade Corporate Bond BuyWrite Strategy ET, BlackRock Future Financial and Technology ETF, iShares J.P. Morgan Broad USD Emerging Markets Bond ETF, iShares MSCI Water Management Multisector ETF, BlackRock 2037 Municipal Target Term Trust, iShares Environmentally Aware Real Estate ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Future Metaverse Tech and Communications ETF, iShares Breakthrough Environmental Solutions ETF. BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings. Unlike private funds there are no performance fees. Investment return and principal value of an investment will fluctuate so that an investors shares may be worth more or less than the original cost. Or we might see several more quarters of high inflation. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the funds assets under management or other measures. FDEU owns a diversified portfolio of European blue chips and counts Nestle (NSRGY (opens in new tab)), Shell (SHEL (opens in new tab)) and Novartis (NVS (opens in new tab)) among its largest holdings. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will . Today, we're going to take a look at the 10 best CEFs for 2023. And you know what else did? If you like the idea of getting access to international stocks but still want to maintain at least a little exposure to U.S. stocks as well, a global fund like the Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG (opens in new tab), $16.35) is a solid choice. Distribution rate is an annualized reflection of the most recent payout and is a standard measure for CEFs. Performance results reflect past performance and are no guarantee of future results. But after years dealing with brutal competitive conditions, the energy infrastructure sector is the leanest and best capitalized it's been in living memory. By Lisa Springer Certain information contained herein (the Information) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (MSCI)), or third party suppliers (each an Information Provider), and it may not be reproduced or redisseminated in whole or in part without prior written permission. Business Involvement metrics are only displayed if at least 1% of the funds gross weight includes securities covered by MSCI ESG Research. The performance quoted represents past performance and does not guarantee future results. But PHYS, because it is a closed-end fund, can and does often trade at a discount to net asset value. The . JQC invests in floating-rate loans, which have benefited from the Federal Reserve's interest rate hikes. Prior to joining BlackRock in 2014, Mr. Menge was an associate director of equity research at UBS covering global technology. There are also non-listed CEFs with continuous subscriptions and regular (typically quarterly) liquidity. Explore BlackRock's mutual funds and iShares ETFs and closed-end funds. All performance after inception of the share class is actual performance. (opens in new tab). Current performance may be lower or higher than the performance data quoted. * Includes 1.06% in management fees, 0.08% in other expenses and 0.44% in interest expenses. Although the character of income will not be determined until the end of the funds fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. All performance after inception of the share class is actual performance. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals. The term feature ensures NAV liquidity upon maturity. These Fidelity funds provide investors solid active management at low costs. Source: BlackRock Closed-End Funds. Unless otherwise stated in Fund documentation or included within the Funds investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process. Below is a summary of share repurchase activity over this past quarter and since the inception of each Funds Repurchase Program: Summary of share repurchase activity during the most recent calendar quarter ended March 31, 2023: BlackRock Enhanced International Dividend Trust, BlackRock Science and Technology Term Trust, BlackRock Innovation and Growth Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock California Municipal Income Trust. At current prices, BTT sports a yield of 3.1%. Investors and others are advised to check the website for updated performance . Help clients achieve specific outcomes with an alternative investing strategy that seeks to diversify or amplify returns. By Charles Lewis Sizemore, CFA Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. The fund may not be able to readily dispose of such investments at prices that approximate those at which the fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Leave the BlackRock site for Individuals to explore other content, Welcome to the BlackRock site for individuals. * Includes a 1.33% in management fees, 0.12% in other expenses and 1.30% in interest expenses. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. Perhaps unsurprisingly, this orphan status has contributed to the fund having a discount to NAV of over 18%. BlackRock Municipal Target Term Trust's (BTT) (the 'Trust') investment objectives are to provide current income exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. Yet these are exactly the kinds of opportunities that arise in the market's best closed-end funds (CEFs). Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Limited liquidity can also affect the market price of investments, thereby adversely affecting the funds NAV and ability to make dividend distributions. REITs are a fine way to get exposure to real estate. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the The financial markets 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. Symbol Last Price Change % Change; BDJ. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. 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. 8.51-0.03-0.35%: BGR. Closed-end funds often sell at massive discounts to net asset value (NAV). So, apart from the potential gains due to the underlying bonds rising in value and from the tax-free dividend, we should enjoy a nice kicker as the fund's share price approaches NAV at liquidation. As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Past distributions are not indicative of future distributions. Let's cap this off this list of the best closed-end funds with another solid term fund: The BlackRock Municipal 2030 Target Term Trust (BTT (opens in new tab), $22.06). He is co-portfolio manager for the Technology equity portfolios and responsible for coverage of the technology sector. All returns assume reinvestment of all dividends. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. In other words, this won't be as smooth a ride as holding an indexed muni-bond ETF. From 2003 to 2006, Mr. Menge was a member of the Prudential Equity Group where he was responsible for enterprise software coverage. Interactive chart displaying fund performance. Listed CEFs can offer intra-day liquidity. And adding insult to injury, you generally shouldn't hold them in traditional IRA accounts due to the fact that they often generate unrelated business taxable income. To obtain a current prospectus or, if available, a summary prospectus, please click on the fund name or visitwww.iShares.comorwww.blackrock.com. * Includes 1.50% in management fees, 0.28% in other expenses and 0.50% in interest expenses. BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended March 31, 2023. Aggregate Bond ETF, BlackRock U.S. Equity Factor Rotation ETF, BlackRock Multi-Sector Opportunities Trust II, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds 2023 Term High Yield and Income ETF, iShares iBonds 2024 Term High Yield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares Genomics Immunology and Healthcare ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares Commodity Curve Carry Strategy ETF, iShares U.S. Tech Breakthrough Multisector ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares ESG Aware Moderate Allocation ETF, iShares ESG Aware Aggressive Allocation ETF, iShares ESG Aware Conservative Allocation ETF, iShares iBonds Dec 2030 Term Corporate ETF, iShares ESG Advanced Total USD Bond Market ETF, BlackRock Sustainable Advantage International Equity Fund, BlackRock Sustainable Advantage Emerging Markets Equity Fund, iShares iBonds Dec 2030 Term Treasury ETF, iShares 25+ Year Treasury STRIPS Bond ETF, iShares Virtual Work and Life Multisector ETF, BlackRock Defensive Advantage International Fund, BlackRock Defensive Advantage Emerging Markets Fund, iShares iBonds 2026 Term High Yield and Income ETF, iShares International Developed Small Cap Value Factor ETF, BlackRock Innovation and Growth Term Trust, BlackRock Intermediate Muni Income Bond ETF, BlackRock High Yield Muni Income Bond ETF, BlackRock Hedge Fund Guided Portfolio Solution, BlackRock U.S. If you're in the 37% tax bracket, that translates to a tax-equivalent yield of 4.9%. 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. iBONDS,BLACKROCK,BUILD ON BLACKROCKandiSHARESare registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. Prior to his experience in investment management, Tony worked for 4 years in Technology M&A at both SG Warburg (1994-1998), and Merrill Lynch (1999-1998). We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. March 31, 2023. Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Use Shift+Tab keys to browse. BLACKROCK CLOSED-END FUND SHARE REPURCHASE PROGRAM UPDATE. For CEFs 0.51 % in management fees, 0.28 % in interest expenses funds NAV ability! But often trade at a premium to NAV but often trade at a discount to net asset (... Muni-Bond ETF its affiliates, BlackRock, Inc at the ClearBridge provider site Energy stocks are still attractively.! Cef shares are bought and sold at market price determined by competitive bidding on stock... Involvement metrics are only displayed if at least 1 % of the most recent payout and is standard. A first-lien position in 80 % of the share class blackrock closed end funds actual performance,... 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