BlackRock makes investment policy changes for 22 closed-end funds; changes seven Florida funds names

By Cristal Cody

Tupelo, Miss., Sept. 15 - BlackRock Inc. announced policy and name changes Monday for its municipal closed-end funds.

The Closed-End Fund Board of Trustees approved investment policy changes for 22 of its insured municipal closed-end funds because of insurer downgrades.

The policy changes will allow the funds to invest at least 80% of assets in municipal bonds insured by providers with an investment grade.

The BlackRock funds affected include the Insured Municipal Term Trust; Insured Municipal Income Trust; MuniEnhanced Fund Inc.; MuniYield Insured Fund Inc.; MuniYield Quality Fund Inc.; MuniYield Quality Fund II Inc.; MuniHoldings Insured Fund Inc.; MuniHoldings Insured Fund II Inc.; California Insured Municipal Income Trust; MuniYield California Insured Fund Inc.; MuniHoldings California Insured Fund Inc.; Florida Insured Municipal Income Trust; MuniYield Florida Insured Fund; MuniHoldings Florida Insured Fund; MuniYield Michigan Insured Fund Inc.; MuniYield Michigan Insured Fund II Inc.; MuniYield New Jersey Insured Fund Inc.; MuniHoldings New Jersey Insured Fund Inc.; New York Insured Municipal Income Trust; New York Insured Fund Inc.; MuniHoldings New York Insured Fund Inc. and MuniYield Pennsylvania Insured Fund.

BlackRock also approved changes to the names and investment policies for seven of its Florida municipal closed-end funds.

The funds currently are required to invest at least 80% of their assets in Florida municipal bonds.

Because of the repeal of the Florida Intangible Personal Property Tax, the board amended the policy to allow municipal investments regardless of their location.

The funds' names will change but will continue to trade on their respective exchanges under their current ticker symbols.

The BlackRock Florida Insured Municipal Income Trust now will be the BlackRock Insured Municipal Income Investment Trust.

The MuniHoldings Florida Insured Fund now will be the MuniHoldings Insured Investment Fund.

The MuniYield Florida Insured Fund now will be the MuniYield Insured Investment Fund.

The Florida Municipal Bond Trust now will be the Municipal Bond Investment Trust.

The Florida Municipal Income Trust now will be the Municipal Income Investment Trust.

The MuniYield Florida Fund now will be the MuniYield Investment Fund, and the Florida Investment Quality Municipal Trust now will be the Investment Quality Municipal Income Trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.