BlackRock announced today the Board of Trustees of BlackRock Global Equity Income Trust (NYSE:BFD) (the “Trust”) approved a change to certain investment policies of the Trust. In connection with the policy change, BlackRock announced changes to the Trust’s portfolio management team.
The Trust has previously employed a non-fundamental investment policy of, under normal market conditions, investing at least 80% of its total assets in a combination of (i) dividend-paying domestic and foreign common stocks and (ii) common stocks the value of which is subject to covered written index call options. In connection with the portfolio restructuring, this non-fundamental policy will be revised to allow the Trust to, under normal market conditions, invest at least 80% of its total assets in equity securities of companies located in countries throughout the world or options on equity securities or indices of equity securities. The Trust’s new non-fundamental policy will not emphasize dividend-paying stocks or index call options.
As disclosed in its prospectus, the Trust is required to provide shareholders 60 days notice of a change to this non-fundamental policy. The Trust will be sending a notice to each of its shareholders regarding the new investment policy. Following this notification to shareholders, BlackRock will begin to implement this change subsequent to the completion of the notice period. Even after the new policy is implemented, the Trust will continue to be managed in accordance with its investment objective to primarily seek current income and current gains, with a secondary objective of long-term capital appreciation. No action is required by shareholders of the Trust in connection with this change.
Effective February 2, 2009, Debra Jelilian and Kyle McClements assumed primary responsibility for the Trust until the completion of the 60 day notice period. Ms. Jelilian was already an integral part of the Trust’s portfolio management team and will oversee the Trust’s equity allocation. Mr. McClements will oversee the Trust’s options strategy. The previous portfolio manager, Jonathan Clark, is transitioning to become Head of Equity Trading for the Americas at BlackRock, and will no longer be part of the portfolio management team. Subsequent to the completion of the notice period, oversight for the portfolio will be transitioned to a new portfolio management team, comprised of Thomas Callan, Michael Carey, Jean Rosenbaum and Mr. McClements. The new portfolio management team currently manages several closed-end funds, including two global equity funds, BlackRock Global Opportunities Equity Trust (NYSE:BOE) and BlackRock World Investment Trust (NYSE:BWC), which utilize similar investment policies to the revised policies announced herein with respect to the Trust.
BlackRock also announced today the Board’s approval of the reorganizations of each of the Trust and BlackRock World Investment Trust (BWC) into BlackRock Global Opportunities Equity Trust (BOE). Please see the press release entitled “BlackRock Announces Board Approval of Two Closed-End Fund Mergers,” dated February 6, 2009, for additional details.
About BlackRock
BlackRock is one of the world’s largest publicly traded investment management firms. At December 31, 2008, BlackRock’s assets under management were $1.307 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific. For additional information, please visit the firm's website at www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the BlackRock closed-end funds’ 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 and the closed-end funds managed by BlackRock and its affiliates assume no duty to and do 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.
The following factors, among others, could cause actual events to differ materially from forward looking statements or historical occurrences: (1) the ability of this BlackRock closed-end fund that has announced this investment policy change to implement this change on a timely basis; (2) the effects of changes in market and economic conditions; (3) other legal and regulatory developments; and (4) other additional execution risks and uncertainties.
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