Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below.
Several of the municipal Funds announced distribution changes. Generally, these distribution changes were made in order to better align the Funds’ distribution rates with their current level of earnings. In addition, BlackRock Municipal Target Term Trust (NYSE:BTT), a target term trust that is scheduled to mature on or about December 31, 2030, announced a distribution reduction. BTT’s distribution reduction reflects the Fund’s current and expected earnings potential when considering BTT’s investment objective of returning $25 per common share (the initial public offering price per common share) to common shareholders at maturity.
Municipal Funds:
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Declaration- 6/3/2013 |
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Ex-Date- 6/12/2013
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Record- 6/14/2013
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Payable- 7/1/2013
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National Funds |
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Ticker |
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Distribution |
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Change From
Prior
Distribution
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BlackRock Municipal Income Quality Trust |
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BYM |
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$0.078000 |
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- |
BlackRock Municipal Income Investment Quality Trust |
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BAF |
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$0.068500 |
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- |
BlackRock Long-Term Municipal Advantage Trust |
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BTA |
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$0.062000 |
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- |
BlackRock Muni Intermediate Duration Fund, Inc. |
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MUI |
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$0.071500 |
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- |
BlackRock MuniAssets Fund, Inc. |
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MUA |
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$0.062500 |
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- |
BlackRock Municipal 2018 Term Trust |
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BPK |
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$0.061000 |
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- |
BlackRock Municipal Bond Trust |
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BBK |
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$0.078500 |
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- |
BlackRock Municipal 2020 Term Trust |
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BKK |
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$0.062250 |
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- |
BlackRock Municipal Bond Investment Trust |
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BIE |
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$0.076000 |
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- |
BlackRock Municipal Income Trust |
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BFK |
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$0.075100 |
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-$0.005000 |
BlackRock Municipal Income Trust II |
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BLE |
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$0.085000 |
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- |
BlackRock Municipal Income Investment Trust |
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BBF |
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$0.072375 |
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- |
BlackRock Municipal Target Term Trust |
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BTT |
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$0.093750 |
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-$0.005250 |
BlackRock MuniEnhanced Fund, Inc. |
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MEN |
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$0.060500 |
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$0.002500 |
BlackRock MuniHoldings Fund II, Inc. |
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MUH |
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$0.083000 |
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- |
BlackRock MuniHoldings Fund, Inc. |
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MHD |
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$0.091500 |
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- |
BlackRock MuniHoldings Quality Fund II, Inc. |
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MUE |
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$0.070500 |
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- |
BlackRock MuniHoldings Quality Fund, Inc. |
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MUS |
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$0.067500 |
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-$0.006500 |
BlackRock MuniHoldings Investment Quality Fund |
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MFL |
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$0.071500 |
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-$0.005000 |
BlackRock MuniVest Fund II, Inc. |
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MVT |
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$0.091000 |
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- |
BlackRock MuniVest Fund, Inc. |
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MVF |
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$0.059000 |
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- |
BlackRock MuniYield Fund, Inc. |
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MYD |
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$0.083500 |
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- |
BlackRock MuniYield Quality Fund III, Inc. |
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MYI |
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$0.072000 |
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- |
BlackRock MuniYield Investment Quality Fund |
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MFT |
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$0.071000 |
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- |
BlackRock MuniYield Investment Fund |
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MYF |
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$0.079000 |
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- |
BlackRock MuniYield Quality Fund II, Inc. |
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MQT |
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$0.070500 |
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$0.001000 |
BlackRock MuniYield Quality Fund, Inc. |
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MQY |
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$0.080000 |
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- |
The BlackRock Investment Quality Municipal Trust, Inc. |
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BKN |
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$0.080000 |
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- |
The BlackRock Strategic Municipal Trust |
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BSD |
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$0.074000 |
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- |
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State-Specific Funds
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Ticker |
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Distribution |
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Change From
Prior
Distribution
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BlackRock California Municipal Income Trust |
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BFZ |
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$0.077700 |
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- |
BlackRock California Municipal 2018 Term Trust |
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BJZ |
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$0.051300 |
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- |
BlackRock MuniHoldings California Quality Fund, Inc. |
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MUC |
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$0.071500 |
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-$0.007500 |
BlackRock MuniYield California Fund, Inc. |
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MYC |
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$0.079000 |
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- |
BlackRock MuniYield California Quality Fund, Inc. |
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MCA |
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$0.076000 |
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- |
BlackRock Maryland Municipal Bond Trust |
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BZM |
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$0.062500 |
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- |
BlackRock Muni New York Intermediate Duration Fund, Inc. |
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MNE |
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$0.062500 |
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- |
BlackRock MuniHoldings New York Quality Fund, Inc. |
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MHN |
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$0.076500 |
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- |
BlackRock MuniYield New York Quality Fund, Inc. |
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MYN |
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$0.071000 |
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- |
BlackRock New York Municipal 2018 Term Trust |
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BLH |
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$0.045300 |
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- |
BlackRock New York Municipal Income Quality Trust |
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BSE |
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$0.067500 |
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- |
BlackRock New York Municipal Bond Trust |
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BQH |
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$0.066500 |
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- |
BlackRock New York Municipal Income Trust |
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BNY |
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$0.069000 |
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- |
BlackRock New York Municipal Income Trust II |
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BFY |
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$0.070000 |
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- |
BlackRock MuniHoldings New Jersey Quality Fund, Inc. |
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MUJ |
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$0.074000 |
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- |
BlackRock MuniYield New Jersey Fund, Inc. |
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MYJ |
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$0.074000 |
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- |
BlackRock MuniYield New Jersey Quality Fund, Inc. |
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MJI |
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$0.074000 |
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$0.002000 |
BlackRock New Jersey Municipal Bond Trust |
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BLJ |
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$0.074500 |
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$0.001500 |
BlackRock New Jersey Municipal Income Trust |
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BNJ |
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$0.075100 |
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- |
BlackRock MuniYield Arizona Fund, Inc. |
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MZA |
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$0.069500 |
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- |
BlackRock MuniYield Michigan Quality Fund II, Inc. |
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MYM |
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$0.069000 |
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- |
BlackRock MuniYield Michigan Quality Fund, Inc. |
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MIY |
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$0.076500 |
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- |
BlackRock MuniYield Pennsylvania Quality Fund |
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MPA |
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$0.074000 |
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- |
The BlackRock Pennsylvania Strategic Municipal Trust |
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BPS |
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$0.065000 |
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-$0.006000 |
BlackRock Virginia Municipal Bond Trust |
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BHV |
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$0.073000 |
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- |
Massachusetts Health & Education Tax-Exempt Trust |
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MHE |
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$0.062500 |
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- |
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Taxable Municipal Fund:
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Declaration- 6/3/2013 |
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Ex-Date- 6/12/2013 |
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Record- 6/14/2013 |
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Payable- 6/28/2013 |
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Fund |
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Ticker |
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Distribution |
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Change From
Prior
Distribution
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BlackRock Build America Bond Trust |
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BBN |
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$0.131800 |
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- |
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Taxable Funds:
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Declaration- 6/3/2013 |
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Ex-Date- 6/12/2013 |
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Record- 6/14/2013 |
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Payable- 6/28/2013 |
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Fund |
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Ticker |
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Distribution |
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Change From
Prior
Distribution
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BlackRock Senior High Income Fund, Inc. |
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ARK |
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$0.025000 |
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- |
BlackRock Floating Rate Income Trust |
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BGT |
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$0.077500 |
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- |
BlackRock Strategic Bond Trust |
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BHD |
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$0.084500 |
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- |
BlackRock Core Bond Trust |
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BHK |
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$0.073000 |
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- |
BlackRock Defined Opportunity Credit Trust |
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BHL |
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$0.068500 |
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- |
The BlackRock High Yield Trust |
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BHY |
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$0.044500 |
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- |
BlackRock Multi-Sector Income Trust* |
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BIT |
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$0.116700 |
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- |
The BlackRock Income Trust, Inc. |
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BKT |
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$0.040500 |
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- |
BlackRock Limited Duration Income Trust |
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BLW |
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$0.109500 |
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- |
BlackRock Income Opportunity Trust, Inc. |
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BNA |
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$0.057000 |
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- |
BlackRock Credit Allocation Income Trust |
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BTZ |
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$0.078500 |
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- |
BlackRock Corporate High Yield Fund, Inc. |
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COY |
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$0.051000 |
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- |
BlackRock Corporate High Yield Fund III, Inc. |
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CYE |
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$0.052500 |
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- |
BlackRock Debt Strategies Fund, Inc. |
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DSU |
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$0.027000 |
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- |
BlackRock Enhanced Government Fund, Inc.* |
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EGF |
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$0.065000 |
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- |
BlackRock Floating Rate Income Strategies Fund, Inc. |
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FRA |
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$0.077000 |
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- |
BlackRock High Income Shares |
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HIS |
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$0.015200 |
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- |
BlackRock Corporate High Yield Fund VI, Inc. |
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HYT |
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$0.087500 |
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- |
BlackRock Corporate High Yield Fund V, Inc. |
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HYV |
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$0.090000 |
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- |
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Equity Funds:
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Declaration- 6/3/2013 |
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Ex-Date- 6/12/2013 |
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Record- 6/14/2013 |
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Payable- 6/28/2013 |
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Fund |
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Ticker |
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Distribution |
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Change From
Prior
Distribution
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BlackRock Real Asset Equity Trust* |
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BCF |
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$0.221500 |
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- |
BlackRock Resources & Commodities Strategy Trust* |
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BCX |
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$0.290000 |
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- |
BlackRock Enhanced Equity Dividend Trust* |
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BDJ |
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$0.140000 |
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- |
BlackRock Energy and Resources Trust* |
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BGR |
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$0.405000 |
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- |
BlackRock International Growth and Income Trust* |
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BGY |
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$0.167850 |
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- |
BlackRock Health Sciences Trust* |
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BME |
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$0.384375 |
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- |
BlackRock EcoSolutions Investment Trust* |
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BQR |
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$0.179250 |
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- |
BlackRock Enhanced Capital and Income Fund, Inc.* |
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CII |
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$0.300000 |
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- |
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* In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, as amended, each of the Funds noted above posted to the DTC bulletin board and sent to their shareholders of record as of the applicable record date a Section 19 notice with the previous distribution payment. The Section 19 notice was provided for informational purposes only and not for tax reporting purposes. This information can be found in the “Closed-End Funds” section of www.blackrock.com. As applicable, the final determination of the source and tax characteristics of all distributions in 2013 will be made after the end of the year.
BlackRock Real Asset Equity Trust (NYSE:BCF), BlackRock Resources & Commodities Strategy Trust (NYSE:BCX), BlackRock Enhanced Equity Dividend Trust (NYSE:BDJ), BlackRock Energy and Resources Trust (NYSE:BGR), BlackRock International Growth and Income Trust (NYSE:BGY), BlackRock Health Sciences Trust (NYSE:BME), BlackRock EcoSolutions Investment Trust (NYSE:BQR), BlackRock Enhanced Capital and Income Fund, Inc. (NYSE:CII) and BlackRock Enhanced Government Fund, Inc. (NYSE:EGF) have each adopted a level distribution plan (the “Plan” and such Funds, the “Plan Funds”) and employ either a managed distribution or an option over-write policy to support a level distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Plan Fund’s Board. Under its Plan, each Plan Fund will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended. If sufficient investment income is not available on a quarterly/monthly basis, the Plan Funds will distribute long-term capital gains and or return capital to their shareholders in order to maintain a level distribution.
The Plan Funds’ estimated sources of the distributions paid currently and for their fiscal year through March 31, 2013 and May 31, 2013 are as follows:
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Estimated Allocations as of May 31, 2013 |
Plan
Fund
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Distribution |
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Net Investment
Income
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Net Realized
Short-Term
Gains
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Net Realized
Long-Term Gains
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Return of Capital |
EGF1 |
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$0.065000 |
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$0.040925 (63%) |
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$0 (0%) |
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$0 (0%) |
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$0.024075 (37%) |
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Estimated Allocations as of March 31, 2013 |
Plan
Fund
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Distribution |
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Net Investment
Income
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Net Realized
Short-Term
Gains
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Net Realized
Long-Term Gains
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Return of Capital |
BCF1 |
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$0.221500 |
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$0.016929 (8%) |
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$0 (0%) |
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$0 (0%) |
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$0.204571 (92%) |
BCX1 |
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$0.290000 |
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$0.044177 (15%) |
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$0 (0%) |
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$0 (0%) |
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$0.245823 (85%) |
BDJ1 |
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$0.140000 |
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$0.044743 (32%) |
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$0 (0%) |
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$0 (0%) |
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$0.095257 (68%) |
BGR |
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$0.405000 |
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$0.023195 (6%) |
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$0.076391 (19%) |
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$0.305414 (75%) |
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$0 (0%) |
BGY1 |
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$0.167850 |
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$0.013120 (8%) |
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$0 (0%) |
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$0 (0%) |
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$0.154730 (92%) |
BME |
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$0.384375 |
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$0.063578 (17%) |
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$0.320797 (83%) |
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$0 (0%) |
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$0 (0%) |
BQR1 |
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$0.179250 |
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$0 (0%) |
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$0 (0%) |
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$0 (0%) |
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$0.17925 (100%) |
CII1 |
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$0.300000 |
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$0.052264 (17%) |
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$0 (0%) |
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$0 (0%) |
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$0.247736 (83%) |
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Estimated Allocations for the fiscal year through May 31, 2013
|
Plan
Fund
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Distribution |
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Net Investment
Income
|
|
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Net Realized
Short-Term
Gains
|
|
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Net Realized
Long-Term Gains
|
|
|
Return of Capital
|
EGF1 |
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$0.260000 |
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$0.167069 (64%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.092931 (36%) |
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|
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|
|
|
|
|
|
|
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|
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Estimated Allocations for the fiscal year through March 31, 2013 |
|
|
|
Plan
Fund
|
|
|
Distribution |
|
|
Net Investment
Income
|
|
|
Net Realized
Short-Term
Gains
|
|
|
Net Realized
Long-Term Gains
|
|
|
Return of Capital |
BCF1 |
|
|
$0.443000 |
|
|
$0.031402 (7%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.411598 (93%) |
BCX1 |
|
|
$0.580000 |
|
|
$0.075286 (13%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.504714 (87%) |
BDJ1 |
|
|
$0.280000 |
|
|
$0.087717 (31%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.192283 (69%) |
BGR |
|
|
$0.810000 |
|
|
$0.054296 (7%) |
|
|
$0.357122 (44%) |
|
|
$0.398582 (49%) |
|
|
$0 (0%) |
BGY1 |
|
|
$0.335700 |
|
|
$0.018147 (5%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.317553 (95%) |
BME |
|
|
$1.618750 |
|
|
$0.099271 (6%) |
|
|
$0.896788 (56%) |
|
|
$0.622691 (38%) |
|
|
$0 (0%) |
BQR1 |
|
|
$0.358500 |
|
|
$0.033523 (9%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.324977 (91%) |
CII1 |
|
|
$0.600000 |
|
|
$0.135410 (23%) |
|
|
$0 (0%) |
|
|
$0 (0%) |
|
|
$0.464590 (77%) |
1 The Plan Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Plan Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.
The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Plan Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Plan Fund in which you are invested will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
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Fund Performance and Distribution Rate Information: |
Plan
Fund
|
|
|
Average annual
total return (in
relation to NAV) for
the 5-year period
ending on 4/30/2013
|
|
|
Annualized current
distribution rate
expressed as a
percentage of NAV as
of 4/30/2013
|
|
|
Cumulative total
return (in relation to
NAV) for the fiscal
year through
4/30/2013
|
|
|
Cumulative fiscal
year distributions as
a percentage of
NAV as of
4/30/2013
|
BCF |
|
|
(4.60)% |
|
|
8.69% |
|
|
(3.55)% |
|
|
4.35% |
BCX * |
|
|
(6.20)% |
|
|
8.36% |
|
|
(5.94)% |
|
|
4.18% |
BDJ |
|
|
4.63% |
|
|
6.44% |
|
|
8.61% |
|
|
3.22% |
BGR |
|
|
0.26% |
|
|
5.78% |
|
|
11.56% |
|
|
2.89% |
BGY |
|
|
(0.29)% |
|
|
7.74% |
|
|
9.50% |
|
|
3.87% |
BME |
|
|
11.98% |
|
|
4.81% |
|
|
19.30% |
|
|
5.06% |
BQR |
|
|
(2.89)% |
|
|
7.51% |
|
|
8.78% |
|
|
3.75% |
CII |
|
|
5.57% |
|
|
8.40% |
|
|
7.61% |
|
|
4.20% |
EGF |
|
|
4.55% |
|
|
4.88% |
|
|
0.46% |
|
|
1.22% |
* Portfolio launched within the past 5 years; this represents the average annual total return (in relation to NAV) from inception to April 30, 2013.
Shareholders should not draw any conclusions about a Plan Fund’s investment performance from the amount of the Plan Fund’s current distributions or from the terms of the Plan Fund’s Plan.
About BlackRock
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2013, BlackRock’s AUM was $3.936 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2013, the firm has approximately 10,600 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit BlackRock’s website at www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds or BlackRock’s 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 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, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities 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 a Fund with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.govand 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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