Certain BlackRock closed-end funds (the �Funds�) announced
distributions today as detailed below.
Several of the municipal Funds announced dividend increases.
These dividend increases were made in order to better align the
Funds with their current earnings rates in light of each fund�s
earnings potential and level of undistributed net investment
income.
Additionally, several of the taxable Funds announced dividend
reductions. With respect to BlackRock Floating Rate Income Trust
(NYSE:BGT), BlackRock Defined Opportunity Credit Trust (NYSE:BHL),
BlackRock Limited Duration Income Trust (NYSE:BLW), BlackRock
Diversified Income Strategies Fund (NYSE:DVF), BlackRock Floating
Rate Income Strategies Fund (NYSE:FRA) and BlackRock Floating Rate
Income Strategies Fund II (NYSE:FRB), these dividend reductions
take into account each Fund�s earnings potential and the decreasing
interest rates on floating rate securities held by the Funds.
With respect to BlackRock Corporate High Yield Fund III
(NYSE:CYE), BlackRock Corporate High Yield Fund V (NYSE: HYV),
BlackRock Corporate High Yield Fund VI (NYSE: HYT), BlackRock High
Income Shares (NYSE:HIS), BlackRock Preferred Opportunity Trust
(NYSE:BPP), BlackRock Preferred & Equity Advantage Trust
(NYSE:BTZ), BlackRock Preferred Income Strategies Fund (NYSE:PSY)
and BlackRock Preferred & Corporate Income Strategies Fund
(NYSE:PSW), these dividend reductions take into account each Fund�s
earnings potential and net asset value decline in light of the
current market environment for high yield bonds and preferred
stock.
Details are as follows:
Municipal Funds: � � � Declaration- 6/1/2009 Ex-Date- 6/11/2009
Record- 6/15/2009 Payable- 7/1/2009 � � � � � National Funds Ticker
Dividend
Change From
Prior Month
� BlackRock Apex Municipal Fund, Inc. APX $0.046500 - BlackRock
Insured Municipal Income Trust BYM $0.068500 $0.007500 BlackRock
Insured Municipal Income Investment Trust BAF $0.0655000 $0.007500
BlackRock Investment Quality Municipal Income Trust RFA $0.057000
$0.012500 BlackRock Long-Term Municipal Advantage Trust BTA
$0.055000 - BlackRock Muni Intermediate Duration Fund, Inc. MUI
$0.065500 $0.007500 BlackRock MuniAssets Fund, Inc. MUA $0.067500 -
BlackRock Municipal 2018 Term Trust BPK $0.078000 $0.002500
BlackRock Municipal 2020 Term Trust BKK $0.062250 - BlackRock
Municipal Bond Trust BBK $0.085000 $0.012500 BlackRock Municipal
Bond Investment Trust BIE $0.073800 $0.005000 BlackRock Municipal
Income Trust BFK $0.078600 $0.010000 BlackRock Municipal Income
Trust II BLE $0.081000 $0.015000 BlackRock Municipal Income
Investment Trust BBF $0.075375 $0.002500 BlackRock MuniEnhanced
Fund, Inc. MEN $0.050500 $0.007500 BlackRock MuniHoldings Fund II,
Inc. MUH $0.075500 $0.012500 BlackRock MuniHoldings Fund, Inc. MHD
$0.083500 $0.012500 BlackRock MuniHoldings Insured Fund II, Inc.
MUE $0.067500 $0.017500 BlackRock MuniHoldings Insured Fund, Inc.
MUS $0.066000 $0.017500 BlackRock MuniHoldings Insured Investment
Fund MFL $0.068000 $0.012500 BlackRock MuniVest Fund II, Inc. MVT
$0.083500 $0.012500 BlackRock MuniVest Fund, Inc. MVF $0.050500
$0.007500 BlackRock MuniYield Fund, Inc. MYD $0.069000 $0.005000
BlackRock MuniYield Insured Fund, Inc. MYI $0.061000 $0.005000
BlackRock MuniYield Insured Investment Fund MFT $0.066000 $0.012500
BlackRock MuniYield Investment Fund MYF $0.058000 - BlackRock
MuniYield Quality Fund II, Inc. MQT $0.057500 $0.007500 BlackRock
MuniYield Quality Fund, Inc. MQY $0.067000 $0.010000 The BlackRock
Investment Quality Municipal Trust, Inc. BKN $0.075500 $0.012500
The BlackRock Strategic Municipal Trust BSD $0.070000 $0.007500 � �
� � � � � �
State-Specific Funds
Ticker Dividend
Change From
Prior Month
� BlackRock California Insured Municipal Income Trust BCK $0.066000
$0.010000 BlackRock California Municipal 2018 Term Trust BJZ
$0.072000 $0.010750 BlackRock California Municipal Bond Trust BZA
$0.077000 $0.015000 BlackRock California Municipal Income Trust BFZ
$0.075700 $0.007500 BlackRock California Municipal Income Trust II
BCL $0.074500 $0.017500 BlackRock MuniHoldings California Insured
Fund, Inc. MUC $0.063000 $0.010000 BlackRock MuniYield California
Fund, Inc. MYC $0.067500 $0.012500 BlackRock MuniYield California
Insured Fund, Inc. MCA $0.061000 $0.007500 The BlackRock California
Investment Quality Municipal Trust, Inc. RAA $0.051500 $0.005000
BlackRock Florida Municipal 2020 Term Trust, Inc. BFO $0.056000
$0.005000 BlackRock Maryland Municipal Bond Trust BZM $0.067900
$0.002500 BlackRock Muni New York Intermediate Duration Fund, Inc.
MNE $0.055500 $0.002500 BlackRock MuniHoldings New York Insured
Fund, Inc. MHN $0.065500 $0.012500 BlackRock MuniYield New York
Insured Fund, Inc. MYN $0.052500 - BlackRock New York Insured
Municipal Income Trust BSE $0.065500 $0.007500 BlackRock New York
Municipal 2018 Term Trust, Inc. BLH $0.079000 $0.010250 BlackRock
New York Municipal Bond Trust BQH $0.078000 $0.010000 BlackRock New
York Municipal Income Trust BNY $0.080000 $0.004661 BlackRock New
York Municipal Income Trust II BFY $0.077500 $0.015000 The
BlackRock New York Investment Quality Municipal Trust, Inc. RNY
$0.068200 $0.010000 BlackRock MuniHoldings New Jersey Insured Fund,
Inc. MUJ $0.065500 $0.012500 BlackRock MuniYield New Jersey Fund,
Inc. MYJ $0.070500 $0.012500 BlackRock MuniYield New Jersey Insured
Fund, Inc. MJI $0.064000 $0.010000 BlackRock New Jersey Municipal
Bond Trust BLJ $0.075500 $0.005000 BlackRock New Jersey Municipal
Income Trust BNJ $0.077600 - The BlackRock New Jersey Investment
Quality Municipal Trust RNJ $0.061400 $0.010000 BlackRock MuniYield
Arizona Fund, Inc. MZA $0.067000 $0.010000 BlackRock MuniYield
Michigan Insured Fund II, Inc. MYM $0.066500 $0.012500 BlackRock
MuniYield Michigan Insured Fund, Inc. MIY $0.066500 $0.012500
BlackRock MuniYield Pennsylvania Insured Fund MPA $0.065500
$0.012500 The BlackRock Pennsylvania Strategic Municipal Trust BPS
$0.050000 $0.005000 BlackRock Virginia Municipal Bond Trust BHV
$0.080000 $0.007572 Massachusetts Health & Education Tax-Exempt
Trust MHE $0.059000 $0.010000 � Taxable Funds: � � � Declaration-
6/1/2009 Ex-Date- 6/11/2009 Record- 6/15/2009 Payable- 6/30/2009 �
� � � � � � Fund Ticker Dividend
Change From
Prior Dividend
� BlackRock Senior High Income Fund, Inc. ARK $0.025000 - BlackRock
Floating Rate Income Trust* BGT $0.075000 -$0.025000 BlackRock
Strategic Bond Trust BHD $0.069500 - BlackRock Core Bond Trust BHK
$0.062000 - BlackRock Defined Opportunity Credit Trust* BHL
$0.060000 -$0.022500 The BlackRock High Yield Trust BHY $0.043500 -
The BlackRock Income Trust, Inc. BKT $0.024000 - BlackRock Limited
Duration Income Trust* BLW $0.082500 -$0.007500 BlackRock Income
Opportunity Trust, Inc. BNA $0.051000 - BlackRock Preferred
Opportunity Trust* BPP $0.072500 -$0.032500 BlackRock Preferred and
Equity Advantage Trust* BTZ $0.100000 -$0.030000 BlackRock
Corporate High Yield Fund, Inc. COY $0.061000 - BlackRock Corporate
High Yield Fund III, Inc. CYE $0.055000 -$0.005000 BlackRock Debt
Strategies Fund, Inc.* DSU $0.035500 - BlackRock Diversified Income
Strategies Fund, Inc.* DVF $0.087500 -$0.027500 BlackRock Enhanced
Government Fund, Inc.* EGF $0.105000 - BlackRock Floating Rate
Income Strategies Fund, Inc.* FRA $0.089835 -$0.015000 BlackRock
Floating Rate Income Strategies Fund II, Inc. FRB $0.093350
-$0.010000 BlackRock High Income Shares HIS $0.013200 -$0.005000
BlackRock Corporate High Yield Fund VI, Inc. HYT $0.087500
-$0.012500 BlackRock Corporate High Yield Fund V, Inc. HYV
$0.087500 -$0.012500 BlackRock Preferred and Corporate Income
Strategies Fund, Inc.* PSW $0.060000 -$0.020800 BlackRock Preferred
Income Strategies Fund, Inc.* PSY $0.075000 -$0.019583 � Equity
Funds: � � � Declaration- 6/1/2009 Ex-Date- 6/11/2009 Record-
6/15/2009
Payable- 6/30/2009
� � � � � � �
Fund
Ticker Dividend
Change From
Prior Dividend
� BlackRock Dividend AchieversTM Trust* BDV $0.162500 - BlackRock
EcoSolutions Investment Trust* BQR $0.400000 - BlackRock Enhanced
Capital and Income Fund, Inc.* CII $0.485000 - BlackRock Enhanced
Dividend Achievers* BDJ $0.305625 - BlackRock Energy and Resources
Trust* BGR $0.405000 - BlackRock Health Sciences Trust* BME
$0.384375 - BlackRock International Growth and Income Trust* BGY
$0.455100 - BlackRock Real Asset Equity Trust* BCF $0.271800 -
BlackRock Strategic Dividend AchieversTM Trust* BDT $0.162500 -
BlackRock World Investment Trust* BWC $0.341250 - �
*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 as of the applicable record date a Section 19 notice
with the�previous dividend payment.�The Section 19 notice was
provided not for tax reporting purposes but for informational
purposes only. This information can be found in the �Closed-End
Funds� section of www.blackrock.com. If applicable, the
final determination of the source and tax characteristics of all
distributions in 2009 will be made after the end of the year.
The BlackRock Dividend AchieversTM Trust (NYSE:BDV), BlackRock
EcoSolutions Investment Trust (NYSE:BQR), BlackRock Enhanced
Capital and Income Fund, Inc. (NYSE:CII), BlackRock Enhanced
Dividend Achievers (NYSE:BDJ), BlackRock Energy and Resources Trust
(NYSE:BGR), BlackRock Health Sciences Trust (NYSE:BME), BlackRock
International Growth and Income Trust (NYSE:BGY), BlackRock Real
Asset Equity Trust (NYSE:BCF), BlackRock Strategic Dividend
AchieversTM Trust (NYSE: BDT), BlackRock World Investment Trust
(NYSE:BWC), BlackRock Preferred and Equity Advantage Trust (NYSE:
BTZ) and BlackRock Enhanced Government Fund, Inc. (NYSE: EGF)
(collectively, the �Trusts�) have adopted a level distribution plan
(the �Plan�) 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 Trust�s Board. Under its Plan, each Trust 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 (the �Code�). If
sufficient investment income is not available on a
quarterly/monthly basis, the Trusts will distribute long-term
capital gains and or return of capital to their shareholders in
order to maintain a level distribution.
The Trusts� estimated sources of the distributions paid as of
March 31, 2009 and for their current fiscal year are as
follows:
� � � � �
Estimated Allocations: � � � � � � � � � � Trust �
Period � Distribution �
Net Investment
Income
�
Net Realized
Short-Term
Gains
�
Net Realized
Long-Term
Gains
�
Return of Capital
BDV1 � March 31, 2009 � $0.162500 � $0.097300 (60%) � $0.000000
(0%) � $0.000000 (0%) � $0.065200 (40%) BQR1 � March 31, 2009 �
$0.400000 � $0.087800 (22%) � $0.000000 (0%) � $0.000000 (0%) �
$0.312200 (78%) CII1 � March 31, 2009 � $0.485000 � $0.141367 (29%)
� $0.000000 (0%) � $0.000000 (0%) � $0.343633 (71%) BDJ1 � March
31, 2009 � $0.305625 � $0.085241 (28%) � $0.000000 (0%) � $0.000000
(0%) � $0.220384 (72%) BGR1 � March 31, 2009 � $0.405000 �
$0.157000 (39%) � $0.182000 (45%) � $0.000000 (0%) � $0.066000
(16%) BME1 � March 31, 2009 � $0.384375 � $0.016363 (4%) �
$0.000000 (0%) � $0.000000 (0%) � $0.368012 (96%) BGY1 � March 31,
2009 � $0.455100 � $0.031100 (7%) � $0.000000 (0%) � $0.000000 (0%)
� $0.424000 (93%) BCF1 � March 31, 2009 � $0.271800 � $0.046900
(17%) � $0.000000 (0%) � $0.000000 (0%) � $0.224900 (83%) BDT1 �
March 31, 2009 � $0.162500 � $0.078300 (48%) � $0.000000 (0%) �
$0.000000 (0%) � $0.084200 (52%) BWC1 � March 31, 2009 � $0.341250
� $0.051220 (15%) � $0.000000 (0%) � $0.000000 (0%) � $0.290030
(85%) BTZ1 � May 31, 2009 � $0.130000 � $0.085798 (66%) � $0.000000
(0%) � $0.000000 (0%) � $0.044202 (34%) EGF � May 31, 2009 �
$0.105000 � $0.10500 (100%) � $0.000000 (0%) � $0.000000 (0%) �
$0.000000 (0%) � � � � � �
Estimated Allocations: � � � � �
� � � � � Trust � Period (Fiscal YTD) � Distribution �
Net Investment
Income
�
Net Realized
Short-Term
Gains
�
Net Realized
Long-Term
Gains
� Return of Capital BDV1 � YTD as of March 31, 2009 � $0.325000 �
$0.161000 (50%) � $0.000000 (0%) � $0.000000 (0%) � $0.164000 (50%)
BQR1 � YTD as of March 31, 2009 � $0.800000 � $0.107000 (13%) �
$0.000000 (0%) � $0.000000 (0%) � $0.693000 (87%) CII1 � YTD as of
March 31, 2009 � $0.970000 � $0.188730 (19%) � $0.000000 (0%) �
$0.000000 (0%) � $0.781270 (81%) BDJ1 � YTD as of March 31, 2009 �
$0.611250 � $0.139869 (23%) � $0.000000 (0%) � $0.000000 (0%) �
$0.471381 (77%) BGR1 � YTD as of March 31, 2009 � $0.810000 �
$0.192000 (24%) � $0.227000 (28%) � $0.000000 (0%) � $0.391000
(48%) BME1 � YTD as of March 31, 2009 � $0.939994 � $0.021645 (2%)
� $0.538862 (58%) � $0.000000 (0%) � $0.379487 (40%) BGY1 � YTD as
of March 31, 2009 � $0.910200 � $0.081100 (9%) � $0.000000 (0%) �
$0.000000 (0%) � $0.829100 (91%) BCF1 � YTD as of March 31, 2009 �
$0.543600 � $0.061100 (11%) � $0.000000 (0%) � $0.000000 (0%) �
$0.482500 (89%) BDT1 � YTD as of March 31, 2009 � $0.325000 �
$0.159900 (49%) � $0.000000 (0%) � $0.000000 (0%) � $0.165100 (51%)
BWC1 � YTD as of March 31, 2009 � $0.682500 � $0.092260 (14%) �
$0.000000 (0%) � $0.000000 (0%) � $0.590240 (86%) BTZ1 � YTD as of
May 31, 2009 � $0.910000 � $0.610000 (67%) � $0.000000 (0%) �
$0.000000 (0%) � $0.300000 (33%) EGF � YTD as of May 31, 2009 �
$0.420000 � $0.42000 (100%) � $0.000000 (0%) � $0.000000 (0%) �
$0.000000 (0%) �
1 The Trusts estimate that they have distributed more than their
income and 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 Trust's
investment performance and should not be confused with �yield� or
�income�.
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 each Trust�s investment experience during
the remainder of its fiscal year and may be subject to changes
based on tax regulations. The Trusts 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.
� �
Trust Performance and Distribution Rate Information: � �
� � Trust �
Average annual total return
(in relation to NAV)
from inception to April 30,
2009
�
Current fiscal period's
annualized distribution rate
as a percentage of NAV as of
April 30, 2009
�
Cumulative total return
(in relation to NAV) for the
fiscal year through April 30,
2009
�
Cumulative fiscal year
distribution rate expressed as
a percentage of NAV as of
April 30, 2009
BDV � (3.74)% � 7.99% � (17.74)% � 3.99% BQR � (26.09)% � 16.36% �
3.86% � 8.14% CII � 1.55% � 14.99% � 2.12% � 7.50% BDJ � (7.23)% �
16.20% � (14.73)% � 8.10% BGR � 3.01% � 8.70% � (5.52)% � 4.35% BME
� 5.73% � 6.99% � (2.61)% � 4.27% BGY � (20.00)% � 18.87% � 2.68% �
9.47% BCF � (7.44)% � 11.71% � 5.64% � 5.85% BDT � (2.41)% � 7.23%
� (12.15)% � 3.62% BWC � 0.53% � 13.82% � (0.62)% � 6.91% BTZ �
(26.50)% � 17.98% � (8.73)% � 8.99% EGF � 3.21% � 7.67% � 4.48% �
1.92% � �
Shareholders should not draw any conclusions about a Trust�s
investment performance from the amount of the Trust�s current
distributions or from the terms of the Trust�s Plan.
About BlackRock
BlackRock is one of the world�s largest publicly traded
investment management firms. At March 31, 2009, BlackRock�s assets
under management were $1.283 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. Headquartered in New York City, as of
March 31, 2009, the firm has approximately 5,200 employees in 21
countries and a major presence in key global markets, including the
U.S., Europe, Asia, Australia and the Middle East. For additional
information, please visit the firm�s web site 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
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 each Fund, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
Fund�s net asset value; (2) the performance of the Fund�s
investments; (3) the impact of increased competition; (4) the
extent and timing of any distributions or share repurchases; (5)
the impact of legislative and regulatory actions and reforms and
regulatory, supervisory or enforcement actions of government
agencies relating to the Fund or BlackRock, as applicable; and (6)
BlackRock�s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds with the SEC are accessible on the SEC's website at
www.sec.gov and on BlackRock�s website at
www.blackrock.com, and may discuss these or other factors
that affect the Funds. The information contained on our website is
not a part of this press release.
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