Certain BlackRock closed-end funds (the “Funds”) announced
distributions today as detailed below.
Several of the Funds announced distribution increases. These
distribution increases take into account each Fund’s earnings
potential in light of the current market environment and the Fund’s
leverage and asset levels.
In addition, several of the municipal Funds announced
distribution reductions. Generally speaking, these distribution
reductions were made in order to better align the Funds with their
current earnings rates. BlackRock Municipal 2018 Term Trust
(NYSE:BPK), BlackRock California Municipal 2018 Term Trust
(NYSE:BJZ) and BlackRock New York Municipal 2018 Term Trust
(NYSE:BLH) are each term trusts that mature on or about December
31, 2018. BPK, BJZ and BLH’s distribution reductions reflect each
Fund’s projected earnings potential as well as its investment
objective of returning $10 per common share (the initial public
offering price per common share) to common shareholders at
maturity.
Municipal
Funds:
Declaration- 6/1/2012 Ex-Date-
6/13/2012 Record- 6/15/2012 Payable- 7/2/2012
National Funds
Ticker Distribution Change From Prior
Distribution
BlackRock Municipal Income Quality Trust BYM $0.078000 - BlackRock
Municipal Income Investment Quality Trust BAF $0.072500 -$0.002000
BlackRock Long-Term Municipal Advantage Trust BTA $0.066000 -
BlackRock Muni Intermediate Duration Fund, Inc. MUI $0.071500 -
BlackRock MuniAssets Fund, Inc. MUA $0.062500 - BlackRock Municipal
2020 Term Trust BKK $0.062250 - BlackRock Municipal Bond Trust BBK
$0.088500 - BlackRock Municipal Bond Investment Trust BIE $0.081000
- BlackRock Municipal Income Trust BFK $0.080100 - BlackRock
Municipal Income Trust II BLE $0.085000 - BlackRock Municipal
Income Investment Trust BBF $0.072375 -$0.003000 BlackRock
Municipal 2018 Term Trust BPK $0.075800 -$0.002200 BlackRock
MuniEnhanced Fund, Inc. MEN $0.058000 - BlackRock MuniHoldings Fund
II, Inc. MUH $0.083000 - BlackRock MuniHoldings Fund, Inc. MHD
$0.091500 - BlackRock MuniHoldings Quality Fund II, Inc. MUE
$0.073500 - BlackRock MuniHoldings Quality Fund, Inc. MUS $0.074000
- BlackRock MuniHoldings Investment Quality Fund MFL $0.076500 -
BlackRock MuniVest Fund II, Inc. MVT $0.091000 - BlackRock MuniVest
Fund, Inc. MVF $0.059000 - BlackRock MuniYield Fund, Inc. MYD
$0.083500 - BlackRock MuniYield Quality Fund III, Inc. MYI
$0.072000 - BlackRock MuniYield Investment Quality Fund MFT
$0.071000 - BlackRock MuniYield Investment Fund MYF $0.079000 -
BlackRock MuniYield Quality Fund II, Inc. MQT $0.069500 - BlackRock
MuniYield Quality Fund, Inc. MQY $0.080000 - The BlackRock
Investment Quality Municipal Trust, Inc. BKN $0.084000 - The
BlackRock Strategic Municipal Trust BSD $0.074000 -
State-Specific Funds
Ticker Distribution
Change From Prior
Distribution
BlackRock California Municipal Income Trust BFZ $0.077700 -
BlackRock California Municipal 2018 Term Trust BJZ $0.057500
-$0.014500 BlackRock MuniHoldings California Quality Fund, Inc. MUC
$0.079000 - BlackRock MuniYield California Fund, Inc. MYC $0.079000
- BlackRock MuniYield California Quality Fund, Inc. MCA $0.076000 -
BlackRock Maryland Municipal Bond Trust BZM $0.079000 - BlackRock
Muni New York Intermediate Duration Fund, Inc. MNE $0.062500 -
BlackRock MuniHoldings New York Quality Fund, Inc. MHN $0.079500 -
BlackRock MuniYield New York Quality Fund, Inc. MYN $0.071000 -
BlackRock New York Municipal 2018 Term Trust BLH $0.060000
-$0.022000 BlackRock New York Municipal Income Quality Trust BSE
$0.071500 - BlackRock New York Municipal Bond Trust BQH $0.074000
-$0.008000 BlackRock New York Municipal Income Trust BNY $0.082500
- BlackRock New York Municipal Income Trust II BFY $0.081000
-$0.002500 The BlackRock New York Investment Quality Municipal
Trust, Inc. RNY $0.073000 - BlackRock MuniHoldings New Jersey
Quality Fund, Inc. MUJ $0.074000 - BlackRock MuniYield New Jersey
Fund, Inc. MYJ $0.074000 - BlackRock MuniYield New Jersey Quality
Fund, Inc. MJI $0.072000 - BlackRock New Jersey Municipal Bond
Trust BLJ $0.078000 - BlackRock New Jersey Municipal Income Trust
BNJ $0.081100 $0.002000 The BlackRock New Jersey Investment Quality
Municipal Trust RNJ $0.065500 - BlackRock MuniYield Arizona Fund,
Inc. MZA $0.069500 - BlackRock MuniYield Michigan Quality Fund II,
Inc. MYM $0.069000 -$0.002500 BlackRock MuniYield Michigan Quality
Fund, Inc. MIY $0.076500 - BlackRock MuniYield Pennsylvania Quality
Fund MPA $0.074000 -$0.002500 The BlackRock Pennsylvania Strategic
Municipal Trust BPS $0.071000 -$0.005000 BlackRock Virginia
Municipal Bond Trust BHV $0.083000 - Massachusetts Health &
Education Tax-Exempt Trust MHE $0.070000 -
Taxable Municipal
Fund:
Declaration- 6/1/2012 Ex-Date-
6/13/2012 Record- 6/15/2012 Payable- 6/29/2012
Fund Ticker Distribution Change From Prior
Distribution
BlackRock Build America Bond Trust BBN $0.131800 -
Taxable
Funds:
Declaration- 6/1/2012 Ex-Date-
6/13/2012 Record- 6/15/2012 Payable- 6/29/2012
Fund Ticker Distribution Change From Prior
Distribution
BlackRock Senior High Income Fund, Inc. ARK $0.025000 - BlackRock
Floating Rate Income Trust BGT $0.077500 - BlackRock Strategic Bond
Trust BHD $0.084500 - BlackRock Core Bond Trust BHK $0.073000
$0.006000 BlackRock Defined Opportunity Credit Trust BHL $0.068500
$0.002500 The BlackRock High Yield Trust BHY $0.044500 $0.001000
The BlackRock Income Trust, Inc. BKT $0.040500 - BlackRock Limited
Duration Income Trust BLW $0.107500 $0.002500 BlackRock Income
Opportunity Trust, Inc. BNA $0.057000 $0.004000 BlackRock Credit
Allocation Income Trust III BPP $0.063500 - BlackRock Credit
Allocation Income Trust IV BTZ $0.078500 - BlackRock Corporate High
Yield Fund, Inc. COY $0.051000 - BlackRock Corporate High Yield
Fund III, Inc. CYE $0.052500 $0.001500 BlackRock Debt Strategies
Fund, Inc. DSU $0.027000 - BlackRock Diversified Income Strategies
Fund, Inc. DVF $0.058500 - BlackRock Enhanced Government Fund,
Inc.* EGF $0.070000 - BlackRock Floating Rate Income Strategies
Fund, Inc. FRA $0.077000 - BlackRock Floating Rate Income
Strategies Fund II, Inc. FRB $0.073000 - BlackRock High Income
Shares HIS $0.015200 $0.001000 BlackRock Corporate High Yield Fund
VI, Inc. HYT $0.087500 $0.004000 BlackRock Corporate High Yield
Fund V, Inc. HYV $0.090000 $0.004000 BlackRock Credit Allocation
Income Trust I, Inc. PSW $0.059500 - BlackRock Credit Allocation
Income Trust II, Inc. PSY $0.061000 -
Equity
Funds:
Declaration- 6/1/2012 Ex-Date-
6/13/2012 Record- 6/15/2012 Payable- 6/29/2012
Fund Ticker Distribution Change From Prior
Distribution
BlackRock Real Asset Equity Trust* BCF $0.271800 - BlackRock
Enhanced Equity Dividend Trust* BDJ $0.170000 - BlackRock Energy
and Resources Trust* BGR $0.405000 - BlackRock International Growth
and Income Trust* BGY $0.220000 - BlackRock Health Sciences Trust*
BME $0.384375 - BlackRock EcoSolutions Investment Trust* BQR
$0.235000 - BlackRock Enhanced Capital and Income Fund, Inc.* CII
$0.360000 - BlackRock Resources & Commodities Strategy Trust*
BCX $0.350000 -
* 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 distribution 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 2012 will be made after the
end of the year.
The BlackRock Enhanced Government Fund, Inc. (NYSE:EGF),
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) and BlackRock Enhanced
Capital and Income Fund, Inc. (NYSE:CII) (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. If sufficient investment income is not available on a
quarterly/monthly basis, the Trusts will distribute long-term
capital gains and or return capital to their shareholders in order
to maintain a level distribution.
The Trusts’ estimated sources of the distributions paid
currently and for their current fiscal year through March 31, 2012
and May 31, 2012 are as follows:
Estimated Allocations as of May 31,
2012
Trust Distribution Net Investment Income Net
Realized Short-Term Gains Net Realized Long-Term Gains
Return of Capital EGF1 $0.070000 $0.055662
(80%) $0 (0%) $0 (0%) $0.014338 (20%)
Estimated Allocations as of March
31, 2012 Trust Distribution Net Investment Income
Net Realized Short-Term Gains Net Realized Long-Term
Gains Return of Capital BCF1 $0.271800
$0.029998 (11%) $0 (0%) $0 (0%) $0.241802
(89%) BCX1 $0.350000 $0.026080 (7%) $0 (0%)
$0 (0%) $0.323920 (93%) BDJ1 $0.170000
$0.027244 (16%) $0 (0%) $0 (0%) $0.142756
(84%) BGR1 $0.405000 $0.025408 (6%) $0.379592
(94%) $0 (0%) $0 (0%) BGY1 $0.220000
$0.012227 (6%) $0 (0%) $0 (0%) $0.207773 (94%)
BME $0.384375 $0.046570 (12%) $0.337805 (88%)
$0 (0%) $0 (0%) BQR1 $0.235000 $0 (0%)
$0 (0%) $0 (0%) $0.235000 (100%) CII1
$0.360000 $0.163700 (45%) $0 (0%) $0 (0%)
$0.196300 (55%)
Estimated Allocations for the
fiscal year through May 31, 2012 Trust Distribution
Net Investment Income Net Realized Short-Term Gains
Net Realized Long-Term Gains Return of Capital EGF1
$0.280000 $0.254597 (91%) $0 (0%) $0
(0%) $0.025403 (9%)
Estimated Allocations for the
fiscal year through March 31, 2012 Trust Distribution
Net Investment Income Net Realized Short-Term Gains
Net Realized Long-Term Gains Return of Capital BCF1
$0.543600 $0.045224 (8%) $0.001253 (0%)
$0.060823 (11%) $0.436300 (81%) BCX1 $0.700000
$0.050165 (7%) $0 (0%) $0 (0%) $0.649835 (93%)
BDJ1 $0.340000 $0.039024 (11%) $0 (0%)
$0 (0%) $0.300976 (89%) BGR $0.958000
$0.066775 (7%) $0.891225 (93%) $0 (0%) $0 (0%)
BGY1 $0.560000 $0.033645 (6%) $0 (0%)
$0 (0%) $0.526355 (94%) BME $1.731750
$0.060598 (3%) $0.463110 (27%) $1.208042 (70%)
$0 (0%) BQR1 $0.470000 $0.014366 (3%) $0 (0%)
$0 (0%) $0.455634 (97%) CII1 $0.720000
$0.236842 (33%) $0 (0%) $0 (0%) $0.483158
(67%)
1 The Trust 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 the 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 the Trust’s investment experience during
the remainder of its fiscal year and may be subject to changes
based on tax regulations. Each Trust 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.
Trust Performance and Distribution Rate Information: Trust
Average annual total return (in relation to NAV) for
the 5-year period ending on 04/30/2012 Annualized
current distribution rate expressed as a percentage of NAV as of
04/30/2012 Cumulative total return (in relation to
NAV) for the fiscal year through 04/30/2012
Cumulative fiscal year distributions as a percentage of NAV as of
04/30/2012 BCF 2.40% 9.01%
1.49% 4.51% BCX2 (8.04)%
8.81% (0.96)% 4.41% BDJ
(0.18)% 8.03% 10.29%
4.01% BGR 4.22% 5.88%
0.82% 3.48% BGY2 (2.13)%
10.34% 4.99% 6.58% BME
7.60% 5.56% 10.55%
6.26% BQR2 (4.00)% 10.03%
5.20% 5.02% CII 3.20%
9.90% 10.78% 4.95% EGF
4.83% 5.17% 1.38% 1.29%
2 Portfolio launched within the past 5 years; this represents
the average annual total return (in relation to NAV) from inception
to April 30, 2012.
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 a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2012, BlackRock’s AUM was $3.684 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including 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, 2012, the firm has approximately 9,900
employees in 27 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 Fund 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 a Fund or in a
Fund’s net asset value; (2) the relative and absolute investment
performance of the 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 the 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
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 BlackRock’s
website is not a part of this press release.
.
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