On September 5, 2019, the Board of Directors/Trustees (the
"Board") of each fund listed in the table below (each, a “Fund” and
together, the “Funds”) approved a Managed Distribution Plan (the
"Plan") for each Fund. Pursuant to the Plan, each Fund will pay a
monthly distribution to shareholders at a stated annual rate as a
percentage of the 3-month average net asset value (“NAV”) as of
July 31, 2019 for each applicable Fund. The stated annual
distribution rate and monthly distribution amount per share for
each Fund are set out in the table below. Payment of monthly
distributions under each Fund’s Plan will commence in October 2019.
Relevant dates for the first distribution under each Fund’s Plan
will be announced after the close of business on October 1,
2019.
Fund
NYSE Ticker
Annual Distribution Rate as a
Percentage of 3-month average NAV as of July 31, 2019
Monthly Distribution Amount
per Share
BlackRock Core Bond Trust
BHK
5.50%
$0.0676
BlackRock Corporate High Yield Fund,
Inc.
HYT
8.00%
$0.0779
BlackRock Credit Allocation Income
Trust
BTZ
7.00%
$0.0839
BlackRock Debt Strategies Fund, Inc.
DSU
7.00%
$0.0711
BlackRock Floating Rate Income Strategies
Fund, Inc.
FRA
6.50%
$0.0788
BlackRock Floating Rate Income Trust
BGT
6.50%
$0.0764
BlackRock Limited Duration Income
Trust
BLW
7.00%
$0.0981
BlackRock Multi-Sector Income Trust
BIT
8.00%
$0.1237
The Plan is intended to provide shareholders of each Fund with
consistent, but not guaranteed, periodic distributions from the
Fund, regardless of when or whether income is earned or capital
gains are realized. The Plan will be subject to periodic review by
the Board, and the Board may amend the terms of the Plan including
amending the annual rate of payment or may terminate the Plan at
any time without prior notice to a Fund’s shareholders. The
amendment or termination of the Plan could have an adverse effect
on the market price of a Fund’s common shares.
If sufficient investment income is not available for a monthly
distribution, a Fund will distribute long-term capital gains and/or
return of capital in order to maintain its stated fixed annual
distribution rate under the Plan. A return of capital may occur,
for example, when some or all of the money that shareholders
invested in a Fund is paid back to them. A return of capital
distribution does not necessarily reflect a Fund’s investment
performance and should not be confused with “yield” or “income.” No
conclusions should be drawn about a Fund’s investment performance
from the amount of such Fund’s distributions or from the terms of
the Plan. When distributions exceed total return performance, the
difference will reduce the Fund's net asset value per share.
In order to comply with the requirements of Section 19 of the
Investment Company Act of 1940 and an exemptive order granted to
the Funds by the Securities and Exchange Commission, each Fund will
provide its shareholders of record on each distribution record date
with a Section 19 Notice disclosing the sources of its dividend
payment when a distribution includes anything other than net
investment income. The amounts and sources of distributions
reported in Section 19 Notices are only estimates and are not being
provided for tax reporting purposes. The actual amounts and sources
of the amounts for tax reporting purposes will depend upon a Fund’s
investment experience during its full fiscal year and may be
subject to changes based on tax regulations. Each Fund will send
shareholders a Form 1099-DIV for the calendar year that will tell
them how to report these distributions for federal income tax
purposes. Information on each Fund’s Section 19 Notices can be
found at www.blackrock.com.
About BlackRock
BlackRock helps investors build better financial futures. As a
fiduciary to investors and a leading provider of financial
technology, our clients turn to us for the solutions they need when
planning for their most important goals. As of June 30, 2019, the
firm managed approximately $6.842 trillion in assets on behalf of
investors worldwide. For additional information on BlackRock,
please visit www.blackrock.com | Twitter: @blackrock | Blog:
www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
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 each Fund, 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 Fund or in
the 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, 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
each Fund with the Securities and Exchange Commission (“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 Fund. The information
contained on BlackRock’s website is not a part of this press
release.
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