02.06.2010 02:02:02

Dividend Dates and Distribution Amounts Announced for Certain BlackRock Closed-End Funds

Certain BlackRock closed-end funds (the "Funds”) announced distributions today as detailed below.

Several of the Funds announced dividend increases. These dividend increases take into account each Fund’s earnings potential in light of the current market environment.

In addition, several other Funds announced dividend reductions. Generally, these dividend reductions were made in order to better align the Funds with their current earnings rates. With respect to BlackRock Credit Allocation Income Trust I, Inc. (NYSE:PSW), BlackRock Credit Allocation Income Trust II, Inc. (NYSE:PSY), BlackRock Credit Allocation Income Trust III (NYSE:BPP) and BlackRock Credit Allocation Income Trust IV (NYSE:BTZ), the dividend reductions announced today were made in conjunction with certain changes to the Funds’ non-fundamental investment policies, as announced on September 4, 2009. With respect to BlackRock International Growth and Income Trust (NYSE:BGY), the dividend reduction takes into account the Fund’s earnings potential, net asset value (NAV) decline and recent levels of market volatility as it relates to the Fund’s options strategy.

Municipal Funds:
Declaration- 6/1/2010     Ex-Date- 6/11/2010     Record- 6/15/2010     Payable- 7/1/2010

National Funds

  Ticker   Dividend  

Change From
Prior
Dividend

BlackRock Apex Municipal Fund, Inc. APX $0.044000 -
BlackRock Insured Municipal Income Trust BYM $0.074000 $0.002000
BlackRock Insured Municipal Income Investment Trust BAF $0.073500 -
BlackRock Insured Municipal Term Trust Inc. BMT $0.015000 -
BlackRock Investment Quality Municipal Income Trust RFA $0.070000 -
BlackRock Long-Term Municipal Advantage Trust BTA $0.059500 -
BlackRock Muni Intermediate Duration Fund, Inc. MUI $0.068000 $0.002500
BlackRock MuniAssets Fund, Inc. MUA $0.062500 -
BlackRock Municipal 2018 Term Trust BPK $0.078000 -
BlackRock Municipal 2020 Term Trust BKK $0.062250 -
BlackRock Municipal Bond Trust BBK $0.085000 -
BlackRock Municipal Bond Investment Trust BIE $0.078800 -
BlackRock Municipal Income Trust BFK $0.078600 -
BlackRock Municipal Income Trust II BLE $0.081000 -
BlackRock Municipal Income Investment Trust BBF $0.075375 -
BlackRock MuniEnhanced Fund, Inc. MEN $0.057000 -
BlackRock MuniHoldings Fund II, Inc. MUH $0.080500 -
BlackRock MuniHoldings Fund, Inc. MHD $0.086000 -
BlackRock MuniHoldings Insured Fund II, Inc. MUE $0.073500 -
BlackRock MuniHoldings Insured Fund, Inc. MUS $0.074000 -
BlackRock MuniHoldings Insured Investment Fund MFL $0.073000 -
BlackRock MuniVest Fund II, Inc. MVT $0.086000 -
BlackRock MuniVest Fund, Inc. MVF $0.056000 $0.001500
BlackRock MuniYield Fund, Inc. MYD $0.080000 $0.003500
BlackRock MuniYield Insured Fund, Inc. MYI $0.071000 $0.005000
BlackRock MuniYield Insured Investment Fund MFT $0.071000 -
BlackRock MuniYield Investment Fund MYF $0.075000 $0.004500
BlackRock MuniYield Quality Fund II, Inc. MQT $0.067000 -
BlackRock MuniYield Quality Fund, Inc. MQY $0.077000 $0.002500
The BlackRock Investment Quality Municipal Trust, Inc. BKN $0.084000 -
The BlackRock Strategic Municipal Trust BSD $0.072500 -
 

State-Specific Funds

  Ticker   Dividend  

Change From
Prior
Dividend

BlackRock California Municipal Income Trust BFZ $0.075700 -
BlackRock California Municipal 2018 Term Trust BJZ $0.072000 -
BlackRock MuniHoldings California Insured Fund, Inc. MUC $0.070500 -
BlackRock MuniYield California Fund, Inc. MYC $0.072000 $0.002000
BlackRock MuniYield California Insured Fund, Inc. MCA $0.068000 $0.002000
The BlackRock California Investment Quality Municipal Trust, Inc. RAA $0.058000 $0.005000
BlackRock Florida Municipal 2020 Term Trust, Inc. BFO $0.056000 -
BlackRock Maryland Municipal Bond Trust BZM $0.079000 $0.008600
BlackRock Muni New York Intermediate Duration Fund, Inc. MNE $0.058000 $0.002500
BlackRock MuniHoldings New York Insured Fund, Inc. MHN $0.078000 $0.002000
BlackRock MuniYield New York Insured Fund, Inc. MYN $0.070000 $0.007500
BlackRock New York Insured Municipal Income Trust BSE $0.070500 -
BlackRock New York Municipal 2018 Term Trust BLH $0.082000 -
BlackRock New York Municipal Bond Trust BQH $0.080500 -
BlackRock New York Municipal Income Trust BNY $0.082500 -
BlackRock New York Municipal Income Trust II BFY $0.082000 $0.002000
The BlackRock New York Investment Quality Municipal Trust, Inc. RNY $0.073000 $0.002300
BlackRock MuniHoldings New Jersey Insured Fund, Inc. MUJ $0.073000 -
BlackRock MuniYield New Jersey Fund, Inc. MYJ $0.070500 -
BlackRock MuniYield New Jersey Insured Fund, Inc. MJI $0.072000 -
BlackRock New Jersey Municipal Bond Trust BLJ $0.078000 -
BlackRock New Jersey Municipal Income Trust BNJ $0.077600 -
The BlackRock New Jersey Investment Quality Municipal Trust RNJ $0.065500 -
BlackRock MuniYield Arizona Fund, Inc. MZA $0.069500 -
BlackRock MuniYield Michigan Insured Fund II, Inc. MYM $0.071500 $0.002500
BlackRock MuniYield Michigan Insured Fund, Inc. MIY $0.075000 -
BlackRock MuniYield Pennsylvania Insured Fund MPA $0.072000 $0.001500
The BlackRock Pennsylvania Strategic Municipal Trust BPS $0.072500 $0.002500
BlackRock Virginia Municipal Bond Trust BHV $0.081500 $0.001500
Massachusetts Health & Education Tax-Exempt Trust MHE $0.070000 $0.001500
 
Taxable Funds:
Declaration- 6/1/2010   Ex-Date- 6/11/2010   Record- 6/15/2010   Payable- 6/30/2010
Fund   Ticker   Dividend  

Change From
Prior
Dividend

BlackRock Senior High Income Fund, Inc. ARK $0.025000 -
BlackRock Floating Rate Income Trust BGT $0.070000 $0.002500
BlackRock Strategic Bond Trust BHD $0.077000 $0.002500
BlackRock Core Bond Trust BHK $0.067000 -
BlackRock Defined Opportunity Credit Trust BHL $0.064000 $0.010000
The BlackRock High Yield Trust* BHY $0.043500 -
The BlackRock Income Trust, Inc. BKT $0.024000 -
BlackRock Limited Duration Income Trust BLW $0.085000 $0.010000
BlackRock Income Opportunity Trust, Inc. BNA $0.051000 -
BlackRock Credit Allocation Income Trust III* BPP $0.066500 -$0.006000
BlackRock Credit Allocation Income Trust IV* BTZ $0.079000 -$0.021000
BlackRock Corporate High Yield Fund, Inc. COY $0.051000 -
BlackRock Corporate High Yield Fund III, Inc. CYE $0.050000 -
BlackRock Debt Strategies Fund, Inc. DSU $0.029000 -$0.002000
BlackRock Diversified Income Strategies Fund, Inc.* DVF $0.068500 -
BlackRock Enhanced Government Fund, Inc.* EGF $0.080000 -
BlackRock Floating Rate Income Strategies Fund, Inc.* FRA $0.077000 -$0.004500
BlackRock Floating Rate Income Strategies Fund II, Inc.* FRB $0.075000 -
BlackRock High Income Shares HIS $0.014200 -
BlackRock Corporate High Yield Fund VI, Inc. HYT $0.082500 -
BlackRock Corporate High Yield Fund V, Inc. HYV $0.082500 -
BlackRock Credit Allocation Income Trust I, Inc.* PSW $0.057000 -$0.003000
BlackRock Credit Allocation Income Trust II, Inc.* PSY $0.063500 -$0.011500
 
Equity Funds:
Declaration- 6/1/2010   Ex-Date- 6/11/2010   Record- 6/15/2010   Payable- 6/30/2010
Fund   Ticker   Dividend  

Change From
Prior
Dividend

BlackRock Real Asset Equity Trust* BCF $0.271800 -
BlackRock Enhanced Dividend AchieversTM Trust* BDJ $0.245000 -
BlackRock Strategic Dividend AchieversTM Trust* BDT $0.162500 -
BlackRock Dividend AchieversTM Trust* BDV $0.162500 -
BlackRock Energy and Resources Trust* BGR $0.405000 -
BlackRock International Growth and Income Trust* BGY $0.340000 -$0.115100
BlackRock Health Sciences Trust* BME $0.384375 -
BlackRock EcoSolutions Investment Trust* BQR $0.300000 -
BlackRock Enhanced Capital and Income Fund, Inc.* CII $0.485000 -

* 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 2010 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 Enhanced Dividend AchieversTM Trust (NYSE:BDJ), BlackRock Strategic Dividend AchieversTM Trust (NYSE: BDT), BlackRock Dividend AchieversTM Trust (NYSE:BDV), 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 May 28, 2010 and March 31, 2010 are as follows:

Estimated Allocations as of May 28, 2010
Trust   Distribution  

Net Investment
Income

 

Net Realized
Short-Term Gains

 

Net Realized
Long-Term Gains

  Return of Capital
EGF1   $0.080000   $0.051880 (65%)   $0.00 (0%)   $0.00 (0%)   $0.028120 (35%)
 
Estimated Allocations as of March 31, 2010
Trust Distribution

Net Investment
Income

Net Realized
Short-Term Gains

Net Realized
Long-Term Gains

Return of Capital
BCF1 $0.271800 $0.007600 (3%) $0.00 (0%) $0.00 (0%) $0.264200 (97%)
BDJ1 $0.245000 $0.050505 (21%) $0.00 (0%) $0.00 (0%) $0.194495 (79%)
BDT1 $0.162500 $0.074190 (46%) $0.00 (0%) $0.00 (0%) $0.088310 (54%)
BDV1 $0.162500 $0.064940 (40%) $0.00 (0%) $0.00 (0%) $0.097560 (60%)
BGR $0.405000 $0.066150 (16%) $0.338850 (84%) $0.00 (0%) $0.00 (0%)
BGY1 $0.455100 $0.006793 (1%) $0.00 (0%) $0.00 (0%) $0.448307 (99%)
BME $0.384375 $0.061330 (16%) $0.323050 (84%) $0.00 (0%) $0.00 (0%)
BQR1 $0.300000 $0.00 (0%) $0.00 (0%) $0.00 (0%) $0.300000 (100%)
CII1   $0.485000   $0.037930 (8%)   $0.00 (0%)   $0.00 (0%)   $0.447070 (92%)
 
Estimated Allocations for the fiscal year through May 28, 2010
Trust Distribution

Net Investment
Income

Net Realized
Short-Term Gains

Net Realized
Long-Term Gains

Return of Capital
EGF1   $0.345000   $0.230820 (67%)   $0.00 (0%)   $0.00 (0%)   $0.114180 (33%)
 
Estimated Allocations for the fiscal year through March 31, 2010
Trust Distribution

Net Investment
Income

Net Realized
Short-Term Gains

Net Realized
Long-Term Gains

Return of Capital
BCF1 $0.543600 $0.009034 (2%) $0.00 (0%) $0.00 (0%) $0.534566 (98%)
BDJ1 $0.490000 $0.080008 (16%) $0.00 (0%) $0.00 (0%) $0.409992 (84%)
BDT1 $0.325000 $0.131270 (40%) $0.00 (0%) $0.00 (0%) $0.193730 (60%)
BDV1 $0.325000 $0.103340 (32%) $0.00 (0%) $0.00 (0%) $0.221660 (68%)
BGR $0.810000 $0.115350 (14%) $0.694650 (86%) $0.00 (0%) $0.00 (0%)
BGY1 $0.910200 $0.020842 (2%) $0.00 (0%) $0.00 (0%) $0.889358 (98%)
BME $0.768750 $0.031900 (4%) $0.736850 (96%) $0.00 (0%) $0.00 (0%)
BQR1 $0.600000 $0.012700 (2%) $0.00 (0%) $0.00 (0%) $0.587300 (98%)
CII1   $0.970000   $0.125730 (13%)   $0.00 (0%)   $0.00 (0%)   $0.844270 (87%)

1 The Trust estimates that it has distributed more than its 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 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)
from inception
to April 30, 2010

 

Annualized current
distribution rate
expressed as a
percentage of NAV as of
April 30, 2010

 

Cumulative total return
(in relation to NAV) for
the fiscal year through
April 30, 2010

 

Cumulative fiscal
year distributions as
a percentage of
NAV as of April 30,
2010

EGF 4.96% 5.70% 3.19% 1.57%
BDJ (0.57)% 11.49% 11.13% 5.74%
BCF 6.96% 8.29% 16.49% 4.14%
BGY (5.70)% 17.19% 5.17% 8.59%
BDV (0.50)% * 6.53% 12.78% 3.26%
BDT 2.13% * 5.72% 21.00% 2.86%
BGR 11.21% * 6.06% 15.73% 3.03%
BME 10.77% * 5.47% 14.00% 2.73%
BQR (10.20)% 11.29% 6.22% 5.64%
CII   5.88% *   12.75%   12.59%   6.37%

* Five year total return (in relation to NAV) as of April 30, 2010

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, 2010, BlackRock’s assets under management were $3.364 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, 2010, the firm has approximately 8,500 employees in 24 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 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 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 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 Funds. The information contained on our website is not a part of this press release.

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