Today, the Board of Trustees of each of BlackRock ESG Capital
Allocation Term Trust (NYSE: ECAT), BlackRock Capital Allocation
Term Trust (NYSE: BCAT), BlackRock Health Sciences Term Trust
(NYSE: BMEZ), BlackRock Science and Technology Term Trust (NYSE:
BSTZ), and BlackRock Innovation and Growth Term Trust (NYSE: BIGZ)
(each a “Fund,” and collectively the “Funds”) announced increased
distribution rates under each Fund’s managed distribution plan
(“Plan”). Each Fund has adopted a Plan to support a level monthly
distribution of income, capital gains and/or return of capital.
“We have taken this step to support shareholders of these Funds,
consistent with our goal of delivering long-term value. We are
focused on enhancing returns for our closed-end fund shareholders
and helping them plan for their financial futures,” said R. Glenn
Hubbard, Chair of the Board of BlackRock Closed-End Funds
Effective today, each of ECAT and BCAT will pay monthly
distributions to shareholders at an annual rate of 20% of the
Fund’s 12-month rolling average daily net asset value to be
calculated 5 business days prior to declaration date. Each of BMEZ,
BSTZ and BIGZ will pay monthly distributions to shareholders at an
annual rate of 12% of the Fund’s 12-month rolling average daily net
asset value to be calculated 5 business days prior to declaration
date. For example, the July 2024 distribution will be calculated
based on the average net asset value from June 22, 2023 to June 21,
2024. Each month this formula will be applied, and the distribution
per share will be re-set and announced on the distribution
declaration date.
Declaration: 5/20/2024 Ex-Date: 6/14/2024 Record: 6/14/2024
Payable: 6/28/2024
Fund
NYSE Ticker
Annualized
Distribution Rate as
a Percentage of 12-
Month Average NAV
Distribution
Amount per
Share
Change in Monthly
Distribution
Amount Per Share
from Prior
Distribution
BlackRock ESG Capital Allocation Term
Trust*
ECAT
20.00%
$0.296930
+$0.146930
(+98%)
BlackRock Capital Allocation Term
Trust*
BCAT
20.00%
$0.285390
+$0.157890
(+124%)
BlackRock Health Sciences Term Trust*
BMEZ
12.00%
$0.178870
+$0.089040
(+99%)
BlackRock Science and
Technology Term Trust*
BSTZ
12.00%
$0.211250
+$0.106090
(+101%)
BlackRock Innovation and
Growth Term Trust*
BIGZ
12.00%
$0.088870
+$0.044430
(+100%)
*In order to comply with the requirements of Section 19 of the
Investment Company Act of 1940, as amended (the “1940 Act”), each
of the Funds above posted to the DTC bulletin board and sent to its
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 2024 will be made after the
end of the year.
BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT),
BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock
Health Sciences Term Trust (NYSE: BMEZ), BlackRock Science and
Technology Term Trust (NYSE: BSTZ), and BlackRock Innovation and
Growth Term Trust (NYSE: BIGZ) have adopted a managed distribution
plan (a “Plan”) to support a monthly distribution based on the
annual rates in the table above of each Fund’s 12-month rolling
average daily net asset value calculated 5 business days prior to
declaration date of each distribution. The June 2024 distribution
for each of ECAT, BCAT, BSTZ, BMEZ and BIGZ was calculated based on
the average net asset value from May 11, 2023 to May 10, 2024.
Below are the 12-month rolling average daily net asset values used
to calculate ECAT, BCAT, BSTZ, BMEZ and BIGZ’s June
distributions:
ECAT: $17.815754 BCAT: $17.123095 BMEZ: $17.886111 BSTZ:
$21.124683 BIGZ: $8.886865
The annual distribution rate is subject to change at the
discretion of each Fund’s Board of Trustees. Under its Plan,
each Fund will distribute all available investment income to its
shareholders, consistent with its investment objectives and as
required by the Internal Revenue Code of 1986, as amended. 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.
The Funds’ estimated sources of the distributions paid this
month and for their current fiscal year are as follows:
Estimated Allocations as of April 30,
2024
Fund
Distribution
Net Income
Net Realized Short-
Term Gains
Net Realized Long-
Term Gains
Return of Capital
ECAT1
$0.150000
$0.040696 (27%)
$0 (0%)
$0 (0%)
$0.109304 (73%)
BCAT1
$0.127500
$0.056687 (44%)
$0 (0%)
$0 (0%)
$0.070813 (56%)
BMEZ1
$0.089830
$0 (0%)
$0 (0%)
$0 (0%)
$0.089830 (100%)
BSTZ1
$0.105160
$0 (0%)
$0 (0%)
$0 (0%)
$0.105160 (100%)
BIGZ1
$0.044440
$0 (0%)
$0 (0%)
$0 (0%)
$0.044440 (100%)
Estimated Allocations for the Fiscal
Year through April 30, 2024
Fund
Distribution
Net Income
Net Realized Short-
Term Gains
Net Realized Long-
Term Gains
Return of Capital
ECAT1
$0.750000
$0.016513 (2%)
$0 (0%)
$0 (0%)
$0.733487 (98%)
BCAT1
$0.637500
$0.032121 (5%)
$0 (0%)
$0 (0%)
$0.605379 (95%)
BMEZ1
$0.451360
$0 (0%)
$0 (0%)
$0 (0%)
$0.451360 (100%)
BSTZ1
$0.519130
$0 (0%)
$0 (0%)
$0 (0%)
$0.519130 (100%)
BIGZ1
$0.222760
$0 (0%)
$0 (0%)
$0 (0%)
$0.222760 (100%)
1The 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 the 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 being provided to you pursuant to regulatory
requirements and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting
purposes will depend upon each Fund’s investment experience during
the remainder of its fiscal year and may be subject to changes
based on tax regulations. The Fund 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.
Fund Performance and Distribution Rate
Information:
Fund
Average annual
total return (in
relation to NAV) for
the 5-year period
ending on 4/30/2024
Annualized current
distribution rate
expressed as a
percentage of NAV
as of 4/30/2024
Cumulative total
return (in relation to
NAV) for the fiscal
year through
4/30/2024
Cumulative fiscal
year distributions as
a percentage of
NAV as of
4/30/2024
ECAT*
4.73%
9.92%
4.13%
3.31%
BCAT*
3.83%
8.83%
3.72%
2.94%
BMEZ*
4.32%
6.23%
(1.17)%
2.09%
BSTZ*
9.52%
5.99%
0.67%
1.97%
BIGZ*
(16.82)%
6.19%
(2.33)%
2.07%
*Fund launched within the past 5 years; the performance and
distribution rate information presented for this Fund reflects data
from inception to 4/30/2024.
Shareholders should not draw any conclusions about a Fund’s
investment performance from the amount of the Fund’s current
distributions or from the terms of the Fund’s Plan.
The annual distribution rate and amount distributed per share
under a Plan is subject to change at the discretion each Fund’s
Board. Each Plan will be subject to ongoing review by the Board
to determine whether the Plan should be continued, modified or
terminated. The Board may amend the terms of a Plan or suspend or
terminate a Plan at any time without prior notice to the Fund’s
shareholders if it deems such actions to be in the best interest of
the Fund or its shareholders. The amendment or termination of a
Plan could have an adverse effect on the market price of the Fund's
shares.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate
Availability of Fund Updates
BlackRock will update performance and certain other data for the
Funds on a monthly basis on its website in the “Closed-end Funds”
section of www.blackrock.com as well as certain other material
information as necessary from time to time. Investors and others
are advised to check the website for updated performance
information and the release of other material information about the
Funds. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Funds and does
not, and is not intended to, incorporate BlackRock’s website in
this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or a
Fund may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to a Fund’s 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, and regulatory, supervisory or
enforcement actions of government agencies relating to a Fund or
BlackRock, as applicable; (8) terrorist activities, international
hostilities, health epidemics and/or pandemics 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 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 BlackRock’s website is not a part of this press
release.
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