Announcement of Distributions and Changes to
Non-Fundamental Investment Policies in Anticipation of the
Termination Date
Each of BlackRock Municipal 2018 Term Trust (NYSE:BPK),
BlackRock New York Municipal 2018 Term Trust (NYSE:BLH), and
BlackRock California Municipal 2018 Term Trust (NYSE:BJZ) (each, a
“Fund” and collectively, the “Funds”) is scheduled to distribute
substantially all of its assets on or about December 31, 2018, when
each Fund will terminate. In recognition that the Funds are
approaching their final year of operation and in order that each
Fund may begin to make such changes to the composition of its
investment portfolio as are designed to preserve capital and
facilitate the eventual distribution of Fund assets to shareholders
on or about December 31, 2018, the Board of each Fund has approved
changes to certain non-fundamental investment policies.
First, the Board of each Fund has approved eliminating the
requirement for each Fund to be fully invested (at least 95% of net
assets) in applicable tax-exempt bonds as described below. In
connection with the elimination of this 95% requirement, the Board
approval also provides that each Fund may invest in high-grade
short term taxable securities subject to an after-tax yield
assessment, and also subject to the Fund’s investment policy of
investing at least 80% of its total assets in applicable tax-exempt
bonds.
Fund Applicable Tax-Exempt Bonds
BPK Municipal bonds that pay interest that is
exempt from regular Federal income tax BLH
Municipal bonds that pay interest that is exempt from regular
Federal income tax and New York State and New York City personal
income taxes BJZ Municipal bonds that pay
interest that is exempt from regular Federal and California income
taxes
Second, the Board of each Fund has modified the Fund’s
non-fundamental policy to invest no more than 10% of its total
assets in securities of other open- or closed-end management
investment companies that invest primarily in municipal bonds of
the types in which the Fund may invest directly. The modified
policy excludes from the 10% limit any investments in registered
money market funds that invest primarily in municipal bonds of the
respective type in which the Fund may invest directly, including
BlackRock money market funds. With respect to BLH and BJZ, such
investments may include registered money market funds that invest
primarily in federally exempt municipal bonds (but not necessarily
state tax exempt municipal bonds).
These actions do not require the Funds to begin the process of
liquidating their assets or to make distributions to their
shareholders, or restrict the Funds’ ability to continue to engage
in any business otherwise permitted by their investment objectives,
policies, and restrictions (including by making new investments and
reinvestments and engaging in new business).
The Funds also announced today a decrease in their monthly
distribution rates effective with their January distributions.
Declaration - 12/1/2017 Ex-Date- 1/12/2018
Record- 1/16/2018
Payable- 2/1/2018
Fund
Ticker
Distribution
Change From
Prior
Distribution
BlackRock Municipal 2018 Term Trust BPK $0.0050 ($0.0170) BlackRock
California Municipal 2018 Trust BJZ $0.0025 ($0.0228) BlackRock New
York Municipal 2018 Trust BLH $0.0025 ($0.0141)
About BlackRock
BlackRock helps investors build better financial futures. As a
fiduciary to our clients, we provide the investment and technology
solutions they need when planning for their most important goals.
As of September 30, 2017, the firm manages approximately $5.977
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
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, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to a 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 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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