Certain BlackRock closed-end funds (the “Funds”) announced
distributions today as detailed below.
Several of the municipal Funds announced dividend increases.
These dividend increases were made in order to better align the
Funds with their current earnings rates in light of each fund’s
earnings potential and level of undistributed net investment
income.
In addition, dividend reductions were announced by several of
the taxable and equity Funds. With respect to the taxable Funds,
these dividend reductions take into account each Fund’s earnings
potential and the decreasing interest rates on floating rate
securities held by the Funds. With respect to the equity Funds,
these dividend reductions take into account each Fund’s earnings
potential and NAV decline in light of the recent market environment
for equities.
Details are as follows:
Municipal Funds:
Declaration- 9/1/2009
Ex-Date- 9/11/2009 Record- 9/15/2009
Payable- 10/1/2009
National Funds Ticker
Dividend
Change FromPrior Month
BlackRock Apex Municipal Fund, Inc. APX $0.046500 - BlackRock
Insured Municipal Income Trust BYM $0.068500 - BlackRock Insured
Municipal Income Investment Trust BAF $0.068500 $0.003000 BlackRock
Insured Municipal Term Trust BMT $0.030417 - BlackRock Investment
Quality Municipal Income Trust RFA $0.070000 $0.013000 BlackRock
Long-Term Municipal Advantage Trust BTA $0.057500 $0.002500
BlackRock Muni Intermediate Duration Fund, Inc. MUI $0.065500 -
BlackRock MuniAssets Fund, Inc. MUA $0.067500 - 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 $0.073800 - 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
$0.053000 $0.002500 BlackRock MuniHoldings Fund II, Inc. MUH
$0.075500 - BlackRock MuniHoldings Fund, Inc. MHD $0.083500 -
BlackRock MuniHoldings Insured Fund II, Inc. MUE $0.070000
$0.002500 BlackRock MuniHoldings Insured Fund, Inc. MUS $0.070000
$0.004000 BlackRock MuniHoldings Insured Investment Fund MFL
$0.068000 - BlackRock MuniVest Fund II, Inc. MVT $0.083500 -
BlackRock MuniVest Fund, Inc. MVF $0.053000 $0.002500 BlackRock
MuniYield Fund, Inc. MYD $0.069000 - BlackRock MuniYield Insured
Fund, Inc. MYI $0.061000 - BlackRock MuniYield Insured Investment
Fund MFT $0.066000 - BlackRock MuniYield Investment Fund MYF
$0.065500 $0.007500 BlackRock MuniYield Quality Fund II, Inc. MQT
$0.062000 $0.004500 BlackRock MuniYield Quality Fund, Inc. MQY
$0.069500 $0.002500 The BlackRock Investment Quality Municipal
Trust, Inc. BKN $0.081500 $0.006000 The BlackRock Strategic
Municipal Trust BSD $0.070000 -
State-Specific Funds
Ticker Dividend
Change FromPrior Month
BlackRock California Insured Municipal Income Trust BCK $0.066000 -
BlackRock California Municipal 2018 Term Trust BJZ $0.072000 -
BlackRock California Municipal Bond Trust BZA $0.077000 - BlackRock
California Municipal Income Trust BFZ $0.075700 - BlackRock
California Municipal Income Trust II BCL $0.074500 - BlackRock
MuniHoldings California Insured Fund, Inc. MUC $0.063000 -
BlackRock MuniYield California Fund, Inc. MYC $0.067500 - BlackRock
MuniYield California Insured Fund, Inc. MCA $0.061000 - The
BlackRock California Investment Quality Municipal Trust, Inc. RAA
$0.053000 $0.001500 BlackRock Florida Municipal 2020 Term Trust,
Inc. BFO $0.056000 - BlackRock Maryland Municipal Bond Trust BZM
$0.067900 - BlackRock Muni New York Intermediate Duration Fund,
Inc. MNE $0.055500 - BlackRock MuniHoldings New York Insured Fund,
Inc. MHN $0.068500 $0.003000 BlackRock MuniYield New York Insured
Fund, Inc. MYN $0.052500 - BlackRock New York Insured Municipal
Income Trust BSE $0.065500 - BlackRock New York Municipal 2018 Term
Trust, Inc. BLH $0.082000 $0.003000 BlackRock New York Municipal
Bond Trust BQH $0.078000 - BlackRock New York Municipal Income
Trust BNY $0.082500 $0.002500 BlackRock New York Municipal Income
Trust II BFY $0.080000 $0.002500 The BlackRock New York Investment
Quality Municipal Trust, Inc. RNY $0.068200 - BlackRock
MuniHoldings New Jersey Insured Fund, Inc. MUJ $0.069000 $0.003500
BlackRock MuniYield New Jersey Fund, Inc. MYJ $0.070500 - BlackRock
MuniYield New Jersey Insured Fund, Inc. MJI $0.069500 $0.005500
BlackRock New Jersey Municipal Bond Trust BLJ $0.075500 - BlackRock
New Jersey Municipal Income Trust BNJ $0.077600 - The BlackRock New
Jersey Investment Quality Municipal Trust RNJ $0.064000 $0.002600
BlackRock MuniYield Arizona Fund, Inc. MZA $0.067000 - BlackRock
MuniYield Michigan Insured Fund II, Inc. MYM $0.066500 - BlackRock
MuniYield Michigan Insured Fund, Inc. MIY $0.072500 $0.006000
BlackRock MuniYield Pennsylvania Insured Fund MPA $0.065500 - The
BlackRock Pennsylvania Strategic Municipal Trust BPS $0.064000
$0.014000 BlackRock Virginia Municipal Bond Trust BHV $0.080000 -
Massachusetts Health & Education Tax-Exempt Trust MHE $0.062000
$0.003000 Taxable Funds:
Declaration- 9/1/2009
Ex-Date- 9/11/2009 Record- 9/15/2009
Payable- 9/30/2009
Fund Ticker Dividend
Change FromPrior
Dividend
BlackRock Senior High Income Fund, Inc. ARK $0.025000 - BlackRock
Floating Rate Income Trust* BGT $0.067500 -$0.007500 BlackRock
Strategic Bond Trust BHD $0.069500 - BlackRock Core Bond Trust BHK
$0.062000 - BlackRock Defined Opportunity Credit Trust* BHL
$0.060000 - The BlackRock High Yield Trust* BHY $0.043500 - The
BlackRock Income Trust, Inc. BKT $0.024000 - BlackRock Limited
Duration Income Trust* BLW $0.070000 -$0.012500 BlackRock Income
Opportunity Trust, Inc. BNA $0.051000 - BlackRock Preferred
Opportunity Trust* BPP $0.072500 - BlackRock Preferred and Equity
Advantage Trust* BTZ $0.100000 - BlackRock Corporate High Yield
Fund, Inc. COY $0.061000 - BlackRock Corporate High Yield Fund III,
Inc. CYE $0.055000 - BlackRock Debt Strategies Fund, Inc.* DSU
$0.031000 -$0.004500 BlackRock Diversified Income Strategies Fund,
Inc.* DVF $0.078500 -$0.009000 BlackRock Enhanced Government Fund,
Inc.* EGF $0.105000 - BlackRock Floating Rate Income Strategies
Fund, Inc.* FRA $0.081500 -$0.008335 BlackRock Floating Rate Income
Strategies Fund II, Inc.* FRB $0.081000 -$0.012350 BlackRock High
Income Shares HIS $0.013200 - BlackRock Corporate High Yield Fund
VI, Inc. HYT $0.087500 - BlackRock Corporate High Yield Fund V,
Inc. HYV $0.087500 - BlackRock Preferred and Corporate Income
Strategies Fund, Inc. PSW $0.060000 - BlackRock Preferred Income
Strategies Fund, Inc.* PSY $0.075000 - Equity Funds:
Declaration- 9/1/2009 Ex-Date- 9/11/2009 Record- 9/15/2009
Payable- 9/30/2009 Fund Ticker Dividend
Change FromPrior
Dividend
BlackRock Dividend AchieversTM Trust* BDV $0.162500 - BlackRock
EcoSolutions Investment Trust* BQR $0.300000 -$0.100000 BlackRock
Enhanced Capital and Income Fund, Inc.* CII $0.485000 - BlackRock
Enhanced Dividend AchieversTM Trust * BDJ $0.245000 -$0.060625
BlackRock Energy and Resources Trust* BGR $0.405000 - BlackRock
Health Sciences Trust* BME $0.384375 - BlackRock International
Growth and Income Trust* BGY $0.455100 - BlackRock Real Asset
Equity Trust* BCF $0.271800 - BlackRock Strategic Dividend
AchieversTM Trust* BDT $0.162500 -
*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 2009 will be made after the end of the year.
The BlackRock Dividend AchieversTM Trust (NYSE:BDV), BlackRock
EcoSolutions Investment Trust (NYSE:BQR), BlackRock Enhanced
Capital and Income Fund, Inc. (NYSE:CII), BlackRock Enhanced
Dividend AchieversTM Trust (NYSE:BDJ), BlackRock Energy and
Resources Trust (NYSE:BGR), BlackRock Health Sciences Trust
(NYSE:BME), BlackRock International Growth and Income Trust
(NYSE:BGY), BlackRock Real Asset Equity Trust (NYSE:BCF), BlackRock
Strategic Dividend AchieversTM Trust (NYSE: BDT), BlackRock
Preferred and Equity Advantage Trust (NYSE: BTZ) and BlackRock
Enhanced Government Fund, Inc. (NYSE: EGF) (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 (the “Code”). 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 as of
August 31, 2009 and June 30, 2009 and for their current fiscal year
through August 31, 2009 and June 30, 2009 are as follows:
Estimated Allocations as of August 31, 2009
Trust Distribution
Net InvestmentIncome
Net RealizedShort-Term Gains
Net RealizedLong-TermGains
Return of Capital BTZ1 $0.100000 $0.055500
(55%) $0.00 (0%) $0.00 (0%) $0.044500 (45%)
EGF $0.105000 $0.105000 (100%) $0.00 (0%)
$0.00 (0%) $0.000000 (0%)
Estimated Allocations as of June 30, 2009
Trust Distribution
Net InvestmentIncome
Net RealizedShort-Term Gains
Net RealizedLong-TermGains
Return of Capital BCF1 $0.271800 $0.013300
(5%) $0.00 (0%) $0.00 (0%) $0.258500 (95%)
BDJ1 $0.305625 $0.051365 (17%) $0.00 (0%)
$0.00 (0%) $0.254260 (83%) BDT1 $0.162500
$0.080000 (49%) $0.00 (0%) $0.00 (0%)
$0.082500 (51%) BDV1 $0.162500 $0.063600 (39%)
$0.00 (0%) $0.00 (0%) $0.098900 (61%) BGR1
$0.405000 $0.034000 (8%) $0.121000 (30%) $0.00
(0%) $0.250000 (62%) BGY1 $0.455100 $0.147800
(32%) $0.00 (0%) $0.00 (0%) $0.307300 (68%)
BME1 $0.384375 $0.041755 (11%) $0.00 (0%)
$0.00 (0%) $0.342620 (89%) BQR1 $0.400000
$0.040000 (11%) $0.00 (0%) $0.00 (0%)
$0.360000 (89%) CII1 $0.485000 $0.036000 (7%)
$0.00 (0%) $0.00 (0%) $0.449000 (93%)
Estimated Allocations for the fiscal year through August 31,
2009 Trust Distribution
Net InvestmentIncome
Net RealizedShort-Term Gains
Net RealizedLong-TermGains
Return of Capital BTZ1 $1.210000 $0.799700
(66%) $0.00 (0%) $0.00 (0%) $0.410300 (34%)
EGF $0.735000 $0.735000 (100%) $0.00 (0%)
$0.00 (0%) $0.000000 (0%)
Estimated
Allocations for the fiscal year through June 30, 2009
Trust Distribution
Net InvestmentIncome
Net RealizedShort-Term Gains
Net RealizedLong-TermGains
Return of Capital BCF1 $0.815400 $0.074400
(9%) $0.00 (0%) $0.00 (0%) $0.741000 (91%)
BDJ1 $0.916875 $0.191234 (21%) $0.00 (0%)
$0.00 (0%) $0.725641 (79%) BDT1 $0.487500
$0.239900 (49%) $0.00 (0%) $0.00 (0%)
$0.247600 (51%) BDV1 $0.487500 $0.224600 (46%)
$0.00 (0%) $0.00 (0%) $0.262900 (54%) BGR1
$1.215000 $0.226000 (19%) $0.400000 (33%)
$0.00 (0%) $0.589000 (48%) BGY1 $1.365300
$0.232200 (17%) $0.00 (0%) $0.00 (0%)
$1.133100 (83%) BME1 $1.324369 $0.063400 (5%)
$0.538862 (41%) $0.00 (0%) $0.722107 (54%) BQR1
$1.200000 $0.150000 (12%) $0.00 (0%)
$0.00 (0%) $1.050000 (88%) CII1 $1.455000
$0.264000 (18%) $0.00 (0%) $0.00 (0%)
$1.191000 (82%)
1 The Trusts estimate that they have distributed more than their
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 a 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 each Trust’s investment experience during
the remainder of its fiscal year and may be subject to changes
based on tax regulations. The Trusts 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 annualtotal return
(inrelation to NAV) forthe inception todate ending on July31,
2009
Current fiscal period'sannualized
distributionrate as a percentage ofNAV as of July 31, 2009
Cumulative totalreturn (in
relation toNAV) for the fiscal yearthrough July 31, 2009
Cumulative fiscalyear
distributionrate expressed as apercentage of NAVas of July 31,
2009
BTZ (14.34)% 10.38% 25.58% 9.60% EGF
4.18% 7.49% 9.06% 3.74% BCF
0.43% 9.77% 30.59% 7.33% BDJ (4.41)%
15.26% (5.90)% 11.45% BDT (0.87)% *
6.83% (5.02)% 5.13% BDV (2.57)% *
7.34% (8.46)% 5.50% BGR 7.34%
7.29% 15.03% 5.47% BGY (11.38)% 16.69%
21.28% 12.51% BME 8.85% 6.19%
12.02% 5.33% BQR (17.07)% 14.83% 18.97%
11.12% CII 3.90% * 13.65% 16.53%
10.24%
* Five year total return (in relation to NAV) as of July 31,
2009
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 one of the world’s largest publicly traded
investment management firms. At June 30, 2009, BlackRock’s assets
under management were $1.373 trillion. The firm manages assets on
behalf of institutions and individuals worldwide through a variety
of equity, fixed income, cash management and alternative investment
products. In addition, a growing number of institutional investors
use BlackRock Solutions® investment system, risk management and
financial advisory services. The firm is headquartered in New York
City and has employees in 21 countries throughout the U.S., Europe
and Asia Pacific. 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; (6)
BlackRock’s ability to attract and retain highly talented
professionals; and (7) the impact of legislative and regulatory
actions and reforms and regulatory, supervisory or enforcement
actions of government agencies relating to BlackRock, Barclays PLC,
Bank of America, Merrill Lynch or PNC.
The 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 our website is
not a part of this press release.
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