NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below.
Taxable Municipal Fund:
Declaration-12/21/2020 |
Ex-Date- 12/30/2020 |
Record- 12/31/2020 |
Payable- 1/11/2021 |
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Fund |
Ticker |
Distribution |
Change From
|
|
||||
BlackRock Taxable Municipal Bond Trust |
BBN |
$0.117000 |
- |
|
||||
Taxable Funds:
Declaration-12/21/2020 |
Ex-Date- 12/30/2020 |
Record- 12/31/2020 |
Payable- 1/11/2021 |
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Fund |
Ticker |
Distribution |
Change From
|
|||
BlackRock Floating Rate Income Trust* |
BGT |
$0.064700 |
- |
|||
BlackRock Core Bond Trust* |
BHK |
$0.074600 |
- |
|||
BlackRock Multi-Sector Income Trust |
BIT |
$0.123700 |
- |
|||
BlackRock Income Trust, Inc.* |
BKT |
$0.034400 |
- |
|||
BlackRock Limited Duration Income Trust* |
BLW |
$0.098100 |
- |
|||
BlackRock Credit Allocation Income Trust* |
BTZ |
$0.083900 |
- |
|||
BlackRock Debt Strategies Fund, Inc.* |
DSU |
$0.060500 |
- |
|||
BlackRock Enhanced Government Fund, Inc.* |
EGF |
$0.041000 |
- |
|||
BlackRock Floating Rate Income Strategies Fund, Inc.* |
FRA |
$0.066700 |
- |
|||
BlackRock Corporate High Yield Fund, Inc.* |
HYT |
$0.077900 |
- |
|||
BlackRock 2022 Global Income Opportunity Trust* |
BGIO |
$0.050000 |
- |
* 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 noted 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 2020 will be made after the end of the year.
BlackRock Enhanced Government Fund, Inc. (NYSE: EGF) , BlackRock Debt Strategies Fund, Inc. (NYSE: DSU), BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE:FRA), BlackRock Floating Rate Income Trust (NYSE:BGT), BlackRock Corporate High Yield Fund, Inc. (NYSE: HYT), BlackRock Credit Allocation Income Trust (NYSE: BTZ), BlackRock Limited Duration Income Trust (NYSE: BLW), BlackRock Core Bond Trust (NYSE:BHK), and BlackRock Multi-Sector Income Trust (NYSE:BIT) (collectively, the “Plan Funds”) have adopted a managed distribution plan (a “Plan”) 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 Plan Fund’s Board of Directors/Trustees. Under its Plan, each Plan 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 (the “Code”). If sufficient investment income is not available on a monthly basis, each Plan Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain a level distribution.
The Plan Funds’ estimated sources of the distributions paid as of December 21, 2020 and for their current fiscal year are as follows:
Estimated Allocations as of December 21, 2020 |
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Fund |
Distribution |
Net Investment
|
Net Realized Short-
|
Net Realized Long-
|
Return of Capital |
|||
EGF1 |
$0.041000 |
$0.028157 (69%) |
$0 (0%) |
$0 (0%) |
$0.012843 (31%) |
|||
DSU1 |
$0.060500 |
$0.048466 (80%) |
$0 (0%) |
$0 (0%) |
$0.012034 (20%) |
|||
FRA1 |
$0.066700 |
$0.055980 (84%) |
$0 (0%) |
$0 (0%) |
$0.010720 (16%) |
|||
BGT1 |
$0.064700 |
$0.051254 (79%) |
$0 (0%) |
$0 (0%) |
$0.013446 (21%) |
|||
HYT1 |
$0.077900 |
$0.063087 (81%) |
$0 (0%) |
$0 (0%) |
$0.014813 (19%) |
|||
BTZ1 |
$0.083900 |
$0.068160 (81%) |
$0 (0%) |
$0 (0%) |
$0.015740 (19%) |
|||
BLW1 |
$0.098100 |
$0.077195 (79%) |
$0 (0%) |
$0 (0%) |
$0.020905 (21%) |
|||
BHK |
$0.074600 |
$0.058225 (78%) |
$0.016375 (22%) |
$0 (0%) |
$0 (0%) |
|||
BIT1 |
$0.123700 |
$0.076958 (62%) |
$0 (0%) |
$0 (0%) |
$0.046742 (38%) |
|||
Estimated Allocations for the Fiscal Year through December 21, 2020
Fund |
Distribution |
Net Investment
|
Net Realized Short-
|
Net Realized Long-
|
Return of Capital |
EGF1 |
$0.451000 |
$0.358491 (79%) |
$0 (0%) |
$0 (0%) |
$0.092509 (21%) |
DSU1 |
$0.771500 |
$0.619839 (80%) |
$0 (0%) |
$0 (0%) |
$0.151661 (20%) |
FRA1 |
$0.854700 |
$0.663911 (78%) |
$0 (0%) |
$0 (0%) |
$0.190789 (22%) |
BGT1 |
$0.828700 |
$0.647353 (78%) |
$0 (0%) |
$0 (0%) |
$0.181347 (22%) |
HYT1 |
$0.856900 |
$0.782472 (91%) |
$0 (0%) |
$0 (0%) |
$0.074428 (9%) |
BTZ1 |
$0.922900 |
$0.826312 (90%) |
$0 (0%) |
$0 (0%) |
$0.096588 (10%) |
BLW1 |
$1.079100 |
$0.973009 (90%) |
$0 (0%) |
$0 (0%) |
$0.106091 (10%) |
BHK |
$0.750600 |
$0.724871 (97%) |
$0.025729 (3%) |
$0 (0%) |
$0 (0%) |
BIT1 |
$0.247400 |
$0.166332 (67%) |
$0 (0%) |
$0 (0%) |
$0.081068 (33%) |
1The Plan 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 Plan Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Plan Fund’s net asset value per share.
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 Plan Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Plan 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
|
Annualized current
|
Cumulative total return
|
Cumulative fiscal
|
|
EGF |
2.50% |
3.66% |
2.55% |
3.05% |
|
DSU |
7.04% |
6.34% |
0.59% |
6.20% |
|
FRA |
5.36% |
5.84% |
0.84% |
5.75% |
|
BGT |
5.27% |
5.84% |
0.90% |
5.75% |
|
HYT |
9.52% |
7.90% |
7.08% |
6.58% |
|
BTZ |
9.18% |
6.44% |
11.02% |
5.36% |
|
BLW |
7.97% |
7.02% |
5.21% |
5.85% |
|
BHK |
9.16% |
5.45% |
12.05% |
4.11% |
|
BIT |
9.24% |
8.16% |
3.80% |
0.68% |
|
Shareholders should not draw any conclusions about a Plan Fund’s investment performance from the amount of the Plan Fund’s current distributions or from the terms of a Plan Fund’s Plan.
BKT has adopted a Plan whereby beginning August 2018 the Fund will make fixed monthly distributions to common stockholders and will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Code. The fixed amount distributed per share is subject to change at the discretion of BKT’s Board. If sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain a level distribution. The Fund is currently not relying on any exemptive relief from Section 19(b) of the 1940 Act. The Fund expects that distributions under the Plan will exceed current income and capital gains and therefore will likely include a return of capital. BKT may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
BKT’s estimated sources of the distributions paid as of December 21, 2020 and for its current fiscal year are as follows:
Estimated Allocations as of December 21, 2020 |
|
||||||
Fund |
Distribution |
Net Investment
|
Net Realized
|
Net Realized
|
Return of Capital |
|
|
BKT2 |
$0.034400 |
$0.025742 (75%) |
$0 (0%) |
$0 (0%) |
$0.008658 (25%) |
|
|
Estimated Allocations for the Fiscal Year through December 21, 2020 |
|
||||||
Fund |
Distribution |
Net Investment
|
Net Realized
|
Net Realized
|
Return of Capital |
|
|
BKT2 |
$0.378400 |
$0.324915 (86%) |
$0 (0%) |
$0 (0%) |
$0.053485 (14%) |
|
|
2BKT estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect BKT’s investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce BKT’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 BKT’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. BKT will send its stockholders a Form 1099-DIV for the calendar year that will illustrate how to report these distributions for federal income tax purposes.
Fund Performance and Distribution Rate Information: |
|
||||
Fund |
Average annual total
|
Annualized current
|
Cumulative total return
|
Cumulative fiscal
|
|
BKT |
3.71% |
6.62% |
4.75% |
5.51% |
|
No conclusions should be drawn about BKT’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Plan.
The amount distributed per share under a Plan is subject to change at the discretion of the applicable 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, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | 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.