BZA Blackrock California Municipal Bond Trust

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.

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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.

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