BLACKROCK INVESTMENT QUALITY TERM TRUST DIVIDEND CHANGE ANNOUNCEMENT.NEW YORK--(BUSINESS WIRE)--July 1, 1996--After careful evaluation of the current and anticipated level of the Trust's net investment income, the Board of Directors of The BlackRock BlackRock Inc. (NYSE: BLK) is a major American investment management firm. As of September 30, 2007, BlackRock’s assets under management totaled $1.3 trillion[2] across fixed income, liquidity, equity, alternative investment and real estate strategies. Investment Quality Term Trust Inc. (NYSE NYSE See: New York Stock Exchange Symbol: BQT BQT Basic Quality Tools ) voted to reduce the Trust's monthly dividend from $0.05 ($0.60 annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. ) to $0.047917 ($0.575 annualized) effective with the July July: see month. 31, 1996 dividend payment. At the Trust's current stock price of $7.375, the new dividend rate represents a current annualized yield of 7.80 %. This adjustment is being made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Trust's continued commitment to achieve its primary investment objective of managing a portfolio of investment grade fixed income securities that will return $10 per share (the initial offering price) to investors on or about Dec. 31, 2004. As of June 27, the Trust's net asset value was $8.79, and both the Board of Directors and BlackRock Financial Management Inc. feel confident in the Trust's ability to return its initial offering price. As BlackRock's term trusts approach their maturity dates, cash flows into the portfolios are necessarily reinvested in shorter maturity securities which closely match the trust's maturity date. As shorter maturity securities typically yield less than longer maturity securities, this continual reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. results in a natural reduction of the amount of net investment income generated by the Trust and, consequently, dividend distributions to shareholders. The Trust has historically emphasized investment grade corporate bonds, which offer a higher degree of cash flow stability and call protection and comprised 41 % of portfolio assets as of June 27, 1996. BlackRock believes that the Trust's core holdings in corporate securities will provide for greater cash flow predictability and could provide for a relatively stable dividend stream to term. Any questions concerning the Trust should be directed to BlackRock's marketing center at 800-227-7236. -0- NYSE Symbol: BQT Cusip: 09247J 10 2 Monthly Dividend: $0.047917 Record Date: July 15, 1996 Declaration Date: July 1, 1996 Payable Date: July 31, 1996 Ex-Dividend Date: July 11, 1996 CONTACT: The BlackRock Investment Quality Term Trust Inc. 800/227-7236 |
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