BlackRock Updates on Special Distributions Related to Reorganization of 6 BlackRock Taxable Fixed Income Closed-End Funds [Professional Services Close – Up]

BlackRock Advisors announced special distributions for BlackRock High Yield Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Corporate High Yield Fund III, Inc., BlackRock High Income Shares, BlackRock Corporate High Yield Fund V, Inc. and BlackRock Corporate High Yield Fund VI, Inc. (collectively, the "Funds") in connection with the reorganization of BHY, COY, CYE, HIS and HYV into HYT, with HYT continuing as the surviving Fund, each a Reorganization.

In a release on Oct. 18, BlackRock said that with respect to each of BHY, COY, CYE, HIS and HYV, the distribution announced represents the respective Fund's final distribution, inclusive of undistributed net investment income earned through the effective date of the Reorganizations. In order to maintain their status as regulated investment companies and to avoid the imposition of a corporate level income tax, BHY, COY, CYE, HIS and HYV are required to distribute all of their respective net investment income prior to the consummation of the Reorganizations. Investors in BHY, COY, CYE, HIS and HYV should consider this distribution to be in lieu of the distribution ordinarily declared on Nov. 1, and such Funds will pay no further distributions to their shareholders prior to or following the Reorganizations.

With respect to HYT, shareholders should consider the distribution announced to be inclusive of the distribution ordinarily declared on Nov. 1, and any undistributed net investment income earned through the effective date of the Reorganizations. No other distribution for HYT will be paid during the month of November. The next distribution declaration date for the combined fund (HYT) following the Reorganizations is expected to be Dec. 2.

It is currently expected that the Reorganizations will be completed with the open for business of the New York Stock Exchange on Nov. 18, subject to all regulatory requirements and customary closing conditions being satisfied. The Reorganizations, if completed, would occur based on the relative net asset values of (i) BHY and HYT, (ii) COY and HYT, (iii) CYE and HYT, (iv) HIS and HYT and (v) HYV and HYT, respectively.

BlackRock is a firm focusing on investment management, risk management and advisory services for institutional and retail clients worldwide. At Sept. 30, BlackRock's assets under management were $4.096 trillion. Headquartered in New York City, as of Sept. 30, the firm had approximately 11,200 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.

More information:

www.blackrock.com.

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