Ms. Maeve Hannigan of Veritas Communications reports
BLACKROCK ANNOUNCES ESTIMATED 2013 ANNUAL CAPITAL GAINS DISTRIBUTIONS FOR THE ISHARES(R) FUNDS
BlackRock Asset Management Canada Ltd. has declared the estimated annual capital gains distributions for the iShares funds listed herein for the 2013 tax year. Please note that these are estimated amounts only as of Nov. 6, 2013, and reflect forward-looking information that may cause the estimates to change before the funds' Dec. 15, 2013, tax year-end.
These estimates are for the year-end capital gains distributions only. These are typically reinvested in additional units of the respective funds rather than paid in cash, and do not include estimates of continuing monthly, quarterly or semi-annual cash distribution amounts. The additional units will be immediately consolidated with the previously outstanding units such that the number of outstanding units following the distribution will equal the number of units outstanding prior to the distribution.
BlackRock expects to announce the final year-end distribution amounts, as well as the monthly, quarterly and semi-annual cash distribution amounts, on or about Dec. 18, 2013. The ex dividend date for the 2013 annual distributions will be Dec. 27, 2013. The record date for the 2013 annual distributions will be Dec. 31, 2013, and the payable date will be Jan. 6, 2014. The actual taxable amounts of reinvested and cash distributions for 2013, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2014.
Estimated
annual
Net asset capital gain
value (NAV) as % of NAV
Fund per unit at at Nov. 6,
Fund name ticker Nov. 6, 2013 2013
iShares Advantaged Canadian Bond
Index Fund CAB 20.04476 0.00(i)%
CAB.A 20.02108 0.00(i)%
iShares Balanced Income
CorePortfolio Fund CBD 20.41551 4.84%
CBD.A 20.35869 5.00%
iShares 1-10 Year Laddered
Corporate Bond Index Fund CBH 19.67521 0.00%
CBH.A 19.66765 0.00%
iShares Balanced Growth
CorePortfolio Fund CBN 17.09755 0.73%
CBN.A 17.26614 0.00%
iShares 1-5 Year Laddered Corporate
Bond Index Fund CBO 19.76598 0.00%
CBO.A 19.76147 0.00%
iShares BRIC Index Fund CBQ 24.21572 0.00%
CBQ.A 24.36223 0.00%
iShares Broad Commodity Index ETF
(Canadian-dollar hedged) CBR 21.1857 0.00%
CBR.A 20.66797 0.00%
iShares S&P/TSX Canadian
Dividend Aristocrats Index Fund CDZ 24.06353 0.00%
CDZ.A 23.98343 0.00%
iShares Equal Weight Banc & Lifeco
ETF CEW 9.411844 0.00%
CEW.A 7.684738 0.00%
iShares Global Real Estate Index
Fund CGR 21.0553 0.00%
CGR.A 21.03178 0.00%
iShares Gold Bullion ETF CGL 11.74916 0.00%
CGL.C 12.33293 0.00%
iShares Advantaged U.S. High Yield
Bond Index Fund
(Canadian-dollar hedged) CHB 21.08602 0.00%
CHB.A 21.052 0.00%
iShares China All-Cap Index Fund CHI 20.40538 0.00%
CHI.A 19.88002 0.00%
iShares International Fundamental
Index Fund CIE 15.94095 0.00%
CIE.A 15.99048 0.00%
iShares Global Infrastructure Index
Fund CIF 21.74975 2.66%
CIF.A 21.81972 2.66%
iShares Japan Fundamental Index
Fund (Canadian-dollar hedged) CJP 11.15991 0.00%
CJP.A 10.98093 0.00%
iShares 1-5 Year Laddered
Government Bond Index Fund CLF 19.46551 0.00%
CLF.A 19.44889 0.00%
iShares 1-10 Year Laddered
Government Bond Index Fund CLG 19.3468 0.00%
CLG.A 19.34222 0.00%
iShares Oil Sands Index Fund CLO 12.60716 0.00%
CLO.A 12.5131 0.00%
iShares U.S. Fundamental Index Fund CLU 24.25808 1.84%
CLU.A 24.10995 1.84%
CLU.B 21.06216 1.84%
CLU.C 21.15156 1.84%
iShares Managed Futures Index ETF CMF 20.38996 0.00%
CMF.A 20.0877 0.00%
iShares Premium Money Market ETF CMR 50.01004 0.00%
CMR.A 50.00648 0.00%
iShares S&P/TSX Global Mining Index
Fund CMW 14.88458 0.00%
CMW.A 14.89838 0.00%
iShares Global Agriculture Index
Fund COW 26.24971 0.00%
COW.A 25.75918 0.00%
iShares S&P/TSX Canadian Preferred
Share Index Fund CPD 16.18272 0.00%
CPD.A 16.16198 0.00%
iShares Canadian Fundamental Index
Fund CRQ 13.23491 3.01%
CRQ.A 13.20033 2.29%
iShares Advantaged Short Duration
High Income ETF CSD 20.2522 0.00%
CSD.A 20.22333 0.00%
CSD.U 20.40636 0.00%
CSD.V 20.37546 0.00%
iShares S&P U.S. Dividend Growers
Index Fund (Canadian-dollar hedged) CUD 29.13678 1.01%
CUD.A 29.10412 0.87%
iShares Advantaged Convertible Bond
Index Fund CVD 19.20124 0.00%
CVD.A 19.19347 0.00%
iShares Emerging Markets
Fundamental Index ETF CWO 29.73267 0.00%
CWO.A 29.66773 0.00%
iShares S&P Global Water Index Fund CWW 20.86683 0.00%
CWW.A 20.91361 0.00%
iShares Global Monthly Advantaged
Dividend Index Fund CYH 16.95068 0.00(i)%
CYH.A 16.91577 0.00(i)%
iShares Canadian Financial Monthly
Income ETF FIE 7.069559 0.00%
FIE.A 6.807183 0.00%
iShares Silver Bullion ETF SVR 12.74602 0.00%
SVR.C 9.309728 0.00%
iShares Alternatives Completion
Portfolio Builder Fund XAL 26.61613 0.00%
iShares DEX Universe Bond Index
Fund XBB 30.17465 0.13%
iShares S&P/TSX Global Base Metals
Index Fund XBM 13.09284 0.00%
iShares MSCI Brazil Index Fund XBZ 13.99258 0.00%
iShares DEX All Corporate Bond
Index Fund XCB 20.85793 0.27%
iShares S&P Global Consumer
Discretionary Index Fund
(Canadian-dollar hedged) XCD 23.95832 0.00%
iShares Dow Jones Canada Select
Growth Index Fund XCG 23.10894 0.00%
iShares China Index Fund XCH 18.7555 0.00%
iShares Conservative Core Portfolio
Builder Fund XCR 22.5206 0.00%
iShares S&P/TSX SmallCap Index Fund XCS 14.92018 0.00%
iShares Dow Jones Canada Select
Value Index Fund XCV 22.51473 3.33%
iShares Dow Jones Canada Select
Dividend Index Fund XDV 23.96644 0.55%
iShares J.P. Morgan USD Emerging
Markets Bond Index Fund
(Canadian-dollar hedged) XEB 20.77843 0.00%
iShares MSCI Emerging Markets IMI
ETF XEC 20.41357 0.00%
iShares MSCI EAFE IMI Index ETF XEF 22.71046 0.00%
iShares S&P/TSX Capped Energy Index
Fund XEG 16.70281 0.00%
iShares S&P/TSX Equity Income Index
Fund XEI 21.35112 4.11%
iShares MSCI Emerging Markets Index
Fund XEM 24.7932 0.00%
iShares Jantzi Social Index Fund XEN 19.64554 0.00%
iShares S&P/TSX Capped Financials
Index Fund XFN 28.34129 0.00%
iShares DEX Floating Rate Note
Index Fund XFR 20.14382 0.03%
iShares DEX All Government Bond
Index Fund XGB 20.8775 0.39%
iShares Global Completion Portfolio
Builder Fund XGC 27.26373 0.38%
iShares S&P/TSX Global Gold Index
Fund XGD 11.05946 0.00%
iShares S&P Global Industrials
Index Fund (Canadian-dollar hedged) XGI 22.98575 0.00%
iShares Growth Core Portfolio
Builder Fund XGR 25.36794 0.47%
iShares DEX HYBrid Bond Index Fund XHB 20.61368 0.00%
iShares S&P Global Healthcare Index
Fund (Canadian-dollar hedged) XHC 30.94391 0.00%
iShares U.S. High Dividend Equity
Index Fund (Canadian-dollar hedged) XHD 23.15289 0.50%
iShares U.S. High Yield Bond Index
Fund (Canadian-dollar hedged) XHY 21.57569 0.00%
iShares S&P/TSX Capped Composite
Index Fund XIC 21.11969 0.25%
iShares CNX Nifty India Index ETF XID 18.29399 0.00%
iShares U.S. IG Corporate Bond
Index Fund (Canadian-dollar hedged) XIG 22.18756 0.00%
iShares MSCI EAFE Index Fund
(Canadian-dollar hedged) XIN 21.48243 0.00%
iShares S&P/TSX Capped Information
Technology Index Fund XIT 7.87778 0.00%
iShares S&P/TSX 60 Index Fund XIU 19.33832 0.00%
iShares S&P Latin America 40 Index
Fund XLA 17.27734 0.00%
iShares DEX Long Term Bond Index
Fund XLB 21.3383 0.00%
iShares S&P/TSX Capped Materials
Index Fund XMA 12.83494 0.00%
iShares S&P/TSX Completion Index
Fund XMD 22.8333 0.00%
iShares MSCI EAFE Minimum
Volatility Index Fund XMI 25.03457 0.04%
iShares MSCI Emerging Markets
Minimum Volatility Index Fund XMM 22.84329 0.21%
iShares MSCI USA Minimum Volatility
Index Fund XMU 24.93268 0.89%
iShares MSCI Canada Minimum
Volatility Index Fund XMV 23.23846 0.08%
iShares MSCI All Country World
Minimum Volatility Index Fund XMW 24.23479 0.00%
iShares S&P/TSX North American
Preferred Stock Index Fund
(Canadian-dollar hedged) XPF 19.17173 0.00%
iShares NASDAQ 100 Index Fund
(Canadian-dollar hedged) XQQ 28.1269 0.00%
iShares DEX Real Return Bond Index
Fund XRB 22.65048 3.51%
iShares S&P/TSX Capped REIT Index
Fund XRE 15.23496 5.73%
iShares DEX Short Term Bond Index
Fund XSB 28.60864 0.00%
iShares DEX Short Term Corporate
Universe + Maple Bond Index Fund XSH 19.82266 0.00%
iShares S&P 500 Index Fund
(Canadian-dollar hedged) XSP 20.37986 0.00%
iShares S&P/TSX Capped Consumer
Staples Index Fund XST 30.94612 0.38%
iShares Russell 2000Index Fund
(Canadian-dollar hedged) XSU 23.63482 0.00%
iShares Diversified Monthly Income
Fund XTR 12.01752 0.00%
iShares S&P 500 Index ETF XUS 23.04065 0.00%
iShares S&P/TSX Capped Utilities
Index Fund XUT 19.39598 0.25%
iShares S&P/TSX Venture Index Fund XVX 12.00968 0.00%
iShares MSCI World Index Fund XWD 30.88266 0.00%
(i) Additional capital gains distributions will be made on the CAB, CAB.A,
CYH and CYH.A units, as discussed herein.
Reasons for some of the larger estimated capital gains distributions are as follows:
XRE
The iShares S&P/TSX Capped REIT Index Fund's capital gains are largely the result of the acquisition of Primaris Real Estate Investment Trust by H&R Real Estate Investment Trust during the year, which led to the realization of capital gains embedded in the Primaris position held by the fund.
XEI
The iShares S&P/TSX Equity Income Index Fund experienced capital gains in 2013 primarily due to the appreciation of securities held in its portfolio, and realized on the sale of securities in connection with the quarterly index rebalances. Some of the larger contributors to the gain were realized on the disposition of shares in Thomson Reuters Corp., Shaw Communications Inc. B, Husky Energy Inc., Cineplex Inc. and Bank of Nova Scotia.
CBD
The iShares Balanced Income CorePortfolio Fund experienced capital gains in 2013 in part due to the appreciation of securities held in its portfolio. Gains were also realized on the fund's holding of the iShares Global Monthly Advantaged Dividend Index Fund (CYH). See below for further details on CYH's distributions.
XRB
The iShares DEX Real Return Bond Index Fund realized capital gains in 2013 on the disposition of securities held as part of the normal course of operations for which there were embedded gains based on strong past performance.
Forward-using iShares ETFs:
CYH, CAB, CBR, CHB, CMF, CSD and CVD
On Sept. 17, 2013, BlackRock Canada announced changes to seven forward-using iShares funds in response to proposed new federal taxation rules that would deem gains on the settlement of certain forward agreements to be included in ordinary income rather than treated as capital gains.
As disclosed in a press release issued on Nov. 19, the iShares Global Monthly Advantaged Dividend Index Fund (CYH) and the iShares Advantaged Canadian Bond Index Fund (CAB) experienced significant capital gains in 2013 due primarily to the appreciation in value of their respective reference portfolios that were realized upon the termination of the respective funds' forward agreements, which occurred in the fourth quarter of 2013 as part of the changes to the funds. As a result, CYH and CAB will make special capital gains distributions to unitholders on record as of Nov. 28, 2013.
BlackRock does not expect that there will be year-end capital gain distributions for the iShares Broad Commodity Index Fund (Canadian-dollar hedged), the iShares Advantaged U.S. High Yield Bond Index Fund, the iShares Managed Futures Index Fund, the iShares Advantaged Short Duration High Income ETF or the iShares Advantaged Convertible Bond Index Fund as a result of the changes to the funds. BlackRock does expect, however, that for the forward-using iShares ETFs, regular cash distributions made during 2013 will be characterized as capital gains.
Certain considerations pertaining to the tax treatment of each of the forward-using iShares ETFs and its forward agreement(s) are set out in the fund's prospectus. As described above, the termination of a fund's forward agreement will have the effect of realizing certain of these tax consequences. Unitholders should consult their own tax advisers about the consequences in their particular circumstances.
We seek Safe Harbor.
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