BlackRock Announces Refinancing of Auction Rate Preferred Shares Issued by BlackRock Tax-Exempt Fixed Income Closed-End Funds

BlackRock, Inc. (NYSE:BLK) today announced the dates for the partial redemptions of auction rate preferred shares (ARPS) issued by 56 of the 61 BlackRock tax-exempt fixed income closed-end funds that utilize these securities. The announced redemptions total $1.6 billion and represent approximately 20% of the total outstanding ARPS issued by BlackRock’s tax-exempt closed-end funds. This redemption announcement follows the Company’s April 15, 2008 press release in which BlackRock provided initial information regarding approximately $1 billion in refinancing of its outstanding tax-exempt ARPS with tender option bonds (TOBs). The figure announced today exceeds that initial estimate with respect to tax-exempt ARPS by 60% and places total redemptions thus far announced for ARPS issued by BlackRock taxable and tax-exempt funds at more than $2.4 billion, or 25% of BlackRock’s total outstanding ARPS. "We are pleased to make this announcement today on the partial refinancing of tax-exempt ARPS through the use of TOBs,” said Robert S. Kapito, President of BlackRock. "BlackRock is one of the first firms in the industry to announce redemptions utilizing TOBs and, to date, this announcement represents the largest tax-exempt ARPS redemption. BlackRock believes this is a meaningful step that balances the interests of both preferred and common shareholders. We continue to work diligently to address liquidity issues for both taxable and tax-exempt ARPS still outstanding.” The amount of ARPS being redeemed at this time varies by fund and ranges from 2% to 42% of the ARPS outstanding for each fund. The use of TOBs as replacement financing, which has been approved by each fund’s Board of Directors, is expected to lower the cost of leverage for common shareholders, while providing liquidity, at liquidation preference, for certain preferred shareholders. As previously indicated, the ability to utilize TOBs in place of ARPS varies by each fund based, in part, on the eligibility of its underlying bonds for TOBs programs. ARPS refinancing utilizing TOBs was not feasible for certain of BlackRock's smaller funds and/or certain state-specific funds where the availability of bonds eligible for creating TOBs was limited. The extent to which a fund is able to use TOBs to redeem ARPS depends on market conditions, a fund’s portfolio composition, the cost of liquidity and the willingness of liquidity providers to support TOBs, among other factors. This new financing seeks to balance the immediate benefit of a lower cost of financing for the common shareholders and liquidity for a portion of the holders of ARPS against the relative risks that the maximum rates on the ARPS may rise and the risk that TOBs may become more expensive in the future or unavailable in the future. Redemptions will be allocated pro rata among the various series in each fund. The Depository Trust Company (DTC), the securities’ holder of record, will determine by random lottery how a partial series redemption will be allocated among each participant broker-dealer account and each participant broker-dealer determines how to allocate each redemption among the holders of the relevant series of ARPS held by it. For more information on the specific BlackRock tax-exempt fixed income closed-end fund ARPS that are to be redeemed, including CUSIP numbers and redemption dates, please see the redemption schedule included in this press release. Progress on the Development of Liquidity Enhanced Adjustable Rate Securities (LEARS) In seeking to engineer a broad-based solution for ARPS still outstanding, BlackRock also announced its progress in developing a money market fund eligible instrument, Liquidity Enhanced Adjustable Rate Securities (LEARS). LEARS require a structural enhancement to be made to the current ARPS structure by either adding a "put” feature to a third party liquidity provider or issuing a new form of preferred stock that includes the put feature. Existing ARPS, as currently structured, are not eligible for purchase by money market funds. BlackRock is working diligently to construct an industry-wide solution and has made significant progress toward this goal. BlackRock has held discussions with potential liquidity providers, auction market participants and money market funds. It is anticipated that certain aspects of the LEARS will require regulatory approval. In that regard, BlackRock is engaged in substantive, on-going dialogue with the Treasury Department, the Internal Revenue Service and the Securities and Exchange Commission and has submitted informal requests for regulatory guidance to these organizations. BlackRock continues to work closely with regulators and has liaised with the Investment Company Institute in attempting to solve this complex challenge. BlackRock believes that the development of a successful LEARS structure would present a comprehensive solution that would be available to all industry participants with ARPS outstanding. BlackRock’s ability to successfully develop LEARS will depend on market conditions, the willingness of money market funds and/or other institutional investors to invest in such securities, the ability to obtain necessary ratings, the need to comply with applicable laws and regulations, and the agreement by all parties, including the liquidity provider and others, to final terms of the transaction, among other factors. In addition, there can be no guarantee that the necessary regulatory approval will be obtained or these solutions can be implemented. BlackRock will continue to provide periodic updates to market participants and shareholders via press releases and on its website at www.blackrock.com. Conference Call BlackRock will host a conference call at 4:15 p.m. (ET) on Tuesday June 3, 2008 to discuss the refinancing of these ARPS. Those interested in listening to the call may dial 1-877-238-4697 or 1-719-785-5596 and reference conference ID number 301714. BlackRock does anticipate high call volume and will also provide an audio webcast at https://cis.premconf.com/sc/scw.dll/usr?cid=vlllrcxlxmlvlnmmr. To access the replay of the call, please dial 1-888-348-4629 or 1-719-884-8882, referencing conference ID number 301714 or visit the closed-end fund section of the company’s website at www.blackrock.com. The replay will be available for 14 days following the call. Redemption Schedule Auction Rate Preferred Shares Issued by BlackRock Tax-Exempt Fixed Income Closed-End Funds BlackRock Florida Insured Municipal Income Trust (NYSE:BAF) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date M7   09250G201   1,265   $31,625,000   June 24, 2008 BlackRock Florida Municipal Income Trust (NYSE:BBF) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date T7   09248H204   320   $8,000,000   June 25, 2008 BlackRock Municipal Bond Trust (NYSE:BBK) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09249H302   200   $5,000,000   June 27, 2008 T7   09249H203   200   $5,000,000   June 25, 2008 BlackRock California Insured Municipal Income Trust (NYSE:BCK) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   092484203   358   $8,950,000   June 30, 2008 BlackRock California Municipal Income Trust II (AMEX:BCL) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09249S308   244   $6,100,000   June 27, 2008 T7   09249S209   244   $6,100,000   June 25, 2008 BlackRock Municipal Income Trust (NYSE:BFK) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09248F604   656   $16,400,000   June 30, 2008 M7   09248F208   656   $16,400,000   June 24, 2008 R7   09248F505   656   $16,400,000   June 27, 2008 T7   09248F307   656   $16,400,000   June 25, 2008 W7   09248F406   656   $16,400,000   June 26, 2008 BlackRock Florida Municipal 2020 Term Trust (NYSE:BFO) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09250M208   240   $6,000,000   June 30, 2008 BlackRock California Municipal Income Trust (NYSE:BFZ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09248E300   621   $15,525,000   June 27, 2008 T7   09248E201   621   $15,525,000   June 25, 2008 BlackRock Virginia Municipal Bond Trust (AMEX:BHV) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   092481209   54   $1,350,000   June 27, 2008 BlackRock Florida Municipal Bond Trust (NYSE:BIE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date W7   09249K206   144   $3,600,000   June 26, 2008 BlackRock Municipal 2020 Term Trust (NYSE:BKK) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09249X406   50   $1,250,000   June 30, 2008 M7   09249X208   50   $1,250,000   June 24, 2008 W7   09249X307   50   $1,250,000   June 26, 2008 BlackRock Investment Quality Municipal Trust (NYSE:BKN) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date T28   09247D303   348   $8,700,000   July 9, 2008 T7   09247D204   436   $10,900,000   June 25, 2008 BlackRock Municipal Income Trust II (AMEX:BLE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date M7   09249N200   395   $9,875,000   June 24, 2008 R7   09249N507   395   $9,875,000   June 27, 2008 T7   09249N309   395   $9,875,000   June 25, 2008 W7   09249N408   395   $9,875,000   June 26, 2008 BlackRock New Jersey Municipal Bond Trust (AMEX:BLJ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date M7   09249A208   41   $1,025,000   June 24, 2008 BlackRock Insured Municipal Term Trust* (NYSE:BMT) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date M7   092474204   600   $15,000,000   June 24, 2008 *BlackRock Insured Municipal Term Trust (BMT) is redeeming ARPS in conjunction with its 2010 scheduled maturity and will not be implementing TOBs as replacement financing. BlackRock New Jersey Municipal Income Trust (NYSE:BNJ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09248J200   133   $3,325,000   June 27, 2008 BlackRock New York Municipal Income Trust (NYSE:BNY) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09248L304   278   $6,950,000   June 30, 2008 W7   09248L205   278   $6,950,000   June 26, 2008 BlackRock Municipal 2018 Term Trust (NYSE:BPK) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09248C304   75   $1,875,000   June 27, 2008 W7   09248C205   75   $1,875,000   June 26, 2008 BlackRock Pennsylvania Strategic Municipal Trust (AMEX:BPS) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date W7   09248R202   27   $675,000   June 26, 2008 BlackRock New York Municipal Bond Trust (NYSE:BQH) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date T7   09249P205   72   $1,800,000   June 25, 2008 BlackRock Strategic Municipal Trust (NYSE:BSD) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date W7   09248T208   570   $14,250,000   June 26, 2008 BlackRock New York Insured Municipal Income Trust (NYSE:BSE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09249U204   573   $14,325,000   June 27, 2008 BlackRock Insured Municipal Income Trust (NYSE:BYM) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   092479401   1,054   $26,350,000   June 30, 2008 M7   092479203   1,054   $26,350,000   June 24, 2008 R7   092479302   1,054   $26,350,000   June 27, 2008 BlackRock California Municipal Bond Trust (NYSE:BZA) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09249J209   80   $2,000,000   June 30, 2008 BlackRock Maryland Municipal Bond Trust (AMEX:BZM) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09249L204   80   $2,000,000   June 27, 2008 BlackRock MuniYield California Insured Fund, Inc. (NYSE:MCA) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254N202   541   $13,525,000   July 7, 2008 B   09254N301   541   $13,525,000   June 30, 2008 C   09254N400   481   $12,025,000   June 25, 2008 D   09254N509   602   $15,050,000   July 11, 2008 E   09254N608   602   $15,050,000   June 27, 2008 F   09254N707   541   $13,525,000   June 26, 2008 BlackRock MuniEnhanced Fund, Inc. (NYSE:MEN) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253Y209   301   $7,525,000   June 17, 2008 B   09253Y308   301   $7,525,000   June 24, 2008 C   09253Y407   301   $7,525,000   June 17, 2008 D   09253Y506   223   $5,575,000   June 27, 2008 BlackRock MuniHoldings Florida Insured Fund (NYSE:MFL) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254P207   387   $9,675,000   June 25, 2008 B   09254P306   646   $16,150,000   June 23, 2008 C   09254P405   636   $15,900,000   June 24, 2008 D   09254P504   399   $9,975,000   June 26, 2008 E   09254P603   617   $15,425,000   June 27, 2008 BlackRock MuniYield Florida Insured Fund (NYSE:MFT) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254T209   325   $8,125,000   June 24, 2008 B   09254T308   65   $1,625,000   June 26, 2008 BlackRock MuniHoldings Fund, Inc. (NYSE:MHD) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253N203   582   $14,550,000   June 25, 2008 B   09253N302   582   $14,550,000   June 27, 2008 C   09253N401   159   $3,975,000   June 24, 2008 Massachusetts Health & Education Tax-Exempt Trust (AMEX:MHE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   575672209   15   $750,000   June 12, 2008 B   575672308   15   $750,000   June 11, 2008 BlackRock MuniHoldings New York Insured Fund, Inc. (NYSE:MHN) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09255C205   365   $9,125,000   June 26, 2008 B   09255C304   365   $9,125,000   June 27, 2008 C   09255C403   584   $14,600,000   June 24, 2008 D   09255C502   707   $17,675,000   June 23, 2008 E   09255C601   384   $9,600,000   June 25, 2008 BlackRock MuniYield Michigan Insured Fund, Inc. (NYSE:MIY) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254V204   247   $6,175,000   June 25, 2008 B   09254V303   247   $6,175,000   June 23, 2008 C   09254V402   197   $4,925,000   June 26, 2008 D   09254V501   123   $3,075,000   June 24, 2008 BlackRock MuniYield New Jersey Insured Fund, Inc. (NYSE:MJI) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09255A209   238   $5,950,000   June 23, 2008 B   09255A308   74   $1,850,000   June 27, 2008 BlackRock Muni NY Intermediate Duration Fund, Inc. (NYSE:MNE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F   09255F208   55   $1,375,000   June 23, 2008 BlackRock MuniYield Pennsylvania Insured Fund (NYSE:MPA) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09255G206   386   $9,650,000   June 24, 2008 B   09255G305   463   $11,575,000   June 25, 2008 C   09255G404   135   $3,375,000   June 27, 2008 BlackRock MuniYield Quality Fund II, Inc. (NYSE:MQT) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254G207   397   $9,925,000   July 7, 2008 B   09254G306   397   $9,925,000   July 14, 2008 C   09254G405   397   $9,925,000   June 30, 2008 D   09254G504   79   $1,975,000   June 24, 2008 BlackRock MuniYield Quality Fund, Inc. (NYSE:MQY) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254F209   464   $11,600,000   July 8, 2008 B   09254F308   464   $11,600,000   June 24, 2008 C   09254F407   464   $11,600,000   July 18, 2008 D   09254F506   464   $11,600,000   June 27, 2008 E   09254F605   464   $11,600,000   June 23, 2008 BlackRock MuniHoldings California Insured Fund (NYSE:MUC) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254L206   505   $12,625,000   June 24, 2008 B   09254L305   1,021   $25,525,000   June 23, 2008 C   09254L404   842   $21,050,000   June 27, 2008 D   09254L503   779   $19,475,000   June 26, 2008 E   09254L602   958   $23,950,000   June 25, 2008 BlackRock MuniHoldings Insured Fund II, Inc. (NYSE:MUE) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254C206   608   $15,200,000   June 27, 2008 B   09254C305   608   $15,200,000   June 26, 2008 C   09254C404   1,152   $28,800,000   June 25, 2008 BlackRock MuniHoldings Fund II, Inc. (NYSE:MUH) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253P208   520   $13,000,000   June 25, 2008 B   09253P307   520   $13,000,000   June 23, 2008 BlackRock Muni Intermediate Duration Fund, Inc. (NYSE:MUI) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date F7   09253X607   205   $5,125,000   June 23, 2008 M7   09253X201   205   $5,125,000   June 24, 2008 T7   09253X300   277   $6,925,000   June 25, 2008 TH28   09253X706   144   $3,600,000   July 7, 2008 TH7   09253X508   277   $6,925,000   June 27, 2008 W7   09253X409   205   $5,125,000   June 26, 2008 BlackRock MuniHoldings New Jersey Insured Fund, Inc. (NYSE:MUJ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254X200   176   $4,400,000   June 24, 2008 B   09254X309   176   $4,400,000   June 27, 2008 C   09254X408   311   $7,775,000   June 25, 2008 D   09254X507   244   $6,100,000   June 26, 2008 E   09254X606   145   $3,625,000   June 23, 2008 BlackRock MuniHoldings Insured Fund, Inc. (NYSE:MUS) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254A200   796   $19,900,000   June 27, 2008 B   09254A309   796   $19,900,000   June 24, 2008 BlackRock MuniVest Fund, Inc. (AMEX:MVF) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253R204   349   $8,725,000   June 30, 2008 B   09253R303   349   $8,725,000   July 7, 2008 C   09253R402   349   $8,725,000   June 16, 2008 D   09253R501   349   $8,725,000   June 23, 2008 E   09253R600   524   $13,100,000   June 16, 2008 F   09253R709   412   $10,300,000   June 25, 2008 BlackRock MuniVest Fund II, Inc. (NYSE:MVT) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253T200   249   $6,225,000   July 3, 2008 B   09253T309   249   $6,225,000   July 10, 2008 C   09253T408   249   $6,225,000   June 26, 2008 D   09253T507   221   $5,525,000   June 24, 2008 BlackRock MuniYield California Fund, Inc. (NYSE:MYC) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254M204   665   $16,625,000   July 10, 2008 B   09254M303   665   $16,625,000   June 19, 2008 C   09254M402   222   $5,550,000   July 3, 2008 D   09254M501   388   $9,700,000   June 24, 2008 BlackRock MuniYield Fund, Inc. (NYSE:MYD) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09253W203   375   $9,375,000   July 2, 2008 B   09253W302   375   $9,375,000   July 9, 2008 C   09253W401   375   $9,375,000   June 25, 2008 D   09253W500   375   $9,375,000   June 18, 2008 E   09253W609   584   $14,600,000   June 18, 2008 F   09253W708   359   $8,975,000   June 26, 2008 G   09253W807   417   $10,425,000   June 23, 2008 BlackRock MuniYield Florida Fund (NYSE:MYF) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254R203   384   $9,600,000   June 19, 2008 B   09254R302   279   $6,975,000   June 27, 2008 C   09254R401   104   $2,600,000   June 25, 2008 BlackRock MuniYield Insured Fund, Inc. (NYSE:MYI) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254E202   744   $18,600,000   June 26, 2008 B   09254E301   744   $18,600,000   July 3, 2008 C   09254E400   744   $18,600,000   July 10, 2008 D   09254E509   744   $18,600,000   July 17, 2008 E   09254E608   1,353   $33,825,000   June 26, 2008 F   09254E707   812   $20,300,000   July 8, 2008 G   09254E806   812   $20,300,000   June 24, 2008 H   09254E889   880   $22,000,000   June 27, 2008 I   09254E871   880   $22,000,000   June 23, 2008 BlackRock MuniYield New Jersey Fund, Inc. (NYSE:MYJ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254Y208   288   $7,200,000   June 26, 2008 B   09254Y307   180   $4,500,000   June 25, 2008 C   09254Y406   103   $2,575,000   June 24, 2008 BlackRock MuniYield Michigan Insured Fund II, Inc. (NYSE:MYM) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09254W202   259   $6,475,000   June 17, 2008 B   09254W301   160   $4,000,000   June 25, 2008 C   09254W400   47   $1,175,000   June 26, 2008 BlackRock MuniYield New York Insured Fund, Inc. (NYSE:MYN) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date A   09255E201   249   $6,225,000   June 24, 2008 B   09255E300   249   $6,225,000   June 17, 2008 C   09255E409   410   $10,250,000   June 23, 2008 D   09255E508   287   $7,175,000   June 25, 2008 E   09255E607   322   $8,050,000   July 17, 2008 F   09255E706   264   $6,600,000   June 27, 2008 BlackRock California Investment Quality Municipal Trust, Inc. (AMEX:RAA) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date W7   09247U206   27   $675,000   June 26, 2008 BlackRock Florida Investment Quality Municipal Trust (AMEX:RFA) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date R7   09247B208   55   $1,375,000   June 27, 2008 BlackRock New Jersey Investment Quality Municipal Trust, Inc. (AMEX:RNJ) Series   CUSIP Number   Number of Shares Redeemed   Amount Redeemed   Redemption Date T7   09247C206   17   $425,000   June 25, 2008 About BlackRock BlackRock is one of the world’s largest publicly traded investment management firms. At March 31, 2008, BlackRock’s AUM was $1.364 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. Headquartered in New York City, as of March 31, 2008, the firm has approximately 5,600 employees in 19 countries and a major presence in key global markets, including the U.S., Europe, Asia, Australia and the Middle East. For additional information, please visit the Company's website at www.blackrock.com. Forward-Looking Statements This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the BlackRock closed-end funds’ 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 and the closed-end funds managed by BlackRock and its affiliates assume no duty to and do not undertake to update publicly or revise any forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical occurrences: (1) the ability of the BlackRock closed-end funds that have announced these refinancing plans to implement those plans on a timely basis; (2) the ability of other BlackRock closed-end funds that have issued ARPS but that are not announcing a refinancing plan today to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds; (3) the need for such other BlackRock funds to obtain formal fund-by-fund board approval of certain types of specific proposals as they are developed and finalized; (4) the ability of such other BlackRock funds to negotiate and obtain from broker dealers or other financial institutions the put commitments necessary to make the ARPS eligible for purchase by money market funds on terms acceptable to the BlackRock funds and in a timely manner; (5) the acceptance by the market, and demand for, ARPS with a put feature in amounts sufficient for such other BlackRock funds to find investors for all or a portion of their leverage; (6) the need to obtain any necessary regulatory approvals to make the ARPS eligible for purchase by money market funds or for the implementation of such other BlackRock funds’ plan to restructure their leverage; (7) the effects of changes in market and economic conditions; (8) other legal and regulatory developments; and (9) other additional risks and uncertainties.