BlackRock Advisors, LLC today announced that the Board of
Directors/Trustees of each of 20 of its insured closed-end funds
(the “Funds”) have approved changes to certain investment policies
of the Funds.
Historically, under normal market conditions, each Fund has been
required to invest at least 80% of its assets in municipal bonds
either (i) insured under an insurance policy purchased by the Fund
or (ii) insured under an insurance policy obtained by the issuer of
the municipal bond or any other party. In September 2008, the Funds
adopted an amended investment policy of seeking to limit their
purchase of municipal bonds to those bonds insured by insurance
providers with claims-paying abilities rated investment grade or in
the three highest ratings categories at time of investment (the
“Insurance Policy”).
Following the onset of the credit and liquidity crises, the
claims-paying ability rating of most of the municipal bond
insurance providers has been lowered by the rating agencies. These
downgrades have called into question the long-term viability of the
municipal bond insurance market, which has the potential to
severely limit the ability of BlackRock Advisors, LLC, the Fund's
investment advisor ("BlackRock"), to manage the Funds under the
Insurance Policy.
As a result, on September 2, 2010, BlackRock recommended, and
the Boards approved, the removal of the Insurance Policy. As a
result of this investment policy change, the Funds would not be
required to dispose of assets currently held within the Funds. The
Funds will maintain, and have no current intention to amend, their
investment policy of, under normal market conditions, generally
investing in municipal obligations rated investment grade or in the
three highest ratings categories, as applicable.
Funds Affected by Investment
Policy Changes
Fund Name Ticker National Funds
BlackRock Insured Municipal Income Investment Trust BAF
BlackRock Insured Municipal Income Trust BYM BlackRock
MuniEnhanced Fund, Inc. MEN BlackRock MuniHoldings Insured
Investment Fund MFL BlackRock MuniYield Insured Investment
Fund MFT BlackRock MuniYield Quality Fund II, Inc.
MQT BlackRock MuniYield Quality Fund, Inc. MQY BlackRock
MuniHoldings Insured Fund II, Inc. MUE BlackRock
MuniHoldings Insured Fund, Inc. MUS BlackRock MuniYield
Insured Fund, Inc. MYI
California Funds BlackRock
MuniYield California Insured Fund, Inc. MCA BlackRock
MuniHoldings California Insured Fund, Inc. MUC
Michigan
Funds BlackRock MuniYield Michigan Insured Fund, Inc.
MIY BlackRock MuniYield Michigan Insured Fund II, Inc. MYM
New Jersey Funds BlackRock MuniYield New Jersey Insured
Fund, Inc. MJI BlackRock MuniHoldings New Jersey Insured
Fund, Inc. MUJ
New York Funds BlackRock New York
Insured Municipal Income Trust BSE BlackRock MuniYield New
York Insured Fund, Inc. MYN BlackRock MuniHoldings New York
Insured Fund, Inc. MHN
Pennsylvania Funds BlackRock
MuniYield Pennsylvania Insured Fund MPA
As disclosed in its prospectus, each Fund is required to provide
shareholders 60 days notice of a change to the Insured Policy.
Accordingly, a notice describing the changes discussed above will
be mailed to shareholders of record as of September 2, 2010.
Following the prescribed 60-day notice period, BlackRock
anticipates that it will gradually reposition the Funds’ portfolios
over time, and that during such period, each Fund may continue to
hold a substantial portion of its assets in insured municipal
bonds. At this time, it is uncertain how long the repositioning may
take, and the Funds may continue to be subject to risks associated
with investing a substantial portion of their assets in preferred
securities until the repositioning is complete. No action is
required by shareholders of the Funds in connection with this
change.
In connection with this change in non-fundamental policy, each
of the Funds will undergo a name change to reflect its new
portfolio characteristics. The new names of the Funds will be
announced at or prior to the expiration of the 60-day notice
period. Each Fund will continue to trade on New York Stock Exchange
under its current ticker symbol.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At June 30, 2010, BlackRock’s AUM was $3.151 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares®
(exchange traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York
City, as of June 30, 2010, the firm has approximately 8,500
employees in 24 countries and a major presence in key global
markets, including North and South America, Europe, Asia, Australia
and the Middle East and Africa. For additional information, please
visit the firm’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
BlackRock’s 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 assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to the Funds, the following factors, among others,
could cause actual events to differ materially from any
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 each Fund’s net asset value; (2) the performance of each
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 each Fund or BlackRock, as applicable; and (6)
BlackRock’s ability to attract and retain highly talented
professionals.
The Annual and Semi-Annual Reports and other regulatory filings
of each Fund with the Securities and Exchange Commission (“SEC”)
are accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Fund. The information
contained on BlackRock’s website is not a part of this press
release.
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