Boards Of Directors/Trustees Of BlackRock Closed-End Funds Reject Demands
BlackRock Advisors, LLC today announced that the Board of Directors/ Trustees (collectively, the “Boards”) of each of the closed-end funds (the “Funds”) identified below have determined to reject the demands contained in the demand letters received by each Fund related to the redemption of its auction market preferred shares (“AMPS”).
As previously announced on June 10, 2010 and August 11, 2010, each of the 20 BlackRock closed-end funds listed below received a demand letter from a law firm on behalf of purported common shareholders of each Fund. The demand letters allege that BlackRock Advisors, LLC (each Fund’s investment adviser) and the Funds’ officers and Boards of Directors/Trustees breached their fiduciary duties by redeeming at par certain of the Funds’ AMPS, and demanded that the Boards take action to remedy those alleged breaches.
In response to the demand letters, the Boards established a Demand Review Committee (the “Committee”) of the independent Directors/Trustees to investigate the claims made in the demand letters with the assistance of independent counsel. Based upon its investigation, the Committee recommended that the Boards reject the demands specified in the demand letters. After reviewing the findings of the Committee, the Board for each Fund unanimously adopted the Committee’s recommendation and unanimously voted to reject the demands.
The Funds that received demand letters are as follows:
|BlackRock California Municipal Income Trust||BFZ|
|BlackRock Credit Allocation Income Trust II, Inc.||PSY|
|BlackRock Credit Allocation Income Trust IV||BTZ|
|BlackRock Insured Municipal Income Investment Trust||BAF|
|BlackRock Insured Municipal Income Trust||BYM|
|BlackRock Insured Municipal Term Trust||BMT|
|BlackRock Muni Intermediate Duration Fund, Inc.||MUI|
|BlackRock Municipal Bond Investment Trust||BIE|
|BlackRock Municipal Income Trust||BFK|
|BlackRock MuniHoldings Insured Fund II, Inc.||MUE|
|BlackRock MuniHoldings Insured Investment Fund||MFL|
|BlackRock MuniHoldings New Jersey Insured Fund, Inc.||MUJ|
|BlackRock MuniYield California Insured Fund, Inc.||MCA|
|BlackRock MuniYield Fund, Inc.||MYD|
|BlackRock MuniYield Insured Fund, Inc.||MYI|
|BlackRock MuniYield Michigan Insured Fund, Inc.||MIY|
|BlackRock New Jersey Municipal Income Trust||BNJ|
|BlackRock New York Insured Municipal Income Trust||BSE|
|BlackRock New York Municipal Bond Trust||BQH|
|The BlackRock Strategic Municipal Trust||BSD|
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