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BlackRock Announces Redemption Of Certain Auction Rate Preferred Shares Issued By BlackRock Closed-End Funds

BlackRock Advisors, LLC today announced the redemption details for certain series of auction rate preferred shares (“ARPS”) issued by two BlackRock tax-exempt closed-end funds (the “Funds”). These redemptions, which are being made at the liquidation preference of $25,000 per share, together with accrued and unpaid dividends to the redemption date, if any, are being announced in connection with the issuance of Variable Rate Demand Preferred Shares (“VRDP”) by the Funds, as announced on May 17, 2011.

Please see redemption details below.

BlackRock MuniEnhanced Fund, Inc. (NYSE:MEN)
Series       CUSIP      

Redemption Date

Shares to be Redeemed

Amount to be Redeemed
B28       09253Y308       June 21, 2011       1,525       $38,125,000

BlackRock MuniYield Quality Fund III, Inc. (NYSE:MYI)
Series       CUSIP      

Redemption Date

Shares to be Redeemed

Amount to be Redeemed
A28       09254E202       June 23, 2011       1,376       $34,400,000

BlackRock will continue to keep market participants and shareholders informed of its closed-end funds’ progress to redeem ARPS via press releases and on BlackRock’s website at

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2011, BlackRock’s assets under management were $3.648 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 March 31, 2011, the firm has approximately 9,300 employees in 26 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

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.

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