BlackRock Announces Changes to Names for Certain of Its Closed-End Funds

BlackRock Advisors, LLC today announced changes to the names of 17 of its insured municipal closed-end funds (the “Funds”). The name changes were made in connection with the changes to certain non-fundamental investment policies of the Funds that were previously announced on September 3, 2010. The name changes are as follows:

Ticker      New Fund Name
National Funds
BAF       BlackRock Municipal Income Investment Quality Trust
BYM       BlackRock Municipal Income Quality Trust
MFL       BlackRock MuniHoldings Investment Quality Fund
MFT       BlackRock MuniYield Investment Quality Fund
MUE       BlackRock MuniHoldings Quality Fund II, Inc.
MUS       BlackRock MuniHoldings Quality Fund, Inc.
MYI       BlackRock MuniYield Quality Fund III, Inc.
California Funds
MCA       BlackRock MuniYield California Quality Fund, Inc.
MUC       BlackRock MuniHoldings California Quality Fund, Inc.
Michigan Funds
MIY       BlackRock MuniYield Michigan Quality Fund, Inc.
MYM       BlackRock MuniYield Michigan Quality Fund II, Inc.
New Jersey Funds
MJI       BlackRock MuniYield New Jersey Quality Fund, Inc.
MUJ       BlackRock MuniHoldings New Jersey Quality Fund, Inc.
New York Funds
BSE       BlackRock New York Municipal Income Quality Trust
MYN       BlackRock MuniYield New York Quality Fund, Inc.
MHN       BlackRock MuniHoldings New York Quality Fund, Inc.
Pennsylvania Funds
MPA       BlackRock MuniYield Pennsylvania Quality Fund
     

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 permitting purchases of municipal 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.

Consequently, as announced on September 3, 2010, BlackRock recommended, and each Fund’s Board of Directors/Trustees approved, the removal of the Insurance Policy. The Funds are not required to dispose of assets currently held within the Funds as a result of this investment policy change. 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.

Each Fund was required to provide shareholders 60 days notice of a change to the Insurance Policy. This 60 day notice period ends on November 9, 2010, after which BlackRock anticipates that it will gradually reposition the Funds’ portfolios over time, and that during such repositioning, 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 insured bonds until the repositioning is complete. As a result of the removal of the Insurance Policy, the Funds will be permitted to invest substantially all of their assets in municipal bonds that do not have the benefit of insurance and the Fund will be dependent on the issuer of the municipal bond for the payment of interest and the repayment of principal with respect to these securities. No action is required by shareholders of the Funds in connection with this change. 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 September 30, 2010, BlackRock’s AUM was $3.446 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 September 30, 2010, the firm has approximately 8,900 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 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 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.govand 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.