BlackRock Advisors, LLC Provides Statement on
Closed-End Fund Lawsuits
July 29, 2010 08:48 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--BlackRock Advisors, LLC announced today that on July 27,
2010, a shareholder derivative complaint was filed in the Supreme Court of the State of New York, New York
County with respect to the 11 closed-end funds listed below (the “Funds”), each of which had previously received a
demand letter from the same law firm on behalf of the Funds’ common shareholders. The complaint was filed against
BlackRock, Inc., BlackRock Advisors, LLC, the Funds and certain of the directors, officers and portfolio managers
of the Funds (collectively, the “BlackRock Parties”) in connection with the redemption of auction-market preferred
shares, auction rate preferred securities, auction preferred shares and auction rate securities (collectively, “AMPS”).
The complaint alleges, among other things, that the BlackRock Parties breached their fiduciary duties to the common
shareholders of the Funds (the “Shareholders”) by redeeming AMPS at their liquidation preference and alleges that
such redemptions caused losses to the Shareholders. The plaintiffs are seeking monetary damages for the alleged
losses suffered and to enjoin the Funds from future redemptions of AMPS at their liquidation preference.
The Funds named in the lawsuit are as follows:
The BlackRock Parties believe that the claims asserted in the complaint are without merit and intend to vigorously
defend themselves in the litigation.
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