BlackRock Announces Portfolio Manager Changes to Certain Municipal Closed-End Funds

BlackRock Announces Portfolio Manager Changes to Certain Municipal Closed-End Funds

BlackRock Advisors, LLC today announced changes to the portfolio managers of certain municipal closed-end funds (the “Funds”) in conjunction with the retirement of portfolio manager Timothy Browse. The Funds’ portfolio management teams and biographies are set forth below.

Theodore R. Jaeckel, Jr., CFA, Managing Director, is a member of BlackRock’s Americas Fixed Income group within Alpha Strategies. He is head portfolio manager on the Municipal Mutual Fund Desk. He is also a member of BlackRock's Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities. Mr. Jaeckel's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006.

Michael Kalinoski, CFA, Director, is a member of BlackRock’s Americas Fixed Income group within Alpha Strategies. He is a portfolio manager on the Municipal Mutual Fund Desk. Mr. Kalinoski's service with the firm dates back to 1999, including his years with MLIM.

Walter O'Connor, CFA, Managing Director, is a member of BlackRock’s Americas Fixed Income group within Alpha Strategies. He is head Portfolio Manager on the Municipal Mutual Fund Desk. He is also a member of the Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities. Mr. O'Connor's service with the firm dates back to 1991, including his years with MLIM.

Michael Perilli, CFA, Vice President, is a Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock's Global Fixed Income group. Prior to assuming his current role in 2014, Mr. Perilli was a member of BlackRock's Municipal Private Client trading desk. Mr. Perilli began his career at BlackRock in 2008.

Phillip Soccio, CFA, Director, is a member of Americas Fixed Income within BlackRock’s Alpha Strategies group. He is a Portfolio Manager on the Municipal Mutual Fund Desk. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. Mr. Soccio began his career at BlackRock in 1998.

BlackRock is one of the largest and most experienced municipal bond managers with $118 billion in assets, 55 municipal investment professionals and 17 members of the credit research team as of March 31, 2017.

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At March 31, 2017, BlackRock’s AUM was $5.4 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include 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 ^® . As of March 31, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in 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 | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds or 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 each Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds 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 Funds. The information contained on BlackRock’s website is not a part of this press release.

BlackRock Advisors, LLC
1-800-882-0052

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