BlackRock Advisors, LLC announced that, at a special meeting
held today, shareholders of BlackRock California Municipal Income
Trust II (NYSE Amex:BCL), BlackRock California Insured Municipal
Income Trust (NYSE:BCK), BlackRock California Municipal Bond Trust
(NYSE:BZA) and BlackRock California Municipal Income Trust
(NYSE:BFZ) have approved the reorganizations of each of BCL, BCK
and BZA into BFZ.
It is currently expected that the reorganizations will be
concluded on or about January 29, 2010, subject to all regulatory
requirements and customary closing conditions being satisfied. Each
reorganization will occur based on the relative net asset values of
BCL, BCK, BZA and BFZ.
BlackRock Advisors, LLC also announced that the special meeting
of shareholders of BlackRock California Investment Quality
Municipal Trust Inc. (NYSE Amex:RAA) was held today and has been
adjourned upon shareholder motion until December 28, 2009.
The special meeting was adjourned to allow additional time to
further solicit votes in connection with the proposed
reorganization of RAA into BFZ, with BFZ being the surviving fund,
as outlined in the Notice of Joint Special Meeting of Shareholders
previously mailed to shareholders. Shareholders of BFZ approved the
issuance of new shares in connection with the reorganization of RAA
into BFZ at the special meeting held today. The reconvened special
meeting of shareholders of RAA will be held at 800 Scudders Mill
Road, Plainsboro, New Jersey at 4:00 p.m. on December 28, 2009.
This communication is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the BlackRock funds,
including BFZ, the surviving fund in the reorganizations. Investors
should consider the investment objectives, risks, charges and
expenses of their fund(s) carefully and consider in its entirety
the Joint Proxy Statement/Prospectus relating to the
reorganizations which contains important information regarding the
investment objectives and policies, risks, charges, expenses and
other important information about BFZ.
About BlackRock
BlackRock is one of the world’s largest publicly traded
investment management firms. At September 30, 2009, BlackRock’s
assets under management was $1.435 trillion. The firm manages
assets on behalf of institutions and individuals worldwide through
a variety of equity and balanced, fixed income, cash management,
alternative investment and advisory products. In addition, a
growing number of institutional investors use BlackRock Solutions
investment system, risk management and financial advisory services.
Headquartered in New York City, as of September 30, 2009, the firm
has approximately 5,000 full-time employees in 21 countries and a
major presence in key global markets, including the United States,
Europe, Asia, Australia and the Middle East. For additional
information, please visit the firm’s website at
www.blackrock.com.
Forward-Looking Statements
This press release, and other statements that BlackRock or BCL,
BCK, BZA, RAA or BFZ (the “Funds”) may make, may contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to the future
financial or business performance, strategies or expectations of
BlackRock or the Funds. 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 neither BlackRock nor any of the Funds assumes a duty to
or undertakes 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 in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
Fund’s net asset value; (2) the performance of the Fund’s
investments; (3) the impact of increased competition; (4) the
extent and timing of any Fund 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 the Funds 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 the BlackRock Closed-End Funds with the Securities and Exchange
Commission (“SEC”) are accessible on the SEC's web site at
www.sec.gov and on BlackRock’s web site at
www.blackrock.com, and may discuss these or other factors
that affect the BlackRock Closed-End Funds. The information
contained on our web site is not a part of this press release.
The Joint Proxy Statement/Prospectus relating to the proposed
reorganization contains important information and shareholders are
urged to read it. Free copies of the Joint Proxy
Statement/Prospectus are available by calling BlackRock
at (800) 882-0052 or on the SEC's web site at
www.sec.gov.
Blackrock Cal Mun Ii (AMEX:BCL)
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Blackrock Cal Mun Ii (AMEX:BCL)
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