BlackRock Announces Portfolio Manager Changes to Certain Closed-End Funds

NEW YORK--(BUSINESS WIRE)-- BlackRock Advisors, LLC announced today changes to the portfolio management teams of BlackRock Core Bond Trust (NYSE:BHK), BlackRock Income Opportunity Trust, Inc. (NYSE:BNA) and BlackRock Fixed Income Value Opportunities (XFIVX) (the “Funds”). The Funds’ portfolio management teams are as follows:

Portfolio Manager Biographies:

John Burger, CFA,Managing Director, is a senior portfolio manager and Head of Credit in the Financial Institutions Group within BlackRock Fundamental Fixed Income.

Mr. Burger's service with the firm dates back to 1986, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, Mr. Burger was the Head of both Investment Grade Credit and MLIM's Fixed Income Trading Committee which oversaw dealer relationships and trading coordination. Prior to that, Mr. Burger was a senior portfolio manager in MLIM's Insurance Management Division from 1992 to 2000. Prior to joining MLIM in 1992, Mr. Burger was the short term investment manager for the Merrill Lynch Insurance Group, where he directed both the cash management and cash investment desks. Mr. Burger began his career at Merrill Lynch & Co., Inc. in 1986.

James E. Keenan, CFA,Managing Director, is a portfolio manager in the Corporate Credit Group within BlackRock Fundamental Fixed Income. He is head of Leveraged Finance Portfolios and Investments overseeing global high yield, leveraged loans, and distressed products. Mr. Keenan is also a member of the BlackRock Kelso Investment Committee.

Prior to joining BlackRock in 2004, Mr. Keenan was a senior high yield trader at Columbia Management Group. Mr. Keenan began his investment career at UBS Global Asset Management where he held roles as a trader and research analyst from 1998 through 2003.

Matthew Marra,Managing Director, is a portfolio manager in the Multi-Sector & Mortgages Group within BlackRock Fundamental Fixed Income. He is Deputy Head of Retail and Mutual Fund Products and co-head of Mutual Fund Multi-Sector Portfolios.

Mr. Marra joined BlackRock's fixed income team in 1997. He began his career at BlackRock in 1995 as an analyst in the Portfolio Analytics Group. Mr. Marra has served on the Barclays Index Advisory Council since 2001.

Thomas Musmanno, CFA,Managing Director, is a member of the Multi-Sector & Mortgages Group within BlackRock Fundamental Fixed Income. He is a portfolio manager on the Short Duration Portfolio Team.

Mr. Musmanno's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a fixed income and money market portfolio manager. Mr. Musmanno joined MLIM in 1991 as an analyst and held a variety of positions, including fixed income research analyst in trust accounting in Merrill Lynch's Private Client Group.

John Vibert,Managing Director, is a member of the Securitized Assets Investment Team within BlackRock Fundamental Fixed Income.

Prior to joining BlackRock in 2008, Mr. Vibert was a Managing Director, head of adjustable-rate mortgage trading, and co-head of non-agency mortgage trading at Credit Suisse. From 2003 to 2005, he was an Executive Director at Morgan Stanley where he was responsible for non-agency mortgage backed securities trading. Previously, Mr. Vibert held trading and research roles at Credit Suisse and Salomon Brothers.

Mark S. Warner, CFA,Managing Director, is a member of the Securitized Assets Investment Team within BlackRock Fundamental Fixed Income.

Prior to joining BlackRock in 1993, Mr. Warner was a Director in the Capital Markets Unit of the Prudential Mortgage Capital Company. Mr. Warner joined The Prudential in 1987, and was initially responsible for asset/liability strategies for the $7 billion participating annuity segment. He moved to Prudential's Commercial Real Estate Division in 1989, where he was responsible for the sale of commercial whole loans, purchases of private placement mortgage-backed securities and securitization opportunities within the Prudential's $25 billion non-residential portfolio. He previously worked in the fixed income department at PaineWebber.

About BlackRock

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 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 June 30, 2010, the firm has approximately 8,500 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 firm’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 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 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 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 the Funds 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 Funds. The information contained on our website is not a part of this press release.

BlackRock Closed-End Funds
1-800-882-0052

Source: BlackRock Closed-End Funds