0000891092-11-003940.txt : 20110616 0000891092-11-003940.hdr.sgml : 20110616 20110616170531 ACCESSION NUMBER: 0000891092-11-003940 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110728 FILED AS OF DATE: 20110616 DATE AS OF CHANGE: 20110616 EFFECTIVENESS DATE: 20110616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK HIGH INCOME SHARES CENTRAL INDEX KEY: 0000830474 IRS NUMBER: 042999956 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05495 FILM NUMBER: 11915839 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 1-888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: CIGNA HIGH INCOME SHARES DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INCOME TRUST INC CENTRAL INDEX KEY: 0000832327 IRS NUMBER: 133463349 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05542 FILM NUMBER: 11915836 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKSTONE INCOME TRUST INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INCOME OPPORTUNITY TRUST INC CENTRAL INDEX KEY: 0000880280 IRS NUMBER: 133634989 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06443 FILM NUMBER: 11915837 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: NY ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NORTH AMERICAN GOVERNMENT INCOME TRUST INC DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: BLACKSTONE NORTH AMERICAN GOVERNMENT INCOME TRUST INC DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000894242 IRS NUMBER: 133690436 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07354 FILM NUMBER: 11915833 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIASSETS FUND, INC. CENTRAL INDEX KEY: 0000901243 IRS NUMBER: 223239638 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07642 FILM NUMBER: 11915829 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MUNIASSETS FUND INC DATE OF NAME CHANGE: 19930714 FORMER COMPANY: FORMER CONFORMED NAME: MUNIINCOME FUND INC DATE OF NAME CHANGE: 19930517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000902717 IRS NUMBER: 133710959 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07672 FILM NUMBER: 11915822 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC CENTRAL INDEX KEY: 0000902731 IRS NUMBER: 133710958 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07670 FILM NUMBER: 11915825 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK HIGH YIELD TRUST CENTRAL INDEX KEY: 0001068234 IRS NUMBER: 134031238 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08991 FILM NUMBER: 11915838 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC MUNICIPAL TRUST CENTRAL INDEX KEY: 0001089094 IRS NUMBER: 134069935 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09401 FILM NUMBER: 11915808 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137390 IRS NUMBER: 510409117 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10337 FILM NUMBER: 11915820 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137391 IRS NUMBER: 510409109 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10331 FILM NUMBER: 11915813 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137393 IRS NUMBER: 510409115 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10339 FILM NUMBER: 11915827 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137440 IRS NUMBER: 510409123 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10335 FILM NUMBER: 11915824 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST CENTRAL INDEX KEY: 0001159039 IRS NUMBER: 510413311 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10503 FILM NUMBER: 11915821 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CORE BOND TRUST CENTRAL INDEX KEY: 0001160864 IRS NUMBER: 522346891 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10543 FILM NUMBER: 11915812 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC BOND TRUST CENTRAL INDEX KEY: 0001165216 IRS NUMBER: 412024432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10635 FILM NUMBER: 11915815 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST II CENTRAL INDEX KEY: 0001176194 IRS NUMBER: 010722216 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21126 FILM NUMBER: 11915826 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II CENTRAL INDEX KEY: 0001176197 IRS NUMBER: 010722231 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21124 FILM NUMBER: 11915819 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST CENTRAL INDEX KEY: 0001181024 IRS NUMBER: 816105964 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21179 FILM NUMBER: 11915823 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20020904 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL INCOME QUALITY TRUST CENTRAL INDEX KEY: 0001181187 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21178 FILM NUMBER: 11915835 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK INSURED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20020904 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST CENTRAL INDEX KEY: 0001181249 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21184 FILM NUMBER: 11915842 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLORIDA MUNICIPAL 2022 TERM TRUST DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL 2020 TERM TRUST CENTRAL INDEX KEY: 0001181250 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21181 FILM NUMBER: 11915828 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNICIPAL 2022 TERM TRUST DATE OF NAME CHANGE: 20020819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CREDIT ALLOCATION INCOME TRUST III CENTRAL INDEX KEY: 0001213169 IRS NUMBER: 270046786 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21280 FILM NUMBER: 11915811 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED OPPORTUNITY TRUST DATE OF NAME CHANGE: 20030113 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED INCOME TRUST DATE OF NAME CHANGE: 20030107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK LTD DURATION INCOME TRUST CENTRAL INDEX KEY: 0001233681 IRS NUMBER: 200096695 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21349 FILM NUMBER: 11915832 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-227 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK LIMITED DURATION INCOME TRUST DATE OF NAME CHANGE: 20030611 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MANAGED DURATION INCOME TRUST DATE OF NAME CHANGE: 20030529 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MANAGED DURATION TRUST DATE OF NAME CHANGE: 20030516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EQUITY DIVIDEND TRUST CENTRAL INDEX KEY: 0001265316 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21443 FILM NUMBER: 11915848 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19808 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19808 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK DIVIDEND ACHIEVERS TRUST DATE OF NAME CHANGE: 20030930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK STRATEGIC EQUITY DIVIDEND TRUST CENTRAL INDEX KEY: 0001277350 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21493 FILM NUMBER: 11915814 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST DATE OF NAME CHANGE: 20040123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST CENTRAL INDEX KEY: 0001280936 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21522 FILM NUMBER: 11915817 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST DATE OF NAME CHANGE: 20040423 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK S&P GLOBAL QUALITY RANKINGS TRUST DATE OF NAME CHANGE: 20040324 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK S&P QUALITY RANKINGS TRUST DATE OF NAME CHANGE: 20040220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FLOATING RATE INCOME TRUST CENTRAL INDEX KEY: 0001287480 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21566 FILM NUMBER: 11915843 BUSINESS ADDRESS: STREET 1: 40 EAST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-754-5336 MAIL ADDRESS: STREET 1: 40 EAST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK GLOBAL FLOATING RATE INCOME TRUST DATE OF NAME CHANGE: 20040528 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES DATE OF NAME CHANGE: 20040416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Energy & Resources Trust CENTRAL INDEX KEY: 0001306550 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21656 FILM NUMBER: 11915845 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Global Energy & Resources Trust DATE OF NAME CHANGE: 20041020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Health Sciences Trust CENTRAL INDEX KEY: 0001314966 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21702 FILM NUMBER: 11915840 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: (888) 825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Global Opportunities Equity Trust CENTRAL INDEX KEY: 0001320375 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21729 FILM NUMBER: 11915841 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Enhanced Equity Dividend Trust CENTRAL INDEX KEY: 0001332283 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21784 FILM NUMBER: 11915844 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Enhanced Dividend Achievers Trust DATE OF NAME CHANGE: 20050706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Long-Term Municipal Advantage Trust CENTRAL INDEX KEY: 0001343793 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21835 FILM NUMBER: 11915831 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Municipal Advantage Income Trust DATE OF NAME CHANGE: 20051108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Real Asset Equity Trust CENTRAL INDEX KEY: 0001368893 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21931 FILM NUMBER: 11915818 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Real Asset Trust DATE OF NAME CHANGE: 20060713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CREDIT ALLOCATION INCOME TRUST IV CENTRAL INDEX KEY: 0001379384 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21972 FILM NUMBER: 11915810 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PREFERRED & EQUITY ADVANTAGE TRUST DATE OF NAME CHANGE: 20070629 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Preferred & Equity Advantage Trust DATE OF NAME CHANGE: 20061115 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Preferred & Equity Trust DATE OF NAME CHANGE: 20061027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock International Growth & Income Trust CENTRAL INDEX KEY: 0001393299 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22032 FILM NUMBER: 11915834 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock EcoSolutions Investment Trust CENTRAL INDEX KEY: 0001403238 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22082 FILM NUMBER: 11915846 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Alternative Energy & Resource Trust DATE OF NAME CHANGE: 20070614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Defined Opportunity Credit Trust CENTRAL INDEX KEY: 0001412914 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22126 FILM NUMBER: 11915809 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-882-0052 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Strategic Income Opportunities Trust DATE OF NAME CHANGE: 20070921 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Opportunities Trust DATE OF NAME CHANGE: 20070920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Build America Bond Trust CENTRAL INDEX KEY: 0001493683 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22426 FILM NUMBER: 11915807 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 DEF 14A 1 e43993def14a.htm DEFINITIVE PROXY STATEMENT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

Filed by the Registrant     |X| Filed by a Party other than the Registrant     |_|

Check the appropriate box:

|_| Preliminary Proxy Statement
   
|_| Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
   
|X| Definitive Proxy Statement
   
|_| Definitive Additional Materials
   
|_| Soliciting Material Pursuant to §240.14a-12

BlackRock Build America Bond Trust
BlackRock California Municipal Income Trust
BlackRock Core Bond Trust
BlackRock Credit Allocation Income Trust III
BlackRock Credit Allocation Income Trust IV
BlackRock Defined Opportunity Credit Trust
BlackRock Equity Dividend Trust
BlackRock EcoSolutions Investment Trust
BlackRock Energy and Resources Trust
BlackRock Enhanced Equity Dividend Trust
BlackRock Floating Rate Income Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock Global Opportunities Equity Trust
BlackRock Health Sciences Trust
BlackRock High Income Shares
BlackRock High Yield Trust
BlackRock Income Opportunity Trust, Inc.
BlackRock Income Trust, Inc.
BlackRock Municipal Income Quality Trust
BlackRock International Growth and Income Trust
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Limited Duration Income Trust
BlackRock Long-Term Municipal Advantage Trust
BlackRock MuniAssets Fund, Inc.
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Income Trust
BlackRock Municipal Income Trust II
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New Jersey Municipal Income Trust
BlackRock New York Municipal Income Quality Trust
BlackRock New York Investment Quality Municipal Trust, Inc.
BlackRock New York Municipal 2018 Term Trust
BlackRock New York Municipal Income Trust
BlackRock New York Municipal Income Trust II
BlackRock Real Asset Equity Trust
BlackRock S&P Quality Rankings Global Equity Managed Trust
BlackRock Strategic Bond Trust
BlackRock Strategic Equity Dividend Trust
The BlackRock Strategic Municipal Trust


(Name of Registrant as Specified In Its Charter)


(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)
 
Payment of Filing Fee (Check the appropriate box):
   
|X| No fee required.
   
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
     
  (1) Title of each class of securities to which transaction applies:
 
 
     
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  (5) Total fee paid:
 
 
     
    |_| Fee paid previously with preliminary materials.
       
    |_| Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
         
      (1) Amount Previously Paid:
         
     
         
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June 16, 2011

Dear Shareholder:

A joint annual meeting of the BlackRock Closed-End Funds listed in Appendix A to the enclosed joint proxy statement (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC (the “Advisor”), Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 10:00 a.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.

The purpose of the meeting is to seek shareholder approval of the four nominees named in the enclosed joint proxy statement to the Boards of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Fund. Each Board has unanimously approved the four nominees named in the enclosed joint proxy statement on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

The Board Members responsible for your Fund recommend that you vote “FOR” the Board Nominees for your Fund. In connection with your vote, we urge you to read the full text of the enclosed joint proxy statement.

Your vote is important. If you are a record holder of a Fund’s shares and plan to attend the meeting in person, in order to gain admission you must show photographic identification, such as your driver’s license. If you hold your shares of a Fund through a bank, broker or other custodian, and plan to attend the meeting in person, in order to gain admission you must show photo identification, such as your driver’s license, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a recent date. If you hold your common or preferred shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the annual meeting. Even if you plan to attend the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or via the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card you receive, and if received by mail, returning it in the accompanying postage-paid return envelope.

You have received this joint proxy statement because you were a shareholder of record of at least one of the Funds listed in Appendix A on May 31, 2011. Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meetings at the place and on the date stated above, but at a different time. If you were also a shareholder of record on May 31, 2011 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to vote by telephone or via the Internet with respect to each Fund in which you are a shareholder of record or sign, date and return each proxy card you receive from us.

If you have any questions about the proposal to be voted on, please call Georgeson Inc., the firm assisting us in the solicitation of proxies, at 1-800-248-7690.

Sincerely,

Ira P. Shapiro
Secretary of the Funds

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762



(This page intentionally left blank.)



IMPORTANT INFORMATION
FOR FUND SHAREHOLDERS

     While we encourage you to read the full text of the enclosed joint proxy statement, for your convenience we have provided a brief overview of the matters to be voted on.

Questions and Answers

Q: Why am I receiving the joint proxy statement?
   

A:

Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This joint proxy statement describes a proposal to approve the nominees to the Board of the Fund(s) in which you own shares and provides you with other information relating to the meeting. The enclosed proxy card(s) indicate the Fund(s) in which you own shares. The table on page 3 of the joint proxy statement identifies the Board Nominees for each Fund.

 
Q: How do the Boards of the Funds recommend that I vote?
   

A:

The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election is in your best interests and recommend that you vote “FOR” each Board Nominee.

 
Q: How do I vote my shares?
   

A:

You can provide voting instructions by telephone, by calling the toll-free number on the proxy card(s) or Notice of Internet Availability of Proxy Materials, or by computer by going to the Internet address provided on the Notice of Internet Availability of Proxy Materials or proxy card(s) and following the instructions. Alternatively, if you received your proxy card(s) by mail, you can vote your shares by signing and dating the proxy card(s) and mailing it (them) in the enclosed postage-paid envelope.

You may also attend the meeting and vote by ballot in person; however, even if you intend to do so, we encourage you to provide voting instructions by one of the methods discussed above.

If you are a record holder of a Fund’s shares and plan to attend the meeting in person, in order to gain admission you must show photographic identification, such as your driver’s license.

If you hold your shares of a Fund through a bank, broker or other custodian, and plan to attend the meeting in person, in order to gain admission you must show photo identification, such as your driver’s license, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a recent date. If you hold your common or preferred shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the annual meeting.

 
Q: Will my vote make a difference?
   

A:

Your vote is very important and can make a difference in the governance and management of the Funds, no matter how many shares you own. Your vote can help ensure that the Board Nominees will be elected. We encourage all shareholders to participate in the governance of their Funds.

 
Q: Are the Funds paying for the cost of the joint proxy statement?
   

A:

The costs associated with the joint proxy statement, including the printing, distribution and the proxy solicitation costs, will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of the joint proxy statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can reasonably be attributed to one or more specific Funds.




 

The Funds and BlackRock, Inc. have retained Georgeson Inc. (“Georgeson”), 199 Water Street, 26th Floor, New York, New York, 10038, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Georgeson and Broadridge will be paid approximately $89,000 and $939,000, respectively, for such services (including reimbursements of out-of-pocket expenses).

 
Q: Whom do I call if I have questions?
   

A:

If you need more information, or have any questions about voting, please call Georgeson, the Funds’ proxy solicitor, at 1-800-248-7690.


Please vote now. Your vote is important.

To avoid the wasteful and unnecessary expense of further solicitation(s), we urge you to indicate your voting instructions on the proxy card(s), and if voting by mail, date and sign it and return it promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.





June 16, 2011

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON JULY 28, 2011

A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 10:00 a.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

PROPOSAL 1.

To elect to the Board of your Fund(s) the four nominees named in the accompanying joint proxy statement.

To transact such other business as may properly come before the meeting or any adjournments, postponements or delays thereof.


The purpose of the meeting is to seek shareholder approval of the four nominees named in the accompanying joint proxy statement to the Boards of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Fund. Each Board has unanimously approved the four nominees on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

Your Board recommends that you vote “FOR” the Board Nominees with respect to which you are being asked to vote.

Shareholders of record of each Fund as of the close of business on May 31, 2011 are entitled to vote at the meeting and at any adjournments, postponements or delays thereof.

If you owned shares in more than one Fund as of May 31, 2011, you may receive more than one proxy card. Certain other BlackRock Closed-End Funds will also hold their annual meetings at the place and on the date stated above, but not at the same time. If you were also a shareholder of record on May 31, 2011 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to sign, date and return each proxy card you receive from us.

If you have any questions about the proposal to be voted on, please call Georgeson, the firm assisting us in the solicitation of proxies, at 1-800-248-7690.

By Order of the Boards,

Ira P. Shapiro
Secretary of the Funds

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762



BlackRock Closed-End Funds
Holding Annual Meetings of Shareholders on July 28, 2011

Name of Fund
Ticker
BlackRock Build America Bond Trust   BBN
BlackRock California Municipal Income Trust   BFZ
BlackRock Core Bond Trust   BHK
BlackRock Credit Allocation Income Trust III   BPP
BlackRock Credit Allocation Income Trust IV   BTZ
BlackRock Defined Opportunity Credit Trust   BHL
BlackRock Equity Dividend Trust   BDV
BlackRock EcoSolutions Investment Trust   BQR
BlackRock Energy and Resources Trust   BGR
BlackRock Enhanced Equity Dividend Trust   BDJ
BlackRock Floating Rate Income Trust   BGT
BlackRock Florida Municipal 2020 Term Trust   BFO
BlackRock Global Opportunities Equity Trust   BOE
BlackRock Health Sciences Trust   BME
BlackRock High Income Shares   HIS
BlackRock High Yield Trust   BHY
BlackRock Income Opportunity Trust, Inc.   BNA
BlackRock Income Trust, Inc.   BKT
BlackRock Municipal Income Quality Trust   BYM
BlackRock International Growth and Income Trust   BGY
BlackRock Investment Quality Municipal Trust, Inc.   BKN
BlackRock Limited Duration Income Trust   BLW
BlackRock Long-Term Municipal Advantage Trust   BTA
BlackRock MuniAssets Fund, Inc.   MUA
BlackRock Municipal 2020 Term Trust   BKK
BlackRock Municipal Income Trust   BFK
BlackRock Municipal Income Trust II   BLE
BlackRock New Jersey Investment Quality Municipal Trust, Inc.   RNJ
BlackRock New Jersey Municipal Income Trust   BNJ
BlackRock New York Municipal Income Quality Trust   BSE
BlackRock New York Investment Quality Municipal Trust, Inc.   RNY
BlackRock New York Municipal 2018 Term Trust   BLH
BlackRock New York Municipal Income Trust   BNY
BlackRock New York Municipal Income Trust II   BFY
BlackRock Real Asset Equity Trust   BCF
BlackRock S&P Quality Rankings Global Equity Managed Trust   BQY
BlackRock Strategic Bond Trust   BHD
BlackRock Strategic Equity Dividend Trust   BDT
The BlackRock Strategic Municipal Trust   BSD



TABLE OF CONTENTS

  Page
JOINT PROXY STATEMENT 1
SUMMARY OF PROPOSAL AND FUNDS VOTING 3
PROPOSAL 1—ELECTION OF BOARD NOMINEES 4
VOTE REQUIRED AND MANNER OF VOTING PROXIES 15
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 16
ADDITIONAL INFORMATION 17
Appendix A — Fund Information A-1
Appendix B — Compensation of the Board Members B-1
Appendix C — Equity Securities Owned by Board Members and Board Nominees C-1
Appendix D — Meetings of the Boards D-1
Appendix E — Standing and Other Operating Committees of the Boards E-1
Appendix F — Executive Officers of the Funds F-1
Appendix G — Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants G-1
Appendix H — 5% Beneficial Share Ownership H-1



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ANNUAL MEETING OF SHAREHOLDERS


JULY 28, 2011


JOINT PROXY STATEMENT

     This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Boards of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed in Appendix A of this Proxy Statement (each, a “Fund”). The proxies will be voted at the joint annual meeting of shareholders of the Funds and at any and all adjournments, postponements or delays thereof. The meeting will be held at the offices of BlackRock Advisors, LLC (the “Advisor”), Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 10:00 a.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.

     The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Distribution to shareholders of this Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, will commence on or about June 16, 2011.

     Each Fund listed in Appendix A to this Proxy Statement is organized as a Massachusetts business trust (each, a “Massachusetts Trust”), a Maryland corporation (each, a “Maryland Corporation”) or a Delaware statutory trust (each, a “Delaware Trust”). The Massachusetts Trusts, Maryland Corporations and Delaware Trusts are closed-end investment companies registered under the Investment Company Act of 1940 (the “1940 Act”). A list identifying each Massachusetts Trust, Maryland Corporation and Delaware Trust is set forth in Appendix A.

     Shareholders of record of a Fund as of the close of business on May 31, 2011 (the “Record Date”) are entitled to notice of and to vote at that Fund’s meeting. Shareholders of the Funds are entitled to one vote for each share held, with no shares having cumulative voting rights. Holders of the auction market preferred stock, auction market preferred shares, auction preferred stock, auction preferred shares, auction rate preferred shares of beneficial interest, municipal auction rate cumulative preferred shares or auction rate municipal preferred shares (collectively, “AMPS”) of each of the Funds identified in Appendix A as having AMPS outstanding (collectively, the “AMPS Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, the “Common Shares”) of the AMPS Funds and will vote together with the holders of Common Shares as a single class on each nominee to the Board of the AMPS Fund in which they own AMPS, except that they are entitled to vote separately as a class to elect two Board Members for each AMPS Fund in which they own AMPS. The Board Members representing AMPS holders are Class I and Class II Board Members. The quorum and voting requirements for each Fund are described in the section below entitled “Vote Required and Manner of Voting Proxies.”

     The number of shares outstanding of each Fund as of the close of business on the Record Date and the net assets of each Fund on the Record Date are shown in Appendix A. Except as set forth in Appendix H, to the knowledge of each Fund, as of May 23, 2011, no person was the beneficial owner of more than five percent of a class of a Fund’s outstanding shares.

     The Fund in which you owned shares on the Record Date is named on the proxy card or Notice of Internet Availability of Proxy Materials. If you owned shares in more than one Fund on the Record Date, you may receive more than one proxy card. Even if you plan to attend the meeting, please sign, date and return EACH proxy card you receive or, if you provide voting instructions by telephone or over the Internet, please vote on the proposal affecting EACH Fund you own. If you vote by telephone or over the Internet, you will be asked to enter a unique code that has been assigned to you, which is printed on your proxy card(s) or Notice of Internet Availability of Proxy Materials, as applicable. This code is designed to confirm your identity, provide access into the voting website and confirm that your voting instructions are properly recorded.

     All properly executed proxies received prior to the meeting will be voted at the meeting. On any matter coming before the meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to the proposal, the shares will be voted “FOR” the proposal. Shareholders who

1



execute proxies or provide voting instructions by telephone or the Internet may revoke them with respect to the proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the Delaware address below), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person by ballot, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary, please consult your bank or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.

     Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meetings at the place and date stated above, but not at the same time. If you were also a shareholder of record on the Record Date of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds.

     If you are a record holder of a Fund’s shares and plan to attend the meeting in person, in order to gain admission you must show photographic identification, such as your driver’s license. If you hold your shares of a Fund through a bank, broker or other custodian, and plan to attend the meeting in person, in order to gain admission you must show photo identification, such as your driver’s license, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or broker’s statement indicating ownership as of a recent date.

     For directions to the meeting, please contact Georgeson, the firm assisting us in the solicitation of proxies, at 1-800-248-7690.

     Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the applicable Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s website at www.sec.gov.

     BlackRock will update performance data for the Funds, as well as certain other data for Funds that are municipal funds, on a monthly basis on its website in the “Closed-End Funds” section of www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the BlackRock Closed-End Funds.

     Please note that only one annual or semi-annual report or Proxy Statement or Notice of Internet Availability of Proxy Materials may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report or this Proxy Statement or Notice of Internet Availability of Proxy Materials, or for instructions how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the New York address above and phone number set forth above.

YOUR VOTE IS IMPORTANT

To avoid the wasteful and unnecessary expense of further solicitation and no matter how large or small your holdings may be, we urge you to indicate voting instructions on the enclosed proxy card(s), and if received by mail, date and sign it (them) and return it (them) promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet. If you submit a properly executed proxy card but do not indicate how you wish your shares to be voted, your shares will be voted “FOR” the election of the Board Nominees. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR
THE SHAREHOLDER MEETING TO BE HELD ON JULY 28, 2011

The Proxy Statement is available at www.proxy-direct.com/22582.

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(800) 441-7762

2



SUMMARY OF PROPOSAL AND FUNDS VOTING

     The following table shows the Funds for which the Board Nominees are standing for election.

     


Nominees Standing for Election

AMPS
Nominee
Standing for
Election (2)
Fund Name
Ticker
    Class I (1)
    Class II
    Class III
   
BlackRock Build America Bond Trust BBN   X            
BlackRock California Municipal Income Trust BFZ   X           X
BlackRock Core Bond Trust BHK   X            
BlackRock Credit Allocation Income Trust III BPP   X            
BlackRock Credit Allocation Income Trust IV BTZ   X            
BlackRock Defined Opportunity Credit Trust BHL   X            
BlackRock Equity Dividend Trust BDV   X            
BlackRock EcoSolutions Investment Trust BQR   X            
BlackRock Energy and Resources Trust BGR   X            
BlackRock Enhanced Equity Dividend Trust BDJ   X            
BlackRock Floating Rate Income Trust BGT   X            
BlackRock Florida Municipal 2020 Term Trust BFO   X           X
BlackRock Global Opportunities Equity Trust BOE   X            
BlackRock Health Sciences Trust BME   X            
BlackRock High Income Shares HIS   X            
BlackRock High Yield Trust BHY   X            
BlackRock Income Opportunity Trust, Inc. BNA   X            
BlackRock Income Trust, Inc. BKT   X            
BlackRock Municipal Income Quality Trust BYM   X           X
BlackRock International Growth and Income Trust BGY   X            
BlackRock Investment Quality Municipal Trust, Inc. BKN   X           X
BlackRock Limited Duration Income Trust BLW   X            
BlackRock Long-Term Municipal Advantage Trust BTA   X            
BlackRock MuniAssets Fund, Inc. MUA   X            
BlackRock Municipal 2020 Term Trust BKK   X           X
BlackRock Municipal Income Trust BFK   X           X
BlackRock Municipal Income Trust II BLE   X           X
BlackRock New Jersey Investment Quality                  
   Municipal Trust, Inc. RNJ   X           X
BlackRock New Jersey Municipal Income Trust BNJ   X           X
BlackRock New York Municipal Income Quality Trust BSE   X           X
BlackRock New York Investment Quality                  
   Municipal Trust, Inc. RNY   X           X
BlackRock New York Municipal 2018 Term Trust BLH   X           X
BlackRock New York Municipal Income Trust BNY   X           X
BlackRock New York Municipal Income Trust II BFY   X           X
BlackRock Real Asset Equity Trust BCF   X            
BlackRock S&P Quality Rankings Global Equity                  
   Managed Trust BQY   X            
BlackRock Strategic Bond Trust BHD   X            
BlackRock Strategic Equity Dividend Trust BDT   X            
The BlackRock Strategic Municipal Trust BSD   X           X

(1)

The Class I Board Nominees are Paul L. Audet, Michael J. Castellano, R. Glenn Hubbard and W. Carl Kester. For AMPS Funds, Paul L. Audet, Michael J. Castellano and R. Glenn Hubbard are voted upon by the common and preferred shareholders voting together as a single class, and W. Carl Kester, as the AMPS Nominee, is voted upon by owners of AMPS voting as a separate class. For Non-AMPS Funds, each nominee is voted upon by the common shareholders voting as a single class. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD NOMINEES” for a more detailed discussion regarding the AMPS Nominee.

   

(2)

With respect to the AMPS Funds, Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Dr. Kester is the AMPS Nominee standing for election. Mr. Fabozzi’s term as a Board Member is scheduled to expire in 2012 and therefore he is not standing for election this year as an AMPS Nominee. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD NOMINEES” for a more detailed discussion regarding the AMPS Nominee.


3



PROPOSAL 1—ELECTION OF BOARD NOMINEES

     The purpose of Proposal 1 is to elect Board Members for each Fund.

     Nominees for each Fund. The Board of each Fund consists of 11 Board Members, nine of whom are not “interested persons” of the Funds (as defined in the 1940 Act) (the “Independent Board Members”). Prior to March 31, 2010, the Board of each Fund had 11 Board Members; however, on March 31, 2010, G. Nicholas Beckwith, III resigned from the Board of each Fund. On April 14, 2011, the Board of each Fund determined to increase the number of Board Members to 11 and appointed Michael J. Castellano as a Class I Board Member to each Fund. At the May 13, 2011 Board meeting, Richard S. Davis, an interested Board Member, advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders. Thereafter, the Governance and Nominating Committee met and upon the recommendation of such committee, the Board thereafter nominated Paul L. Audet as an interested Class I Board Nominee. The Funds divide their Board Members into three classes: Class I, Class II and Class III and generally only one class of Board Members stands for election each year. Only the Class I Board Members are standing for election this year. Each Class I Board Member elected at the meeting will serve until the later of the 2014 annual meeting or until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal.

     With respect to the AMPS Funds, the owners of AMPS are entitled to vote as a separate class to elect two of the Board Members (the “AMPS Nominees”) for the AMPS Fund in which they own AMPS. This means that owners of common shares are not entitled to vote in connection with the election of the AMPS Nominees. However, the owners of common shares and the owners of AMPS, voting together as a single class, are entitled to elect the remainder of the Board Nominees. Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Only W. Carl Kester is standing for election this year as an AMPS Nominee. Mr. Fabozzi’s term as a Board Member is scheduled to expire in 2012 and therefore he is not standing for election this year as an AMPS Nominee.

     The Board recommends a vote “FOR” the election of Paul L. Audet, Michael J. Castellano, R. Glenn Hubbard and W. Carl Kester (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

     Board Members’/Nominees’ Biographical Information. Please refer to the below table which identifies the Board Nominees, including any AMPS Nominees, for election to the Board of each Fund and sets forth certain biographical information about the Board Members and/or Board Nominees, for all of the Funds. Please note that only the Class I Board Members and nominees for election as Class I Board Members are standing for election for the Funds. Each Board Nominee was nominated by the Governance and Nominating Committee of the Board of each respective Fund. Richard E. Cavanagh was selected to serve as the Chair and Karen P. Robards was selected to serve as the Vice Chair of each Board. All of the closed-end registered investment companies advised by the Advisor, including the Funds, are referred to collectively as the “Closed-End Complex.”

4



Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Term of
Office and
Length of
Time Served*

    Principal Occupation(s)
During Past Five Years

    Number of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting of
Investment
Portfolios
(“Portfolios”)
Overseen**

    Other Public
Company or
Investment
Company
Directorships
Held During
Past Five
Years***

Non-Interested Directors              
Richard E. Cavanagh   Director/   2013;   Trustee, Aircraft Finance Trust from   95 RICs   Arch Chemical
55 East 52nd Street   Trustee and   2007 to   1999 to 2009; Director, The Guardian   consisting of   (chemical and
New York, NY   Chair of the   present   Life Insurance Company of America   95 Portfolios   allied
10055   Boards       since 1998; Trustee, Educational       products)
            Testing Service from 1997 to 2009        
1946           and Chairman thereof from 2005 to        
            2009; Senior Advisor, The Fremont        
            Group (a private investment firm)        
            since 2008 and Director thereof since        
            1996; Adjunct Lecturer, Harvard        
            University since 2007; President and        
            Chief Executive Officer, The        
            Conference Board, Inc. (global        
            business research organization) from        
            1995 to 2007.        
                     
Karen P. Robards   Director/   2012;   Partner of Robards & Company, LLC   95 RICs   AtriCure, Inc.
55 East 52nd Street   Trustee, Vice   2007 to   (financial advisory firm) since 1987;   consisting of   (medical
New York, NY   Chair of the   present   Co-founder and Director of the Cooke   95 Portfolios   devices)
10055   Boards and       Center for Learning and Development        
    Chair of the       (a not-for-profit organization) since        
1950   Audit       1987; Director of Care Investment        
    Committee       Trust, Inc. (health care real estate        
            investment trust) from 2007 to 2010;        
            Director of Enable Medical Corp. from        
            1996 to 2005; Investment Banker at        
            Morgan Stanley from 1976 to 1987.        
                     
Michael J.   Director/   2011;   Managing Director and Chief Financial   95 RICs   None
Castellano (1)(2)   Trustee and   2011 to   Officer of Lazard Group LLC from   consisting of    
55 East 52nd Street   Member of   present   2001 to 2011; Chief Financial Officer   95 Portfolios    
New York, NY   the Audit       of Lazard Ltd. from 2005 to 2011;        
10055   Committee       Director, Support Our Aging Religions        
            (non-profit) since 2009; Director,        
1946           National Advisory Board of Church        
            Management at Villanova University        
            since 2010.        
                     
Frank J. Fabozzi (2)   Director/   2012;   Consultant/Editor of The Journal of   95 RICs   None
55 East 52nd Street   Trustee and   2007 to   Portfolio Management since 2006;   consisting of    
New York, NY   Member of   present   Professor in the Practice of Finance   95 Portfolios    
10055   the Audit       and Becton Fellow, Yale University,        
    Committee       School of Management since 2006;        
1948           Adjunct Professor of Finance and        
            Becton Fellow, Yale University from        
            1994 to 2006.        
                     
Kathleen F.   Director/   2013;   President of Economics Studies, Inc.   95 RICs   The McClatchy
Feldstein   Trustee   2007 to   (private economic consulting firm)   consisting of   Company
55 East 52nd Street       present   since 1987; Chair, Board of Trustees,   95 Portfolios   (publishing);
New York, NY           McLean Hospital from 2000 to 2008       BellSouth
10055           and Trustee Emeritus since 2008;       (telecommuni-
            Member of the Board of Partners       cations);
1941           Community Healthcare, Inc. from       Knight Ridder
            2005 to 2009; Member of the       (publishing)
            Corporation of Partners HealthCare        
            since 1995; Trustee, Museum of Fine        
            Arts, Boston since 1992; Member of        
            the Visiting Committee to the Harvard        
            University Art Museum since 2003;        
            Director, Catholic Charities of Boston        
            since 2009.        

5



Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Term of
Office and
Length of
Time Served*

    Principal Occupation(s)
During Past Five Years

    Number of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting of
Investment
Portfolios
(“Portfolios”)
Overseen**

    Other Public
Company or
Investment
Company
Directorships
Held During
Past Five
Years***

James T. Flynn   Director/   2012;   Chief Financial Officer of JPMorgan &   95 RICs   None
55 East 52nd Street   Trustee and   2007 to   Co., Inc. from 1990 to 1995.   consisting of    
New York, NY   Member of   present       95 Portfolios    
10055   the Audit                
    Committee                
1939                    
                     
Jerrold B. Harris   Director/   2013;   Trustee, Ursinus College since 2000;   95 RICs   BlackRock
55 East 52nd Street   Trustee   2007 to   Director, Troemner LLC (scientific   consisting of   Kelso Capital
New York, NY       present   equipment) since 2000; Director of   95 Portfolios   Corp.
10055           Delta Waterfowl Foundation (a not-for-       (business
            profit organization) since 2001;       development
1942           President and Chief Executive Officer,       company)
            VWR Scientific Products Corporation        
            from 1990 to 1999.        
                     
R. Glenn Hubbard   Director/   2011;   Dean, Columbia Business School   95 RICs   ADP (data and
(1)(2)   Trustee   2007 to   since 2004; Columbia faculty member   consisting of   information
55 East 52nd Street       present   since 1988; Co-Director, Columbia   95 Portfolios   services); KKR
New York, NY           Business School’s Entrepreneurship       Financial
10055           Program from 1997 to 2004;       Corporation
            Chairman, U.S. Council of Economic       (finance);
1958           Advisers under the President of the       Metropolitan
            United States from 2001 to 2003;       Life Insurance
            Chairman, Economic Policy Committee       Company
            of the OECD from 2001 to 2003.       (insurance)
                     
W. Carl Kester   Director/   2011;   George Fisher Baker Jr. Professor of   95 RICs   None
(1)(2)(3)   Trustee and   2007 to   Business Administration, Harvard   consisting of    
55 East 52nd Street   Member of   present   Business School; Deputy Dean for   95 Portfolios    
New York, NY   the Audit       Academic Affairs from 2006 to 2010;        
10055   Committee       Chairman, Finance, Harvard Business        
            School from 2005 to 2006; Senior        
1951           Associate Dean and Chairman of the        
            MBA Program of Harvard Business        
            School from 1999 to 2005; Member        
            of the Faculty of Harvard Business        
            School since 1981.        
Interested Directors†
Richard S. Davis (4)   Director/   2012;   Managing Director, BlackRock, Inc.   165 RICs   None
55 East 52nd Street   Trustee   2007 to   since 2005; Chief Executive Officer,   consisting of    
New York, NY       present   State Street Research & Management   290 Portfolios    
10055           Company from 2000 to 2005;        
            Chairman of the Board of Trustees,        
1945           State Street Research Mutual Funds        
            from 2000 to 2005; Chairman, SSR        
            Realty from 2000 to 2004.        
                     
Henry Gabbay   Director/   2013;   Consultant, BlackRock, Inc. from   165 RICs   None
55 East 52nd Street   Trustee   2007 to   2007 to 2008; Managing Director,   consisting of    
New York, NY       present   BlackRock, Inc. from 1989 to 2007;   290 Portfolios    
10055           Chief Administrative Officer,        
            BlackRock Advisors, LLC from 1998        
1947           to 2007; President of BlackRock        
            Funds and BlackRock Bond Allocation        
            Target Shares from 2005 to 2007;        
            Treasurer of certain closed-end funds        
            in the Closed-End Complex from 1989        
            to 2006.        

6



Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Term of
Office and
Length of
Time Served*

    Principal Occupation(s)
During Past Five Years

    Number of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting of
Investment
Portfolios
(“Portfolios”)
Overseen**

    Other Public
Company or
Investment
Company
Directorships
Held During
Past Five
Years***

Board Nominee                    
Paul L. Audet (2)   N/A   N/A   Senior Managing Director, BlackRock,   None   None
55 East 52nd Street           Inc. and head of BlackRock’s Real        
New York, NY           Estate business from 2008 to 2011;        
10055           Member of BlackRock’s Global        
            Operating and Corporate Risk        
1953           Management Committees and of the        
            BlackRock Alternative Investors        
            Executive Committee and Investment        
            Committee for the Private Equity Fund        
            of Funds business since 2008; head        
            of BlackRock’s Global Cash        
            Management business from 2005 to        
            2010; Acting Chief Financial Officer of        
            BlackRock from 2007 to 2008; Chief        
            Financial Officer of BlackRock from        
            1998 to 2005; Senior Vice President        
            of Finance at PNC Bank Corp. and        
            Chief Financial Officer of the        
            Investment Management and Mutual        
            Fund Processing businesses from        
            1996 to 1998 and head of PNC’s        
            Mergers & Acquisitions unit from        
            1992 to 1998; Member of PNC’s        
            Corporate Asset-Liability Committee        
            and Marketing Committees from 1992        
            to 1998; Chief Financial Officer of        
            PNC’s eastern operations from 1991        
            to 1992; Senior Vice President of        
            First Fidelity Bancorporation,        
            responsible for the Corporate Finance,        
            Asset-Liability Committee, and        
            Mergers & Acquisitions functions from        
            1986 to 1991.        

*      Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2007, each Board Member first became a member of the Boards of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Henry Gabbay since 2007; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; and Karen P. Robards since 1998. Board Members serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
 
**      For purposes of this chart, “RICs” refers to registered investment companies and “Portfolios” refers to the investment programs of the Funds.
 
***      Directorships disclosed under this column do not include directorships disclosed under the column “Principal Occupation(s) During Past Five Years.”
 
†      Messrs. Audet, Davis and Gabbay are “interested persons” (as defined in the 1940 Act) of the Funds by virtue of their current or former positions with BlackRock Advisors, LLC, BlackRock Capital Management, Inc. or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock, Inc., and their ownership of BlackRock, Inc. and The PNC Financial Service Group, Inc. securities.
 
(1)      Class I Board Member.
 
(2)      Class I Board Nominee.
 
(3)      Board Members elected solely by the owners of AMPS.
 
(4)      Mr. Davis, an interested Board Member, advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders.

7



     The Independent Board Members have adopted a statement of policy that describes the experiences, qualifications, skills and attributes that are necessary and desirable for potential Independent Board Member candidates (the “Statement of Policy”). The Boards believe that each Independent Board Member satisfied, at the time he or she was initially elected or appointed a Board Member, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the standards set forth in each Fund’s By-Laws. Furthermore, in determining that a particular Board Member was and continues to be qualified to serve as a Board Member, the Boards have considered a variety of criteria, none of which, in isolation, was controlling. The Boards believe that, collectively, the Board Members/Nominees have balanced and diverse experiences, skills, attributes and qualifications, which allow the Boards to operate effectively in governing the Funds and protecting the interests of shareholders. Among the attributes common to all Board Members/Nominees is their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the Funds’ investment adviser, sub-advisers, other service providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties as Board Members. Each Board Member’s/Nominee’s ability to perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting, public service or academic positions; experience from service as a board member of the Funds or the other funds in the BlackRock fund complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other organizations; ongoing commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout the years; or other relevant life experiences.

     The following table discusses some of the experiences, qualifications and skills of each of our Board Members and/or Board Nominees that support the conclusion that they should serve (or continue to serve) on the Boards.

Board Members/Nominees
      Experience, Qualifications and Skills

Richard E. Cavanagh

 

Mr. Cavanagh brings to the Boards a wealth of practical business knowledge and leadership as an experienced director/trustee of various public and private companies. In particular, because Mr. Cavanagh served for over a decade as President and Chief Executive Officer of The Conference Board, Inc., a global business research organization, he is able to provide the Boards with expertise about business and economic trends and governance practices. Mr. Cavanagh created the “blue ribbon” Commission on Public Trust and Private Enterprise in 2002, which recommended corporate governance enhancements. Mr. Cavanagh’s service as a director of The Guardian Life Insurance Company of America and as a senior advisor and director of The Fremont Group provides added insight into investment trends and conditions. Mr. Cavanagh’s long- standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Cavanagh’s independence from the Funds and the Funds’ investment adviser enhances his service as Chair of the Boards, Chair of the ad hoc AMPS Committee, Chair of the Executive Committee and as a member of the Governance and Nominating Committee, Compliance Committee and Performance Oversight Committee.

     

Karen P. Robards

 

The Boards benefit from Ms. Robards’s many years of experience in investment banking and the financial advisory industry where she obtained extensive knowledge of the capital markets and advised clients on corporate finance transactions, including mergers and acquisitions and the issuance of debt and equity securities. Ms. Robards’s prior position as an investment banker at Morgan Stanley provides useful oversight of the Funds’ investment decisions and investment valuation processes. Additionally, Ms. Robards’s experience derived from serving as a director of Care Investment Trust, Inc., a health care real estate


8



   

investment trust, provides the Boards with the benefit of her experience with the management practices of other financial companies. Ms. Robards’s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Ms. Robards’s knowledge of financial and accounting matters qualifies her to serve as Vice Chair of the Boards and as the Chair of each Fund’s Audit Committee. Ms. Robards’s independence from the Funds and the Funds’ investment adviser enhances her service as a member of the Performance Oversight Committee, Executive Committee and ad hoc AMPS Committee. In addition, Ms. Robards is a member of the Joint Product Pricing Committee.

     
Michael J. Castellano(1)(2)      

Mr. Castellano is a Board Member and member of each Fund’s Audit Committee and Performance Oversight Committee. The Boards benefit from Mr. Castellano’s over forty year career in accounting. Mr. Castellano has served as Chief Financial Officer of Lazard Ltd. and as a Managing Director and Chief Financial Officer of Lazard Group. Prior to joining Lazard, Mr. Castellano held various senior management positions at Merrill Lynch & Co., including Senior Vice President—Chief Control Officer for Merrill Lynch’s capital markets businesses, Chairman of Merrill Lynch International Bank and Senior Vice President—Corporate Controller. Prior to joining Merrill Lynch & Co., Mr. Castellano was a partner with Deloitte & Touche where he served a number of investment banking clients over the course of his 24 years with the firm. Mr. Castellano’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee.

     

Frank J. Fabozzi

 

Dr. Fabozzi holds the designations of Chartered Financial Analyst and Certified Public Accountant. Dr. Fabozzi was inducted into the Fixed Income Analysts Society’s Hall of Fame and is the 2007 recipient of the C. Stewart Sheppard Award given by the CFA Institute. The Boards benefit from Dr. Fabozzi’s experiences as a professor and author in the field of finance. Dr. Fabozzi’s experience as a Professor in the Practice of Finance and Becton Fellow at the Yale University School of Management and as editor of the Journal of Portfolio Management demonstrate his wealth of expertise in the investment management and structured finance areas. Dr. Fabozzi has authored and edited numerous books and research papers on topics in investment management and financial econometrics, and his writings have focused on fixed income securities and portfolio management, many of which are considered standard references in the investment management industry. Dr. Fabozzi’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Moreover, Dr. Fabozzi’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. Dr. Fabozzi’s independence from the Funds and the Funds’ investment adviser enhances his service as Chair of the Performance Oversight Committee and as a member of the ad hoc AMPS Committee.

     

Kathleen F. Feldstein

 

Dr. Feldstein, who served as President of Economics Studies, Inc., an economic consulting firm, benefits the Boards by providing business leadership and experience and knowledge of economics. The Boards benefit from Dr. Feldstein’s experience as a director/trustee of publicly traded and private companies, including financial services, technology and telecommunications companies. Dr. Feldstein’s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing


9



       

the Funds. In addition, Dr. Feldstein’s independence from the Funds and the Funds’ investment adviser enhances her service as a member of the Compliance Committee, Governance and Nominating Committee and Performance Oversight Committee.

 

James T. Flynn

 

Mr. Flynn brings to the Boards a broad and diverse knowledge of business and capital markets as a result of his many years of experience in the banking and financial industry. Mr. Flynn’s five years as the Chief Financial Officer of JP Morgan & Co. provide the Boards with experience on financial reporting obligations and oversight of investments. Mr. Flynn’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Flynn’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. Mr. Flynn’s independence from the Funds and the Funds’ investment adviser enhances his service as a member of the Performance Oversight Committee.

 

Jerrold B. Harris

 

Mr. Harris’s time as President and Chief Executive Officer of VWR Scientific Products Corporation brings to the Boards business leadership and experience and knowledge of the chemicals industry and national and international product distribution. Mr. Harris’s position as a director of BlackRock Kelso Capital Corporation brings to the Boards the benefit of his experience as a director of a business development company governed by the 1940 Act and allows him to provide the Boards with added insight into the management practices of other financial companies. Mr. Harris’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations and the business and regulatory issues facing the Funds. Mr. Harris’s independence from the Funds and the Funds’ investment adviser enhances his service as the Chair of the Compliance Committee and as a member of the Governance and Nominating Committee and Performance Oversight Committee. In addition, Mr. Harris is a member of the Joint Product Pricing Committee.

 

R. Glenn Hubbard (1)(2)

 

Dr. Hubbard has served in numerous roles in the field of economics, including as the Chairman of the U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard serves as the Dean of Columbia Business School, has served as a member of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of Government at Harvard University, the Harvard Business School and the University of Chicago. Dr. Hubbard’s experience as an advisor to the President of the United States adds a dimension of balance to the Funds’ governance and provides perspective on economic issues. Dr. Hubbard’s service on the boards of KKR Financial Corporation, ADP and Metropolitan Life Insurance Company provides the Boards with the benefit of his experience with the management practices of other financial companies. Dr. Hubbard’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s independence from the Funds and the Funds’ investment adviser enhances his service as the Chair of the Governance and Nominating Committee and a member of the Compliance Committee and Performance Oversight Committee.

 

W. Carl Kester (1)(2)

 

The Boards benefit from Dr. Kester’s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School and as Deputy Dean of Academic Affairs at Harvard Business School adds to the


10



       

Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and edited numerous books and research papers on both subject matters, including co-editing a leading volume of finance case studies used worldwide. Dr. Kester’s long- standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Kester’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. In addition, Dr. Kester’s independence from the Funds and the Funds’ investment adviser enhances his service as a member of the Performance Oversight Committee and ad hoc AMPS Committee.

 

Richard S. Davis

 

The Boards benefit from Mr. Davis’s experience as a Managing Director of BlackRock, Inc. and Chief Executive Officer of State Street Research & Management Company in light of his business leadership and experience. Mr. Davis’s experiences as the Chairman of State Street Research Mutual Funds and SSR Realty provide the Boards with practical business knowledge and leadership in the investment management industry. Mr. Davis’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. He serves as a member of the Executive Committee. Mr. Davis advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders.

 

Henry Gabbay

 

The Boards benefit from Dr. Gabbay’s many years of experience in administration, finance and financial services operations. Dr. Gabbay’s experience as a Managing Director of BlackRock, Inc., Chief Administrative Officer of BlackRock Advisors, LLC and President of BlackRock Funds provides the Boards with insight into investment company operational, financial and investment matters. Dr. Gabbay’s former positions as Chief Administrative Officer of BlackRock Advisors, LLC and as Treasurer of certain closed-end funds in the Closed-End Complex provide the Boards with direct knowledge of the operations of the Funds and their investment advisers. Dr. Gabbay’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Gabbay serves as a member of the ad hoc AMPS Committee.

 

Paul L. Audet (2)

 

Mr. Audet has a wealth of experience in the investment management industry, including more than 13 years with BlackRock and over 20 years in finance and asset management. He also has expertise in finance, as demonstrated by his positions as Chief Financial Officer of BlackRock and head of BlackRock’s Global Cash Management business. Mr. Audet currently is a member of BlackRock’s Global Operating and Corporate Risk Management Committees, the BlackRock Alternative Investors Executive Committee and the Investment Committee for the Private Equity Fund of Funds. Prior to joining BlackRock, Mr. Audet was the Senior Vice President of Finance at PNC Bank Corp. and Chief Financial Officer of the investment management and mutual fund processing businesses and head of PNC’s Mergers & Acquisitions unit. If elected to the Board, it is anticipated that Mr. Audet will join the Executive Committee.


(1)      Class I Board Member
 
(2)      Class I Board Nominee

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Board Leadership Structure and Oversight

     The Boards consist of eleven individuals, nine of whom are Independent Board Members. The registered investment companies advised by the Advisor are composed of the BlackRock Closed-End Complex, two complexes of open-end funds and one complex of exchange-traded funds. The Funds are included in the BlackRock Closed-End Complex. The Board Members also oversee the operations of other closed-end registered investment companies included in the BlackRock Closed-End Complex as directors or trustees.

     The Boards have overall responsibility for the oversight of the Funds. The Chair of the Boards and the Chief Executive Officer are two different people. Not only is the Chair of the Boards an Independent Board Member, but also the Chair of each Board committee (each, a “Committee”) is an Independent Board Member. The Boards have five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee. The Boards also have two ad hoc committees, the Joint Product Pricing Committee and the ad hoc AMPS Committee, with respect to the Funds that issue AMPS. The Funds do not have a compensation committee because their executive officers, other than the CCO, do not receive any direct compensation from the Funds and the CCO’s compensation is comprehensively reviewed by the Boards. The role of the Chair of the Boards is to preside at all meetings of the Boards and to act as a liaison with service providers, officers, attorneys, and other Board Members between meetings. The Chair of each Committee performs a similar role with respect to such Committee. The Chair of the Boards or Committees may also perform such other functions as may be delegated by the Boards or the Committees from time to time. The Independent Board Members meet regularly outside the presence of the Funds’ management, in executive session or with other service providers to the Funds. The Boards have regular meetings five times a year, including a meeting to consider the approval of the Funds’ investment management agreements, and may hold special meetings if required before their next regular meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Boards and reports its findings to the Boards. The Boards and each standing Committee conduct annual assessments of their oversight function and structure. The Boards have determined that the Boards’ leadership structure is appropriate because it allows the Boards to exercise independent judgment over management and to allocate areas of responsibility among Committees and the Boards to enhance effective oversight.

     The Boards decided to separate the roles of Chair and Chief Executive Officer because they believe that an independent Chair:

  • Increases the independent oversight of the Funds and enhances the Boards’ objective evaluation of the Chief Executive Officer

  • Allows the Chief Executive Officer to focus on the Funds’ operations instead of Board administration

  • Provides greater opportunities for direct and independent communication between shareholders and the Boards

  • Provides an independent spokesman for the Funds

     The Boards have engaged the Advisor to manage the Funds on a day-to day basis. Each Board is responsible for overseeing the Advisor, other service providers, the operations of each Fund and associated risks in accordance with the provisions of the 1940 Act, state law, other applicable laws, each Fund’s charter, and each Fund’s investment objective(s) and strategies. The Boards review, on an ongoing basis, the Funds’ performance, operations, and investment strategies and techniques. The Boards also conduct reviews of the Advisor and its role in running the operations of the Funds.

     Day-to-day risk management with respect to the Funds is the responsibility of the Advisor or other service providers (depending on the nature of the risk), subject to the supervision of the Advisor. The Funds are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While there are a number of risk management functions

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performed by the Advisor or other service providers, as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight is part of the Boards’ general oversight of the Funds and is addressed as part of various Board and Committee activities. The Boards, directly or through Committees, also review reports from, among others, management, the independent registered public accounting firm for the Funds, the Advisor, and internal auditors for the Advisor or its affiliates, as appropriate, regarding risks faced by the Funds and management’s or the service provider’s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Board Members and facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds’ activities and associated risks. The Boards have appointed a Chief Compliance Officer, who oversees the implementation and testing of the Funds’ compliance program and reports regularly to the Boards regarding compliance matters for the Funds and their service providers. The Independent Board Members have engaged independent legal counsel to assist them in performing their oversight responsibilities.

     Compensation. Information relating to compensation paid to the Board Members for each Fund’s most recent fiscal year is set forth in Appendix B.

     Equity Securities Owned by Board Members and Board Nominees. Information relating to the amount of equity securities owned by Board Members/Nominees in the Funds that they are nominated to oversee, as well as certain other funds in the Closed-End Complex, as of May 31, 2011 is set forth in Appendix C.

     Attendance of Board Members at Annual Shareholders’ Meetings. It is the policy of all the Funds to encourage Board Members to attend the annual shareholders’ meeting. All of the Board Members of each Fund attended last year’s annual shareholders’ meeting.

     Board Meetings. During the calendar year 2010, the Board of each Fund met seven times. Information relating to the number of times that the Boards met during each Fund’s most recent fiscal year is set forth in Appendix D. No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served during each Fund’s most recently completed fiscal year.

     Standing and Other Operating Committees of the Boards. Information relating to the various standing and other operating committees of the Boards is set forth in Appendix E.

     The Boards of the AMPS Funds established an ad hoc Committee on AMPS (the “AMPS Committee”) in March 2008. The current members of the AMPS Committee are: Richard E. Cavanagh (Chair), Karen P. Robards, Frank J. Fabozzi, Henry Gabbay and W. Carl Kester. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have faced reduced liquidity. The AMPS Committee was formed for the purpose of monitoring issues arising from recent market turmoil and overseeing efforts to address the effects of reduced AMPS liquidity on each Fund and to evaluate the liquidity considerations of the AMPS holders, each in a manner consistent with each Fund’s and its shareholders’ best interests and investment strategies. As of the date of this Proxy Statement, the AMPS Committee has met 18 times in the last calendar year and 51 times since its formation. As of the date of this Proxy Statement, the total amount of announced redemptions of auction market preferred shares across the Closed-End Complex, including the AMPS Funds, equaled $5.57 billion, which represents approximately 56.7% of all auction market preferred shares outstanding for the Closed-End Complex as of February 2008. The AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, the issuance of variable rate demand preferred shares (“VRDP Shares”), a relatively new form of preferred stock that includes a put feature, which would make the securities eligible for purchase by money market funds. Thus far, 12 BlackRock Closed-End Funds have issued VRDP Shares and redeemed their AMPS. The Funds continue to explore the use of additional alternative forms of leverage such as tender option bonds and alternative forms of preferred stock (including VRDP Shares) which have been successfully used in some form by certain BlackRock Closed-End Funds.

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     Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 16(a) of the Exchange Act requires the Funds’ Board Members, executive officers, persons who own more than ten percent of a registered class of a Fund’s equity securities, BlackRock Advisors and certain officers of BlackRock Advisors, to file reports on holdings of, and transactions in, Fund shares with the Securities and Exchange Commission (“SEC”) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Funds and representations from these reporting persons, each Fund believes that its Board Members, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements.

     Executive Officers of the Funds. Information about the executive officers of each Fund, including their year of birth and their principal occupations during the past five years, is set forth in Appendix F.

     Your Board recommends that you vote “FOR” the election of each Board Nominee to the Board of your Fund(s).

     Settlement of Shareholder Solicitation. On June 15, 2011, the Funds and certain other BlackRock closed-end registered investment companies (the “Other BlackRock Funds”) entered into an agreement (the “Agreement”), with Karpus Management, Inc. (“Karpus”), Special Opportunities Fund, Inc. (“SOF”) and Opportunity Partners, L.P. (“Opportunity Partners” and, together with SOF, the “Bulldog/Brooklyn Funds”). As it pertains to the Funds, Karpus and the Bulldog/Brooklyn Funds agreed to abide by certain “standstill restrictions,” including refraining from bringing lawsuits against the Funds or engaging in any proxy contest against the Funds, through the Funds’ 2012 annual meetings of shareholders. The parties also agreed to a mutual non-disparagement provision through the Funds’ 2012 annual meetings of shareholders. Among other things, Karpus and the Bulldog/Brooklyn Funds also agreed to dismiss a lawsuit previously brought by them that challenged the adoption of By-Law amendments by the boards of directors/trustees of certain of the Other BlackRock Funds, which amendments are substantially similar to amendments also adopted by the Funds. Karpus and the Bulldog/Brooklyn Funds also agreed to withdraw their purported nominees for election as a director/trustee of the Other BlackRock Funds at their upcoming annual meeting of shareholders and to abide by similar “standstill restrictions” with respect to the Other BlackRock Funds until after their 2014 annual meetings of shareholders. The Boards of the Funds believe that the Agreement is in the best interests of the Funds and their shareholders.

     In addition, each of the Other BlackRock Funds has agreed that, if all of the outstanding AMPS of such Other BlackRock Fund have not been redeemed two weeks prior to the date such Other BlackRock Fund mails its proxy materials to shareholders in connection with the Other BlackRock Fund’s 2012 annual meeting of shareholders (each, a “2012 Annual Meeting”), Karpus or the Bulldog/Brooklyn Funds, as applicable (based on the party who submitted the nomination notice), will be entitled to designate an individual (the “Designee”) to be nominated as a director/trustee elected by the preferred shareholders of such Other BlackRock Fund, to serve on the board of directors/trustees of such Other BlackRock Fund, and such Other BlackRock Fund will include the Designee in the Other BlackRock Fund’s proxy materials, and such Other BlackRock Fund’s board of directors/trustees will recommend that the Designee be elected, in connection with its 2012 Annual Meeting if the Designee is reasonably acceptable to the board of directors/trustees of an Other BlackRock Fund and agrees to resign from the board of directors/trustees at such time as all of the AMPS of an Other BlackRock Fund are redeemed. The Other BlackRock Funds are under no obligation to redeem any of the AMPS and any redemption of AMPS will be made only after a determination by the board of directors/trustees of an Other BlackRock Fund that such redemption is in the best interests of all of its shareholders.

     Pursuant to the Agreement, Karpus and the Bulldog/Brooklyn Funds will be reimbursed for up to $150,000 (in the aggregate) of reasonable, documented fees and expenses incurred in connection with the By-Law lawsuit and their proxy solicitation. Each of the Funds and the Other BlackRock Funds will bear a portion of the cost of such expense reimbursement. The impact on each of the Funds’ and the Other BlackRock Funds’ respective total expense ratio will be less than 1/10th of a basis point.

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VOTE REQUIRED AND MANNER OF VOTING PROXIES

     A quorum of shareholders is required to take action at each meeting. For BKN, BKT, BNA, MUA, RNJ and RNY, the holders of 1/3 of the shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum for purposes of conducting business on such matter. For the remainder of the Funds, the holders of a majority of the shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum for purposes of conducting business on such matter. The affirmative vote of a plurality of the votes cast with respect to a Board Nominee at a meeting at which a quorum is present is necessary to elect each of the respective Board Nominees under Proposal 1 for each respective Fund. Because each Fund requires a plurality of votes to elect each of the Board Nominees, withhold votes and broker non-votes, if any, will not have an effect on the outcome of Proposal 1.

     Votes cast by proxy or in person at each meeting will be tabulated by the inspectors of election appointed for that meeting. The inspectors of election will determine whether or not a quorum is present at the meeting. The inspectors of election will treat withhold votes and “broker non-votes,” if any, as present for purposes of determining a quorum. Broker non-votes occur when shares held by brokers or nominees, typically in “street name,” as to which proxies have been returned but (a) voting instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particular matter. Shares of AMPS of any Fund held in “street name” may be counted for purposes of establishing a quorum of that Fund if no instructions are received one business day before the applicable meeting or, if adjourned, one business day before the day to which the meeting is adjourned.

     If you hold your shares directly (not through a broker-dealer, bank or other financial institution) and if you return a signed and dated proxy card that does not specify how you wish to vote on a proposal, your shares will be voted “FOR” the Board Nominees in Proposal 1.

     Broker-dealer firms holding shares of a Fund in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on Proposal 1 before the meeting. The Funds understand that, under the rules of the New York Stock Exchange, such broker-dealer firms may for certain “routine” matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm’s request for voting instructions. Proposal 1 is a “routine” matter and beneficial owners who do not provide proxy instructions or who do not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed proxy card or other authorization by a beneficial owner of Fund shares that does not specify how the beneficial owner’s shares should be voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.

     If you hold shares of a Fund through a bank or other financial institution or intermediary (called a service agent) that has entered into a service agreement with the Fund or a distributor of the Fund, the service agent may be the record holder of your shares. At the meeting, a service agent will vote shares for which it receives instructions from its customers in accordance with those instructions. A properly executed proxy card or other authorization by a shareholder that does not specify how the shareholder’s shares should be voted on a proposal may be deemed to authorize a service provider to vote such shares in favor of the proposal. Depending on its policies, applicable law or contractual or other restrictions, a service agent may be permitted to vote shares with respect to which it has not received specific voting instructions from its customers. In those cases, the service agent may, but is not required to, vote such shares in the same proportion as those shares for which the service agent has received voting instructions. This practice is commonly referred to as “echo voting.”

     If you beneficially own shares that are held in “street name” through a broker-dealer or that are held of record by a service agent, and if you do not give specific voting instructions for your shares, they may not be voted at all or, as described above, they may be voted in a manner that you may not intend. Therefore, you are strongly encouraged to give your broker-dealer or service agent specific instructions as to how you want your shares to be voted.

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     The Board Members, including a majority of the Independent Board Members, of each Fund have selected Deloitte & Touche LLP (“D&T”) as the independent registered public accounting firm for the Funds.

     A representative of D&T is expected to be present at the meeting. The representative of D&T will have the opportunity to make a statement at the meeting if he desires to do so and is expected to be available to respond to appropriate questions.

     Each Audit Committee has discussed the matters required by the Statement on Auditing Standards No. 114, as amended (AICPA, Professional Standards, Vol. 1, AU section 380), as adopted by the Public Company Accounting Oversight Board (“PCAOB”) in Rule 3200T.

     Each Audit Committee has received from D&T the written disclosures and the letter required by PCAOB Ethics and Independence Rule 3526, Communication with Audit Committees Concerning Independence, and has discussed D&T’s independence with D&T, and has considered the compatibility of non-audit services with the independence of the independent registered public accounting firm.

     Each Audit Committee also reviews and discusses the Fund’s financial statements with Fund management and the independent registered public accounting firm. If any material concerns arise during the course of the audit and the preparation of the audited financial statements mailed to shareholders and included in the Fund’s Annual Report to Shareholders, the Audit Committee would be notified by Fund management or the independent registered public accounting firm. The Audit Committees received no such notifications for any Fund during its most recently completed fiscal year. Following each Audit Committee’s review and discussion of the Fund’s independent registered public accounting firm, pursuant to authority delegated by its respective Board, each Audit Committee approved the respective Fund’s audited financial statements for the Fund’s most recently completed fiscal year (each Fund’s fiscal year end is set forth in Appendix G) for inclusion in each Fund’s Annual Report to Shareholders.

     Appendix G sets forth for each Fund the fees billed by that Fund’s independent registered public accounting firm for the two most recent fiscal years for all audit, non-audit, tax and all other services provided directly to the Fund. The fee information in Appendix G is presented under the following captions:

     (a) Audit Fees—fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements, including out-of-pocket expenses.

     (b) Audit-Related Fees—fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under “Audit Fees,” including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

     (c) Tax Fees—fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews and miscellaneous tax advice.

     (d) All Other Fees—fees for products and services provided to the Fund other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees.”

     Each Audit Committee is required to approve all audit engagement fees and terms for its Fund. Each Audit Committee also is required to consider and act upon (i) the provision by the Fund’s independent accountant of any non-audit services to the Fund, and (ii) the provision by the Fund’s

16



independent accountant of non-audit services to BlackRock and any entity controlling, controlled by or under common control with BlackRock that provides ongoing services to the Fund (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. See Appendix G to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund’s independent registered public accounting firm.

     The Audit Committee of each Fund complies with applicable laws and regulations with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to a Fund on an annual basis require specific pre-approval by the Fund’s Audit Committee. As noted above, the Audit Committee also must approve other non-audit services provided to a Fund and those non-audit services provided to a Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of a Fund. Each Audit Committee has implemented policies and procedures by which such services may be approved other than by the full Audit Committee. Subject to such policies and procedures, including applicable dollar limitations, the Audit Committee may pre-approve, without consideration on a specific case-by-case basis (“general pre-approval”), certain permissible non-audit services that the Audit Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent registered public accounting firm. Each service approved subject to general pre-approval is presented to each Audit Committee for ratification at the next regularly scheduled in-person board meeting.

     For each Fund’s two most recently completed fiscal years, there were no services rendered by D&T to the Funds for which the general pre-approval requirement was waived.

     Each Audit Committee has considered the provision of non-audit services that were rendered by D&T to the Fund’s Affiliated Service Providers that were not pre-approved (and did not require pre-approval) in connection with determining such auditor’s independence. All services provided by D&T to each Fund and each Fund’s Affiliated Service Provider that required pre-approval were pre-approved during the Fund’s most recently completed fiscal year.

     The Audit Committee of each Fund consists of the following Board Members:

     Karen P. Robards (Chair);
     Michael J. Castellano;
     Frank J. Fabozzi;
     James T. Flynn; and
     W. Carl Kester.

ADDITIONAL INFORMATION

5% Beneficial Share Ownership

     As of May 23, 2011, to the best of the Funds’ knowledge, the persons listed in Appendix H beneficially owned more than 5% of the outstanding shares of the class of the Funds indicated.

Submission of Shareholder Proposals

     A shareholder proposal intended to be presented at a future meeting of shareholders of a Fund must be received at the offices of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, in accordance with the timing requirements set forth below. Timely submission of a proposal does not guarantee that such proposal will be included in a proxy statement.

     If a shareholder intends to present a proposal at the 2012 annual meeting of a Fund’s shareholders and desires to have the proposal included in such Fund’s proxy statement and form of proxy for that meeting pursuant to Rule 14a-8 under the Exchange Act, the shareholder must deliver the proposal to the offices of the appropriate Fund by Friday, February 17, 2012. In the event

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a Fund moves the date of its 2012 annual meeting by more than 30 days from the anniversary of its 2011 annual meeting, under current rules, shareholder submissions of proposals for inclusion in such Fund’s proxy statement and proxy card for the 2012 meeting pursuant to Rule 14a-8 under the Exchange Act must be delivered to the Fund a reasonable time before the Fund begins to print and send its proxy materials.

     Shareholders who do not wish to submit a proposal for inclusion in a Fund’s proxy statement and form of proxy for the 2012 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2012 annual meeting in accordance with the By-laws of the Fund. The By-laws for all of the Funds require that advance notice be given to the Fund in the event a shareholder desires to transact any business, including business from the floor, at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business or nomination must be in writing, comply with the requirements of the By-laws and be received by the Fund between Wednesday, February 29, 2012 and Friday, March 30, 2012. In order for proposals of shareholders made outside of Rule 14a-8 under the Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received at the Fund’s principal executive offices by Wednesday, March 30, 2012. In the event a Fund moves the date of its 2012 annual meeting by more than 25 days from the anniversary of its 2011 annual meeting, shareholders who wish to submit a proposal or nomination for consideration at the 2012 annual meeting in accordance with the advance notice provisions of the By-laws of a Fund must deliver such proposal or nomination not later than the close of business on the tenth day following the day on which such notice of the date of the meeting was mailed or such public disclosure of the meeting date was made, whichever comes first. If such proposals are not “timely” within the meaning of Rule 14a-4(c), then proxies solicited by the Board for next year’s annual meeting may confer discretionary authority to the Board to vote on such proposals. Copies of the By-laws of each Fund are available on the EDGAR Database on the SEC’s website at www.sec.gov. Each Fund will also furnish, without charge, a copy of its By-laws to a shareholder upon request. Such requests should be directed to the appropriate Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762. For further information, please see Appendix E — Standing Committees — Governance and Nominating Committee.

     For all Funds, written proposals (including nominations) and notices should be sent to the Secretary of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.

Shareholder Communications

     Shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of the Secretary, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders may communicate with the Boards electronically by sending an e-mail to closedendfundsbod@blackrock.com. The communication should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates, it will be sent only to that Board Member. If a communication does not indicate a specific Board Member, it will be sent to the Chair of the Governance and Nominating Committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons.

     Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund’s Chief Compliance Officer (“CCO”), Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund. Such letters may be submitted on an anonymous basis.

Expense of Proxy Solicitation

     The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Proxy Statement, and costs in connection with the solicitation of proxies will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of this Proxy Statement, also will be borne by the Funds. Costs that are borne by

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the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can be reasonably attributed to one or more specific Funds.

     Solicitation may be made by mail, telephone, fax, e-mail or the Internet by officers or employees of BlackRock Advisors, or by dealers and their representatives. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies. The Funds will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Proxy Statement and proxy materials to the beneficial owners of each Fund’s shares. The Funds and BlackRock have retained Georgeson Inc. (“Georgeson”), 199 Water Street, 26th Floor, New York, New York, 10038, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Georgeson and Broadridge will be paid approximately $89,000 and $939,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Georgeson may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. Each Fund’s portion of the foregoing expenses is not subject to any cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund.

If You Plan to Attend the Annual Meeting

     Attendance at the annual meeting will be limited to Funds’ shareholders as of the Record Date. Each shareholder may be asked to present valid picture identification, such as a driver’s license or passport. Shareholders holding shares in brokerage accounts or by a bank or other nominee may be required to show a brokerage statement or account statement reflecting share ownership as of the Record Date. Cameras, recording devices and other electronic devices will not be permitted at the annual meeting.

     If you are a registered shareholder, you may vote your shares in person by ballot at the annual meeting. If you hold your Common or Preferred Shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting, unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the annual meeting.

Privacy Principles of the Funds

     BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

     If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

     BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information we receive from your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) information we receive from visits to our websites.

     BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

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     BlackRock may share information with its affiliates to service a Client’s account or to provide Clients with information about other BlackRock products or services that may be of interest to them. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

General

     Management does not intend to present and does not have reason to believe that any other items of business will be presented at the meeting. However, if other matters are properly presented to the meeting for a vote, the proxies will be voted by the persons named in the enclosed proxy upon such matters in accordance with their judgment of the best interests of the Fund.

     A list of each Fund’s shareholders of record as of the Record Date will be available for inspection at the shareholder meeting. For each Delaware Trust, a list of shareholders of record as of the Record Date will be available at the offices of the Funds, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, for inspection by such Fund’s shareholders during regular business hours beginning ten days prior to the date of the meeting.

     Failure of a quorum to be present at any meeting may necessitate adjournment. The persons named in the enclosed proxy may also move for an adjournment of any meeting to permit further solicitation of proxies with respect to the proposal if they determine that adjournment and further solicitation are reasonable and in the best interests of shareholders. Any such adjournment will require the affirmative vote of a majority of the shares of the Fund present in person or by proxy and entitled to vote at the time of the meeting to be adjourned. Any adjourned meeting or meetings may be held without the necessity of another notice. The persons named in the enclosed proxy will vote in favor of any such adjournment if they believe the adjournment and additional proxy solicitation are reasonable and in the best interests of the Fund’s shareholders. For purposes of determining the presence of a quorum, withhold votes and broker non-votes, if any, will be treated as shares that are present at the meeting.

     Please vote promptly by signing and dating each enclosed proxy card, and if received by mail, returning it in the accompanying postage-paid return envelope OR by following the enclosed instructions to provide voting instructions by telephone or over the Internet.

By Order of the Boards,

Ira P. Shapiro
Secretary of the Funds

June 16, 2011

20



Appendix A

Fund Information

     The following table lists, with respect to each Fund, the total number of shares outstanding and the managed assets of the Fund on May 31, 2011, the record date for voting at the meeting. All Funds have a policy to encourage Board Members to attend the annual meeting.

Ticker     Fund     Form of Organization     Total
Common
Shares
Outstanding
    Total AMPS
Shares
    Managed Assets
($) (‘000s)

   
   
   
   
   
BBN   BlackRock Build America                
       Bond Trust   Delaware Statutory Trust   57,103,349   N/A   1,683,949
BFZ   BlackRock California Municipal                
       Income Trust†   Delaware Statutory Trust   31,826,816   6,853   750,277
BHK   BlackRock Core Bond Trust   Delaware Statutory Trust   27,023,027   N/A   545,450
BPP   BlackRock Credit Allocation                
       Income Trust III   Delaware Statutory Trust   18,467,785   N/A   282,003
BTZ   BlackRock Credit Allocation                
       Income Trust IV   Delaware Statutory Trust   51,828,156   N/A   962,348
BHL   BlackRock Defined Opportunity                
       Credit Trust   Delaware Statutory Trust   9,023,108   N/A   178,900
BDV   BlackRock Equity Dividend Trust   Delaware Statutory Trust   54,638,903   N/A   605,209
BQR   BlackRock EcoSolutions                
       Investment Trust   Delaware Statutory Trust   12,464,163   N/A   138,489
BGR   BlackRock Energy and                
       Resources Trust   Delaware Statutory Trust   29,766,217   N/A   968,382
BDJ   BlackRock Enhanced Equity                
       Dividend Trust   Delaware Statutory Trust   71,655,012   N/A   641,960
BGT   BlackRock Floating Rate                
       Income Trust   Delaware Statutory Trust   23,603,223   N/A   504,052
BFO   BlackRock Florida Municipal                
       2020 Term Trust†   Delaware Statutory Trust   5,562,128   1,716   128,670
BOE   BlackRock Global Opportunities                
       Equity Trust   Delaware Statutory Trust   69,483,161   N/A   1,316,378
BME   BlackRock Health Sciences Trust   Delaware Statutory Trust   7,591,500   N/A   232,111
HIS   BlackRock High Income Shares   Massachusetts Business Trust   54,620,872   N/A   161,835
BHY   BlackRock High Yield Trust   Delaware Statutory Trust   6,427,525   N/A   52,656
BNA   BlackRock Income                
       Opportunity Trust, Inc.   Maryland Corporation   34,456,370   N/A   370,184
BKT   BlackRock Income Trust, Inc.   Maryland Corporation   63,942,535   N/A   505,050
BYM   BlackRock Municipal Income                
       Quality Trust†   Delaware Statutory Trust   26,324,896   5,490   576,678
BGY   BlackRock International Growth                
       and Income Trust   Delaware Statutory Trust   109,989,277   N/A   1,191,812
BKN   BlackRock Investment Quality                
       Municipal Trust, Inc.†   Maryland Corporation   17,061,364   5,038   364,747
BLW   BlackRock Limited Duration                
       Income Trust   Delaware Statutory Trust   36,908,388   N/A   890,238
BTA   BlackRock Long-Term Municipal                
       Advantage Trust   Delaware Statutory Trust   13,372,677   N/A   144,720
MUA   BlackRock MuniAssets                
       Fund, Inc.   Maryland Corporation   35,741,923   N/A   467,427
BKK   BlackRock Municipal 2020                
       Term Trust†   Delaware Statutory Trust   20,236,628   6,954   481,767
BLE   BlackRock Municipal                
       Income Trust II†   Delaware Statutory Trust   23,317,887   6,052   507,696
BFK   BlackRock Municipal                
       Income Trust†   Delaware Statutory Trust   44,526,031   10,835   911,076
RNJ   BlackRock New Jersey Investment                
       Quality Municipal Trust, Inc.†   Maryland Corporation   1,016,634   276   19,345
BNJ   BlackRock New Jersey Municipal                
       Income Trust†   Delaware Statutory Trust   7,617,102   2,364   166,523

A-1



Ticker     Fund     Form of Organization     Total
Common
Shares
Outstanding
    Total AMPS
Shares
    Managed Assets
($) (‘000s)

   
   
   
   
   
BSE   BlackRock New York Municipal                
       Income Quality Trust†   Delaware Statutory Trust   6,485,389   1,623   140,911
RNY   BlackRock New York Investment                
       Quality Municipal Trust, Inc.†   Maryland Corporation   1,314,975   389   28,084
BLH   BlackRock New York Municipal                
       2018 Term Trust†   Delaware Statutory Trust   3,633,028   1,256   86,890
BFY   BlackRock New York Municipal                
       Income Trust II†   Delaware Statutory Trust   4,964,204   1,779   115,514
BNY   BlackRock New York Municipal                
       Income Trust†   Delaware Statutory Trust   12,820,918   3,780   280,877
BCF   BlackRock Real Asset                
       Equity Trust   Delaware Statutory Trust   57,173,280   N/A   884,090
BQY   BlackRock S&P Quality Rankings                
       Global Equity Managed Trust   Delaware Statutory Trust   6,033,028   N/A   92,310
BHD   BlackRock Strategic Bond Trust   Delaware Statutory Trust   7,058,401   N/A   127,826
BDT   BlackRock Strategic Equity                
       Dividend Trust   Delaware Statutory Trust   26,908,028   N/A   329,197
BSD   The BlackRock Strategic                
       Municipal Trust†   Delaware Statutory Trust   7,295,125   1,719   148,970

      Denotes an AMPS Fund.

A-2


Appendix B

Compensation of the Board Members

     Each Board Member who is not an “interested person” (as defined in the 1940 Act) (the “Independent Board Members”), is paid an annual retainer of $250,000 per year for his or her services as a Board Member of all BlackRock-advised closed-end funds (the “Closed-End Complex”) that are overseen by the respective director/trustee, and each Board Member may also receive a $10,000 board meeting fee for special unscheduled meetings or meetings in excess of six Board meetings held in a calendar year, together with out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair and Vice Chair of the Board are paid an additional annual retainer of $120,000 and $40,000, respectively. The Chairs of the Audit Committee, Compliance Committee, Governance and Nominating Committee, and Performance Oversight Committee are paid an additional annual retainer of $35,000, $20,000, $10,000, and $20,000, respectively. Each Audit Committee member is paid an additional annual retainer of $25,000. For the year ended December 31, 2010, the Closed-End Complex reimbursed Independent Board Member expenses in an aggregate amount of $38,075. Each Fund shall pay a pro rata portion quarterly (based on relative net assets) of the foregoing Board Member fees paid by the funds in the Closed-End Complex.

     Dr. Gabbay is an interested person of the Funds and serves as an interested Board Member of three groups of BlackRock-advised funds—the Closed-End Complex and two complexes of open-end funds (the “Equity-Liquidity Complex” and the “Equity-Bond Complex”; each such complex, a “BlackRock Fund Complex”). Dr. Gabbay receives for his services as a Board Member of such BlackRock Fund Complexes (i) an annual retainer of $487,500 allocated to the funds in these three BlackRock Fund Complexes, including the Funds, based on their relative net assets and (ii) with respect to each of the two open-end BlackRock Fund Complexes, a Board meeting fee of $3,750 (with respect to meetings of the Equity-Liquidity Complex) and $18,750 (with respect to meetings of the Equity-Bond Complex) to be paid for attendance at each Board meeting up to five Board meetings held in a calendar year by each such complex (compensation for meetings in excess of this number to be determined on a case-by-case basis). Dr. Gabbay is also reimbursed for out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. Dr. Gabbay’s compensation for serving on the boards of the funds in these BlackRock Fund Complexes (including the Funds) is equal to 75% of each retainer and, as applicable, of each meeting fee (without regard to additional fees paid to Board and Committee chairs) received by the Independent Board Members serving on such boards. The Boards of the Funds or of any other fund in a BlackRock Fund Complex may modify the Board Members’ compensation from time to time depending on market conditions and Dr. Gabbay’s compensation would be impacted by those modifications.

     The Independent Board Members have agreed that a maximum of 50% of each Independent Board Member’s total compensation paid by funds in the Closed-End Complex may be deferred pursuant to the Closed-End Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn a return for the Independent Board Members as though equivalent dollar amounts had been invested in common shares of certain funds in the Closed-End Complex selected by the Independent Board Members. This has approximately the same economic effect for the Independent Board Members as if they had invested the deferred amounts in such funds in the Closed-End Complex. The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of a fund and are recorded as a liability for accounting purposes. A fund may, however, elect to invest in common shares of those funds in the Closed-End Complex selected by the Independent Board Members in order to match its deferred compensation obligation.

B-1



     The following table sets forth the aggregate compensation, including deferred compensation amounts, paid to each Independent Board Member and Dr. Gabbay by each Fund during its most recently completed fiscal year and by the Closed-End Complex for the most recently completed calendar year. Mr. Davis serves without compensation from the Funds because of his affiliation with BlackRock, Inc. and the BlackRock Advisors.

Fund
Fund’s
Fiscal
Year End
(1)

Richard E.
Cavanagh
(2)(13)

Frank J.
Fabozzi
(3)(13)

Kathleen F.
Feldstein
(4)

R. Glenn
Hubbard
(5)(11)

G. Nicholas
Beckwith III
(6)

James T.
Flynn
(7)

Jerold B.
Harris
(8)(14)

W. Carl
Kester
(9)(13)

Karen P.
Robards
(10)(13)(14)

Henry
Gabbay
(11)(13)

Michael J.
Castellano
(12)

Fund
Total

BBN (15) 31-Jul $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0   $ 0  
BCF 31-Oct $ 9,425   $ 7,556   $ 6,731   $ 6,482   $ 2,640   $ 6,856   $ 6,434   $ 7,057   $ 9,128   $ 4,908   $ 0   $ 67,215  
BDJ 31-Oct $ 7,756   $ 6,216   $ 5,544   $ 5,338   $ 2,177   $ 5,646   $ 5,292   $ 5,806   $ 7,505   $ 3,941   $ 0   $ 55,222  
BDT 31-Oct $ 3,787   $ 3,036   $ 2,705   $ 2,605   $ 1,032   $ 2,755   $ 2,585   $ 2,835   $ 3,667   $ 1,968   $ 0   $ 26,973  
BDV 31-Oct $ 6,931   $ 5,556   $ 4,951   $ 4,767   $ 1,921   $ 5,042   $ 4,731   $ 5,189   $ 6,711   $ 3,577   $ 0   $ 49,375  
BFK 30-Apr $ 7,332   $ 5,948   $ 4,852   $ 4,795   $ 0   $ 5,072   $ 5,246   $ 5,580   $ 7,471   $ 4,166   $ 208   $ 50,669  
BFO 31-Jul $ 1,061   $ 846   $ 775   $ 746   $ 480   $ 789   $ 717   $ 789   $ 1,004   $ 514   $ 0   $ 7,721  
BFY 31-Aug $ 967   $ 771   $ 706   $ 680   $ 384   $ 719   $ 654   $ 719   $ 915   $ 566   $ 0   $ 7,081  
BFZ 31-Jul $ 3,862   $ 3,079   $ 2,818   $ 2,714   $ 1,287   $ 2,871   $ 2,610   $ 2,871   $ 3,653   $ 2,349   $ 0   $ 28,114  
BGR 31-Oct $ 9,996   $ 8,011   $ 7,145   $ 6,880   $ 2,820   $ 7,277   $ 6,820   $ 7,482   $ 9,671   $ 5,125   $ 0   $ 71,227  
BGT 31-Oct $ 4,384   $ 3,514   $ 3,131   $ 3,015   $ 1,182   $ 3,189   $ 2,992   $ 3,282   $ 4,244   $ 2,273   $ 0   $ 31,206  
BGY 31-Oct $ 15,302   $ 12,263   $ 10,943   $ 10,538   $ 4,482   $ 11,145   $ 10,439   $ 11,452   $ 14,799   $ 7,591   $ 0   $ 108,954  
BHD 31-Aug $ 1,217   $ 970   $ 888   $ 855   $ 472   $ 905   $ 822   $ 905   $ 1,151   $ 722   $ 0   $ 8,908  
BHK 31-Aug $ 4,651   $ 3,709   $ 3,394   $ 3,269   $ 1,816   $ 3,457   $ 3,143   $ 3,457   $ 4,400   $ 2,764   $ 0   $ 34,060  
BHL 31-Aug $ 1,586   $ 1,264   $ 1,157   $ 1,114   $ 617   $ 1,179   $ 1,072   $ 1,179   $ 1,500   $ 933   $ 0   $ 11,602  
BHY 31-Aug $ 549   $ 438   $ 401   $ 386   $ 211   $ 408   $ 371   $ 408   $ 520   $ 328   $ 0   $ 4,020  
BKK 30-Apr $ 3,783   $ 3,069   $ 2,504   $ 2,477   $ 0   $ 2,620   $ 2,708   $ 2,878   $ 3,851   $ 2,181   $ 113   $ 26,185  
BKN 30-Apr $ 2,921   $ 2,370   $ 1,932   $ 1,909   $ 0   $ 2,019   $ 2,091   $ 2,224   $ 2,979   $ 1,663   $ 83   $ 20,190  
BKT 31-Aug $ 6,256   $ 4,988   $ 4,565   $ 4,396   $ 2,450   $ 4,650   $ 4,227   $ 4,650   $ 5,918   $ 3,675   $ 0   $ 45,774  
BLE 31-Aug $ 4,225   $ 3,368   $ 3,083   $ 2,969   $ 1,659   $ 3,140   $ 2,855   $ 3,140   $ 3,996   $ 2,496   $ 0   $ 30,931  
BLH 31-Dec $ 795   $ 643   $ 545   $ 524   $ 128   $ 555   $ 553   $ 603   $ 803   $ 421   $ 0   $ 5,569  
BLW 31-Aug $ 7,906   $ 6,303   $ 5,769   $ 5,555   $ 3,057   $ 5,876   $ 5,342   $ 5,876   $ 7,479   $ 4,678   $ 0   $ 57,842  
BME 31-Oct $ 2,742   $ 2,197   $ 1,960   $ 1,887   $ 761   $ 1,996   $ 1,871   $ 2,052   $ 2,652   $ 1,393   $ 0   $ 19,510  
BNA 31-Aug $ 4,656   $ 3,712   $ 3,397   $ 3,272   $ 1,830   $ 3,460   $ 3,146   $ 3,460   $ 4,404   $ 2,754   $ 0   $ 34,091  
BNJ 31-Jul $ 1,411   $ 1,125   $ 1,030   $ 991   $ 635   $ 1,049   $ 953   $ 1,049   $ 1,335   $ 686   $ 0   $ 10,263  
BNY 31-Jul $ 2,374   $ 1,893   $ 1,732   $ 1,668   $ 1,071   $ 1,764   $ 1,604   $ 1,764   $ 2,246   $ 1,152   $ 0   $ 17,268  
BOE 31-Oct $ 17,123   $ 13,722   $ 12,244   $ 11,790   $ 4,936   $ 12,471   $ 11,682   $ 12,815   $ 16,561   $ 8,565   $ 0   $ 121,909  
BPP 31-Oct $ 2,860   $ 2,293   $ 2,041   $ 1,965   $ 761   $ 2,079   $ 1,953   $ 2,142   $ 2,772   $ 1,504   $ 0   $ 20,369  
BQR 31-Oct $ 1,692   $ 1,356   $ 1,210   $ 1,165   $ 498   $ 1,232   $ 1,155   $ 1,267   $ 1,637   $ 845   $ 0   $ 12,056  
BQY 31-Oct $ 1,105   $ 886   $ 789   $ 760   $ 312   $ 804   $ 754   $ 827   $ 1,070   $ 563   $ 0   $ 7,870  
BSD 30-Apr $ 1,233   $ 983   $ 900   $ 866   $ 765   $ 916   $ 833   $ 916   $ 1,166   $ 624   $ 0   $ 9,202  
BSE 31-Aug $ 1,225   $ 976   $ 894   $ 861   $ 486   $ 910   $ 828   $ 910   $ 1,159   $ 718   $ 0   $ 8,966  
BTA 30-Apr $ 1,878   $ 1,524   $ 1,243   $ 1,228   $ 0   $ 1,299   $ 1,344   $ 1,430   $ 1,915   $ 1,068   $ 53   $ 12,982  
BTZ 31-Oct $ 9,301   $ 7,458   $ 6,636   $ 6,390   $ 2,455   $ 6,759   $ 6,352   $ 6,966   $ 9,017   $ 4,923   $ 0   $ 66,259  
BYM 31-Aug $ 4,932   $ 3,932   $ 3,599   $ 3,465   $ 1,964   $ 3,665   $ 3,332   $ 3,665   $ 4,665   $ 2,878   $ 0   $ 36,098  
HIS 31-Aug $ 1,514   $ 1,207   $ 1,105   $ 1,064   $ 579   $ 1,125   $ 1,023   $ 1,125   $ 1,432   $ 906   $ 0   $ 11,080  

B-2



Fund
Fund’s
Fiscal
Year End
(1)

Richard E.
Cavanagh
(2)(13)

Frank J.
Fabozzi
(3)(13)

Kathleen F.
Feldstein
(4)

R. Glenn
Hubbard
(5)(11)

G. Nicholas
Beckwith III
(6)

James T.
Flynn
(7)

Jerold B.
Harris
(8)(14)

W. Carl
Kester
(9)(13)

Karen P.
Robards
(10)(13)(14)

Henry
Gabbay
(11)(13)

Michael J.
Castellano
(12)

Fund
Total

MUA (16) 30-Apr $ 5,717   $ 4,637   $ 3,785   $ 3,743   $ 0   $ 3,959   $ 4,091   $ 4,349   $ 5,819   $ 3,276   $ 168   $ 39,544  
RNJ 31-Jul $ 167 $ 133 $ 122 $ 117 $ 75 $ 124 $ 113 $ 124 $ 158 $ 80 $ 0 $ 1,213
RNY 31-Jul $ 243 $ 194 $ 177 $ 171 $ 110 $ 181 $ 164 $ 181 $ 230 $ 117 $ 0 $ 1,767
Total Compensation
    from Closed-End
    Complex (17)
$ 395,000 $ 320,000 $ 270,000 $ 260,000 $ 62,500 $ 275,000 $ 275,000 $ 300,000 $ 400,000 $ 212,500 $ 0
Number of RICs
    in Closed-End
    Complex Overseen
    by Board Member
95 95 95 95
Resigned
95 95 95 95 95 95

(1)      Information is for the Fund’s most recent fiscal year.
 
(2)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $452,570 as of December 31, 2010.
 
(3)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $422,019 as of December 31, 2010.
 
(4)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $410,327 as of December 31, 2010.
 
(5)      Dr. Hubbard previously participated in the deferred compensation plan and is owed $705,827 by the Closed-End Complex as of December 31, 2010 pursuant to such plan.
 
(6)      Mr. Beckwith resigned from the Boards on March 31, 2010. Mr. Beckwith previously participated in the deferred compensation plan and was paid $395,656 by the Closed-End Complex, the full amount of his deferred compensation, following his resignation.
 
(7)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $547,940 as of December 31, 2010.
 
(8)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $498,128 as of December 31, 2010.
 
(9)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $298,877 as of December 31, 2010.
 
(10)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $286,081 as of December 31, 2010.
 
(11)      As of December 31, 2010 the Board Member did not participate in the deferred compensation plan.
 
(12)      Mr. Castellano was appointed to the Board on April 14, 2011. Therefore, for the purposes of this table, he received compensation in the amounts indicated in the table for only those Funds having April 30, 2011 fiscal year ends.
 
(13)      Each Ad Hoc AMPS Committee member was paid a retainer of $25,000 for the year ended December 31, 2010.
 
(14)      Each Joint Product Pricing Committee member was paid a retainer of $25,000 for the year ended December 31, 2010.
 
(15)      Fund commenced operations on August 27, 2010 and has not completed a full fiscal year.
 
(16)      Includes fees paid by BlackRock Apex Municipal Fund, Inc. (APX) which merged into BlackRock MuniAssets Fund, Inc. (MUA) on February 28, 2011.
 
(17)      Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2010. Of this amount, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Mr. Beckwith, Mr. Flynn, Mr. Harris, Dr. Kester and Ms. Robards deferred $37,000, $59,000, $81,000, $31,250, $137,500, $125,000, $75,000 and $70,000, respectively, pursuant to the Closed-End Complex’s deferred compensation plan. In addition, during the calendar year ended December 31, 2010, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein and Dr. Hubbard received $24,857, $7,591, $3,478 and $18,883, respectively, due to deferred compensation payments in connection with fund liquidations.

B-3



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Appendix C

Equity Securities Owned by Board Members and Board Nominees

     The following table shows the amount of equity securities owned by the Board Members and Board Nominees in the Funds that they are nominated to oversee as of May 31, 2011, except as otherwise indicated. No Board Member nor Board Nominee owns AMPS.

Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Interested Board Members and/or Nominees:            
               
Richard S. Davis BlackRock Build America 1430 $10,001– Over Over
  Bond Trust   $50,000 $100,000     $100,000
               
  BlackRock Energy and 805 $10,001– Over Over
  Resources Trust   $50,000 $100,000     $100,000
               
  BlackRock Floating Rate 500 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Global 298 $1–$10,000 Over Over
  Opportunities Equity Trust     $100,000     $100,000
               
  BlackRock Health 875 $10,001– Over Over
  Sciences Trust   $50,000 $100,000     $100,000
               
  BlackRock International 3600 $10,001– Over Over
  Growth and Income Trust   $50,000 $100,000     $100,000
               
  BlackRock Limited Duration 500 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Real Asset 500 $1–$10,000 Over Over
  Equity Trust     $100,000     $100,000
               
Henry Gabbay BlackRock Core Bond Trust 100 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Credit Allocation 100 $1–$10,000 Over Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation 1000 $10,001– Over Over
  Income Trust IV   $50,000 $100,000     $100,000
               
  BlackRock Defined 1000 $10,001– Over Over
  Opportunity Credit Trust   $50,000 $100,000     $100,000
               
  BlackRock EcoSolutions 1245 $10,001– Over Over
  Investment Trust   $50,000 $100,000     $100,000
               
  BlackRock Energy and 625 $10,001– Over Over
  Resources Trust   $50,000 $100,000     $100,000
               
  BlackRock Enhanced Equity 100 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
  BlackRock Equity 1325 $10,001– Over Over
  Dividend Trust   $50,000 $100,000     $100,000
               
  BlackRock Floating Rate 100 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Global 1226 $10,001– Over Over
  Opportunities Equity Trust   $50,000 $100,000     $100,000
               
  BlackRock Health 650 $10,001– Over Over
  Sciences Trust   $50,000 $100,000     $100,000
               
  BlackRock High 100 $1–$10,000 Over Over
  Income Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 100 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Income 100 $1–$10,000 Over Over
  Opportunity Trust, Inc.     $100,000     $100,000

C-1



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Interested Board Members and/or Nominees: (continued)            
               
Henry Gabbay BlackRock Income 100 $1–$10,000 Over Over
(continued) Trust, Inc.     $100,000     $100,000
               
  BlackRock International 900 $1–$10,000 Over Over
  Growth and Income Trust     $100,000     $100,000
               
  BlackRock Investment 100 $1–$10,000 Over Over
  Quality Municipal Trust, Inc.     $100,000     $100,000
               
  BlackRock Limited Duration 100 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Long-Term 1600 $10,001– Over Over
  Municipal Advantage Trust   $50,000 $100,000     $100,000
               
  BlackRock MuniAssets 974 $10,001– Over Over
  Fund, Inc.   $50,000 $100,000     $100,000
               
  BlackRock Municipal 2020 100 $1–$10,000 Over Over
  Term Trust     $100,000     $100,000
               
  BlackRock Municipal 100 $1–$10,000 Over Over
  Income Quality Trust     $100,000     $100,000
               
  BlackRock Municipal 100 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Municipal 100 $1–$10,000 Over Over
  Income Trust II     $100,000     $100,000
               
  BlackRock New York 750 $10,001– Over Over
  Municipal Income Trust   $50,000 $100,000     $100,000
               
  BlackRock New York 1300 $10,001– Over Over
  Municipal Income Trust II   $50,000 $100,000     $100,000
                       
  BlackRock Real Asset 1200 $10,001– Over Over
  Equity Trust   $50,000 $100,000     $100,000
               
  BlackRock S&P Quality 1090 $10,001– Over Over
  Rankings Global Equity   $50,000 $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 100 $1–$10,000 Over Over
  Bond Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 1325 $10,001– Over Over
  Dividend Trust   $50,000 $100,000     $100,000
               
  The BlackRock Strategic 900 $10,001– Over Over
  Municipal Trust   $50,000 $100,000     $100,000
               
Paul L. Audet
 
Independent Board Members and/or Nominees:            
               
Richard E. Cavanagh BlackRock Build America 500 $1–$10,000 Over Over
  Bond Trust     $100,000     $100,000
               
  BlackRock California 100 $1–$10,000 Over Over
  Municipal Income Trust     $100,000     $100,000
               
  BlackRock Core Bond Trust 500 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Credit Allocation 100 $1–$10,000 Over Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation 200 $1–$10,000 Over 4583.94 $50,001– Over
  Income Trust IV     $100,000   $100,000 $100,000
               
  BlackRock Defined 500 $1–$10,000 Over Over
  Opportunity Credit Trust     $100,000     $100,000
               
  BlackRock EcoSolutions 100 $1–$10,000 Over Over
  Investment Trust     $100,000     $100,000

C-2



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
Richard E. Cavanagh BlackRock Energy and 100 $1–$10,000 Over 2030.07 $50,001– Over
(continued) Resources Trust     $100,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 100 $1–$10,000 Over 6168.86 $50,001– Over
  Dividend Trust     $100,000   $100,000 $100,000
               
  BlackRock Equity Dividend 100 $1–$10,000 Over Over
  Trust     $100,000     $100,000
               
  BlackRock Floating Rate 200 $1–$10,000 Over 4598.20 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Florida Municipal 100 $1–$10,000 Over Over
  2020 Term Trust     $100,000     $100,000
               
  BlackRock Global 214 $1–$10,000 Over Over
  Opportunities Equity Trust     $100,000     $100,000
               
  BlackRock Health Sciences 100 $1–$10,000 Over Over
  Trust     $100,000     $100,000
               
  BlackRock High Income 100 $1–$10,000 Over Over
  Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 200 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Income 100 $1–$10,000 Over Over
  Opportunity Trust, Inc.     $100,000     $100,000
               
  BlackRock Income 500 $1–$10,000 Over Over
  Trust, Inc.     $100,000     $100,000
               
  BlackRock International 100 $1–$10,000 Over 4664.15 $10,001– Over
  Growth and Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Investment 500 $1–$10,000 Over Over
  Quality Municipal Trust, Inc.     $100,000     $100,000
               
  BlackRock Limited Duration 100 $1–$10,000 Over 3952.97 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Long-Term 200 $1–$10,000 Over Over
  Municipal Advantage Trust     $100,000     $100,000
               
  BlackRock MuniAssets 172 $1–$10,000 Over Over
  Fund, Inc.     $100,000     $100,000
               
  BlackRock Municipal 2020 100 $1–$10,000 Over Over
  Term Trust     $100,000     $100,000
               
  BlackRock Municipal 200 $1–$10,000 Over Over
  Income Quality Trust     $100,000     $100,000
               
  BlackRock Municipal 300 $1–$10,000 Over Over
  Income Trust     $100,000     $100,000
               
  BlackRock Municipal 100 $1–$10,000 Over Over
  Income Trust II     $100,000     $100,000
               
  BlackRock New York 100 $1–$10,000 Over Over
  Investment Quality     $100,000     $100,000
  Municipal Trust, Inc.            
               
  BlackRock New York 100 $1–$10,000 Over Over
  Municipal 2018 Term Trust     $100,000     $100,000
               
  BlackRock New York 200 $1–$10,000 Over Over
  Municipal Income Quality     $100,000     $100,000
  Trust            
               
  BlackRock New York 300 $1–$10,000 Over Over
  Municipal Income Trust     $100,000     $100,000
               
  BlackRock New York 100 $1–$10,000 Over Over
  Municipal Income Trust II     $100,000     $100,000

C-3



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
Richard E. Cavanagh BlackRock Real Asset 200 $1–$10,000 Over Over
(continued) Equity Trust     $100,000     $100,000
               
  BlackRock S&P Quality 100 $1–$10,000 Over Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 300 $1–$10,000 Over Over
  Bond Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 100 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
  The BlackRock Strategic 500 $1–$10,000 Over Over
  Municipal Trust     $100,000     $100,000
               
Michael J. Castellano BlackRock Build America 1100 $10,001– Over Over
  Bond Trust   $50,000 $100,000     $100,000
               
  BlackRock Energy and 400 $10,001– Over Over
  Resources Trust   $50,000 $100,000     $100,000
               
  BlackRock Equity 1000 $10,001– Over Over
  Dividend Trust   $50,000 $100,000     $100,000
               
  BlackRock International 1000 $10,001– Over Over
  Growth and Income Trust   $50,000 $100,000     $100,000
               
  BlackRock S&P Quality 700 $1–$10,000 Over Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 800 $10,001– Over Over
  Bond Trust   $50,000 $100,000     $100,000
               
Frank J. Fabozzi BlackRock Core Bond Trust 20 $1–$10,000 $50,001– Over
        $100,000     $100,000
               
  BlackRock Credit Allocation 100 $1–$10,000 $50,001– Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation 100 $1–$10,000 $50,001– 4256.53 $50,001– Over
  Income Trust IV     $100,000   $100,000 $100,000
               
  BlackRock Defined 10 $1–$10,000 $50,001– Over
  Opportunity Credit Trust     $100,000     $100,000
               
  BlackRock EcoSolutions 300 $1–$10,000 $50,001– Over
  Investment Trust     $100,000     $100,000
               
  BlackRock Energy and 100 $1–$10,000 $50,001– 1885.19 $50,001– Over
  Resources Trust     $100,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 100 $1–$10,000 $50,001– 5809.61 $50,001– Over
  Dividend Trust     $100,000   $100,000 $100,000
               
  BlackRock Equity 300 $1–$10,000 $50,001– Over
  Dividend Trust     $100,000     $100,000
               
  BlackRock Floating Rate 100 $1–$10,000 $50,001– 4228.75 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Global 324 $1–$10,000 $50,001– Over
  Opportunities Equity Trust     $100,000     $100,000
               
  BlackRock Health 100 $1–$10,000 $50,001– Over
  Sciences Trust     $100,000     $100,000
               
  BlackRock High 100 $1–$10,000 $50,001– Over
  Income Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 10 $1–$10,000 $50,001– Over
        $100,000     $100,000
               
  BlackRock Income 10 $1–$10,000 $50,001– Over
  Opportunity Trust, Inc.     $100,000     $100,000

C-4



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
Frank J. Fabozzi BlackRock Income Trust, 2010 $10,001– $50,001– Over
(continued) Inc.   $50,000 $100,000     $100,000
               
  BlackRock International 300 $1–$10,000 $50,001– 4346.79 $10,001– Over
  Growth and Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Limited Duration 100 $1–$10,000 $50,001– 3640.96 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Long-Term 100 $1–$10,000 $50,001– Over
  Municipal Advantage Trust     $100,000     $100,000
               
  BlackRock MuniAssets 17 $1–$10,000 $50,001– Over
  Fund, Inc.     $100,000     $100,000
               
  BlackRock Municipal 2020 100 $1–$10,000 $50,001– Over
  Term Trust     $100,000     $100,000
               
  BlackRock Municipal 10 $1–$10,000 $50,001– Over
  Income Quality Trust     $100,000     $100,000
               
  BlackRock Municipal 20 $1–$10,000 $50,001– Over
  Income Trust     $100,000     $100,000
               
  BlackRock Municipal 10 $1–$10,000 $50,001– Over
  Income Trust II     $100,000     $100,000
               
  BlackRock Real Asset 100 $1–$10,000 $50,001– Over
  Equity Trust     $100,000     $100,000
               
  BlackRock S&P Quality 100 $1–$10,000 $50,001– Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic Bond 100 $1–$10,000 $50,001– Over
  Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 100 $1–$10,000 $50,001– Over
  Dividend Trust     $100,000     $100,000
               
  The BlackRock Strategic 100 $1–$10,000 $50,001– Over
  Municipal Trust     $100,000     $100,000
               
Kathleen F. Feldstein BlackRock Credit Allocation 91.06 $1–$10,000 $10,001– Over
  Income Trust III     $50,000     $100,000
               
  BlackRock Credit Allocation 160.876 $1–$10,000 $10,001– 4474.83 $50,001– Over
  Income Trust IV     $50,000   $100,000 $100,000
               
  BlackRock Defined 425.336 $1–$10,000 $10,001– Over
  Opportunity Credit Trust     $50,000     $100,000
               
  BlackRock EcoSolutions 152.406 $1–$10,000 $10,001– Over
  Investment Trust     $50,000     $100,000
               
  BlackRock Energy and 56.944 $1–$10,000 $10,001– 2020.48 $50,001– Over
  Resources Trust     $50,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 181.349 $1–$10,000 $10,001– 6009.89 $50,001– Over
  Dividend Trust     $50,000   $100,000 $100,000
               
  BlackRock Equity Dividend 77.844 $1–$10,000 $10,001– Over
  Trust     $50,000     $100,000
               
  BlackRock Floating Rate 88.737 $1–$10,000 $10,001– 4134.73 $50,001– Over
  Income Trust     $50,000   $100,000 $100,000
               
  BlackRock Global 310.08282 $1–$10,000 $10,001– Over
  Opportunities Equity Trust     $50,000     $100,000
               
  BlackRock Health 157.793 $1–$10,000 $10,001– Over
  Sciences Trust     $50,000     $100,000
               
  BlackRock High 183.974 $1–$10,000 $10,001– Over
  Income Shares     $50,000     $100,000
               
  BlackRock High Yield Trust 86.474 $1–$10,000 $10,001– Over
        $50,000     $100,000

C-5



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
Kathleen F. Feldstein BlackRock Income 79.398 $1–$10,000 $10,001– Over
(continued) Opportunity Trust, Inc.     $50,000     $100,000
               
  BlackRock Income 71.39 $1–$10,000 $10,001– Over
  Trust, Inc.     $50,000     $100,000
               
  BlackRock International 166.568 $1–$10,000 $10,001– 4532.77 $10,001– Over
  Growth and Income Trust     $50,000   $50,000 $100,000
               
  BlackRock Investment 75.659 $1–$10,000 $10,001– Over
  Quality Municipal Trust, Inc.     $50,000     $100,000
               
  BlackRock Limited Duration 83.044 $1–$10,000 $10,001– 3519.64 $50,001– Over
  Income Trust     $50,000   $100,000 $100,000
               
  BlackRock Long-Term 131.918 $1–$10,000 $10,001– Over
  Municipal Advantage Trust     $50,000     $100,000
               
  BlackRock Municipal 2020 70.217 $1–$10,000 $10,001– Over
  Term Trust     $50,000     $100,000
               
  BlackRock Municipal 72.151 $1–$10,000 $10,001– Over
  Income Quality Trust     $50,000     $100,000
               
  BlackRock Municipal 76.679 $1–$10,000 $10,001– Over
  Income Trust     $50,000     $100,000
               
  BlackRock Municipal 75.833 $1–$10,000 $10,001– Over
  Income Trust II     $50,000     $100,000
               
  BlackRock Real Asset 148.054 $1–$10,000 $10,001– Over
  Equity Trust     $50,000     $100,000
               
  BlackRock S&P Quality 74.963 $1–$10,000 $10,001– Over
  Rankings Global Equity     $50,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 83.893 $1–$10,000 $10,001– Over
  Bond Trust     $50,000     $100,000
               
  BlackRock Strategic Equity 77.146 $1–$10,000 $10,001– Over
  Dividend Trust     $50,000     $100,000
               
  The BlackRock Strategic 76.059 $1–$10,000 $10,001– Over
  Municipal Trust     $50,000     $100,000
               
James T. Flynn BlackRock Credit Allocation Over 6234.24 $50,001– Over
  Income Trust IV     $100,000   $100,000 $100,000
               
  BlackRock Energy and Over 2819.06 $50,001– Over
  Resources Trust     $100,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 9000 $50,001– Over 8327.94 $50,001– Over
  Dividend Trust   $100,000 $100,000   $100,000 $100,000
               
  BlackRock Equity 4000 $10,001– Over Over
  Dividend Trust   $50,000 $100,000     $100,000
               
  BlackRock Floating Rate Over 5579.86 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Global 5000 $50,001– Over Over
  Opportunities Equity Trust   $100,000 $100,000     $100,000
               
  BlackRock International 9000 $50,001– Over 6303.21 $50,001– Over
  Growth and Income Trust   $100,000 $100,000   $100,000 $100,000
               
  BlackRock Limited Duration Over 4715.29 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
Jerrold B. Harris BlackRock Core Bond Trust 126.628 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Credit Allocation 140.305 $1–$10,000 Over Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation 145.32 $1–$10,000 Over 5719.24 $50,001– Over
  Income Trust IV     $100,000   $100,000 $100,000

C-6



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
Jerrold B. Harris BlackRock Defined 107.232 $1–$10,000 Over Over
(continued) Opportunity Credit Trust     $100,000     $100,000
               
  BlackRock EcoSolutions 149.155 $1–$10,000 Over Over
  Investment Trust     $100,000     $100,000
               
  BlackRock Energy and 286.955 $1–$10,000 Over 2583.40 $50,001– Over
  Resources Trust     $100,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 148.527 $1–$10,000 Over 7643.74 $50,001– Over
  Dividend Trust     $100,000   $100,000 $100,000
               
  BlackRock Equity 128.407 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
  BlackRock Floating Rate 139.744 $1–$10,000 Over 5113.73 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Global 323.26163 $1–$10,000 Over Over
  Opportunities Equity Trust     $100,000     $100,000
               
  BlackRock Health 127.131 $1–$10,000 Over Over
  Sciences Trust     $100,000     $100,000
               
  BlackRock High 143.954 $1–$10,000 Over Over
  Income Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 134.096 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Income 126.258 $1–$10,000 Over Over
  Opportunity Trust, Inc.     $100,000     $100,000
               
  BlackRock Income 116.14 $1–$10,000 Over Over
  Trust, Inc.     $100,000     $100,000
               
  BlackRock International 162.203 $1–$10,000 Over 5789.24 $50,001– Over
  Growth and Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Investment 100 $1–$10,000 Over Over
  Quality Municipal Trust, Inc.     $100,000     $100,000
               
  BlackRock Limited Duration 128.889 $1–$10,000 Over 4324.07 $50,001– Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Long-Term 100 $1–$10,000 Over Over
  Municipal Advantage Trust     $100,000     $100,000
               
  BlackRock MuniAssets 172 $1–$10,000 Over Over
  Fund, Inc.     $100,000     $100,000
               
  BlackRock Municipal 2020 119.467 $1–$10,000 Over Over
  Term Trust     $100,000     $100,000
               
  BlackRock Municipal 100 $1–$10,000 Over Over
  Income Quality Trust     $100,000     $100,000
               
  BlackRock Municipal 6245.545 $50,001– Over Over
  Income Trust   $100,000 $100,000     $100,000
               
  BlackRock Municipal 13221.532 Over Over Over
  Income Trust II   $100,000 $100,000     $100,000
               
  BlackRock Real Asset 134.542 $1–$10,000 Over Over
  Equity Trust     $100,000     $100,000
               
  BlackRock S&P Quality 124.594 $1–$10,000 Over Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 130.965 $1–$10,000 Over Over
  Bond Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 127.555 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
  The BlackRock Strategic 126.373 $1–$10,000 Over Over
  Municipal Trust     $100,000     $100,000

C-7



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

 
Independent Board Members and/or Nominees: (continued)          
               
R. Glenn Hubbard BlackRock Core Bond Trust 160.961 $1–$10,000 $50,001– Over
        $100,000     $100,000
               
  BlackRock Credit Allocation 182.126 $1–$10,000 $50,001– Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation 160.876 $1–$10,000 $50,001– 6791 $50,001– Over
  Income Trust IV     $100,000   $100,000 $100,000
               
  BlackRock Defined 536.16 $1–$10,000 $50,001– Over
  Opportunity Credit Trust     $100,000     $100,000
               
  BlackRock Energy and 290.7510 $1–$10,000 $50,001– 2945.08 $50,001– Over
  Resources Trust     $100,000   $100,000 $100,000
               
  BlackRock Enhanced Equity 181.349 $1–$10,000 $50,001– 9123.48 $50,001– Over
  Dividend Trust     $100,000   $100,000 $100,000
               
  BlackRock Equity 155.684 $1–$10,000 $50,001– Over
  Dividend Trust     $100,000     $100,000
               
  BlackRock Floating Rate 177.486 $1–$10,000 $50,001– 7051.50 Over Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Global 409.49782 $1–$10,000 $50,001– Over
  Opportunities Equity Trust     $100,000     $100,000
               
  BlackRock Health 157.793 $1–$10,000 $50,001– Over
  Sciences Trust     $100,000     $100,000
               
  BlackRock High 185.48 $1–$10,000 $50,001– Over
  Income Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 172.962 $1–$10,000 $50,001– Over
        $100,000     $100,000
               
  BlackRock Income 158.816 $1–$10,000 $50,001– Over
  Opportunity Trust, Inc.     $100,000     $100,000
               
  BlackRock Income 142.775 $1–$10,000 $50,001– Over
  Trust, Inc.     $100,000     $100,000
               
  BlackRock International 165.128 $1–$10,000 $50,001– 6847.32 $50,001– Over
  Growth and Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Investment 151.318 $1–$10,000 $50,001– Over
  Quality Municipal Trust, Inc.     $100,000     $100,000
               
  BlackRock Limited Duration 166.083 $1–$10,000 $50,001– 6156.68 Over Over
  Income Trust     $100,000   $100,000 $100,000
               
  BlackRock Long-Term 131.918 $1–$10,000 $50,001– Over
  Municipal Advantage Trust     $100,000     $100,000
               
  BlackRock Municipal 2020 140.443 $1–$10,000 $50,001– Over
  Term Trust     $100,000     $100,000
               
  BlackRock Municipal 144.316 $1–$10,000 $50,001– Over
  Income Quality Trust     $100,000     $100,000
               
  BlackRock Municipal 153.372 $1–$10,000 $50,001– Over
  Income Trust     $100,000     $100,000
               
  BlackRock Municipal 151.658 $1–$10,000 $50,001– Over
  Income Trust II     $100,000     $100,000
               
  BlackRock New York 146.859 $1–$10,000 $50,001– Over
  Investment Quality     $100,000     $100,000
  Municipal Trust, Inc.            
               
  BlackRock New York 140.258 $1–$10,000 $50,001– Over
  Municipal 2018 Term Trust     $100,000     $100,000
               
  BlackRock New York 143.226 $1–$10,000 $50,001– Over
  Municipal Income     $100,000     $100,000
  Quality Trust            

C-8



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
R. Glenn Hubbard BlackRock New York 148.514 $1–$10,000 $50,001– Over
(continued) Municipal Income Trust     $100,000     $100,000
               
  BlackRock New York 146.063 $1–$10,000 $50,001– Over
  Municipal Income Trust II     $100,000     $100,000
               
  BlackRock Real Asset 148.054 $1–$10,000 $50,001– Over
  Equity Trust     $100,000     $100,000
               
  BlackRock S&P Quality 150.072 $1–$10,000 $50,001– Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            
               
  BlackRock Strategic 167.801 $1–$10,000 $50,001– Over
  Bond Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 154.291 $1–$10,000 $50,001– Over
  Dividend Trust     $100,000     $100,000
               
  The BlackRock Strategic 152.102 $1–$10,000 $50,001– Over
  Municipal Trust     $100,000     $100,000
               
W. Carl Kester BlackRock Core Bond Trust 1000 $10,001– Over Over
      $50,000 $100,000     $100,000
               
  BlackRock Credit Allocation 100 $1–$10,000 Over Over
  Income Trust III     $100,000     $100,000
               
  BlackRock Credit Allocation Over 3400.50 $10,001– Over
  Income Trust IV     $100,000   $50,000 $100,000
               
  BlackRock EcoSolutions 100 $1–$10,000 Over Over
  Investment Trust     $100,000     $100,000
               
  BlackRock Energy and Over 1537.67 $10,001– Over
  Resources Trust     $100,000   $50,000 $100,000
               
  BlackRock Enhanced Equity Over 4542.51 $10,001– Over
  Dividend Trust     $100,000   $50,000 $100,000
               
  BlackRock Equity 100 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
  BlackRock Floating Rate Over 3043.56 $10,001– Over
  Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Global 751 $10,001– Over Over
  Opportunities Equity Trust   $50,000 $100,000     $100,000
               
  BlackRock Health 100 $1–$10,000 Over Over
  Sciences Trust     $100,000     $100,000
               
  BlackRock High 500 $1–$10,000 Over Over
  Income Shares     $100,000     $100,000
               
  BlackRock High Yield Trust 100 $1–$10,000 Over Over
        $100,000     $100,000
               
  BlackRock Income 100 $1–$10,000 Over Over
  Opportunity Trust, Inc.     $100,000     $100,000
               
  BlackRock Income 3000 $10,001– Over Over
  Trust, Inc.   $50,000 $100,000     $100,000
               
  BlackRock International Over 3438.11 $10,001– Over
  Growth and Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Limited Duration Over 2571.98 $10,001– Over
  Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Real Asset 100 $1–$10,000 Over Over
  Equity Trust     $100,000     $100,000
               
  BlackRock S&P Quality 100 $1–$10,000 Over Over
  Rankings Global Equity     $100,000     $100,000
  Managed Trust            

C-9



Name of Board Member
and Board Nominee

Fund Name
Number of
Common
Shares

Aggregate
Dollar Range
of Common
Shares in
Each Fund

Aggregate
Dollar Range
of Common
Shares in
All Funds
Overseen or To
Be Overseen by
the Board
Member/
Nominee in
Closed-End
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund

Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in
Closed-End
Complex

Independent Board Members and/or Nominees: (continued)          
               
W. Carl Kester BlackRock Strategic Bond 100 $1–$10,000 Over Over
(continued) Trust     $100,000     $100,000
               
  BlackRock Strategic Equity 100 $1–$10,000 Over Over
  Dividend Trust     $100,000     $100,000
               
Karen P. Robards BlackRock Build America 600 $10,001– Over Over
  Bond Trust   $50,000 $100,000     $100,000
               
  BlackRock Credit Allocation     Over 3204.10 $10,001– Over
  Income Trust IV     $100,000   $50,000 $100,000
               
  BlackRock Energy and 400 $10,001– Over 1444.54 $10,001– Over
  Resources Trust   $50,000 $100,000   $50,000 $100,000
               
  BlackRock Enhanced Equity Over 4360.43 $10,001– Over
  Dividend Trust     $100,000   $50,000 $100,000
               
  BlackRock Floating Rate Over 2950.88 $10,001– Over
  Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Health Sciences 500 $10,001– Over  —  — Over
  Trust   $50,000 $100,000     $100,000
               
  BlackRock International Over 3248.15 $10,001– Over
  Growth and Income Trust     $100,000   $50,000 $100,000
               
  BlackRock Limited Duration Over 2525.73 $10,001– Over
  Income Trust     $100,000   $50,000 $100,000
               
  BlackRock New York 750 $10,001– Over Over
  Municipal 2018 Term Trust   $50,000 $100,000     $100,000
               
  BlackRock Real Asset Equity 700 $10,001– Over Over
  Trust   $50,000 $100,000     $100,000
               
  BlackRock S&P Quality 1000 $10,001– Over Over
  Rankings Global Equity   $50,000 $100,000     $100,000
  Managed Trust            

(1)     

Represents, as of May 31, 2011, the approximate number of share equivalents owned under the deferred compensation plan in the funds in the Closed-End Complex by certain Independent Board Members who have participated in the deferred compensation plan. Under the deferred compensation plan, BlackRock International Growth and Income Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Energy and Resources Trust, BlackRock Floating Rate Income Trust, BlackRock Limited Duration Income Trust, BlackRock Credit Allocation Income Trust IV, BlackRock Corporate High Yield Fund VI, Inc. and BlackRock Credit Allocation Income Trust II, Inc. are eligible investments.

     As of May 31, 2011, all Board Members, Board Nominees and officers as a group owned less than 1% of the outstanding shares of each Fund which they oversee (or are nominated to oversee).

     None of the Independent Board Members nor their family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock as of May 31, 2011.

C-10



Appendix D

Meetings of the Boards

     During the most recent full fiscal year for each Fund listed in the table below, the Board met the following number of times:

Fund Name
Ticker
Fiscal
Year End

# of
Board Meetings

BlackRock Build America Bond Trust* BBN 31-Jul N/A
BlackRock Real Asset Equity Trust BCF 31-Oct 5
BlackRock Enhanced Equity Dividend Trust BDJ 31-Oct 5
BlackRock Strategic Equity Dividend Trust BDT 31-Oct 5
BlackRock Equity Dividend Trust BDV 31-Oct 5
BlackRock Municipal Income Trust BFK 30-Apr 5
BlackRock Florida Municipal 2020 Term Trust BFO 31-Jul 5
BlackRock New York Municipal Income Trust II BFY 31-Aug 4
BlackRock California Municipal Income Trust BFZ 31-Jul 5
BlackRock Energy and Resources Trust BGR 31-Oct 5
BlackRock Floating Rate Income Trust BGT 31-Oct 5
BlackRock International Growth and Income Trust BGY 31-Oct 5
BlackRock Strategic Bond Trust BHD 31-Aug 4
BlackRock Core Bond Trust BHK 31-Aug 4
BlackRock Defined Opportunity Credit Trust BHL 31-Aug 4
BlackRock High Yield Trust BHY 31-Aug 4
BlackRock Municipal 2020 Term Trust BKK 30-Apr 5
BlackRock Investment Quality Municipal Trust, Inc. BKN 30-Apr 5
BlackRock Income Trust, Inc. BKT 31-Aug 4
BlackRock Municipal Income Trust II BLE 31-Aug 4
BlackRock New York Municipal 2018 Term Trust BLH 31-Dec 5
BlackRock Limited Duration Income Trust BLW 31-Aug 4
BlackRock Health Sciences Trust BME 31-Oct 5
BlackRock Income Opportunity Trust, Inc. BNA 31-Aug 4
BlackRock New Jersey Municipal Income Trust BNJ 31-Jul 5
BlackRock New York Municipal Income Trust BNY 31-Jul 5
BlackRock Global Opportunities Equity Trust BOE 31-Oct 5
BlackRock Credit Allocation Income Trust III BPP 31-Oct 5
BlackRock EcoSolutions Investment Trust BQR 31-Oct 5
BlackRock S&P Quality Rankings Global Equity      
    Managed Trust BQY 31-Oct 5
BlackRock Strategic Municipal Trust BSD 30-Apr 5
BlackRock New York Municipal Income Quality Trust BSE 31-Aug 4
BlackRock Long-Term Municipal Advantage Trust BTA 30-Apr 5
BlackRock Credit Allocation Income Trust IV BTZ 31-Oct 5
BlackRock Municipal Income Quality Trust BYM 31-Aug 4
BlackRock High Income Shares HIS 31-Aug 4
BlackRock MuniAssets Fund, Inc.** MUA 30-Apr 5
BlackRock New Jersey Investment Quality      
    Municipal Trust, Inc. RNJ 31-Jul 5
BlackRock New York Investment Quality Municipal Trust, Inc. RNY 31-Jul 5

*      Fund commenced operations on August 27, 2010 and has not completed a full fiscal year.
**      BlackRock Apex Municipal Fund, Inc. (APX) merged into BlackRock MuniAssets Fund, Inc. (MUA) on February 28, 2011.

D-1



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Appendix E

Standing and Other Operating Committees of the Boards

     The business and affairs of each Fund are managed by or under the direction of its Board.

     Standing Committees. The Board of each Fund has established the following standing committees:

     Audit Committee. Each Board has a standing Audit Committee composed of Karen P. Robards (Chair), Michael J. Castellano, Frank J. Fabozzi, James T. Flynn and W. Carl Kester, all of whom are Independent Board Members. The principal responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting polices and practices of the Fund. The Audit Committee’s responsibilities include, without limitation: (i) approving the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm (the “independent auditors”) and evaluating the independence and objectivity of the independent auditors; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each audit; (iv) reviewing any issues raised by the independent auditor or management regarding the accounting or financial reporting policies and practices of the Fund, its internal controls, and, as appropriate, the internal controls of certain service providers and management’s response to any such issues; (v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s shareholder reports relating to the Fund’s performance; (vi) assisting the Board in considering the performance of the Fund’s internal audit function provided by its investment adviser, administrator, pricing agent or other service provider; and (vii) resolving any disagreements between Fund management and the independent auditors regarding financial reporting.

     A copy of the Audit Committee Charter for each Fund can be found in the “Corporate Governance” section of the BlackRock Closed-End Fund website at www.blackrock.com.

     Governance and Nominating Committee. Each Board has a standing Governance and Nominating Committee (the “Governance Committee”) composed of R. Glenn Hubbard (Chair), Richard E. Cavanagh, Kathleen F. Feldstein and Jerrold B. Harris, all of whom are Independent Board Members.

     The principal responsibilities of the Governance Committee are: (i) identifying individuals qualified to serve as Independent Board Members and recommending Independent Board Nominees for election by shareholders or appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and committees (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect of Independent Board Member compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the Board; and (vi) acting as the administrative committee with respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Board Members.

     The Governance Committee of each Board seeks to identify individuals to serve on the Board who have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance Committee reviews the size of the Board, the ages of the current Board Members and their tenure on the Board, and the skills, background and experiences of the Board Members in light of the issues facing the Fund in determining whether one or more new Board Members should be added to the Board. The Board as a group strives to achieve diversity in terms of gender, race and geographic location. The Governance Committee believes that the Board Members as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The Board Members’ biographies included in the Proxy Statement highlight the diversity and breadth of skills, qualifications and expertise that the Board Members bring to the Fund.

E-1



     Each Governance Committee may consider nominations for Board Members made by the Fund’s shareholders as it deems appropriate. Under each Fund’s By-laws, shareholders must follow certain procedures to nominate a person for election as a Board Member at an annual or special meeting, or to introduce an item of business at an annual meeting. Under these advance notice procedures, shareholders must submit the proposed nominee or item of business by delivering a notice to the Secretary of the Funds at their principal executive offices. Each Fund must receive notice of a shareholder’s intention to introduce a nomination or proposed item of business for an annual meeting not less than 120 days nor more than 150 days before the anniversary of the prior year’s meeting. Assuming that the 2012 annual meeting of a Fund is held within 25 days of July 28, 2012, the Fund must receive notice pertaining to the 2012 annual meeting of shareholders no earlier than Wednesday, February 29, 2012 and no later than Friday, March 30, 2012. However, if a Fund holds its 2012 annual meeting on a date that is not within 25 days before or after July 28, 2012, such Fund must receive the notice no later than ten days after the earlier of the date the Fund first provides notice of the meeting to shareholders or announces it publicly.

     Each Fund’s By-laws provide that notice of a proposed nomination must include certain information about the shareholder and the nominee, as well as a written consent of the proposed nominee to serve if elected. A notice of a proposed item of business must include a description of and the reasons for bringing the proposed business to the meeting, any material interest of the shareholder in the business, and certain other information about the shareholder.

     Further, each Fund has adopted Board Member qualification requirements which can be found in each Fund’s By-laws and are applicable to all Board Members that may be nominated, elected, appointed, qualified or seated to serve as Board Members. The qualification requirements include: (i) age limits; (ii) limits on service on other boards; (iii) restrictions on relationships with investment advisers other than BlackRock; and (iv) character and fitness requirements. Additionally, each Independent Board Member must not be an “interested person” of the Fund as defined under Section 2(a)(19) of the 1940 Act and may not be or have certain relationships with a shareholder owning more than five percent of the Fund’s voting securities or owning other percentage ownership interests in registered investment companies. Reference is made to each Fund’s By-laws for more details.

     A copy of the Governance Committee Charter for each Fund can be found in the “Corporate Governance” section of the BlackRock Closed-End Fund website at www.blackrock.com.

     Compliance Committee. Each Fund has a Compliance Committee composed of Jerrold B. Harris (Chair), Richard E. Cavanagh, Kathleen F. Feldstein and R. Glenn Hubbard, all of whom are Independent Board Members. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock, and any subadvisor and the Fund’s other third party service providers. The Compliance Committee’s responsibilities include, without limitation: (i) overseeing the compliance policies and procedures of the Fund and its service providers; (ii) reviewing information on and, where appropriate, recommending policies concerning the Fund’s compliance with applicable law; (iii) reviewing information on any significant correspondence with or other actions by regulators or governmental agencies with respect to the Fund and any employee complaints or published reports that raise concerns regarding compliance matters; and (iv) reviewing reports from and making certain recommendations in respect of the Fund’s Chief Compliance Officer, including, without limitation, determining the amount and structure of the Chief Compliance Officer’s compensation. Each Board has adopted a written charter for each Compliance Committee.

     Performance Oversight Committee. Each Fund has a Performance Oversight Committee composed of Frank J. Fabozzi (Chair), Michael J. Castellano, Richard E. Cavanagh, Kathleen F. Feldstein, James T. Flynn, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards, all of whom are Independent Board Members. The Performance Oversight Committee’s purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to the Fund’s investment objective(s), policies and practices. The Performance Oversight

E-2



Committee’s responsibilities include, without limitation: (i) reviewing the Fund’s investment objective(s), policies and practices; (ii) recommending to the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the Fund has complied with its investment polices and restrictions; and (vii) overseeing policies, procedures and controls regarding valuation of the Fund’s investments. The Boards have adopted a written charter for each Performance Oversight Committee.

     Executive Committee. Each Fund has an Executive Committee composed of Richard E. Cavanagh and Karen P. Robards, both of whom are Independent Board Members, and Richard S. Davis, who serves as an interested Board Member. Mr. Davis advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders. If elected to the Board, it is anticipated that Paul L. Audet will join the Executive Committee. The principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and (iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board. The Boards have adopted a written charter for each Executive Committee.

     Other Operating Committees. The Funds also have adopted the following ad hoc committees.

     Ad Hoc AMPS Committee. Each AMPS Fund has an ad hoc Committee on Auction Market Preferred Shares (the “AMPS Committee”) composed of Richard E. Cavanagh (Chair), Karen P. Robards, Frank J. Fabozzi, Henry Gabbay and W. Carl Kester. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have faced reduced liquidity. The AMPS Committee was formed to monitor issues arising from recent market turmoil and oversee efforts to address the effects of reduced AMPS liquidity on each Fund and to evaluate the liquidity considerations of the AMPS holders, each in a manner consistent with each Fund’s and its shareholders’ best interests and investment strategies. As of the date of this Proxy Statement, the AMPS Committee has met 18 times in the last calendar year and 51 times since its formation. As of the date of this Proxy Statement, the total amount of announced redemptions of auction market preferred shares across the Closed-End Complex, including the AMPS Funds, equaled $5.57 billion, which represents approximately 56.7% of all auction market preferred shares outstanding for the Closed-End Complex as of February 2008. The AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, the issuance of variable rate demand preferred shares (“VRDP Shares”), a relatively new form of preferred stock that includes a put feature, which makes the securities eligible for purchase by money market funds. Thus far, 12 BlackRock Closed-End Funds have issued VRDP Shares and redeemed their AMPS. The Funds continue to explore the use of additional alternative forms of leverage such as tender option bonds and alternative forms of preferred stock (including VRDP Shares) which have been successfully used in some form by certain BlackRock Closed-End Funds.

     Each Audit Committee, each Governance Committee, each Compliance Committee, each Performance Oversight Committee, each Executive Committee and each AMPS Committee met the following number of times for each Fund’s most recent fiscal year:

Fund
Fiscal
Year End

Number
of Audit
Committee
Meetings

Number of
Governance
and Nominating
Committee
Meetings

Number of
Compliance
Committee
Meetings

Number of
Performance
Oversight
Committee
Meetings

Number of
Executive
Committee
Meetings

Number of
Ad Hoc
AMPS
Committee
Meetings

BBN* 31-Jul N/A N/A N/A N/A N/A N/A
BCF 31-Oct 6 4 7 4 2 N/A
BDJ 31-Oct 6 4 7 4 2 N/A
BDT 31-Oct 6 4 7 4 2 N/A
BDV 31-Oct 6 4 7 4 2 N/A

E-3



Fund
Fiscal
Year End

Number
of Audit
Committee
Meetings

Number of
Governance
and Nominating
Committee
Meetings

Number of
Compliance
Committee
Meetings

Number of
Performance
Oversight
Committee
Meetings

Number of
Executive
Committee
Meetings

Number of
Ad Hoc
AMPS
Committee
Meetings

BFK 30-Apr 10 6 7 4 5 17
BFO 31-Jul 5 4 6 4 1 13
BFY 31-Aug 5 3 6 3 1 14
BFZ 31-Jul 5 4 6 4 2 13
BGR 31-Oct 6 4 7 4 2 N/A
BGT 31-Oct 6 4 7 4 2 15
BGY 31-Oct 6 4 7 4 2 N/A
BHD 31-Aug 5 3 6 3 1 14
BHK 31-Aug 5 3 6 3 1 14
BHL 31-Aug 5 3 6 3 1 14
BHY 31-Aug 5 3 6 3 1 14
BKK 30-Apr 10 6 7 4 4 N/A
BKN 30-Apr 10 6 7 4 4 17
BKT 31-Aug 5 3 6 3 1 14
BLE 31-Aug 5 3 6 3 1 14
BLH 31-Dec 7 4 7 4 3 18
BLW 31-Aug 5 3 6 3 1 14
BME 31-Oct 6 4 7 4 2 N/A
BNA 31-Aug 5 3 6 3 1 14
BNJ 31-Jul 5 4 6 4 2 13
BNY 31-Jul 5 4 6 4 1 13
BOE 31-Oct 6 4 7 4 2 N/A
BPP 31-Oct 6 4 7 4 2 15
BQR 31-Oct 6 4 7 4 2 N/A
BQY 31-Oct 6 4 7 4 2 N/A
BSD 30-Apr 10 6 7 4 5 17
BSE 31-Aug 5 3 6 3 2 14
BTA 30-Apr 10 6 7 4 4 N/A
BTZ 31-Oct 6 4 7 4 3 15
BYM 31-Aug 5 3 6 3 2 14
HIS 31-Aug 5 3 6 3 1 14
MUA** 30-Apr 10 6 7 4 4 N/A
RNJ 31-Jul 5 4 6 4 1 13
RNY 31-Jul 5 4 6 4 1 13

*      Fund commenced operations on August 27, 2010 and has not completed a full fiscal year.
**      Apex Municipal Fund, Inc. (APX) merged into MuniAssets Fund, Inc. (MUA) effective February 28, 2011.

     Joint Product Pricing Committee. The Boards of the Equity-Liquidity Complex, the Equity-Bond Complex and the Closed-End Complex established the ad hoc Joint Product Pricing Committee composed of nine members drawn from the members serving on the Boards of these BlackRock Fund Complexes. Karen P. Robards and Jerrold B. Harris currently are members of the Joint Product Pricing Committee representing the Closed-End Complex. Five Independent Board Members representing the Equity-Bond Complex and two Independent Board Members representing the Equity-Liquidity Complex serve on the Joint Product Pricing Committee. The Joint Product Pricing Committee is chaired by John F. O’Brien. The purpose of the Joint Product Pricing Committee is to review the components and pricing structure of the non-money market funds in the BlackRock Fund Complexes. The Joint Product Pricing Committee was formed on June 4, 2009, and for the calendar year 2010, the Joint Product Pricing Committee met 10 times.

E-4



Appendix F

Executive Officers of the Funds

     The executive officers of each Fund, their address, their year of birth and their principal occupations during the past five years (their titles may have varied during that period) are shown in the table below.

     Each executive officer is an “interested person” of the Funds (as defined in the 1940 Act) by virtue of that individual’s position with BlackRock or its affiliates described in the table below.

Information Pertaining to the Executive Officers

Name, Address
and Year of Birth

Position(s) Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupations(s)
During Past 5 Years

John Perlowski President and Annual; Since Managing Director of BlackRock, Inc. since 2009; Global
55 East 52nd Street Chief Executive 2011 Head of BlackRock Fund Administration since 2009;
New York, NY 10055 Officer   Managing Director and Chief Operating Officer of the
      Global Product Group at Goldman Sachs Asset
1964     Management, L.P. from 2003 to 2009; Treasurer of
      Goldman Sachs Mutual Funds from 2003 to 2009 and
      Senior Vice President thereof from 2007; Director of
      Goldman Sachs Offshore Funds from 2002 to 2009.
       
Anne Ackerley Vice President Annual; Since Managing Director of BlackRock, Inc. since 2000;
55 East 52nd Street   2007 President and Chief Executive Officer of the BlackRock-
New York, NY 10055     advised funds from 2009 to 2011; Vice President of the
      BlackRock-advised funds from 2007 to 2009; Chief
1962     Operating Officer of BlackRock’s Global Client Group
      since 2009; Chief Operating Officer of BlackRock’s U.S.
      Retail Group from 2006 to 2009; Head of BlackRock’s
      Mutual Fund Group from 2000 to 2006.
       
Brendan Kyne Vice President Annual; Since Managing Director of BlackRock, Inc. since 2010;
55 East 52nd Street   2009 Director of BlackRock, Inc. from 2008 to 2009; Head of
New York, NY 10055     Product Development and Management for BlackRock’s
      U.S. Retail Group since 2009; Co-head of Product
1977     Development and Management for BlackRock’s U.S.
      Retail Group from 2007 to 2009; Vice President of
      BlackRock, Inc. from 2005 to 2008.
       
Neal J. Andrews Chief Financial Annual; Since Managing Director of BlackRock, Inc. since 2006; Senior
55 East 52nd Street Officer 2007 Vice President and Line of Business Head of Fund
New York, NY 10055     Accounting and Administration at PNC Global Investment
      Servicing (US) Inc. from 1992 to 2006.
1966      
       
Jay M. Fife Treasurer Annual; Since Managing Director of BlackRock, Inc. since 2007;
55 East 52nd Street   2007 Director of BlackRock, Inc. in 2006; Assistant Treasurer
New York, NY 10055     of the Merrill Lynch Investment Managers, L.P. (“MLIM”)
      and Fund Asset Management L.P. advised Funds from
1970     2005 to 2006; Director of MLIM Fund Services Group
      from 2001 to 2006.
       
Brian P. Kindelan Chief Annual; Since CCO of the BlackRock-advised Funds since 2007;
55 East 52nd Street Compliance 2007 Managing Director and Senior Counsel of BlackRock, Inc.
New York, NY 10055 Officer (“CCO”)   since 2005.
  and Anti-Money    
1959 Laundering    
  Officer    
       
Ira P. Shapiro Secretary Annual; Since Managing Director of BlackRock, Inc. since 2009;
55 East 52nd Street   2010 Managing Director and Associate General Counsel of
New York, NY 10055     Barclay’s Global Investors from 2008 to 2009; Principal
      thereof from 2004 to 2008.
1963      

     With the exception of the CCO, executive officers receive no compensation from the Funds. The Funds compensate the CCO for his services as their CCO.

F-1



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Appendix G

Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees
to Independent Registered Public Accountants

Audit Fees and Audit-Related Fees

Audit Fees
Audit-Related Fees
Fund
Fiscal
Year End

Most Recent
Fiscal Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

Most Recent
Fiscal Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

BBN* 31-Jul N/A N/A N/A    N/A   
BCF 31-Oct 38,000 42,900 0   0  
BDJ 31-Oct 38,000 45,400 0   0  
BDT 31-Oct 38,000 39,800 0   0  
BDV 31-Oct 37,300 37,300 0   0  
BFK 30-Apr 34,700 33,700 3,500   3,500  
BFO 31-Jul 28,300 28,300 3,500   3,500  
BFY** 31-Aug 29,161 27,500 3,500   3,500  
BFZ 31-Jul 28,700 28,700 3,500   3,500  
BGR 31-Oct 33,500 33,500 0   0  
BGT 31-Oct 52,300 52,300 3,500   3,500  
BGY 31-Oct 46,400 46,400 0   0  
BHD** 31-Aug 38,397 36,300 0   0  
BHK** 31-Aug 70,473 58,300 0   0  
BHL** 31-Aug 56,021 53,000 0   0  
BHY** 31-Aug 41,564 40,500 0   0  
BKK 30-Apr 28,200 28,200 3,500   3,500  
BKN 30-Apr 30,700 29,700 3,500   3,500  
BKT** 31-Aug 74,059 58,300 0   0  
BLE** 31-Aug 38,914 30,200 3,500   3,500  
BLH 31-Dec 27,500 27,500 3,500   3,500  
BLW** 31-Aug 73,766 52,300 0   0  
BME 31-Oct 38,000 41,900 0   0  
BNA** 31-Aug 70,405 58,300 0   0  
BNJ 31-Jul 28,200 28,200 3,500   3,500  
BNY 31-Jul 28,200 28,200 3,500   3,500  
BOE 31-Oct 46,400 46,400 0   0  
BPP 31-Oct 37,000 37,000 3,500   3,500  
BQR 31-Oct 42,900 42,900 0   0  
BQY 31-Oct 35,200 35,200 0   0  
BSD 30-Apr 31,200 30,200 3,500   3,500  
BSE** 31-Aug 30,815 28,700 3,500   3,500  
BTA 30-Apr 30,700 29,700 0   0  
BTZ 31-Oct 34,000 47,700 3,500   3,500  
BYM** 31-Aug 40,112 30,200 3,500   3,500  
HIS** 31-Aug 42,463 39,500 0   0  
MUA 30-Apr 28,900 27,900 0   0  
RNJ 31-Jul 17,700 17,700 3,500   3,500  
RNY 31-Jul 17,000 17,000 3,500   3,500  

*      BBN commenced operations on August 27, 2010 and has not completed an entire fiscal year yet.
**      After the filing with the SEC of the Annual Shareholder Report for each of BFY, BHD, BHK, BHL, BHY, BKT, BLE, BLW, BNA, BSE, BYM and HIS, additional fees were incurred with respect to the completion of each such Fund’s audit for its 2010 fiscal year. These Funds were responsible for only a portion of the additional audit fees, and BlackRock and the accounting agent, State Street Bank and Trust Company, paid the remaining balance, all as set forth below:

G-1



August 2010 Audit Overages for certain BlackRock Closed-End Funds

Fund
Total
by Fund ($)

Additional
Fee Billed
to Fund ($)

Paid by
Accounting
Agent ($)

Paid by
BlackRock ($)

BFY 1,661    937    542    181   
BHD 2,097   1,183   685   229  
BHK 12,173   4,736   5,212   2,225  
BHL 3,021   1,506   872   643  
BHY 1,064   531   307   227  
BKT 15,759   6,131   6,747   2,881  
BLE 8,714   4,202   2,432   2,080  
BLW 21,466   7,656   8,425   5,384  
BNA 12,105   4,710   5,183   2,213  
BSE 2,115   1,193   691   231  
BYM 9,912   4,780   2,766   2,366  
HIS 2,963   1,477   855   631  

G-2



Tax Fees and All Other Fees

    Audit Fees
Audit-Related Fees
Fund
Fiscal
Year End

Most Recent
Fiscal Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

Most Recent
Fiscal Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

BBN 31-Jul N/A    N/A    N/A    N/A   
BCF 31-Oct 6,100   6,662   0   1,028  
BDJ 31-Oct 6,100   6,100   0   1,028  
BDT 31-Oct 6,100   6,100   0   1,028  
BDV 31-Oct 6,100   6,100   0   1,028  
BFK 30-Apr 20,100   6,100   0   0  
BFO 31-Jul 6,100   6,100   0   1,028  
BFY 31-Aug 6,100   6,100   0   1,028  
BFZ 31-Jul 6,100   6,100   0   1,028  
BGR 31-Oct 6,100   6,100   0   1,028  
BGT 31-Oct 6,100   6,100   0   1,028  
BGY 31-Oct 6,100   6,100   0   1,028  
BHD 31-Aug 6,100   6,100   0   1,028  
BHK 31-Aug 6,100   6,100   0   1,028  
BHL 31-Aug 6,100   6,100   0   1,028  
BHY 31-Aug 6,100   6,100   0   1,028  
BKK 30-Apr 12,100   6,100   0   0  
BKN 30-Apr 6,100   6,100   0   0  
BKT 31-Aug 6,100   6,100   0   1,028  
BLE 31-Aug 6,100   6,100   0   1,028  
BLH 31-Dec 6,100   6,100   0   1,028  
BLW 31-Aug 6,100   6,100   0   1,028  
BME 31-Oct 6,100   6,100   0   1,028  
BNA 31-Aug 6,100   6,100   0   1,028  
BNJ 31-Jul 6,100   6,100   0   1,028  
BNY 31-Jul 6,100   6,100   0   1,028  
BOE 31-Oct 6,100   6,326   0   1,028  
BPP 31-Oct 6,100   6,100   0   1,028  
BQR 31-Oct 6,100   6,100   0   1,028  
BQY 31-Oct 6,100   6,100   0   1,028  
BSD 30-Apr 8,800   6,100   0   0  
BSE 31-Aug 6,100   6,100   0   1,028  
BTA 30-Apr 10,300   6,100   0   0  
BTZ 31-Oct 6,100   6,100   0   1,028  
BYM 31-Aug 6,100   6,100   0   1,028  
HIS 31-Aug 6,100   6,100   0   1,028  
MUA 30-Apr 11,200   6,100   0   0  
RNJ 31-Jul 6,100   6,100   0   1,028  
RNY 31-Jul 6,100   6,100   0   1,028  

G-3



Fees for non-audit services provided to each Fund’s Affiliated Service Providers for which pre-approval by the Audit Committee was required:

Audit-Related Fees*
Tax Fees
All Other Fees
Fund
Fiscal
Year End

Most
Recent
Fiscal
Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

Most
Recent
Fiscal
Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

Most
Recent
Fiscal
Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

BBN 31-Jul N/A    N/A    N/A N/A N/A N/A
BCF 31-Oct 10,777   402,500   0 0 0 0
BDJ 31-Oct 10,777   402,500   0 0 0 0
BDT 31-Oct 10,777   402,500   0 0 0 0
BDV 31-Oct 10,777   402,500   0 0 0 0
BFK 30-Apr 0   10,777   0 0 0 0
BFO 31-Jul 10,777   402,500   0 0 0 0
BFY 31-Aug 10,777   402,500   0 0 0 0
BFZ 31-Jul 10,777   402,500   0 0 0 0
BGR 31-Oct 10,777   402,500   0 0 0 0
BGT 31-Oct 10,777   402,500   0 0 0 0
BGY 31-Oct 10,777   402,500   0 0 0 0
BHD 31-Aug 10,777   402,500   0 0 0 0
BHK 31-Aug 10,777   402,500   0 0 0 0
BHL 31-Aug 10,777   402,500   0 0 0 0
BHY 31-Aug 10,777   402,500   0 0 0 0
BKK 30-Apr 0   10,777   0 0 0 0
BKN 30-Apr 0   10,777   0 0 0 0
BKT 31-Aug 10,777   402,500   0 0 0 0
BLE 31-Aug 10,777   402,500   0 0 0 0
BLH 31-Dec 10,777   402,500   0 0 0 0
BLW 31-Aug 10,777   402,500   0 0 0 0
BME 31-Oct 10,777   402,500   0 0 0 0
BNA 31-Aug 10,777   402,500   0 0 0 0
BNJ 31-Jul 10,777   402,500   0 0 0 0
BNY 31-Jul 10,777   402,500   0 0 0 0
BOE 31-Oct 10,777   402,500   0 0 0 0
BPP 31-Oct 10,777   402,500   0 0 0 0
BQR 31-Oct 10,777   402,500   0 0 0 0
BQY 31-Oct 10,777   402,500   0 0 0 0
BSD 30-Apr 0   10,777   0 0 0 0
BSE 31-Aug 10,777   402,500   0 0 0 0
BTA 30-Apr 0   10,777   0 0 0 0
BTZ 31-Oct 10,777   402,500   0 0 0 0
BYM 31-Aug 10,777   402,500   0 0 0 0
HIS 31-Aug 10,777   402,500   0 0 0 0
MUA 30-Apr 0   10,777   0 0 0 0
RNJ 31-Jul 10,777   402,500   0 0 0 0
RNY 31-Jul 10,777   402,500   0 0 0 0

*      The significant decrease in fees in the most recent fiscal year is due to the fact that the services rendered in the preceding fiscal year for a review of compliance policies and procedures were not performed by the Funds’ independent registered public accountant in the most recent fiscal year so no pre-approval was required by the Audit Committee.

G-4



Aggregate non-audit fees for services provided to each Fund and its Affiliated Service Providers, regardless of whether pre-approval was required:

Aggregate Non-Audit Fees*
Fund
Fiscal Year End
Most Recent
Fiscal Year ($)

Fiscal Year
Prior to Most
Recent
Fiscal Year
End ($)

BBN 31-Jul N/A    N/A   
BCF 31-Oct 16,877   410,190  
BDJ 31-Oct 16,877   409,628  
BDT 31-Oct 16,877   409,628  
BDV 31-Oct 16,877   409,628  
BFK 30-Apr 23,600   20,377  
BFO 31-Jul 20,377   413,128  
BFY 31-Aug 20,377   413,128  
BFZ 31-Jul 20,377   413,128  
BGR 31-Oct 16,877   409,628  
BGT 31-Oct 20,377   413,128  
BGY 31-Oct 16,877   409,628  
BHD 31-Aug 16,877   409,628  
BHK 31-Aug 16,877   409,628  
BHL 31-Aug 16,877   409,628  
BHY 31-Aug 16,877   409,628  
BKK 30-Apr 15,600   20,377  
BKN 30-Apr 9,600   20,377  
BKT 31-Aug 16,877   409,628  
BLE 31-Aug 20,377   413,128  
BLH 31-Dec 20,377   413,128  
BLW 31-Aug 16,877   409,628  
BME 31-Oct 16,877   409,628  
BNA 31-Aug 16,877   409,628  
BNJ 31-Jul 20,377   413,128  
BNY 31-Jul 20,377   413,128  
BOE 31-Oct 16,877   409,628  
BPP 31-Oct 20,377   413,128  
BQR 31-Oct 16,877   409,628  
BQY 31-Oct 16,877   409,628  
BSD 30-Apr 12,300   20,377  
BSE 31-Aug 20,377   413,128  
BTA 30-Apr 10,300   16,877  
BTZ 31-Oct 20,377   413,128  
BYM 31-Aug 20,377   413,128  
HIS 31-Aug 16,877   409,628  
MUA 30-Apr 11,200   16,877  
RNJ 31-Jul 20,377   413,128  
RNY 31-Jul 20,377   413,128  

*      The significant decrease in fees in the most recent fiscal year is due to the fact that the services rendered in the preceding fiscal year for a review of compliance policies and procedures were not performed by the Funds’ independent registered public accountant in the most recent fiscal year so no pre-approval was required by the Audit Committee.

G-5



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Appendix H

5% Beneficial Share Ownership

     As of May 23, 2011, to the best knowledge of each Fund, the following persons beneficially owned more than 5% of the outstanding shares of the class of the Funds indicated:

Fund
Investor
Address
Common
Shares Held

Common
Shares %
Held

AMPS
Held

AMPS %
Held

BFO Bank of America Bank of America Corporate Center
264
15.38%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
     
  Bank of America, 101 South Tryon Street
     
  N.A.(1) Charlotte, North Carolina 28255
     
     
     
  Blue Ridge 214 North Tryon Street
     
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BFO UBS AG Bahnhofstrasse 45
925
53.90%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BFZ First Trust 120 East Liberty Drive, Suite 400
2,878,308
9.10%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
     
  Advisors L.P.(2) Wheaton, Illinois 60187
     
     
     
  The Charger 120 East Liberty Drive, Suite 400
     
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BFZ Bank of America Bank of America Corporate Center
1,524
22.24%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street
     
  N.A.(1) Charlotte, North Carolina 28255
     
     
     
  Blue Ridge 214 North Tryon Street
     
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BFZ CitiGroup Global 388 Greenwich Street
1,172
17.10%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street
     
  Products Inc.(3) New York, NY 10013
     
     
     
  CitiGroup Global 388 Greenwich Street
     
  Markets Holdings New York, NY 10013
     
  Inc.(3)  
     
     
     
  CitiGroup Inc.(3) 399 Park Avenue
     
    New York, NY 10043
 
 
     
 
 
BFZ UBS AG Bahnhofstrasse 45
731
10.67%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BNJ First Trust 120 East Liberty Drive, Suite 400
480,895
6.30%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
     
  Advisors L.P.(2) Wheaton, Illinois 60187
     
     
     
  The Charger 120 East Liberty Drive, Suite 400
     
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BNJ Bank of America Bank of America Corporate Center
401
16.96%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street
 
 
  N.A.(1) Charlotte, North Carolina 28255
 
 
     
 
 
  Blue Ridge 214 North Tryon Street
 
 
  Investments, LLC(1) Charlotte, North Carolina 28255    
 

H-1



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BNJ CitiGroup Global 388 Greenwich Street
371
15.69%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street        
  Products Inc.(3) New York, NY 10013        
             
  CitiGroup Global 388 Greenwich Street        
  Markets Holdings New York, NY 10013        
  Inc.(3)          
             
  CitiGroup Inc.(3) 399 Park Avenue        
    New York, NY 10043
 
 
     
 
 
BNJ UBS AG Bahnhofstrasse 45
293
12.39%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BNJ Brigade Leveraged c/o Ogier Fiduciary
769
32.53%
  Capital Structures Services(Cayman) Limited
 
 
  Fund Ltd.(4) 89 Nexus Way Camana Bay
 
 
    Grand Cayman KY1-9007
 
 
    Cayman Islands
 
 
     
 
 
  Brigade Capital 399 Park Avenue, Suite 1600        
  Management, LLC(4) New York, NY 10022        
             
  Donald E. 399 Park Avenue, Suite 1600        
  Morgan, III(4) New York, NY 10022
 
 
     
 
 
BNY CitiGroup Global 388 Greenwich Street
207
5.48%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street
 
 
  Products Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Global 388 Greenwich Street
 
 
  Markets Holdings New York, NY 10013
 
 
  Inc.(3)  
 
 
     
 
 
  CitiGroup Inc.(3) 399 Park Avenue        
    New York, NY 10043
 
 
     
 
 
BNY Bank of America Bank of America Corporate Center
1,032
27.30%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255
 
 
     
 
 
  Blue Ridge 214 North Tryon Street
 
 
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BNY UBS AG Bahnhofstrasse 45
211
5.58%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
RNJ Bank of America Bank of America Corporate Center
60
21.74%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
RNJ Morgan Stanley(5) 1585 Broadway
33
11.96%
    New York, NY 10036
 
 
     
 
 
  Morgan Stanley & 1585 Broadway
 
 
  Co. Incorporated(5) New York, NY 10036
 
 
     
 
 
RNJ UBS AG Bahnhofstrasse 45
148
53.62%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
RNY UBS AG Bahnhofstrasse 45
243
62.47%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
RNY Morgan Stanley(5) 1585 Broadway
20
5.14%
    New York, NY 10036
 
 
     
 
 
  Morgan Stanley & 1585 Broadway
 
 
  Co. Incorporated(5) New York, NY 10036
 
 

H-2



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BHK First Trust 120 East Liberty Drive, Suite 400
3,807,131
14.10%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BHK Wells Fargo & 420 Montgomery Street
2,070,453
7.66%
  Company(6) San Francisco, CA 94104
 
 
     
 
 
  Wells Fargo 525 Market Street, 10th Floor        
  Management San Francisco, CA 94105
 
 
  Incorporated(6)  
 
 
     
 
 
BDV First Trust 120 East Liberty Drive, Suite 400
4,112,829
7.50%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BDJ First Trust 120 East Liberty Drive, Suite 400
6,373,696
9.00%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BGT First Trust 120 East Liberty Drive, Suite 400
5,120,782
21.70%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
 
 
  Advisors L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  The Charger 120 East Liberty Drive, Suite 400
 
 
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BOE First Trust 120 East Liberty Drive, Suite 400
4,370,020
6.40%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BME Bank of America Bank of America Corporate Center
1,199,787
15.80%
  Corporation(7) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, Bank of America Corporate Center        
  N.A.(7) 100 North Tryon Street        
    Charlotte, North Carolina 28255        
             
  Merrill Lynch, Bank of America Corporate Center        
  Pierce, Fenner & 100 North Tryon Street
 
 
  Smith, Inc.(7) Charlotte, North Carolina 28255
 
 
     
 
 
HIS Advisors Asset 18925 Base Camp Road,
2,955,541
5.41%
  Management, Inc. Suite 203
 
 
    Monument, CO 80132
 
 
     
 
 
HIS First Trust 120 East Liberty Drive, Suite 400
4,388,537
8.00%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BNA First Trust 120 East Liberty Drive, Suite 400
4,782,080
13.90%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 

H-3



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BNA Wells Fargo & 420 Montgomery Street
2,125,218
6.17%
  Company(8) San Francisco, CA 94104
 
 
     
 
 
  Wells Capital 525 Market Street, 10th Floor        
  Management San Francisco, CA 94105
 
 
  Incorporated(8)  
 
 
     
 
 
BYM First Trust 120 East Liberty Drive, Suite 400
2,121,755
8.10%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
     
  Advisors L.P.(2) Wheaton, Illinois 60187
     
     
     
  The Charger 120 East Liberty Drive, Suite 400
     
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BYM CitiGroup Global 388 Greenwich Street
2,070
37.70%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street        
  Products Inc.(3) New York, NY 10013        
             
  CitiGroup Global 388 Greenwich Street        
  Markets Holdings New York, NY 10013        
  Inc.(3)          
             
  CitiGroup Inc.(3) 399 Park Avenue        
    New York, NY 10043
 
 
     
 
 
BYM UBS AG Bahnhofstrasse 45
981
17.87%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BKN Sakharam D. 2768 Palm Springs Lane
2,000,000
11.72%
  Mahurkar Trust Aurora, Illinois 60502
 
 
     
 
 
BKN Bank of America Bank of America Corporate Center
2,357
46.78%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BKN UBS AG Bahnhofstrasse 45
582
11.55%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BTA First Trust 120 East Liberty Drive, Suite 400
1,540,018
11.50%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BKK Bank of America Bank of America Corporate Center
1,155
16.61%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BKK UBS AG Bahnhofstrasse 45
3,460
49.76%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 

H-4



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BKK Brigade Leveraged c/o Ogier Fiduciary Services
827
11.89%
  Capital Structures (Cayman) Limited
 
 
  Fund Ltd.(9) 89 Nexus Way Camana Bay
 
 
    Grand Cayman KY1-9007
 
 
    Cayman Islands
 
 
     
 
 
  Brigade Credit c/o Ogier Fiduciary Services        
  Fund I Ltd.(9) (Cayman) Limited        
    89 Nexus Way Camana Bay        
    Grand Cayman KY1-9007        
    Cayman Islands        
             
  Brigade Capital 399 Park Avenue, Suite 1600        
  Management, New York, NY 10022        
  LLC(9)          
             
  Donald E. Morgan, 399 Park Avenue, Suite 1600        
  III(9) New York, NY 10022
 
 
     
 
 
BFK First Trust 120 East Liberty Drive, Suite 400
2,682,916
6.00%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BFK Brigade Leveraged c/o Ogier Fiduciary
2,061
19.02%
  Capital Structures Services(Cayman) Limited
 
 
  Fund Ltd.(4) 89 Nexus Way Camana Bay
 
 
    Grand Cayman KY1-9007
 
 
    Cayman Islands
 
 
     
 
 
  Brigade Capital 399 Park Avenue, Suite 1600        
  Management, New York, NY 10022        
  LLC(4)          
             
  Donald E. 399 Park Avenue, Suite 1600        
  Morgan, III(4) New York, NY 10022
 
 
     
 
 
BFK CitiGroup Global 388 Greenwich Street
1,777
16.40%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street        
  Products Inc.(3) New York, NY 10013        
             
  CitiGroup Global 388 Greenwich Street        
  Markets Holdings New York, NY 10013        
  Inc.(3)          
             
  CitiGroup Inc.(3) 399 Park Avenue        
    New York, NY 10043
 
 
     
 
 
BFK Bank of America Bank of America Corporate Center
2,273
20.98%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BFK UBS AG Bahnhofstrasse 45
1,020
9.41%
    PO Box CH-8021
 
 
    Zurich, Switzerland
 
 
     
 
 
BLE First Trust 120 East Liberty Drive, Suite 400
1,985,112
8.50%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
 

H-5



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BLE Bank of America Bank of America Corporate Center
2,758
45.57%
  Corporation(1) 100 North Tryon Street
 
    Charlotte, North Carolina 28255
 
     
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255
 
     
 
BLE UBS AG Bahnhofstrasse 45
373
6.16%
    PO Box CH-8021
 
    Zurich, Switzerland
 
     
 
BLW First Trust 120 East Liberty Drive, Suite 400
4,367,423
11.80%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
     
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
     
 
BLW Morgan Stanley(10) 1585 Broadway
2,272,777
6.20%
    New York, NY 10036
 
     
 
  Morgan Stanley 1585 Broadway
     
  Smith Barney New York, NY 10036
 
  LLC(10)  
 
     
 
BSE First Trust 120 East Liberty Drive, Suite 400
418,602
6.50%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
     
 
  First Trust 120 East Liberty Drive, Suite 400        
  Advisors L.P.(2) Wheaton, Illinois 60187        
             
  The Charger 120 East Liberty Drive, Suite 400        
  Corporation(2) Wheaton, Illinois 60187
 
     
 
BSE CitiGroup Global 388 Greenwich Street
318
19.59%
  Markets Inc.(3) New York, NY 10013
 
     
 
  CitiGroup Financial 388 Greenwich Street        
  Products Inc.(3) New York, NY 10013        
             
  CitiGroup Global 388 Greenwich Street        
  Markets Holdings New York, NY 10013        
  Inc.(3)          
             
  CitiGroup Inc.(3) 399 Park Avenue        
    New York, NY 10043
 
     
 
BSE UBS AG Bahnhofstrasse 45
307
18.92%
    PO Box CH-8021
 
    Zurich, Switzerland
 
     
 
BSE Bank of America Bank of America Corporate Center
93
5.73%
  Corporation(11) 100 North Tryon Street
 
    Charlotte, North Carolina 28255
 
     
 
  Merrill Lynch, Bank of America Corporate Center        
  Pierce, Fenner & 100 North Tryon Street        
  Smith, Inc.(11) Charlotte, North Carolina 28255        
             
  Bank of America, 101 South Tryon Street        
  N.A.(11) Charlotte, North Carolina 28255        
             
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(11) Charlotte, North Carolina 28255
 
     
 
BLH Bank of America Bank of America Corporate Center
476
37.90%
  Corporation(1) 100 North Tryon Street
 
    Charlotte, North Carolina 28255
 
     
 
  Bank of America, 101 South Tryon Street        
  N.A.(1) Charlotte, North Carolina 28255        
 
  Blue Ridge 214 North Tryon Street        
  Investments, LLC(1) Charlotte, North Carolina 28255

H-6



Fund
Investor
Address
Common
Stock Held

Common
Stock %
Held

AMPS
Held

AMPS %
Held

BFY Bank of America Bank of America Corporate Center
630
35.41%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street
 
 
  N.A.(1) Charlotte, North Carolina 28255
 
 
     
 
 
  Blue Ridge 214 North Tryon Street
 
 
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 
     
 
 
BCF Morgan Stanley(10) 1585 Broadway
3,439,344
6.00%
    New York, NY 10036
 
 
     
 
 
  Morgan Stanley 1585 Broadway
 
 
  Smith Barney New York, NY 10036
 
 
  LLC(10)  
 
 
     
 
 
BQY First Trust 120 East Liberty Drive, Suite 400
792,875
13.10%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
 
 
  Advisors L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  The Charger 120 East Liberty Drive, Suite 400
 
 
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BDT First Trust 120 East Liberty Drive, Suite 400
4,040,038
15.00%
  Portfolios L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  First Trust 120 East Liberty Drive, Suite 400
 
 
  Advisors L.P.(2) Wheaton, Illinois 60187
 
 
     
 
 
  The Charger 120 East Liberty Drive, Suite 400
 
 
  Corporation(2) Wheaton, Illinois 60187
 
 
     
 
 
BDT Claymore 2455 Corporate West Drive
1,359,566
5.05%
  Securities Inc. Lisle IL 60532
 
 
     
 
 
BSD CitiGroup Global 388 Greenwich Street
294
17.10%
  Markets Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Financial 388 Greenwich Street
 
 
  Products Inc.(3) New York, NY 10013
 
 
     
 
 
  CitiGroup Global 388 Greenwich Street
 
 
  Markets Holdings New York, NY 10013
 
 
  Inc.(3)  
 
 
     
 
 
  CitiGroup Inc.(3) 399 Park Avenue
 
 
    New York, NY 10043
 
 
     
 
 
BSD Bank of America Bank of America Corporate Center
414
24.08%
  Corporation(1) 100 North Tryon Street
 
 
    Charlotte, North Carolina 28255
 
 
     
 
 
  Bank of America, 101 South Tryon Street
 
 
  N.A.(1) Charlotte, North Carolina 28255
 
 
     
 
 
  Blue Ridge 214 North Tryon Street
 
 
  Investments, LLC(1) Charlotte, North Carolina 28255
 
 

(1)      Bank of America Corporation, Bank of America, N.A. and Blue Ridge Investments, L.L.C. filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(2)      First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(3)      CitiGroup Global Markets Inc., CitiGroup Financial Products Inc., CitiGroup Global Markets Holdings Inc. and CitiGroup Inc. filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(4)      Brigade Capital Management, LLC, Brigade Leveraged Capital Structures Fund Ltd. and Donald E. Morgan III filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(5)      Morgan Stanley and Morgan Stanley & Co., Incorporated filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(6)      Wells Fargo & Company and Wells Fargo Management Incorporated filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(7)      Bank of America Corporation, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(8)      Wells Fargo & Company and Wells Capital Management Incorporated filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(9)      Brigade Capital Management, LLC, Brigade Leveraged Capital Structures Fund Ltd., Brigade Credit Fund I Ltd., and Donald E. Morgan III filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(10)      Morgan Stanley and Morgan Stanley Smith Barney LLC filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(11)      Bank of America Corporation, Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Blue Ridge Investments, L.L.C. filed their schedule 13G jointly and did not differentiate holdings as to each entity.
   

H-7


(This page intentionally left blank)


 

 

CECL-0611




[FORM OF PROXY CARD FOR COMMON SHAREHOLDERS OF PREFERRED FUNDS]

EVERY SHAREHOLDER’S VOTE IS IMPORTANT

  EASY VOTING OPTIONS:
   
 

VOTE ON THE INTERNET
Log on to:
www.proxy-direct.com
Follow the on-screen instructions
available 24 hours

   
 

VOTE BY TELEPHONE
Call 1-800-337-3503
Follow the recorded instructions
available 24 hours

   
 

VOTE BY MAIL
Vote, sign and date your
Proxy Card and return it in the
postage-paid envelope

   
 

 

THANK YOU FOR VOTING

 

Please detach at perforation before mailing.

PROXY BLACKROCK CLOSED-END FUNDS
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 28, 2011
PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES
PROXY

COMMON SHARES

The undersigned hereby appoints John Perlowski, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on May 31, 2011 at the Annual Meeting of Shareholders of the Fund to be held on July 28, 2011 or at any adjournments, postponements or delays thereof. The validity of this proxy is governed by Delaware, Maryland or Massachusetts law, as applicable. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Annual Meeting of Shareholders.

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT THE ANNUAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF

  VOTE VIA THE INTERNET: www.proxy-direct.com
  VOTE VIA THE TELEPHONE: 1-800-337-3503
 
  Note: Please sign exactly as your name(s) appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.
   
 
  Signature
   
 
  Signature of joint owner, if any
   
 
  Date



EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

 

Important Notice Regarding the Availability of Proxy Materials for the BlackRock Closed-End Funds
Annual Meeting of Shareholders to Be Held on July 28, 2011.

The Proxy Statement for this meeting is available at: https://www.proxy-direct.com/22582

 

[Name(s) of Fund(s)]
Please detach at perforation before mailing.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" EACH BOARD MEMBER NOMINEE.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:   g

1.   To Elect Board Member Nominees: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
               
        FOR
ALL
WITHHOLD
ALL
FOR ALL
EXCEPT
         
    01. Paul L. Audet 02. Michael J. Castellano 03 R. Glenn Hubbard o o o
               
       
[Name(s) of Fund(s)]  
 

 

THE PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.


[FORM OF PROXY CARD FOR PREFERRED SHAREHOLDERS OF PREFERRED FUNDS AND COMMON SHAREHOLDERS OF OTHER FUNDS]

EVERY SHAREHOLDER’S VOTE IS IMPORTANT

  EASY VOTING OPTIONS:
   
 

VOTE ON THE INTERNET
Log on to:
www.proxy-direct.com
Follow the on-screen instructions
available 24 hours

   
 

VOTE BY TELEPHONE
Call 1-800-337-3503
Follow the recorded instructions
available 24 hours

   
 

VOTE BY MAIL
Vote, sign and date your
Proxy Card and return it in the
postage-paid envelope

   
 

 

THANK YOU FOR VOTING

 

Please detach at perforation before mailing.

PROXY [Name(s) of Fund(s)] PROXY
  ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 28, 2011  
  PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES  

PREFERRED SHARES

The undersigned hereby appoints John Perlowski, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on May 31, 2011 at the Annual Meeting of Shareholders of the Fund to be held on July 28, 2011 or at any adjournments, postponements or delays thereof. The validity of this proxy is governed by Delaware, Maryland or Massachusetts law, as applicable. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Annual Meeting of Shareholders.

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT THE ANNUAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF

  VOTE VIA THE INTERNET: www.proxy-direct.com
  VOTE VIA THE TELEPHONE: 1-800-337-3503
 
  Note: Please sign exactly as your name(s) appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.
   
 
  Signature
   
 
  Signature of joint owner, if any
   
 
  Date



EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

 

Important Notice Regarding the Availability of Proxy Materials for [Name of Fund(s)]
Annual Meeting of Shareholders to Be Held on July 28, 2011.

The Proxy Statement for this meeting is available at: https://www.proxy-direct.com/22582

 

Please detach at perforation before mailing.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" EACH BOARD MEMBER NOMINEE.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:   g

1 . To Elect Board Member Nominees:   FOR
ALL
WITHHOLD
ALL
FOR ALL
EXCEPT
         
    01. Paul L. Audet 02. Michael J. Castellano 03 R. Glenn Hubbard o o o
    04. W. Carl Kester          
               
    INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.      
           
   
     

 

THE PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.


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