BlackRock New York Municipal Income Trust (BNY)

 
8-K

 
Other

  • N-Q (Jun 25, 2014)
  • DEFA14A (Jun 13, 2014)
  • Form 3 (Jun 10, 2014)
  • N-CSRS (Apr 2, 2014)
  • NSAR-A (Mar 27, 2014)
  • SC 13G (Mar 26, 2014)
BlackRock New York Municipal Income Trust DEF 14A 2009

Documents found in this filing:

  1. Def 14A
  2. Graphic
  3. Graphic

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 Apex Municipal Fund, Inc.
BlackRock Insured Municipal Income Investment Trust
BlackRock Municipal Income Investment Trust
BlackRock Municipal Bond Trust
BlackRock Real Asset Equity Trust
BlackRock California Insured Municipal Income Trust
BlackRock California Municipal Income Trust II
BlackRock Broad Investment Grade 2009 Term Trust, Inc.
BlackRock Enhanced Dividend AchieversTM Trust
BlackRock Strategic Dividend AchieversTM Trust
BlackRock Dividend AchieversTM Trust
BlackRock Municipal Income Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock New York Municipal Income Trust II
BlackRock California Municipal Income Trust
BlackRock Energy and Resources Trust
BlackRock Floating Rate Income Trust
BlackRock International Growth and Income Trust
BlackRock Strategic Bond Trust
BlackRock Core Bond Trust
BlackRock Defined Opportunity Credit Trust
BlackRock Virginia Municipal Bond Trust
BlackRock High Yield Trust
BlackRock Municipal Bond Investment Trust
BlackRock California Municipal 2018 Term Trust
BlackRock Municipal 2020 Term Trust
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Income Trust, Inc.
BlackRock Municipal Income Trust II
BlackRock New York Municipal 2018 Term Trust
BlackRock New Jersey Municipal Bond Trust
BlackRock Limited Duration Income Trust
BlackRock Health Sciences Trust
The BlackRock Insured Municipal Term Trust Inc.
BlackRock Income Opportunity Trust, Inc.
BlackRock New Jersey Municipal Income Trust
BlackRock New York Municipal Income Trust
BlackRock Global Opportunities Equity Trust
BlackRock Municipal 2018 Term Trust
BlackRock Preferred Opportunity Trust
The BlackRock Pennsylvania Strategic Municipal Trust
BlackRock New York Municipal Bond Trust
BlackRock EcoSolutions Investment Trust
BlackRock S&P Quality Rankings Global Equity Managed Trust
The BlackRock Strategic Municipal Trust
BlackRock New York Insured Municipal Income Trust
BlackRock Long-Term Municipal Advantage Trust
BlackRock Insured Municipal Income Trust
BlackRock California Municipal Bond Trust
BlackRock Maryland Municipal Bond Trust
BlackRock High Income Shares
BlackRock MuniAssets Fund, Inc.
BlackRock California Investment Quality Municipal Trust, Inc.
BlackRock Investment Quality Municipal Income Trust
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New York Investment Quality Municipal Trust, Inc.


(Name of Registrant as Specified In Its Charter)

 


(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

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July 17, 2009

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, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, New York 10055, on Wednesday, August 26, 2009, at 12:30 p.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 nominees to the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each Fund. At a meeting of the Boards held on May 28-29, 2009, each Board approved the proposed 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.

The Board Members responsible for your Fund recommend that you vote “FOR” the Board Nominees for your Fund. However, before you vote, please read the full text of the joint proxy statement for an explanation of the proposal.

Your vote is important. Even if you plan to attend the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or over 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 proxy statement because you were a shareholder of record on June 29, 2009 of at least one of the Funds listed in Appendix A. Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meeting at the place and date stated above. If you were also a shareholder of record on June 29, 2009 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please sign, date and return each proxy card you receive.

If you have any questions about the proposal to be voted on, please call The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

Sincerely,

Howard B. Surloff
Secretary of the Funds

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


IMPORTANT INFORMATION
FOR FUND SHAREHOLDERS

     While we encourage you to read the full text of the enclosed 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 proxy statement?
 
A.      Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This proxy statement describes 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 beginning on page 3 of the 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 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 in the enclosed postage-paid envelope.
 
  You may also attend the meeting and vote in person; however, even if you intend to do so, we encourage you to provide voting instructions by one of the methods discussed above.
 
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 proxy statement?
 
A.      The costs associated with the proxy statement, including the mailing 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 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 The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 405, New York, New York 10165, 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, New York 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $33,000 and $1,325,000, 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 Altman, the Funds’ proxy solicitor, at 1-866-796-7185.
 

Please vote now. Your vote is important.

To avoid the wasteful and unnecessary expense of further solicitation, we urge you to indicate your voting instructions on the proxy card(s), and if received by mail, date and sign it and return it promptly in the 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.



July 17, 2009

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 26, 2009

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, New York 10055, on Wednesday, August 26, 2009, at 12:30 p.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

PROPOSAL 1. To elect nominees to the Board of your Fund(s).
PROPOSAL 2.. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.

The purpose of the meeting is to seek shareholder approval of nominees to the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each Fund. At a meeting of the Boards held on May 28-29, 2009, each Board approved the proposed 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 upon which you are being asked to vote.

Shareholders of record of each Fund as of the close of business on June 29, 2009 are entitled to vote at the meeting and at any adjournments or postponements thereof.

If you own shares in more than one Fund as of June 29, 2009, you may receive more than one proxy card. Certain other BlackRock Closed-End Funds will also hold their annual meeting at the place and date stated above. If you were also a shareholder of record on June 29, 2009 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please be certain to sign, date and return each proxy card you receive.

If you have any questions about the proposal to be voted on, please call The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

By Order of the Boards,

Howard B. Surloff
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 August 26, 2009

Name of Fund
Ticker
BlackRock Apex Municipal Fund, Inc. APX
BlackRock Insured Municipal Income Investment Trust BAF
BlackRock Municipal Income Investment Trust BBF
BlackRock Municipal Bond Trust BBK
BlackRock Real Asset Equity Trust BCF
BlackRock California Insured Municipal Income Trust BCK
BlackRock California Municipal Income Trust II BCL
BlackRock Broad Investment Grade 2009 Term Trust, Inc. BCT
BlackRock Enhanced Dividend AchieversTM Trust BDJ
BlackRock Strategic Dividend AchieversTM Trust BDT
BlackRock Dividend AchieversTM Trust BDV
BlackRock Municipal Income Trust BFK
BlackRock Florida Municipal 2020 Term Trust BFO
BlackRock New York Municipal Income Trust II BFY
BlackRock California Municipal Income Trust BFZ
BlackRock Energy and Resources Trust BGR
BlackRock Floating Rate Income Trust BGT
BlackRock International Growth and Income Trust BGY
BlackRock Strategic Bond Trust BHD
BlackRock Core Bond Trust BHK
BlackRock Defined Opportunity Credit Trust BHL
BlackRock Virginia Municipal Bond Trust BHV
BlackRock High Yield Trust BHY
BlackRock Municipal Bond Investment Trust BIE
BlackRock California Municipal 2018 Term Trust BJZ
BlackRock Municipal 2020 Term Trust BKK
BlackRock Investment Quality Municipal Trust, Inc. BKN
BlackRock Income Trust, Inc. BKT
BlackRock Municipal Income Trust II BLE
BlackRock New York Municipal 2018 Term Trust BLH
BlackRock New Jersey Municipal Bond Trust BLJ
BlackRock Limited Duration Income Trust BLW
BlackRock Health Sciences Trust BME
The BlackRock Insured Municipal Term Trust Inc. BMT
BlackRock Income Opportunity Trust, Inc. BNA
BlackRock New Jersey Municipal Income Trust BNJ
BlackRock New York Municipal Income Trust BNY
BlackRock Global Opportunities Equity Trust BOE
BlackRock Municipal 2018 Term Trust BPK
BlackRock Preferred Opportunity Trust BPP
The BlackRock Pennsylvania Strategic Municipal Trust BPS
BlackRock New York Municipal Bond Trust BQH
BlackRock EcoSolutions Investment Trust BQR
BlackRock S&P Quality Rankings Global Equity Managed Trust BQY
The BlackRock Strategic Municipal Trust BSD
BlackRock New York Insured Municipal Income Trust BSE
BlackRock Long-Term Municipal Advantage Trust BTA
BlackRock Insured Municipal Income Trust BYM
BlackRock California Municipal Bond Trust BZA
BlackRock Maryland Municipal Bond Trust BZM
BlackRock High Income Shares HIS
BlackRock MuniAssets Fund, Inc. MUA
BlackRock California Investment Quality Municipal Trust, Inc. RAA
BlackRock Investment Quality Municipal Income Trust RFA
BlackRock New Jersey Investment Quality Municipal Trust, Inc. RNJ
BlackRock New York Investment Quality Municipal Trust, Inc. RNY


TABLE OF CONTENTS

  Page
JOINT PROXY STATEMENT 1
SUMMARY OF PROPOSAL AND FUNDS VOTING 3
PROPOSAL 1—TO ELECT BOARD MEMBER NOMINEES 5

Vote Required and Manner of Voting Proxies

10

Independent Registered Public Accounting Firm

11

Additional Information

12
Appendix A Fund Information A-1
Appendix B — Compensation of the Board Members B-1
Appendix C — Equity Securities Owned by Board Members C-1
Appendix D — Meetings of the Boards D-1
Appendix E Standing and Other Operating Committees of the Boards E-1
Appendix F Audit Committee and Governance and Nominating Committee Charters F-1
Appendix G — Officers of the Funds G-1
Appendix H — Audit Fees, Audit Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants H-1
Appendix I 5% Share Ownership I-1
Appendix J Section 16 Filings J-1
Appendix K — Additional Section 16 Information K-1


ANNUAL MEETING OF SHAREHOLDERS


AUGUST 26, 2009


JOINT PROXY STATEMENT

     This joint proxy statement (the “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed on page 3 of this Proxy Statement (each a “Fund”). The proxies will be voted at the joint annual meeting of the shareholders of the Funds and at any and all adjournments or postponements thereof. The meeting will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, New York 10055 on Wednesday, August 26, 2009, at 12:30 p.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. This Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, are being mailed to shareholders on or about July 17, 2009.

     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 of 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 June 29, 2009 (the “Record Date”) are entitled to attend 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 applicable, (collectively, the “AMPS Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, “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 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 I, to the knowledge of each Fund, as of June 29, 2009, no person was the beneficial owner of five percent or more 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 site and confirm that your voting instructions are properly recorded.

1


     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 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 address above), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person, 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 on page 3 will also hold their annual meeting at the place and date stated above. 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 relating to those funds.

     Photographic identification will be required for admission to the meeting. For directions to the meeting, please contact The Altman Group, Inc., the firm assisting us in the solicitation of proxies, at 1-866-796-7185.

     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 40 East 52nd Street, New York, New York 10022-5911, 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 Internet site at www.sec.gov.

     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 as to 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 address and phone number set forth above.

YOUR VOTE IS IMPORTANT

To avoid the unnecessary expense of further solicitation, we urge you to indicate voting instructions on the enclosed proxy card, and if received by mail, date and sign it and return it promptly in the envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. 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 proposal.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON AUGUST 26, 2009.

     The Proxy Statement is available at www.proxyonline.com/Blackrock/2009/classified.pdf.

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 nominees are standing for election.

    Nominees Standing for Election
AMPS
Nominee
Standing for
Election(2)

Fund Name
Ticker
Class I
Class II(1)
Class III
BlackRock Apex Municipal Fund, Inc. APX     X       
BlackRock Insured Municipal Income          
 Investment Trust BAF   X   X
BlackRock Municipal Income Investment Trust BBF   X   X
BlackRock Municipal Bond Trust BBK   X   X
BlackRock Real Asset Equity Trust BCF   X    
BlackRock California Insured Municipal          
 Income Trust BCK   X   X
BlackRock California Municipal Income Trust II BCL   X   X
BlackRock Broad Investment Grade 2009          
 Term Trust, Inc. BCT   X    
BlackRock Enhanced Dividend          
 AchieversTM Trust BDJ   X    
BlackRock Strategic Dividend AchieversTM Trust BDT   X    
BlackRock Dividend AchieversTM Trust BDV   X    
BlackRock Municipal Income Trust BFK   X   X
BlackRock Florida Municipal 2020 Term Trust BFO   X   X
BlackRock New York Municipal Income Trust II BFY   X   X
BlackRock California Municipal Income Trust BFZ   X   X
BlackRock Energy and Resources Trust BGR   X    
BlackRock Floating Rate Income Trust BGT   X   X
BlackRock International Growth and          
 Income Trust BGY   X    
BlackRock Strategic Bond Trust BHD   X    
BlackRock Core Bond Trust BHK   X    
BlackRock Defined Opportunity Credit Trust BHL   X    
BlackRock Virginia Municipal Bond Trust BHV   X   X
BlackRock High Yield Trust BHY   X    
BlackRock Municipal Bond Investment Trust BIE   X   X
BlackRock California Municipal 2018          
 Term Trust BJZ   X   X
BlackRock Municipal 2020 Term Trust BKK   X   X
BlackRock Investment Quality Municipal          
 Trust, Inc. BKN   X   X
BlackRock Income Trust, Inc. BKT   X    
BlackRock Municipal Income Trust II BLE   X   X
BlackRock New York Municipal 2018 Term Trust. BLH   X   X
BlackRock New Jersey Municipal Bond Trust BLJ   X   X
BlackRock Limited Duration Income Trust BLW   X    
BlackRock Health Sciences Trust BME   X    
The BlackRock Insured Municipal Term Trust Inc. . BMT   X  
X
BlackRock Income Opportunity Trust, Inc. BNA   X    
BlackRock New Jersey Municipal Income Trust BNJ   X   X
BlackRock New York Municipal Income Trust BNY   X   X
BlackRock Global Opportunities Equity Trust BOE   X    
BlackRock Municipal 2018 Term Trust BPK   X   X
BlackRock Preferred Opportunity Trust BPP   X   X
The BlackRock Pennsylvania Strategic          
 Municipal Trust BPS   X   X

3


    Nominees Standing for Election
AMPS
Nominee
Standing for
Election(2)

Fund Name
Ticker
Class I
Class II(1)
Class III
BlackRock New York Municipal Bond Trust BQH     X     X
BlackRock EcoSolutions Investment Trust BQR   X    
BlackRock S&P Quality Rankings Global          
Equity Managed Trust BQY   X    
The BlackRock Strategic Municipal Trust BSD   X   X
BlackRock New York Insured Municipal          
 Income Trust BSE   X   X
BlackRock Long-Term Municipal          
 Advantage Trust BTA   X    
BlackRock Insured Municipal Income Trust BYM   X   X
BlackRock California Municipal Bond Trust BZA   X   X
BlackRock Maryland Municipal Bond Trust BZM   X   X
BlackRock High Income Shares HIS   X    
BlackRock MuniAssets Fund, Inc. MUA   X    
BlackRock California Investment Quality          
 Municipal Trust, Inc. RAA   X   X
BlackRock Investment Quality Municipal          
 Income Trust RFA   X   X
BlackRock New Jersey Investment Quality          
 Municipal Trust, Inc. RNJ   X   X
BlackRock New York Investment Quality          
 Municipal Trust, Inc. RNY   X   X

(1)      The Class II Board Member nominees are: Richard S. Davis, Frank J. Fabozzi, James T. Flynn and Karen P. Robards. For AMPS Funds, Richard S. Davis, James T. Flynn and Karen P. Robards are voted upon by the common and preferred shareholders voting together as a single class and Frank J. Fabozzi, 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 — TO ELECT BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominee.
 
(2)      The AMPS Nominee standing for election is Frank J. Fabozzi. This nominee is voted upon by the owners of AMPS voting as a separate class. Please see the description below under “Proposal 1 — TO ELECT BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominee.

4


PROPOSAL 1—TO ELECT BOARD MEMBER NOMINEES

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

     Nominees for each Fund. The Board of each Fund currently has 12 Board Members. Prior to December 31, 2008, the Board of each Fund had 13 Board Members. However, on December 31, 2008, Robert S. Salomon, Jr. retired from the Board of each Fund pursuant to each Fund’s mandatory retirement policy, which requires Board Members to retire on December 31 in the year in which they turn 72. Following the retirement of Mr. Salomon, the Board determined to reduce the number of Board Members from 13 to 12. As such, no person has been nominated to replace Mr. Salomon. 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 II Board Members are standing for election this year. Each Class II Board Member elected at the meeting will serve until the later of 2012 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 Member nominees. Only Frank J. Fabozzi is standing for election this year as an AMPS Nominee.

     The Board recommends a vote FOR the election of Frank J. Fabozzi, James T. Flynn, Karen P. Robards and Richard S. Davis (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or complete, 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.

     Please refer to the table below which identifies the Board Nominees, including any AMPS Nominees, for election to the Board of each Fund.

     Biographical Information. The table below sets forth certain biographical information about the Board Nominees for all of the Funds in a single location. Please note that only the Class II Board Members are standing for election for the Funds. Unless otherwise indicated, the address of each Board Member is 40 East 52nd Street, New York, New York 10022-5911. 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.

     BlackRock Broad Investment Grade 2009 Term Trust, Inc. (“BCT”) holds substantially all of its assets through its wholly-owned subsidiary, BCT Subsidiary, Inc. (“BCTS”). The Board of BCTS is identical to the Board of BCT. Accordingly, Board Member nominees elected to the Board of BCT will be appointed by BCT to the Board of BCTS.

     Richard S. Davis and Henry 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. (“BlackRock”). All of the closed-end registered investment companies advised by BlackRock Advisors, including the Funds, are referred to collectively as the “Fund Complex.”

5


Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Length
of Time
Served*

    Principal Occupation(s)
During Past Five Years

    Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**

    Public
Directorships

Non-Interested Directors        
Richard E. Cavanagh Director/ 2006 to Trustee, Aircraft Finance Trust since 106 Funds Arch Chemical
40 East 52nd Street Trustee and present 1999; Director, The Guardian Life 103 Portfolios (chemical and
New York, NY Chairman of   Insurance Company of America since   allied
10022-5911 the Boards   1998; Chairman and Trustee,   products)
      Educational Testing Service since    
1946     1997; Senior Advisor, The Fremont    
      Group since 2008 and Director    
      thereof since 1996; Adjunct    
      Professor, Harvard University since    
      2007; President and Chief Executive    
      Officer of The Conference Board, Inc.    
      (global business research    
      organization) from 1995 to 2007.    
 
Karen P. Robards (1) Director/ 2007 to Partner of Robards & Company, LLC 106 Funds AtriCure, Inc.
40 East 52nd Street Trustee, Vice present (financial advisory firm) since 1987; 103 Portfolios (medical
New York, NY Chair of the   Co-founder and Director of the Cooke   devices); Care
10022-5911 Boards and   Center for Learning and Development   Investment
  Chairperson   (a not-for-profit organization) since   Trust, Inc.
1950 of the Audit   1987; Director of Enable Medical   (health care
Committee   Corp. from 1996 to 2005.   REIT)
  
G. Nicholas Director/ 2007 to Chairman and Chief Executive Officer, 106 Funds None
Beckwith, III Trustee present Arch Street Management, LLC 103 Portfolios  
40 East 52nd Street     (Beckwith Family Foundation) and    
New York, NY     various Beckwith property companies    
10022-5911     since 2005; Chairman of the Board of    
      Directors, University of Pittsburgh    
1945     Medical Center since 2002; Board of    
      Directors, Shady Side Hospital    
      Foundation since 1977; Board of    
      Directors, Beckwith Institute for    
      Innovation In Patient Care since 1991;    
      Member, Advisory Council on Biology    
      and Medicine, Brown University since    
      2002; Trustee, Claude Worthington    
      Benedum Foundation (charitable    
      foundation) since 1989; Board of    
      Trustees, Chatham College since    
      1981; Board of Trustees, University of    
      Pittsburgh since 2002; Emeritus    
      Trustee, Shady Side Academy since    
      1977; Chairman and Manager, Penn    
      West Industrial Trucks LLC (sales,    
      rental and servicing of material    
      handling equipment) from 2005 to    
      2007; Chairman, President and Chief    
      Executive Officer, Beckwith Machinery    
      Company (sales, rental and servicing    
      of construction and equipment) from    
      1985 to 2005; Board of Directors,    
      National Retail Properties (REIT) from    
      2006 to 2007.    
                     
Kent Dixon Director/ 2006 to Consultant/Investor since 1988. 106 Funds None
40 East 52nd Street Trustee and present   103 Portfolios  
New York, NY Member of        
10022-5911 the Audit        
  Committee        
1937          

6


Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Length
of Time
Served*

    Principal Occupation(s)
During Past Five Years

    Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**

    Public
Directorships

Frank J. Fabozzi (1)(2) Director/ 2006 to Consultant/Editor of The Journal of 106 Funds None
40 East 52nd Street Trustee and present Portfolio Management since 2006; 103 Portfolios  
New York, NY Member of   Professor in the Practice of Finance    
10022-5911 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/ 2006 to President of Economics Studies, Inc. 106 Funds The McClatchy
Feldstein Trustee present (private economic consulting firm) 103 Portfolios Company
40 East 52nd Street     since 1987; Chair, Board of Trustees,   (publishing)
New York, NY     McLean Hospital from 2000 to 2008;    
10022-5911     Member of the Board of Partners    
      Community Healthcare, Inc. since    
1941     2005; Member of the 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.    
 
James T. Flynn (1) Director/ 2007 to Chief Financial Officer of JP Morgan & 106 Funds None
40 East 52nd Street Trustee and present Co., Inc. from 1990 to 1995. 103 Portfolios  
New York, NY Member of        
10022-5911 the Audit        
  Committee        
1939          
 
Jerrold B. Harris Director/ 2007 to Trustee, Ursinus College since 2000; 106 Funds BlackRock —
40 East 52nd Street Trustee present Director, Troemner LLC (scientific 103 Portfolios Kelso Capital
New York, NY     equipment) since 2000.   Corp.
10022-5911          
 
1942          
 
R. Glenn Hubbard Director/ 2006 to Dean, Columbia Business School 106 Funds ADP (data and
40 East 52nd Street Trustee present since 2004; Columbia faculty member 103 Portfolios information
New York, NY     since 1988; Co- Director, Columbia   services), KKR
10022-5911     Business School’s Entrepreneurship   Financial
      Program from 1997 to 2004; Visiting   Corporation
1958     Professor, John F. Kennedy School of   (finance),
      Government at Harvard University and   Metropolitan
      the Harvard Business School since   Life Insurance
      1985 and at the University of Chicago   Company
      since 1994; Chairman, U.S. Council   (insurance)
      of Economic Advisers under the    
      President of the United States from    
      2001 to 2003.    
 
W. Carl Kester Director/ 2007 to George Fisher Baker Jr. Professor of 106 Funds None
40 East 52nd Street Trustee and present Business Administration, Harvard 103 Portfolios  
New York, NY Member of   Business School; Deputy Dean for    
10022-5911 the Audit   Academic Affairs since 2006; Unit    
  Committee   Head, Finance, Harvard Business    
1951     School from 2005 to 2006; Senior    
      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; Independent    
      Consultant since 1978.    

7


Name, Address
and Year of Birth

   Position(s)
Held with
Funds

   Length
of Time
Served*

   Principal Occupation(s)
During Past Five Years

   Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**

   Public
Directorships

Interested Directors†          
 
Richard S. Davis (1) Director/ 2007 to Managing Director, BlackRock, Inc. 175 Funds None
40 East 52nd Street Trustee present since 2005; Chief Executive Officer, 285 Portfolios  
New York, NY     State Street Research & Management    
10022-5911     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/ 2007 to Consultant, BlackRock, Inc. from 175 Funds None
40 East 52nd Street Trustee present 2007 to 2009; Managing Director, 285 Portfolios  
New York, NY     BlackRock, Inc. from 1989 to 2007;    
10022-5911     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 BlackRock fund complex from    
      1989 to 2006.    

*      Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and 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 2006, each Board Member first became a member of the Board of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Kent Dixon since 1988; 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, “Funds” refers to the legal investment companies into which investors invest and “Portfolios” refers to the investment programs of the Funds. The BlackRock fund complex is comprised of 106 Funds. Some of the Funds have the same investment program because they invest through a master-feeder or parent-subsidiary structure, which results in the smaller number of Portfolios than Funds.
   
  † Mr. Davis is an “interested person,” as defined in the Investment Company Act of 1940, of the Fund based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Fund based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities.
   
(1)      Class II Board Member and Board Nominee.
   
(2)      AMPS Nominee.

     Compensation. Information relating to compensation paid to Board Members who are not “interested persons,” as defined in the 1940 Act, (the “Independent Board Members”) for each Fund’s most recent fiscal year is set forth in Appendix B.

     Equity Securities Owned by the Board Members. Information relating to the amount of equity securities owned by the Board Members in the Funds that they are nominated to oversee, as well as certain other funds in the Fund Complex, as of May 31, 2009 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, except Robert S. Salomon, Jr., attended last year’s annual shareholder’s meeting.

     Board Meetings. 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.

     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.

8


     In addition to the standing committees identified 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), Frank J. Fabozzi, Henry Gabbay, W. Carl Kester and Karen P. Robards. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have suffered reduced liquidity. The AMPS Committee was formed for the purpose of monitoring issues arising from this recent market turmoil and overseeing efforts to provide liquidity to the AMPS holders. As of the date of this proxy statement, the AMPS Committee has met twenty-three times since its formation. It is expected that as of the date of the meeting, the total amount of redemptions of auction market preferred shares across the BlackRock Closed-End Funds, including the AMPS Funds, will equal $3.19 billion, which represents approximately 32.5% of all auction market preferred shares outstanding for the BlackRock Closed-End Funds as of February 2008. In addition to these redemptions, the AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, the development of a put feature for the AMPS or issuing a new form of preferred stock that includes a put feature, which would make each eligible for purchase by money market funds. The AMPS Funds are also exploring the expanded use of additional alternative forms of leverage such as tender option bonds, repurchase agreements and credit facilities.

     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’ Directors/Trustees, 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 Fund and representations from these reporting persons, each Fund believes that its Directors/Trustees, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements except for late Forms 3 and 4 relating to the Fund’s most recently concluded fiscal year, as listed in Appendix J for Funds with a fiscal year end of June 30 or earlier, or relating to the period between the close of the Fund’s most recently concluded fiscal year and the date of this Proxy Statement, as listed in Appendix K for Funds with a fiscal year end after June 30.

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

     Indemnification of Board Members and Officers. The governing documents of each Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Board Members and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund unless, as to liability to the Fund or its investors, it is finally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in their offices. In addition, the Fund will not indemnify Board Members with respect to any matter as to which Board Members did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which Board Members had reasonable cause to believe that the conduct was unlawful. Indemnification provisions contained in a Fund’s governing documents are subject to any limitations imposed by applicable law.

     The Funds in the Fund Complex have also entered into a separate indemnification agreement with the Board Members of each Board (the “Indemnification Agreement”). The Indemnification Agreement (i) extends the indemnification provisions contained in a Fund’s governing documents to Board Members who leave that Fund’s Board and serve on an advisory board of a different fund in the Fund Complex; (ii) sets in place the terms of the indemnification provisions of a Fund’s governing documents once a Board Member retires from a Board; and (iii) in the case of Board Members who left the Board of a Fund in connection with or prior to the Board consolidation that occurred two years ago as a result of the merger of BlackRock and Merrill Lynch & Co., Inc.’s investment management business, clarifies that that Fund continues to indemnify the Board Member for claims arising out of his or her past service to that Fund.

9


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

VOTE REQUIRED AND MANNER OF VOTING PROXIES

     A quorum of shareholders is required to take action at each meeting. 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 shares present for each Fund at the meeting at which a quorum is present and entitled to vote on a Board Nominee is necessary to elect each of the respective Board Nominees under Proposal 1 for each respective Fund.

     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, who may be employees of a Fund, will determine whether or not a quorum is present at the meeting. The inspectors of election will treat abstentions and “broker non-votes” 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 properly executed 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 meetings. The Funds understand that, under the rules of the New York Stock Exchange (the “NYSE”), 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. 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. 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.

     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 meetings, 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.

10


     Approval of a Board Nominee by shareholders of a Fund will occur only if a sufficient number of votes are cast “FOR” the Board Nominee at the Fund’s meeting. Abstentions and broker non-votes will not be counted as votes cast. Because each Fund requires a plurality of votes to elect each of the Board Nominees, abstentions and broker non-votes will not have an effect on the outcome of Proposal 1.

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. D&T, in accordance with Independence Standards Board Standard No. 1 (ISB No. 1), has confirmed to each applicable Audit Committee that it is an independent registered public accounting firm with respect to each Fund.

     No representatives of D&T are expected to be present at the meeting.

     Each Audit Committee has discussed with D&T its independence with respect to the Fund and certain matters required to be discussed by Statement on Auditing Standard No. 61, as currently modified or supplemented. Each Audit Committee has considered whether the provision of non-audit services by the Fund’s independent registered public accounting firm is compatible with maintaining the independence of that registered public accounting firm. Each Audit Committee also reviews and discusses the audit of 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. Following each Audit Committee’s review and discussion of the Fund’s independent registered public accounting firm, each Audit Committee recommended to its respective Board that the 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 H) for which audited financial statements are available be included in each Fund’s Annual Report to Shareholders.

     Appendix H 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 and non-audit services provided directly to the Fund. The fee information in Appendix H 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 the Fund. Each Audit Committee also is required to consider and act upon (i) the provision by any independent accountant of any non-audit services for any Fund, and (ii) the provision by any independent

11


accountant of non-audit services to Fund service providers and their affiliates (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. The Audit Committee has implemented policies and procedures by which such services may be approved other than by the full Audit Committee. See Appendix H 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 the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these 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 may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”). The Audit Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.

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

     Each Audit Committee has considered whether the provision of non-audit services that were rendered by D&T to BlackRock Advisors and Affiliated Service Providers that were not pre-approved (not requiring pre-approval) is compatible with maintaining such auditor’s independence. All services provided by D&T to each Fund, BlackRock Advisors or Affiliated Service Providers that required pre-approval were pre-approved as required.

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

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

ADDITIONAL INFORMATION

5% Share Ownership

     As of June 29, 2009, to the best of the Funds’ knowledge, the persons listed in Appendix I beneficially owned or owned of record 5% or more 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, 40 East 52nd Street, New York, New York 10022-5911, 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 2010 annual meeting of shareholders of these Funds and desires to have the proposal included in the 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 March 29, 2010.

     Shareholders who do not wish to submit a proposal for inclusion in the Fund’s proxy statement and form of proxy for the 2010 annual meeting in accordance with Rule 14a-8 may submit a

12


proposal for consideration at the 2010 annual meeting in accordance with the By-laws of the Funds. 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 from the floor at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business must be in writing and received at the Fund’s principal executive office between Thursday, April 29, 2010 and Saturday, May 29, 2010. 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 Saturday, May 29, 2010. 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 Securities and Exchange Commission’s Internet site 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 40 East 52nd Street, New York, New York 10022-5911, or by calling toll free at 1-800-441-7762.

     For all Funds, written proposals and notices should be sent to the Secretary of the Fund, 40 East 52nd Street, New York, New York 10022-5911.

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, 40 East 52nd Street, New York, New York 10022-5911. Shareholders may communicate with the Boards electronically by sending an email 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”), 40 East 52nd Street, New York, New York 10022-5911. 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 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 and BlackRock 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 The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 405, New York, New York 10165, 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, New York 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $33,000 and

13


$1,325,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Altman 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.

Fiscal Year

     The fiscal year end of certain Funds was amended at a meeting of the Boards in May 2008. However, all information in this Proxy Statement, unless otherwise noted, relates to the post-amended fiscal year end. The pre-amended and post-amended fiscal year end of each Fund is as set forth in Appendix H.

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 web sites.

     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.

     We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. 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 shareholders entitled to be present and to vote at the meeting will be available at the offices of the Funds, 40 East 52nd Street, New York, New York 10022-5911, for inspection by any shareholder during regular business hours beginning ten days prior to the date of the meeting.

     Failure of a quorum to be present at any meeting will 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

14


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, abstentions and broker non-votes 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,

Howard B. Surloff
Secretary of the Funds

July 17, 2009

15


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Appendix A

Fund Information

     The following table lists, with respect to each Fund, the total number of shares outstanding and the net assets of the Fund on June 29, 2009, 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
Outstanding

Net
Assets ($)*

APX BlackRock Apex Municipal Fund, Inc. Maryland Corporation 19,943,554 N/A    159,363,372
BAF BlackRock Insured Municipal Income          
     Investment Trust† Delaware Statutory Trust 8,734,047 1,775   161,296,556
BBF BlackRock Municipal Income          
     Investment Trust† Delaware Statutory Trust 6,689,056 1,982   132,972,971
BBK BlackRock Municipal Bond Trust† Delaware Statutory Trust 10,346,539 3,220   209,374,970
BCF BlackRock Real Asset Equity Trust Delaware Statutory Trust 56,708,028 N/A   571,570,632
BCK BlackRock California Insured          
     Municipal Income Trust† Delaware Statutory Trust 5,278,087 1,502   106,752,896
BCL BlackRock California Municipal          
     Income Trust II† Delaware Statutory Trust 7,999,789 2,390   163,874,824
BCT BlackRock Broad Investment Grade          
     2009 Term Trust, Inc. Maryland Corporation 2,957,093 N/A   35,015,810
BDJ BlackRock Enhanced Dividend          
     AchieversTM Trust Delaware Statutory Trust 69,778,138 N/A   535,285,463
BDT BlackRock Strategic Dividend          
     AchieversTM Trust Delaware Statutory Trust 26,908,028 N/A   234,995,828
BDV BlackRock Dividend AchieversTM Trust Delaware Statutory Trust 54,518,315 N/A   458,892,584
BFK BlackRock Municipal Income Trust† Delaware Statutory Trust 44,250,279 11,725   788,172,238
BFO BlackRock Florida Municipal 2020          
     Term Trust† Delaware Statutory Trust 5,562,128 1,716   115,448,066
BFY BlackRock New York Municipal          
     Income Trust II† Delaware Statutory Trust 4,940,705 1,786   111,007,936
BFZ BlackRock California Municipal          
     Income Trust† Delaware Statutory Trust 15,147,816 4,036   291,055,114
BGR BlackRock Energy and Resources Trust Delaware Statutory Trust 29,766,217 N/A   604,131,371
BGT BlackRock Floating Rate Income Trust† Delaware Statutory Trust 23,545,239 2,352   332,389,954
BGY BlackRock International Growth and          
     Income Trust Delaware Statutory Trust 106,306,178 N/A   1,090,033,142
BHD BlackRock Strategic Bond Trust Delaware Statutory Trust 7,058,401 N/A   79,893,764
BHK BlackRock Core Bond Trust Delaware Statutory Trust 27,023,027 N/A   317,659,444
BHL BlackRock Defined Opportunity          
     Credit Trust Delaware Statutory Trust 9,008,704 N/A   105,206,299
BHV BlackRock Virginia Municipal          
     Bond Trust† Delaware Statutory Trust 1,559,228 487   34,429,534
BHY BlackRock High Yield Trust Delaware Statutory Trust 6,423,968 N/A   33,827,316
BIE BlackRock Municipal Bond          
     Investment Trust † Delaware Statutory Trust 3,333,337 1,047   70,873,579
BJZ BlackRock California Municipal 2018          
     Term Trust† Delaware Statutory Trust 6,433,028 2,221   140,556,519
BKK BlackRock Municipal 2020 Term Trust† Delaware Statutory Trust 20,236,628 6,954   424,136,459
BKN BlackRock Investment Quality          
     Municipal Trust, Inc.† Maryland Corporation 16,931,956 5,078   326,828,634
BKT BlackRock Income Trust, Inc. Maryland Corporation 63,942,535 N/A   449,258,855
BLE BlackRock Municipal Income Trust II† Delaware Statutory Trust 23,149,348 6,642   441,207,953
BLH BlackRock New York Municipal 2018          
     Term Trust† Delaware Statutory Trust 3,633,028 1,256   84,833,959
BLJ BlackRock New Jersey Municipal          
     Bond Trust† Delaware Statutory Trust 2,307,637 768   48,815,827

A-1


Ticker
Fund
Form of Organization
Total
Common
Shares
Outstanding

Total AMPS
Outstanding

Net
Assets ($)*

BLW    BlackRock Limited Duration            
           Income Trust Delaware Statutory Trust 36,889,650 N/A   523,874,300
BME    BlackRock Health Sciences Trust Delaware Statutory Trust 7,591,500 N/A   180,740,812
BMT    The BlackRock Insured Municipal          
           Term Trust Inc.† Maryland Corporation 25,885,639 2,000   268,018,704
BNA    BlackRock Income Opportunity          
           Trust, Inc. Maryland Corporation 34,456,370 N/A   326,099,901
BNJ    BlackRock New Jersey Municipal          
           Income Trust† Delaware Statutory Trust 7,565,819 2,419   154,964,982
BNY    BlackRock New York Municipal          
           Income Trust† Delaware Statutory Trust 12,723,583 3,834   254,388,701
BOE    BlackRock Global Opportunities          
           Equity Trust Delaware Statutory Trust 12,634,026 N/A   220,818,006
BPK    BlackRock Municipal 2018 Term Trust† Delaware Statutory Trust 15,908,028 5,354   341,548,856
BPP    BlackRock Preferred Opportunity Trust† Delaware Statutory Trust 18,467,785 4,416   237,221,436
BPS    The BlackRock Pennsylvania Strategic          
           Municipal Trust† Delaware Statutory Trust 2,023,459 673   41,166,189
BQH    BlackRock New York Municipal          
           Bond Trust† Delaware Statutory Trust 2,760,221 896   60,918,173
BQR    BlackRock EcoSolutions          
           Investment Trust Delaware Statutory Trust 11,812,573 N/A   121,403,487
BQY    BlackRock S&P Quality Rankings          
           Global Equity Managed Trust Delaware Statutory Trust 6,033,028 N/A   72,591,303
BSD    The BlackRock Strategic          
           Municipal Trust† Delaware Statutory Trust 7,288,024 1,910   128,416,324
BSE    BlackRock New York Insured Municipal          
           Income Trust† Delaware Statutory Trust 6,474,946 1,667   125,570,615
BTA    BlackRock Long-Term Municipal          
           Advantage Trust Delaware Statutory Trust 13,345,151 N/A   130,147,402
BYM    BlackRock Insured Municipal          
           Income Trust† Delaware Statutory Trust 26,216,454 5,997   488,449,688
BZA    BlackRock California Municipal          
           Bond Trust† Delaware Statutory Trust 3,409,668 1,119   75,379,552
BZM    BlackRock Maryland Municipal          
           Bond Trust† Delaware Statutory Trust 2,048,701 640   42,928,132
HIS    BlackRock High Income Shares Massachusetts 54,620,872 N/A   91,161,278
    Business Trust        
MUA    BlackRock MuniAssets Fund, Inc. Maryland Corporation 20,995,138 N/A   231,499,771
RAA    BlackRock California Investment          
           Quality Municipal Trust, Inc.† Maryland Corporation 1,007,166 273   19,142,906
RFA    BlackRock Investment Quality          
           Municipal Income Trust† Massachusetts 1,127,093 285   19,417,667
    Business Trust        
RNJ    BlackRock New Jersey Investment          
           Quality Municipal Trust, Inc.† Maryland Corporation 1,012,411 283   18,352,066
RNY    BlackRock New York Investment          
           Quality Municipal Trust, Inc.† Maryland Corporation 1,311,673 392   26,493,385

Denotes an AMPS Fund.
* Includes amounts borrowed for investment purposes.

A-2


Appendix B

Compensation of the Board Members

     The Board Members who are not “interested persons,” as defined in the 1940 Act, (the “Independent Board Members”) receive retainer fees which includes meeting fees (up to six meetings per year) for Board and committee meetings and are reimbursed for all out-of-pocket expenses relating to attendance at such meetings. The Funds do not provide compensation to any Board Member who is an “interested person,” as defined in the 1940 Act; provided, however, that Mr. Gabbay, a former employee and consultant of BlackRock, and currently an interested person of the Funds, received compensation in the amount noted below for services rendered as an employee. Effective January 1, 2009, Mr. Gabbay receives as compensation for his services as a Board Member of the Funds in the Fund Complex and other BlackRock-advised funds, an annual retainer of $412,500 allocated to the Funds and other BlackRock-advised funds, based on their net assets. In addition, Mr. Gabbay receives meeting fees for attendance at Board meetings held by two open-end fund complexes. Mr. Gabbay will also be reimbursed for out-of-pocket expenses in accordance with Board policy on travel and other business expenses relating to attendance at meetings. Information regarding compensation, including amounts deferred, paid to the Independent Board Members and Mr. Gabbay for each Fund’s most recent fiscal year is set forth below.

     Each Fund shall pay a pro rata portion quarterly (based on the relative net assets) of the following Board Member fees paid by the funds in the Fund Complex for which they serve: (i) $250,000 per annum for each Independent Board Member as a retainer and (ii) $10,000 per day for each Independent Board Member for each special meeting of each board in the Fund Complex for which they serve (i.e., any meeting, whether telephonic or in person, other than one of the six regularly scheduled meetings of each board per year) attended. Each Independent Board Member shall also be entitled to reimbursement for all of his or her out-of-pocket expenses in attending each meeting of each board and any committee thereof. Mr. Cavanagh will receive an additional $120,000 per annum from the funds in the Fund Complex for acting as the Chair for each board. Ms. Robards will receive an additional $40,000 per annum from the funds in the Fund Complex for acting as the Vice Chair for each board. Mr. Fabozzi will receive an additional $20,000 per annum from the funds in the Fund Complex for acting as Chair of each Performance Oversight Committee. Ms. Feldstein will receive an additional $20,000 per annum from the funds in the Fund Complex for acting as Chair of each Compliance Committee. Mr. Hubbard will receive an additional $10,000 per annum from the funds in the Fund Complex for acting as Chair of each Governance and Nominating Committee. Mr. Dixon, Mr. Fabozzi, Mr. Flynn, Mr. Kester and Ms. Robards will each receive an additional $25,000 per annum from the funds in the Fund Complex for their service on each Audit Committee. Ms. Robards will receive an additional $35,000 per annum from the funds in the Fund Complex for acting as the Chair of each Audit Committee. The additional compensation payable to Mr. Cavanagh, Mr. Dixon, Mr. Fabozzi, Ms. Feldstein, Mr. Flynn, Mr. Hubbard, Mr. Kester and Ms. Robards will be allocated among the funds in the Fund Complex for which they serve based on their relative net assets.

     The Independent Board Members have agreed that a maximum of 50% of each Independent Board Member’s total compensation paid by funds in the Fund Complex may be deferred pursuant to the Fund 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 Fund 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 other funds in the Fund Complex for which they serve. The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of a fund. A fund may, however, elect to invest in common shares of those funds in the Fund Complex selected by the Independent Board Members in order to match its deferred compensation obligation. For the year ended December 31, 2008, the Funds supervised by the Boards reimbursed Independent Board Member expenses in an aggregate amount of $72,531.

B-1


     The table below sets forth the aggregate compensation paid to each Independent Board Member and Mr. Gabbay by each Fund during its most recently completed fiscal year (based on each Fund’s post-amended fiscal year end).

Fund Fund’s
Fiscal
Year
End (1)
(10)
Richard E.
Cavanagh
(2)
Kent
Dixon
(3)
Frank J.
Fabozzi
(4)
  Kathleen F.
Feldstein
(5)
  R. Glenn
Hubbard
(6)
  G. Nicholas
Beckwith III
(7)
  James T.
Flynn
(7)
  Jerold B.
Harris
(7)
  W. Carl
Kester
(7)
  Karen P.
Robards
(7)
  Robert S.
Salomon Jr.
(7)
  Henry
Gabbay
(7)
Fund
Total





 
 
 
 
 
 
 
 
 
 
APX 30-Apr $ 2,223.08   $ 1,652.30 $ 1,772.46   $ 1,622.25   $ 1,562.18   $ 1,502.09   $ 1,652.30   $ 1,502.09   $ 1,652.30   $ 2,102.93   $ 1,061.32   $ 311.27   $ 18,616.57
BAF 31-Aug $ 1,741.47   $ 1,319.15 $ 1,385.86   $ 1,266.97   $ 867.12   $ 833.76   $ 917.15   $ 833.76   $ 917.15   $ 1,167.29   $ 917.15   $   $ 12,166.85
BBF 31-Jul $ 1,401.85   $ 1,081.42 $ 1,123.15   $ 1,029.75   $ 542.38   $ 521.52   $ 573.67   $ 521.52   $ 573.67   $ 730.13   $ 573.67   $   $ 8,672.72
BBK 31-Aug $ 2,075.23   $ 1,565.33 $ 1,645.08   $ 1,501.88   $ 1,036.99   $ 997.12   $ 1,096.83   $ 997.12   $ 1,096.83   $ 1,395.95   $ 1,096.83   $   $ 14,505.22
BCF 31-Oct $ 11,486.57   $ 8,537.32 $ 9,158.21   $ 8,382.09   $ 8,071.64   $ 7,761.19   $ 8,537.32   $ 7,761.19   $ 8,537.32   $ 10,865.67   $ 8,537.32   $   $ 97,635.86
BCK 31-Aug $ 1,098.34   $ 844.01 $ 884.07   $ 812.48   $ 520.96   $ 500.91   $ 551.01   $ 500.91   $ 551.01   $ 701.27   $ 551.01   $   $ 7,515.99
BCL 31-Aug $ 1,608.40   $ 1,220.69 $ 1,281.58   $ 1,172.47   $ 791.53   $ 761.08   $ 837.19   $ 761.08   $ 837.19   $ 1,065.52   $ 837.19   $   $ 11,173.93
BCT 31-Oct $ 412.25   $ 306.40 $ 328.68   $ 300.83   $ 289.68   $ 278.54   $ 306.40   $ 278.54   $ 306.40   $ 389.97   $ 306.40   $   $ 3,504.10
BDJ 31-Oct $ 8,650.81   $ 6,429.65 $ 6,897.26   $ 6,312.75   $ 6,078.94   $ 5,845.13   $ 6,429.65   $ 5,845.13   $ 6,429.65   $ 8,183.20   $ 6,429.65   $   $ 73,531.81
BDT 31-Oct $ 3,716.33   $ 2,762.14 $ 2,963.02   $ 2,711.92   $ 2,611.48   $ 2,511.04   $ 2,762.14   $ 2,511.04   $ 2,762.14   $ 3,515.45   $ 2,762.14   $   $ 31,588.84
BDV 31-Oct $ 7,381.38   $ 5,486.16 $ 5,885.16   $ 5,386.41   $ 5,186.92   $ 4,987.42   $ 5,486.16   $ 4,987.42   $ 5,486.16   $ 6,982.38   $ 5,486.16   $   $ 62,741.72
BFK 30-Apr $ 6,774.81   $ 5,035.34 $ 5,401.54   $ 4,943.79   $ 4,760.69   $ 4,577.58   $ 5,035.34   $ 4,577.58   $ 5,035.34   $ 6,408.60   $ 3,282.66   $ 941.00   $ 56,774.26
BFO 31-Jul $ 1,192.38   $ 927.28 $ 961.93   $ 885.61   $ 450.52   $ 433.20   $ 476.53   $ 433.20   $ 476.53   $ 606.47   $ 476.53   $   $ 7,320.18
BFY 31-Aug $ 1,044.84   $ 804.51 $ 842.48   $ 775.03   $ 493.55   $ 474.56   $ 522.01   $ 474.56   $ 522.01   $ 664.38   $ 522.01   $   $ 7,139.95
BFZ 31-Jul $ 2,922.51   $ 2,201.30 $ 2,295.51   $ 2,086.24   $ 1,224.65   $ 1,177.54   $ 1,295.30   $ 1,177.54   $ 1,295.30   $ 1,648.56   $ 1,295.30   $   $ 18,619.74
BGR 31-Oct $ 11,478.53   $ 8,531.38 $ 9,151.85   $ 8,376.27   $ 8,066.04   $ 7,755.80   $ 8,531.38   $ 7,755.80   $ 8,531.38   $ 10,858.13   $ 8,531.38   $   $ 97,567.94
BGT 31-Oct $ 4,094.04   $ 3,042.88 $ 3,264.17   $ 2,987.54   $ 2,876.89   $ 2,766.25   $ 3,042.88   $ 2,766.25   $ 3,042.88   $ 3,872.75   $ 3,042.88   $   $ 34,799.40
BGY 31-Oct $ 19,391.19   $ 14,412.43 $ 15,460.45   $ 14,150.37   $ 13,626.09   $ 13,102.16   $ 14,412.43   $ 13,102.16   $ 14,412.43   $ 18,343.01   $ 14,412.43   $   $ 164,825.12
BHD 31-Aug $ 1,242.29   $ 950.05 $ 995.17   $ 912.80   $ 586.22   $ 563.65   $ 620.05   $ 563.65   $ 620.05   $ 789.17   $ 620.05   $   $ 8,463.16
BHK 31-Aug $ 4,405.51   $ 3,285.80 $ 3,459.43   $ 3,143.89   $ 2,257.10   $ 2,170.28   $ 2,387.30   $ 2,170.28   $ 2,387.30   $ 3,038.39   $ 2,387.30   $   $ 31,092.60
BHL(9) 31-Aug $ 602.83   $ 448.05 $ 480.64   $ 439.91   $ 423.61   $ 407.32   $ 448.05   $ 407.32   $ 448.05   $ 570.25   $ 448.05   $   $ 5,124.07
BHV 31-Aug $ 507.53   $ 428.21 $ 440.69   $ 418.58   $ 162.35   $ 156.10   $ 171.71   $ 156.10   $ 171.71   $ 170.78   $ 171.71   $   $ 2,955.46
BHY 31-Aug $ 721.59   $ 573.49 $ 596.04   $ 554.37   $ 293.10   $ 281.82   $ 309.99   $ 281.82   $ 309.99   $ 394.54   $ 309.99   $   $ 4,626.76
BIE 31-Aug $ 798.08   $ 629.74 $ 656.32   $ 609.09   $ 345.79   $ 332.48   $ 365.74   $ 332.48   $ 365.74   $ 465.48   $ 365.74   $   $ 5,266.69
BJZ 31-Dec $ 1,068.41   $ 794.09 $ 851.84   $ 779.65   $ 750.77   $ 721.91   $ 794.09   $ 721.91   $ 794.09   $ 1,010.65   $ 794.09   $   $ 9,081.50
BKK 30-Apr $ 3,412.92   $ 2,536.64 $ 2,721.12   $ 2,490.51   $ 2,398.26   $ 2,306.03   $ 2,536.64   $ 2,306.03   $ 2,536.64   $ 3,228.44   $ 1,631.92   $ 486.90   $ 28,592.04
BKN 30-Apr $ 2,716.37   $ 2,018.93 $ 2,165.76   $ 1,982.23   $ 1,908.80   $ 1,835.39   $ 2,018.93   $ 1,835.39   $ 2,018.93   $ 2,569.54   $ 1,291.33   $ 391.81   $ 22,753.41
BKT 31-Aug $ 5,070.02   $ 3,769.47 $ 3,971.80   $ 3,606.39   $ 2,630.23   $ 2,529.06   $ 2,781.97   $ 2,529.06   $ 2,781.97   $ 3,540.69   $ 2,781.97   $   $ 35,992.64
BLE 31-Aug $ 4,387.11   $ 3,272.63 $ 3,447.25   $ 3,133.98   $ 2,270.15   $ 2,182.85   $ 2,401.13   $ 2,182.85   $ 2,401.13   $ 3,055.98   $ 2,401.13   $   $ 31,136.19
BLH 31-Dec $ 653.41   $ 485.64 $ 520.97   $ 476.81   $ 459.15   $ 441.49   $ 485.64   $ 441.49   $ 485.64   $ 618.09   $ 485.64   $   $ 5,553.97
BLJ 31-Aug $ 618.64   $ 504.87 $ 522.72   $ 490.91   $ 231.98   $ 223.06   $ 245.37   $ 223.06   $ 245.37   $ 312.30   $ 245.37   $   $ 3,863.68
BLW 31-Aug $ 7,326.13   $ 5,308.33 $ 5,617.44   $ 5,048.04   $ 4,018.49   $ 3,863.92   $ 4,250.33   $ 3,863.92   $ 4,250.33   $ 5,409.50   $ 4,250.33   $   $ 53,206.75
BME 31-Oct $ 2,221.17   $ 1,650.87 $ 1,770.93   $ 1,620.84   $ 1,560.82   $ 1,500.79   $ 1,650.87   $ 1,500.79   $ 1,650.87   $ 2,101.11   $ 1,650.87   $   $ 18,879.94
BMT 31-Dec $ 3,136.42   $ 2,331.13 $ 2,500.67   $ 2,288.75   $ 2,203.97   $ 2,119.20   $ 2,331.13   $ 2,119.20   $ 2,331.13   $ 2,966.88   $ 2,331.13   $   $ 26,659.61
BNA 31-Aug $ 4,583.59   $ 3,431.75 $ 3,610.35   $ 3,286.09   $ 2,321.80   $ 2,232.50   $ 2,455.75   $ 2,232.50   $ 2,455.75   $ 3,125.49   $ 2,455.75   $   $ 32,191.31
BNJ 31-Jul $ 1,586.15   $ 1,217.18 $ 1,265.17   $ 1,157.94   $ 623.93   $ 599.93   $ 659.93   $ 599.93   $ 659.93   $ 839.90   $ 659.93   $   $ 9,869.94
BNY 31-Jul $ 2,492.19   $ 1,883.98 $ 1,963.25   $ 1,786.93   $ 1,030.31   $ 990.68   $ 1,089.73   $ 990.68   $ 1,089.73   $ 1,386.95   $ 1,089.73   $   $ 15,794.18
BOE(11) 31-Oct $ 20,156.13   $ 14,980.91 $ 16,070.43   $ 14,708.54   $ 14,163.79   $ 13,619.00   $ 14,980.91   $ 13,619.00   $ 12,330.60   $ 19,066.61   $ 14,980.91   $   $ 168,676.83
BPK 31-Dec $ 2,653.00   $ 1,971.82 $ 2,115.24   $ 1,935.97   $ 1,864.27   $ 1,792.57   $ 1,971.82   $ 1,792.57   $ 1,971.82   $ 2,509.60   $ 1,971.82   $   $ 22,550.50
BPP 31-Oct $ 3,416.64   $ 2,539.38 $ 2,724.07   $ 2,493.21   $ 2,400.87   $ 2,308.54   $ 2,539.38   $ 2,308.54   $ 2,539.38   $ 3,231.95   $ 2,539.38   $   $ 29,041.34
BPS 30-Apr $ 333.49   $ 247.87 $ 265.90   $ 243.35   $ 234.35   $ 225.33   $ 247.87   $ 225.33   $ 247.87   $ 315.47   $ 155.94   $ 48.79   $ 2,791.56
BQH 31-Aug $ 698.92   $ 560.96 $ 582.75   $ 544.03   $ 283.13   $ 272.24   $ 299.46   $ 272.24   $ 299.46   $ 381.14   $ 299.46   $   $ 4,493.77
BQR 31-Oct $ 2,322.34   $ 1,726.06 $ 1,851.60   $ 1,694.68   $ 1,631.92   $ 1,569.15   $ 1,726.06   $ 1,569.15   $ 1,726.06   $ 2,196.82   $ 1,726.06   $   $ 19,739.88
BQY 31-Oct $ 1,130.27   $ 840.07 $ 901.17   $ 824.79   $ 794.26   $ 763.69   $ 840.07   $ 763.69   $ 840.07   $ 1,069.17   $ 840.07   $   $ 9,607.33
BSD 30-Apr $ 1,144.75   $ 850.83 $ 912.69   $ 835.36   $ 804.41   $ 773.48   $ 850.83   $ 773.48   $ 850.83   $ 1,082.86   $ 547.80   $ 158.70   $ 9,586.02
BSE 31-Aug $ 1,311.23   $ 1,001.44 $ 1,050.35   $ 963.21   $ 635.77   $ 611.32   $ 672.44   $ 611.32   $ 672.44   $ 855.83   $ 672.44   $   $ 9,057.79

B-2


Fund Fund’s
Fiscal
Year
End (1)
(10)
Richard E.
Cavanagh
(2)
Kent
Dixon
(3)
Frank J.
Fabozzi
(4)
  Kathleen F.
Feldstein
(5)
  R. Glenn
Hubbard
(6)
  G. Nicholas
Beckwith III
(7)
  James T.
Flynn
(7)
  Jerold B.
Harris
(7)
  W. Carl
Kester
(7)
  Karen P.
Robards
(7)
  Robert S.
Salomon Jr.
(7)
  Henry
Gabbay
(7)
Fund
Total

 



 
 
 
 
 
 
 
 
 
 
BTA   30-Apr $ 1,835.07   $ 1,363.91 $ 1,463.09   $ 1,339.11   $ 1,289.52   $ 1,239.92   $ 1,363.91   $ 1,239.92   $ 1,363.91   $ 1,735.89   $ 902.95   $ 251.99   $ 15,389.20
BYM   31-Aug $ 4,987.02   $ 3,721.12 $ 3,920.36   $ 3,564.80   $ 2,590.19   $ 2,490.56   $ 2,739.62   $ 2,490.56   $ 2,739.62   $ 3,486.78   $ 2,739.62   $   $ 35,470.22
BZA   31-Aug $ 807.43   $ 635.93 $ 662.99   $ 615.18   $ 351.65   $ 338.12   $ 371.93   $ 338.12   $ 371.93   $ 473.37   $ 371.93   $   $ 5,338.59
BZM   31-Aug $ 576.35   $ 475.79 $ 491.60   $ 463.33   $ 205.42   $ 197.53   $ 217.29   $ 197.53   $ 217.29   $ 276.55   $ 217.29   $   $ 3,535.96
HIS   31-Aug $ 1,705.86   $ 1,291.77 $ 1,354.75   $ 1,238.03   $ 818.55   $ 787.06   $ 865.77   $ 787.06   $ 865.77   $ 1,101.90   $ 865.77   $   $ 11,682.29
MUA   30-Apr $ 3,219.03   $ 2,392.52 $ 2,566.52   $ 2,349.02   $ 2,262.02   $ 2,175.02   $ 2,392.52   $ 2,175.02   $ 2,392.52   $ 3,045.03   $ 1,536.66   $ 450.46   $ 26,956.34
RAA   31-Jul $ 505.57   $ 460.77 $ 466.56   $ 453.31   $ 75.41   $ 72.52   $ 79.77   $ 72.52   $ 79.77   $ 101.52   $ 79.77   $   $ 2,447.47
RFA   31-Jul $ 513.84   $ 466.36 $ 472.56   $ 458.79   $ 80.70   $ 77.60   $ 85.36   $ 77.60   $ 85.36   $ 108.63   $ 85.36   $   $ 2,512.16
RNJ   31-Jul $ 501.67   $ 457.88 $ 463.46   $ 450.47   $ 72.69   $ 69.89   $ 76.88   $ 69.89   $ 76.88   $ 97.84   $ 76.88   $   $ 2,414.42
RNY   31-Jul $ 550.98   $ 490.62 $ 498.44   $ 480.42   $ 101.51   $ 97.62   $ 107.37   $ 97.62   $ 107.37   $ 136.66   $ 107.37   $   $ 2,775.97
Total
 Compensation
 from Fund
 Complex (8)
$ 386,803   $ 287,730 $ 304,055   $ 273,299   $ 280,349   $ 250,000   $ 275,000   $ 250,000   $ 275,000   $ 350,000   $ 350,000            
Number of
 Funds in
 Fund Complex
 Overseen by  
Board
  106     106   106     106     106     106     106     106     106     106     Retired            

(1)      Information is for the Fund’s most recent fiscal year.
(2)      Total amount of deferred compensation payable to Board Member is $206,186.54 as of 12/31/08.
(3)      Total amount of deferred compensation payable to Board Member is $132,379.75 as of 12/31/08.
(4)      Total amount of deferred compensation payable to Board Member is $186,033.24 as of 12/31/08.
(5)      Total amount of deferred compensation payable to Board Member is $108,573.76 as of 12/31/08.
(6)      Total amount of deferred compensation payable to Board Member is $395,383.02 as of 12/31/08.
(7)      As of December 31, 2008 the Board Member did not participate in the deferred compensation plan.
(8)      Represents the aggregate compensation earned by such persons during the calendar year ended December 31, 2008. Of this amount, Mr. Cavanagh, Mr. Dixon, Mr. Fabozzi, Ms. Feldstein and Mr. Hubbard deferred $51,800, $12,730, $9,055, $3,299 and $20,349, respectively, pursuant to the Fund Complex’s deferred compensation plan.
(9)      BlackRock Defined Opportunity Credit Trust (BHL) commenced operations on January 31, 2008 and has not completed a full fiscal year.
(10)      The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. Information reflected in this chart is for the post-amended FYE.
(11)      Includes the aggregate compensation earned by such persons from BlackRock Global Equity Income Trust and BlackRock World Investment Trust which are expected to merge into BOE on July 27, 2009.

B-3


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Appendix C

Equity Securities Owned by Board Members

     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, 2009, except as otherwise indicated.

Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Interested Board Members:                
Richard S. Davis BlackRock Floating 500 None $1–$10,000 Over Over
  Rate Income Trust       $100,000     $100,000
 
  BlackRock              
  International Growth 3600 None $10,001-    
  and Income Trust     $50,000        
 
  BlackRock Limited 500 None $1–$10,000    
  Duration Income              
  Trust              
 
  BlackRock Municipal 500 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Real 500 None $1–$10,000    
  Asset Equity Trust              
 
Henry Gabbay BlackRock Apex 1200 None $1–$10,000 Over Over
  Municipal Fund, Inc.       $100,000     $100,000
 
  BlackRock 970 None $10,001–    
  EcoSolutions     $50,000        
  Investment Trust              
 
  BlackRock Energy 500 None $10,001–    
  and Resources Trust     $50,000        
 
  BlackRock Global 600 None $1–$10,000    
  Opportunities Equity              
  Trust              
 
  BlackRock Health 550 None $10,001–    
  Sciences Trust     $50,000        
 
  BlackRock 900 None $1–$10,000    
  International Growth              
  and Income Trust              
 
  BlackRock Long-Term 1600 None $10,001–    
  Municipal Advantage     $50,000        
  Trust              
 
  BlackRock New York 700 None $1–$10,000    
  Municipal Bond Trust              
 
  BlackRock New York 1300 None $10,001–    
  Municipal Income     $50,000        
  Trust II              
 
  BlackRock Real 950 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 840 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              

C-1


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Interested Board Members:                
(continued)                
Henry Gabbay BlackRock Strategic 1000 None $1–$10,000    
(continued) Dividend Achievers™              
  Trust              
 
  The BlackRock 900 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
Independent Board Members:              
G. Nicholas Beckwith, III BlackRock Apex 109 None $1–$10,000 $10,001– Over
  Municipal Fund, Inc.       $50,000     $100,000
 
  BlackRock Broad 103 None $1–$10,000    
  Investment Grade              
  2009 Term Trust, Inc.              
 
  BlackRock Core 110 None $1–$10,000    
  Bond Trust              
 
  BlackRock 118 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy 110 None $1–$10,000   1,162 $10,001–  
  and Resources Trust           $50,000  
 
  BlackRock Enhanced 117 None $1–$10,000   2,929 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating 123 None $1–$10,000   2,311 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Global 117 None $1–$10,000    
  Opportunities Equity              
  Trust              
 
  BlackRock Health 110 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 120 None $1–$10,000    
  Income Shares              
 
  BlackRock 114 None $1–$10,000    
  High Yield Trust              
 
  BlackRock Income 109 None $1–$10,000    
  Opportunity Trust, Inc.              
 
  BlackRock Income 107 None $1–$10,000    
  Trust, Inc.              
 
  BlackRock Insured 108 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock 121 None $1–$10,000   2,139 $10,001–  
  International Growth           $50,000  
  and Income Trust              
 
  BlackRock Investment 109 None $1–$10,000    
  Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 114 None $1–$10,000   1,920 $10,001–  
  Duration Income Trust           $50,000  

C-2


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
G. Nicholas Beckwith, III BlackRock Long-Term 109 None $1–$10,000    
(continued) Municipal Advantage              
  Trust              
 
  BlackRock 109 None $1–$10,000    
  MuniAssets Fund, Inc.              
 
  BlackRock Municipal 108 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 107 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 109 None $1–$10,000    
  Bond Trust              
 
  BlackRock Municipal 110 None $1–$10,000    
  Income Trust              
 
  BlackRock Municipal 109 None $1–$10,000    
  Income Trust II              
 
  BlackRock Preferred 122 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 121 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 113 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 110 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 113 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 111 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 105 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 107 None $1–$10,000    
  Pennsylvania Strategic              
  Municipal Trust              
 
  The BlackRock 109 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
Richard E. Cavanagh BlackRock Broad 100 None $1–$10,000 $10,001– Over
  Investment Grade       $50,000     $100,000
  2009 Term Trust, Inc.              
 
  BlackRock Core              
  Bond Trust 500 None $1–$10,000    
 
  BlackRock Energy   None     1,597 $10,001–  
  and Resources Trust           $50,000  

C-3


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Richard E. Cavanagh BlackRock Enhanced 100 None $1–$10,000   4,442 $10,001–  
(continued) Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating   None     3,644 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Health 100 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 100 None $1–$10,000    
  Income Shares              
 
  BlackRock High 200 None $1–$10,000    
  Yield Trust              
 
  BlackRock              
  International Growth 100 None $1–$10,000   3,223 $10,001–  
  and Income Trust           $50,000  
 
  BlackRock Limited   None     3,167 $10,001–  
  Duration Income Trust         $50,000  
 
  BlackRock Preferred 200 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 100 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 200 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock Strategic 300 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
Kent Dixon BlackRock Broad 100 None $1–$10,000 Over Over
  Investment Grade       $100,000     $100,000
  2009 Term Trust, Inc.              
 
  BlackRock Core 100 None $1–$10,000    
  Bond Trust              
 
  BlackRock 100 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy 1500 None $10,001–   924 $10,001–  
  and Resources Trust     $50,000     $50,000  
 
  BlackRock Enhanced 3000 None $10,001–   2,669 $10,001–  
  Dividend Achievers™     $50,000     $50,000  
  Trust              
 
  BlackRock Floating 500 None $1–$10,000   2,184 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Florida 100 None $1–$10,000    
  Municipal 2020 Term              
  Trust              

C-4


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Kent Dixon BlackRock Global 3000 None $10,001–    
(continued) Opportunities Equity     $50,000        
  Trust              
 
  BlackRock Health 1100 None $10,001–    
  Sciences Trust     $50,000        
 
  BlackRock High 500 None $1–$10,000    
  Income Shares              
 
  BlackRock High 5000 None $10,001–    
  Yield Trust     $50,000        
 
  BlackRock Income 100 None $1–$10,000    
  Opportunity Trust, Inc.              
 
  BlackRock Income 100 None $1–$10,000    
  Trust, Inc.              
 
  BlackRock Insured 100 None $1–$10,000    
  Municipal Income              
  Investment Trust              
 
  BlackRock Insured 5100 None $50,001–    
  Municipal Income     $100,000        
  Trust              
 
  BlackRock 2000 None $10,001–   1,919 $10,001–  
  International Growth     $50,000     $50,000  
  and Income Trust              
 
  BlackRock Investment 100 None $1–$10,000    
  Quality Municipal              
  Income Trust              
 
  BlackRock Investment 100 None $1–$10,000    
  Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 1000 None $10,001–   1,905 $10,001–  
  Duration Income Trust     $50,000     $50,000  
 
  BlackRock Long-Term 100 None $1–$10,000    
  Municipal Advantage              
  Trust              
 
  BlackRock Municipal 100 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 100 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 100 None $1–$10,000    
  Bond Investment              
  Trust              
 
  BlackRock Municipal 5000 None $50,001–    
  Bond Trust     $100,000        
 
  BlackRock Municipal 2100 None $10,001–    
  Income Investment     $50,000        
  Trust              
 
  BlackRock Municipal 5100 None $50,001–    
  Income Trust     $100,000        

C-5


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Kent Dixon BlackRock Municipal 100 None $1–$10,000    
(continued) Income Trust II              
 
  BlackRock Preferred 2000 None $10,001–    
  and Equity Advantage     $50,000        
  Trust              
 
  BlackRock Preferred 100 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 1000 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 100 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 100 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 100 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
Frank J. Fabozzi BlackRock Apex 10 None $1–$10,000 $10,001– Over
  Municipal Fund, Inc.       $50,000     $100,000
 
  BlackRock Broad 10 None $1–$10,000    
  Investment Grade              
  2009 Term Trust, Inc.              
 
  BlackRock Core 20 None $1–$10,000    
  Bond Trust              
 
  BlackRock Defined 10 None $1–$10,000    
  Opportunity Credit              
  Trust              
 
  BlackRock 300 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy 100 None $1–$10,000   1,369 $10,001–  
  and Resources Trust           $50,000  
 
  BlackRock Enhanced 100 None $1–$10,000   3,868 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating 100 None $1–$10,000   3,129 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Global 100 None $1–$10,000    
  Opportunities Equity              
  Trust              

C-6


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Frank J. Fabozzi BlackRock Health 100 None $1–$10,000    
(continued) Sciences Trust              
 
  BlackRock High 100 None $1–$10,000    
  Income Shares              
 
  BlackRock High 10 None $1–$10,000    
  Yield Trust              
 
  BlackRock Income 10 None $1–$10,000    
  Opportunity Trust, Inc.              
 
  BlackRock Income 2010 None $10,001–    
  Trust, Inc.     $50,000        
 
  BlackRock Insured 10 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock 300 None $1–$10,000   2,764 $10,001–  
  International Growth           $50,000  
  and Income Trust              
 
  BlackRock Investment 10 None $1–$10,000    
  Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 100 None $1–$10,000   2,721 $10,001–  
  Duration Income           $50,000  
  Trust              
 
  BlackRock Long-Term 100 None $1–$10,000    
  Municipal Advantage              
  Trust              
 
  BlackRock 10 None $1–$10,000    
  MuniAssets Fund, Inc.              
 
  BlackRock Municipal 20 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 100 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 20 None $1–$10,000    
  Bond Trust              
 
  BlackRock Municipal 20 None $1–$10,000    
  Income Trust              
 
  BlackRock Municipal 10 None $1–$10,000    
  Income Trust II              
 
  BlackRock Preferred 100 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 100 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 100 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 100 None $1–$10,000    
  Quality Rankings              
  Global Equity Managed            
  Trust              

C-7


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Frank J. Fabozzi BlackRock Strategic 100 None $1–$10,000    
(continued) Bond Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 10 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 100 None $1–$10,000    
  Pennsylvania Strategic              
  Municipal Trust              
 
  The BlackRock 100 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
Kathleen F. Feldstein BlackRock Broad 65 None $1–$10,000 $10,001– Over
  Investment Grade       $50,000     $100,000
  2009 Term Trust, Inc.              
 
  BlackRock Core 69 None $1–$10,000    
  Bond Trust              
 
  BlackRock 121 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy 50 None $1–$10,000   1,105 $10,001–  
  and Resources Trust           $50,000  
 
  BlackRock Enhanced 142 None $1–$10,000   2,900 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating 78 None $1–$10,000   2,296 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Global 100 None $1–$10,000    
  Opportunities Equity              
  Trust              
 
  BlackRock Health 136 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 152 None $1–$10,000    
  Income Shares              
 
  BlackRock High 73 None $1–$10,000    
  Yield Trust              
 
  BlackRock Income 68 None $1–$10,000    
  Opportunity Trust, Inc.              
 
  BlackRock Income 65 None $1–$10,000    
  Trust, Inc.              
 
  BlackRock Insured 63 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock 124 None $1–$10,000   2,103 $10,001–  
  International Growth           $50,000  
  and Income Trust              

C-8


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Kathleen F. Feldstein BlackRock Investment 65 None $1–$10,000    
(continued) Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 73 None $1–$10,000   1,951 $10,001–  
  Duration Income           $50,000  
  Trust              
 
  BlackRock Long-Term 115 None $1–$10,000    
  Municipal Advantage              
  Trust              
 
  BlackRock Municipal 64 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 63 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 66 None $1–$10,000    
  Bond Trust              
 
  BlackRock Municipal 66 None $1–$10,000    
  Income Trust              
 
  BlackRock Municipal 65 None $1–$10,000    
  Income Trust II              
 
  BlackRock Preferred 134 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 78 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real Asset 124 None $1–$10,000    
  Equity Trust              
 
  BlackRock S&P 65 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 72 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 67 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 60 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 66 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
James T. Flynn BlackRock Energy and   None   $50,001– 1,278 $10,001– Over
  Resources Trust       $100,000   $50,000 $100,000
 
  BlackRock Enhanced   None     3,222 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating   None     2,542 $10,001–  
  Rate Income Trust           $50,000  

C-9


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
James T. Flynn BlackRock   None     2,352 $10,001–  
(continued) International Growth           $50,000  
  and Income Trust              
 
  BlackRock Limited   None     2,112 $10,001–  
  Duration Income           $50,000  
  Trust              
 
Jerrold B. Harris BlackRock Apex 100 None $1–$10,000 $50,001– Over
  Municipal Fund, Inc.       $100,000     $100,000
 
  BlackRock Broad 103 None $1–$10,000    
  Investment Grade              
  2009 Term Trust, Inc.              
 
  BlackRock Core 109 None $1–$10,000    
  Bond Trust              
 
  BlackRock 118 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy 252 None $1–$10,000   1,162 $10,001–  
  and Resources Trust           $50,000  
 
  BlackRock Enhanced 116 None $1–$10,000   2,929 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating 122 None $1–$10,000   2,311 $10,001–  
  Rate Income Trust           $50,000  
 
  BlackRock Global 114 None $1–$10,000    
  Opportunities Equity              
  Trust              
 
  BlackRock Health 110 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 119 None $1–$10,000    
  Income Shares              
 
  BlackRock High 114 None $1–$10,000    
  Yield Trust              
 
  BlackRock Income 109 None $1–$10,000    
  Opportunity Trust, Inc.            
 
  BlackRock Income 106 None $1–$10,000    
  Trust, Inc.              
 
  BlackRock Insured 100 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock 120 None $1–$10,000   2,139 $10,001–  
  International Growth           $50,000  
  and Income Trust              
 
  BlackRock Investment 100 None $1–$10,000    
  Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 113 None $1–$10,000   1,920 $10,001–  
  Duration Income           $50,000  
  Trust              

C-10


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Jerrold B. Harris BlackRock Long-Term 100 None $1–$10,000    
(continued) Municipal Advantage              
  Trust              
 
  BlackRock Maryland 100 None $1–$10,000    
  Municipal Bond Trust              
 
  BlackRock 100 None $1–$10,000    
  MuniAssets Fund, Inc.            
 
  BlackRock Municipal 108 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 107 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 109 None $1–$10,000    
  Bond Trust              
 
  BlackRock Municipal 110 None $1–$10,000    
  Income Trust              
 
  BlackRock Municipal 109 None $1–$10,000    
  Income Trust II              
 
  BlackRock Preferred 121 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 120 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 113 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 108 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 112 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 111 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 100 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 109 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
R. Glenn Hubbard BlackRock Broad 130 None $1–$10,000 $50,001– Over
  Investment Grade       $100,000     $100,000
  2009 Term Trust, Inc.              
 
  BlackRock Core 139 None $1–$10,000    
  Bond Trust              
 
  BlackRock Energy 255 None $1–$10,000   2,757 $50,001–  
  and Resources Trust           $100,000  

C-11


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
R. Glenn Hubbard BlackRock Enhanced 142 None $1–$10,000   7,892 $50,001–  
(continued) Dividend Achievers™           $100,000  
  Trust              
 
  BlackRock Floating 155 None $1–$10,000   6,460 $50,001–  
  Rate Income Trust           $100,000  
 
  BlackRock Global 150 None $1–$10,000    
  Opportunities Equity              
  Trust              
 
  BlackRock Health 136 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 153 None $1–$10,000    
  Income Shares              
 
  BlackRock High 146 None $1–$10,000    
  Yield Trust              
 
  BlackRock Income 137 None $1–$10,000    
  Opportunity Trust, Inc.            
 
  BlackRock Income 131 None $1–$10,000    
  Trust, Inc.              
 
  BlackRock Insured 127 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock 123 None $1–$10,000   5,682 $50,001–  
  International Growth           $100,000  
  and Income Trust              
 
  BlackRock Investment 130 None $1–$10,000    
  Quality Municipal              
  Trust, Inc.              
 
  BlackRock Limited 146 None $1–$10,000   5,713 $50,001–  
  Duration Income           $100,000  
  Trust              
 
  BlackRock Long-Term 115 None $1–$10,000    
  Municipal Advantage              
  Trust              
 
  BlackRock Municipal 128 None $1–$10,000    
  2018 Term Trust              
 
  BlackRock Municipal 126 None $1–$10,000    
  2020 Term Trust              
 
  BlackRock Municipal 133 None $1–$10,000    
  Bond Trust              
 
  BlackRock Municipal 132 None $1–$10,000    
  Income Trust              
 
  BlackRock Municipal 131 None $1–$10,000    
  Income Trust II              
 
  BlackRock New York 126 None $1–$10,000    
  Insured Municipal              
  Income Trust              

C-12


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
R. Glenn Hubbard BlackRock New York 129 None $1–$10,000    
(continued) Investment Quality              
  Municipal Trust, Inc.              
 
  BlackRock New York 129 None $1–$10,000    
  Municipal Bond Trust              
 
  BlackRock New York 129 None $1–$10,000    
  Municipal Income              
  Trust              
 
  BlackRock New York 127 None $1–$10,000    
  Municipal Income              
  Trust II              
 
  BlackRock Preferred 134 None $1–$10,000    
  and Equity Advantage              
  Trust              
 
  BlackRock Preferred 156 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 124 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 131 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 143 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 134 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
  The BlackRock 120 None $1–$10,000    
  Insured Municipal              
  Term Trust, Inc.              
 
  The BlackRock 131 None $1–$10,000    
  Strategic Municipal              
  Trust              
 
W. Carl Kester BlackRock Broad 100 None $1–$10,000 Over Over
  Investment Grade       $100,000     $100,000
  2009 Term Trust, Inc.              
 
  BlackRock Core 1000 None $1–$10,000    
  Bond Trust              
 
  BlackRock 100 None $1–$10,000    
  EcoSolutions              
  Investment Trust              
 
  BlackRock Energy   None     697 $10,001–  
  and Resources Trust           $50,000  
 
  BlackRock Enhanced   None     1,757 $10,001–  
  Dividend Achievers™           $50,000  
  Trust              
 
  BlackRock Floating   None     1,386 $10,001–  
  Rate Income Trust           $50,000  

C-13


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
W. Carl Kester BlackRock Global 100 None $1–$10,000    
(continued) Opportunities Equity              
  Trust              
 
  BlackRock Health 100 None $1–$10,000    
  Sciences Trust              
 
  BlackRock High 500 None $1–$10,000    
  Income Shares              
 
  BlackRock High 100 None $1–$10,000    
  Yield Trust              
 
  BlackRock Income 100 None $1–$10,000    
  Opportunity Trust, Inc.              
 
  BlackRock Income 3000 None $10,001–    
  Trust, Inc.     $50,000        
 
  BlackRock None   1,283 $10,001–  
  International Growth           $50,000  
  and Income Trust              
 
  BlackRock Limited None   1,152 $10,001–  
  Duration Income Trust           $50,000  
 
  BlackRock Preferred 100 None $1–$10,000    
  Opportunity Trust              
 
  BlackRock Real 100 None $1–$10,000    
  Asset Equity Trust              
 
  BlackRock S&P 100 None $1–$10,000    
  Quality Rankings              
  Global Equity              
  Managed Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Bond Trust              
 
  BlackRock Strategic 100 None $1–$10,000    
  Dividend Achievers™              
  Trust              
 
Karen P. Robards BlackRock Energy 400 None $1–$10,000 $50,001– 755 $10,001–$50,000 Over
  and Resources Trust       $100,000     $100,000
 
  BlackRock Enhanced None   2,010 $10,001–$50,000  
  Dividend Achievers™              
  Trust              
 
  BlackRock Floating              
  Rate Income Trust None   1,579 $10,001–$50,000  
 
  BlackRock Health 500 None $10,001–    
  Sciences Trust     $50,000        
 
  BlackRock None   1,410 $10,001–$50,000  
  International Growth              
  and Income Trust              
 
  BlackRock Limited None   1,350 $10,001–$50,000  
  Duration Income              
  Trust              

C-14


Name of Board Member

Fund Name
Number of
Shares of
Common
Stock

Number of
Shares of
AMPS

Aggregate
Dollar
Range of
Equity
Securities
in Each

Fund

Aggregate
Dollar
Range of
Equity
Securities
in All Funds
Overseen
or To Be
Overseen
by the
Board
Member
in Fund
Complex

Number
of Share
Equivalents
(1)

Aggregate
Dollar
Range of
Share
Equivalents
in Each

Fund

Aggregate
Dollar
Range of
Common
Stock
and Share
Equivalents
in all

Funds

Independent Board Members:              
(continued)                
Karen P. Robards BlackRock New York 750 None $10,001–    
(continued) Municipal 2018 Term     $50,000        
  Trust              
 
  BlackRock Real 700 None $1–$10,000    
  Asset Equity Trust              

(1)      Represents, as of May 31, 2009, the approximate number of share equivalents owned under the deferred compensation plan in each Fund 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 Dividend Achievers™ Trust, BlackRock Energy and Resources Trust, BlackRock Floating Rate Income Trust, BlackRock Limited Duration Income Trust, BlackRock Preferred and Equity Advantage Trust, BlackRock Corporate High Yield Fund VI, Inc. and BlackRock Preferred Income Strategies Fund, Inc. are eligible investments.

     As of May 31, 2009, all Board Members, Board Nominees and officers as a group owned less than 1% of the outstanding shares of each Fund for which they are nominated to oversee.

     None of the Independent Board Members or 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, 2009.

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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
Pre-Amended
Fiscal
Year End†

Post-Amended
Fiscal
Year End

Number of
Board
Meetings

APX 30-Jun 30-Apr 6
BAF 31-Aug N/A 8
BBF 31-Oct 31-Jul 9
BBK 31-Aug N/A 8
BCF 31-Oct N/A 8
BCK 31-Aug N/A 8
BCL 31-Aug N/A 8
BCT 31-Oct N/A 8
BDJ 31-Oct N/A 8
BDT 31-Oct N/A 8
BDV 31-Oct N/A 8
BFK 31-Oct 30-Apr 6
BFO 31-Dec 31-Jul 9
BFY 31-Aug N/A 8
BFZ 31-Oct 31-Jul 9
BGR 31-Oct N/A 8
BGT 31-Dec 31-Oct 10
BGY 31-Oct N/A 8
BHD 31-Oct 31-Aug 6
BHK 31-Oct 31-Aug 6
BHL* 31-Aug N/A 4
BHV 31-Aug N/A 8
BHY 31-Oct 31-Aug 6
BIE 31-Aug N/A 8
BJZ 31-Dec N/A 9
BKK 31-Dec 30-Apr 4
BKN 31-Oct 30-Apr 6
BKT 31-Oct 31-Aug 6
BLE 31-Aug N/A 8
BLH 31-Dec 31-Dec 9
BLJ 31-Aug N/A 8
BLW 31-Oct 31-Aug 6
BME 31-Oct N/A 8
BMT 31-Dec N/A 9
BNA 31-Oct 31-Aug 6
BNJ 31-Oct 31-Jul 9
BNY 31-Oct 31-Jul 9
BOE 31-Oct N/A 8
BPK 31-Dec N/A 9
BPP 31-Dec 31-Oct 10
BPS 31-Dec 30-Apr 6
BQH 31-Aug N/A 8
BQR 31-Oct N/A 8
BQY 31-Oct N/A 8
BSD 31-Dec 30-Apr 6
BSE 31-Aug N/A 8
BTA 31-Oct 30-Apr 6
BYM 31-Aug N/A 8

D-1


Fund
Pre-Amended
Fiscal
Year End†

Post-Amended
Fiscal
Year End

Number of
Board
Meetings

BZA 31-Aug N/A 8
BZM 31-Aug N/A 8
HIS 31-Dec 31-Aug 6
MUA 31-May 30-Apr 6
RAA 31-Oct 31-Jul 9
RFA 31-Oct 31-Jul 9
RNJ 31-Oct 31-Jul 9
RNY 31-Oct 31-Jul 9

*      BlackRock Defined Opportunity Credit Trust (BHL) commenced operations on January 31, 2008. The number of meetings reflected are since the commencement of operations.
   
The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. The information reflected in this chart is for the post-amended FYE.

     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.

D-2


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. The Board of each Fund has established the following standing and other operating committees.

     Audit Committee. Each Board has a standing Audit Committee comprised of Karen P. Robards (Chair), Kent Dixon, Frank J. Fabozzi, James T. Flynn and W. Carl Kester, each of whom is an Independent Board Member. The primary purposes of each Board’s Audit Committee are to assist the Board in fulfilling its responsibility for oversight of the integrity of the accounting, auditing and financial reporting practices of the Funds, the qualifications and independence of the Funds’ independent registered public accounting firm, and the Funds’ compliance with legal and regulatory requirements. The Audit Committees review the scope of the Funds’ audit, accounting and financial reporting policies and practices and internal controls. The Audit Committees approve, and recommend to the Independent Board Members for their ratification, the selection, appointment, retention or termination of the Funds’ independent registered public accounting firms. The Audit Committees also approve all audit and permissible non-audit services provided by the Funds’ independent registered public accounting firms to its manager or adviser and any affiliated service providers if the engagement relates directly to the Fund’s operations and financial reporting of the Fund. A copy of the Audit Committee Charter for each Fund is included in Appendix F.

     Governance and Nominating Committee. Each Board has a standing Governance and Nominating Committee. Each Governance and Nominating Committee is comprised of R. Glenn Hubbard, G. Nicholas Beckwith, III, Richard E. Cavanagh, Jerrold B. Harris and Kathleen F. Feldstein, each of whom is not an “interested person” within the meaning of the 1940 Act.

     Each Governance and Nominating Committee is responsible for, among other things, recommending candidates to fill vacancies on the Board, scheduling and organization of Board meetings, evaluating the structure and composition of the board and determining compensation of the Fund’s non-interested Board Members. Each Governance and Nominating Committee may consider nominees recommended by a shareholder. Shareholders who wish to recommend a nominee should send recommendations to the Fund’s Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. To have a candidate considered by the Governance and Nominating Committee, a shareholder must submit the recommendation in writing and must include:

  • the name and record address of the shareholder, the class or series and number of shares of the Fund which are owned beneficially or of record by the shareholder, a description of all arrangements or understandings between the shareholder and each proposed candidate and any other person or persons (including their names) in connection with which the nomination(s) made by the shareholder, a representation that the shareholder intends to appear in person or by proxy at the meeting to nominate the persons named in its recommendation and any other information relating to the shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors/trustees pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and

  • the name, age, business address and residential address of the candidate(s), the principal occupation or employment of the candidate(s), the class or series and number of shares of the Fund which are owned beneficially or of record by the candidate(s), if any, and any other information relating to the candidate(s) that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors/trustees pursuant to Section 14 of the Exchange Act.

     Such recommendation must be accompanied by a written consent of each proposed candidate to being named as a nominee and to serve as a director/trustee if elected. The Governance and Nominating Committee may also take into consideration the number of shares held by the

E-1


recommending shareholder and the length of time that such shares have been held. A copy of the Governance and Nominating Committee Charter for each Fund is included in Appendix F.

     Compliance Committee. Each Fund has a Compliance Committee composed of Kathleen F. Feldstein, G. Nicholas Beckwith, III, Richard E. Cavanagh, Jerrold B. Harris and R. Glenn Hubbard, each of whom is not an “interested person” within the meaning of the 1940 Act. The Compliance Committee performs those functions enumerated in the Compliance Committee charter, including, but not limited to, supporting the Board Members in acting independently of BlackRock Advisors in pursuing the best interests of the Funds and their shareholders, receiving information on and, where appropriate, recommending policies concerning the Funds’ compliance with applicable law, and receiving reports from and making certain recommendations in respect of the Funds’ Chief Compliance Officer.

     Performance Oversight Committee. Each Fund has a Performance Oversight Committee composed of all of the Independent Board Members. The Performance Oversight Committee acts in accordance with the Performance Oversight Committee charter. The Performance Oversight Committee performs those functions enumerated in the Performance Oversight Committee charter, including, but not limited to, supporting the Board Members who are not “interested persons,” within the meaning of the 1940 Act, of the Funds in acting independently of BlackRock in pursuing the best interests of the Funds and their shareholders, developing an understanding of and reviewing the investment objective, policies and practices of the Funds, and reviewing with respect to the Funds: (a) whether the Funds have complied with their investment policies and restrictions as reflected in its prospectus and statement of additional information, (b) appropriate benchmarks and competitive universes, (c) investment performance, (d) unusual or exceptional investment matters, and (e) other matters bearing on the Funds’ investment results.

     Executive Committee. Each Fund has an Executive Committee composed of Messrs. Cavanagh and Davis and Ms. Robards, which acts on behalf of the full Board on certain matters in the interval between meetings of the Board.

     Ad Hoc AMPS Committee. Each AMPS Fund has an Ad Hoc AMPS Committee (the “AMPS Committee”) composed of Messrs. Cavanagh, Fabozzi, Gabbay and Kester and Ms. Robards. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have suffered reduced liquidity. The AMPS Committee was formed for the purpose of monitoring issues arising from this recent market turmoil and overseeing efforts to provide liquidity to the AMPS holders. As of the date of this proxy statement, the AMPS Committee has met twenty-three times since its formation. It is expected that as of the date of the meeting, the total amount of redemptions of auction market preferred shares across the BlackRock Closed-End Funds, including the AMPS Funds, will equal $3.19 billion, which represents approximately 32.5% of all auction market preferred shares outstanding for the BlackRock Closed-End Funds as of February 2008. In addition to these redemptions, the AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, the development of a put feature for the AMPS or issuing a new form of preferred stock that includes a put feature, which would make each eligible for purchase by money market funds. The AMPS Funds are also exploring the expanded use of additional alternative forms of leverage such as tender option bonds, repurchase agreements and credit facilities.

E-2


     Each Governance and Nominating Committee, each Audit 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
Pre-Amended
Fiscal

Year End†

Post-Amended
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

APX 30-Jun 30-Apr 7 4 5 4 2 N/A
BAF 31-Aug N/A 4 3 4 3 0 9
BBF 31-Oct 31-Jul 6 3 4 3 0 7
BBK 31-Aug N/A 4 3 3 3 0 9
BCF 31-Oct N/A 5 4 5 4 2 N/A
BCK 31-Aug N/A 4 3 4 3 0 9
BCL 31-Aug N/A 4 3 4 3 0 9
BCT 31-Oct N/A 5 4 5 4 2 N/A
BDJ 31-Oct N/A 5 4 5 4 2 N/A
BDT 31-Oct N/A 5 4 5 4 2 N/A
BDV 31-Oct N/A 5 4 5 4 2 N/A
BFK 31-Oct 30-Apr 6 4 5 4 2 17
BFO 31-Dec 31-Jul 6 3 4 3 0 7
BFY 31-Aug N/A 4 3 4 3 0 9
BFZ 31-Oct 31-Jul 6 3 4 3 0 7
BGR 31-Oct N/A 5 4 5 4 2 N/A
BGT 31-Dec 31-Oct 5 4 5 4 3 15
BGY 31-Oct N/A 5 4 4 4 2 N/A
BHD 31-Oct 31-Aug 5 3 3 3 0 N/A
BHK 31-Oct 31-Aug 5 3 4 3 0 N/A
BHL* 31-Aug N/A 2 2 2 2 0 N/A
BHV 31-Aug N/A 4 3 4 3 0 9
BHY 31-Oct 31-Aug 5 3 4 3 1 N/A
BIE 31-Aug N/A 4 3 4 3 0 9
BJZ 31-Dec N/A 6 4 5 4 2 15
BKK 31-Dec 30-Apr 6 4 5 4 2 17
BKN 31-Oct 30-Apr 6 4 5 4 2 17
BKT 31-Oct 31-Aug 5 3 3 3 0 N/A
BLE 31-Aug N/A 4 3 4 3 0 9
BLH 31-Dec N/A 6 4 5 4 2 15
BLJ 31-Aug N/A 4 3 4 3 0 9
BLW 31-Oct 31-Aug 5 3 3 3 0 N/A
BME 31-Oct N/A 5 4 5 4 2 N/A
BMT 31-Dec N/A 6 4 5 4 2 14
BNA 31-Oct 31-Aug 5 3 4 3 0 N/A
BNJ 31-Oct 31-Jul 6 3 4 3 0 7
BNY 31-Oct 31-Jul 6 3 4 3 0 7
BOE 31-Oct N/A 5 4 5 4 2 N/A
BPK 31-Dec N/A 6 4 5 4 2 15
BPP 31-Dec 31-Oct 6 4 5 4 2 15
BPS 31-Dec 30-Apr 6 4 5 4 2 16
BQH 31-Aug N/A 4 3 4 3 0 9
BQR 31-Oct N/A 5 4 5 4 2 N/A
BQY 31-Oct N/A 5 4 5 4 2 N/A
BSD 31-Dec 30-Apr 6 4 5 4 2 16
BSE 31-Aug N/A 4 3 4 3 0 9

E-3


Fund
Pre-Amended
Fiscal

Year End†

Post-Amended
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

BTA 31-Oct 30-Apr 6 4 5 4 2 N/A
BYM 31-Aug N/A 4 3 4 3 0 9
BZA 31-Aug N/A 4 3 4 3 0 9
BZM 31-Aug N/A 4 3 4 3 0 9
HIS 31-Dec 31-Aug 6 3 4 3 1 N/A
MUA 31-May 30-Apr 6 4 5 4 2 N/A
RAA 31-Oct 31-Jul 6 3 4 3 0 7
RFA 31-Oct 31-Jul 6 3 4 3 0 7
RNJ 31-Oct 31-Jul 6 3 4 3 0 7
RNY 31-Oct 31-Jul 6 3 4 3 0 7

*      BlackRock Defined Opportunity Credit Trust (BHL), commenced operations on January 31, 2008. Number of meetings reflected are since the commencement of operations.
   
The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, the information reflected in this chart is for the post-amended FYE.

E-4


Appendix F

Joint Audit Committee Charter
of
The BlackRock Closed-End Trusts

Background

     Each of the closed-end trusts managed by BlackRock Advisers, LLC or its affiliates (collectively, “BlackRock”) is referred to as the “Fund”; the Board of Trustees of the Fund is referred to as the “Board of Director” and its members are referred to as the “Directors”; and the Directors who are not “interested persons” (as such term is defined in the Investment Company Act of 1940) of the Fund are referred to as the “Independent Directors”. The Board of Directors, including at least a majority of the Independent Directors, has adopted this Charter. The Audit Committee is referred to as the “Committee”.

Purposes of the Committee

     The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting policies and practices of the Fund, including:

  • the integrity of the Fund’s financial statements;

  • the Fund’s compliance with legal and regulatory requirements;

  • the qualifications and independence of the Fund’s independent auditors;

  • the performance of the Fund’s internal audit function provided by its investment advisor, administrator, pricing agent or other service providers; and

  • preparing for each Fund the report required to be included in its annual proxy statement, if any, by the rules of the Securities and Exchange Commission.

The Members of the Committee

     The Committee shall be composed of at least three members of the Board, each of whom is an Independent Director. No member of the Committee shall directly or indirectly receive any compensation from the Fund, except compensation for services as a member or officer of the Fund’s Board or a committee of the Board(1). Members shall have no relationships with the Fund, BlackRock or the Fund’s administrator or custodian that may interfere with the exercise of their independence from management of the Fund. The members and the Committee chair will be elected by the full Board. The Chairman of the Board may designate an acting Chair in the absence of the Chair.

     Each member shall be “financially literate” as the Board interprets such qualification in its business judgment. At least one member shall have accounting or related financial management expertise, as the Board interprets such qualification in its business judgment. The Board shall determine annually whether any member of the Committee is an “audit committee financial expert” (“ACFE”) as defined in Item 3 of Form N-CSR. The Board may presume that an ACFE has the requisite accounting or related financial management expertise. The designation of a person as an ACFE shall not impose any greater responsibility or liability on that person than the responsibility or liability imposed on such person as a member of the Committee.


(1)      For this purpose, compensation includes any compensation paid by a Fund or a subsidiary for services to a law firm, accounting firm, consulting firm, investment bank or financial advisory firm in which the Committee member is a partner, member, executive officer or holds a similar position.

F-1


     If a member simultaneously serves on the audit committees of more than three public companies, the Board shall determine whether such simultaneous service would impair the ability of such member to effectively serve on the Fund’s audit committee. The Board has determined that simultaneous service on the Committee of each Fund shall be deemed to be equivalent to service on the audit committee of a single public company for purposes of this requirement and that such service does not impair the ability of a member to effectively serve on the Committee of any single Fund.

Chair; Functions of the Chair

     The Chair will have the following responsibilities:

     The Chair will preside at all meetings of the Committee. Any designated alternate will preside in the Chair’s absence.

     The Chair will be responsible for reviewing and providing direction on meeting agendas.

     The Chair will coordinate with the chairs of other committees as appropriate.

     The Chair will assist in identifying and bringing to the attention of the Chairman of the Board issues that should be considered by the Board of Directors, the Independent Directors or any other committee.

     At meetings of the Board of Directors the Chair will report on the Committee’s recommendations on applicable resolutions and on any important actions by or discussions at the Committee.

Meetings and Procedures of the Committee

     The Committee will generally meet on a quarterly basis, or more frequently as called by the Chair. The Chair or a majority of the members of the Committee may call a special meeting of the Committee.

     The Committee may determine its own rules of procedure, which shall be consistent with the charter document of the Fund, the Bylaws of the Fund and this Charter.

     A majority of the members of the Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate with each other, shall constitute a quorum. The Committee may take action by written consent if at least the number of Directors required for approval at a meeting consent to the action in writing and the written consents are filed with the records of meetings of the Committee, unless otherwise required by applicable law.

     The Committee may request that any Director, officer or employee of a Fund, or other persons whose advice and counsel are sought by the Committee, attend any meeting of the Committee to provide such information as the Committee requests.

     The Committee shall cause to be kept written minutes of its meetings, which minutes shall be maintained with the books and records of the Fund.

     Meetings of the Committee will be open to all Independent Directors.

Duties and Responsibilities

     The Committee shall have the following duties and responsibilities:

     Engagement of Auditors. The Committee will approve the selection, retention, termination and compensation of the independent registered public accounting firm (the “independent accountants”) for the Fund.

F-2


     Auditor Reporting. The Committee will:

  • Be the representative of the Fund to which each independent accountant reports.

  • Have sole authority to hire and fire any independent accountant of the Fund.

  • Approve all audit engagement fees and terms for the Fund.

  • Consider and act upon (i) the provision by any independent accountant of any non-audit services for any Fund, and (ii) the provision by any independent accountant of non-audit services to Fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations (the “Auditor Independence Regulations”) of the Securities and Exchange Commission. In furtherance of the foregoing, the Committee may from time to time adopt and provide oversight in respect of policies and procedures for non-audit engagements by independent accountant of the Fund.

     Independence of Auditors.

  • Evaluate the independence and objectivity of the independent accountant and actively engage in a dialogue with them regarding matters that might reasonably be expected to affect their independence; in this connection, the Committee shall ensure receipt from the independent accountants at least annually of a formal written statement delineating all the relationships between them and the Fund, consistent with Independence Standards Board Standard No. 1.

  • Provide oversight of BlackRock’s hiring policies for employees or former employees of the independent accountants and receive reports in respect thereof.

     Oversight.

  • Meet with the Fund’s independent accountants, at least twice a year and more often if in its discretion, to review the conduct and results of each audit and discuss the Fund’s audited and unaudited financial statements; and in this connection discuss the matters stated in SAS 61 “Communications with Audit Committees,” as amended, and any other communications required to be discussed with the Committee pursuant to applicable laws, regulations, listing agreements and rules of any applicable SRO.

  • Discuss with BlackRock its policies with respect to risk assessment and risk management.

  • Meet periodically with the Fund’s independent accountants, the Fund’s principal executive officer and the Fund’ principal financial officer, and internal auditors in separate executive sessions as the Committee deems necessary or advisable.

  • Review any issues raised by the independent accountants 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; evaluate the independent auditor’s qualifications and performance (including the performance of the lead partner); resolve disagreements between management and the independent accountants regarding financial reporting.

  • Provide oversight of procedures for the receipt, retention and treatment of complaints received by the Fund relating to accounting, internal accounting controls, or auditing matters, and the confidential, anonymous submission by employees of the Fund and its affiliates and service providers of concerns about accounting or auditing matters pertaining to the Fund.

  • Provide oversight in respect of reports from attorneys or auditors of possible violations of federal or state law or fiduciary duty.

F-3


  • Provide oversight in respect of any legal matters brought to the Committee’s attention that may have a material impact on the Fund’s financial statements and any material reports or inquiries received from regulators or governmental agencies. These matters may also be reviewed by the Compliance Committee.

  • Receive reports at least annually from each independent accountant engaged by the Fund describing (i) the firms internal quality-control procedures; (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by an inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm and any steps taken to deal with any such issues; and (iii) (to assess the auditor’s independence) all relationships between the independent auditor and the Fund.

  • Discuss generally financial information provided to ratings agencies.

  • Authorize and oversee investigations into any matters within the Committee’s scope of responsibilities or as specifically delegated to the Committee by the Board.

     Reports.

  • Prepare and approve the audit committee report required by Item 306 of Regulation S-K for proxy statements relating to the election of directors/trustees.

  • Report to the Board on a regular basis.

     Other. Take such other actions as the Committee deems necessary or desirable to fulfill its purpose as described above.

Resources

     The Committee may retain independent legal counsel or other advisers as it determines to be necessary or advisable to perform its duties. The Fund shall provide appropriate funding (as determined by the Committee) for the Committee to carry out its duties and its responsibilities, including:

  • for payment of compensation to the Fund’s independent accountants or any other public accounting firm providing audit, review or attest services for the Fund;

  • for payment of compensation to any special counsel and other advisors employed by the Committee;

  • for the ordinary administrative expenses of the Committee; and

  • for continuing education programs to enable Committee members to keep abreast of industry and regulatory development and to gain continuing insights to best practices of audit committees.

     In performing its duties the Committee may consult, as it deems appropriate, with the members of the Board, officers and employees of the Fund, the investment adviser, the Fund’s counsel and the Fund’s other service providers.

Self-Assessment; Amendment of Charter

     The Committee shall, on an annual basis, assess its performance. The Committee shall evaluate whether this Charter appropriately addresses the matters that are or should be within its scope. The independence of Committee members and satisfaction of the requirements to serve on the Committee shall be affirmed annually.

F-4


     The Committee shall report to the Board on an annual basis on the results of its evaluation, including any recommended amendments to this Charter, and any recommended changes to the Fund’s or the Board’s policies or procedures.

     The Committee may from time to time recommend to the Board such amendments to this Charter as the Committee determines to be necessary or appropriate.

     Note: Solely for the sake of clarity and simplicity, this Joint Audit Committee Charter has been drafted as if there is a single Fund, a single Performance Oversight Committee, a single Audit Committee, a single Governance and Nominating Committee, a single Compliance Committee and a single Board. The terms “Performance Oversight Committee,” “Audit Committee,” “Governance and Nominating Committee,” “Compliance Committee” and “Board” mean each “Performance Oversight Committee,” “Audit Committee,” “Governance and Nominating Committee,” “Compliance Committee” and “Board” as it relates to its respective Fund, unless the context otherwise requires. Each Performance Oversight Committee, Audit Committee, Governance and Nominating Committee, Compliance Committee and Board of each Fund shall act separately and in the best interests of its respective Fund.

F-5


Joint Governance and Nominating Committee Charter of the BlackRock Closed-End Trusts

Background

     Each of the closed-end trusts managed by BlackRock Advisers, LLC or its affiliates (collectively, “BlackRock”) is referred to as the “Fund”; the Board of Directors of the Fund is referred to as the “Board of Directors” and its members are referred to as the “Directors”; and the Directors who are not “interested persons” (as such term is defined in the Investment Company Act of 1940) of the Fund are referred to as the “Independent Directors”. The Board of Directors, including at least a majority of the Independent Directors, has adopted this Charter. The Governance and Nominating Committee is referred to as the “Committee”.

Purpose of the Committee

     The purposes of the Committee are to:

  • support the Independent Directors in pursuing the best interests of the Fund and its shareholders,

  • identify individuals qualified to serve as Independent Directors,

  • advise the Board of Directors with respect to Board composition, procedures and committees (other than the Audit Committee),

  • oversee periodic self-assessments of the Board of Directors and committees of the Board of Directors (other than the Audit Committee),

  • monitor corporate governance matters and make recommendations in respect thereof to the Board of Directors,

  • act as the administrative committee with respect to Board of Directors policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to Independent Directors,

  • Review and make recommendations in respect of Independent Director Compensation.

Composition of the Committee

     The Committee will have at least three members, all of whom will be Independent Directors. The members and the Chair of the Committee will be determined annually by vote of the Independent Directors. The Chairman of the Board may designate an acting chair in the absence of the Chair.

Chair; Functions of the Chair

     The Chair will have the following responsibilities:

  • The Chair will preside at all meetings of the Committee. Any designated alternate will preside in the Chair’s absence.

  • The Chair will be responsible for reviewing and providing direction on meeting agendas.

  • The Chair will coordinate with the chairs of other committees as appropriate.

  • The Chair, reflecting the views of Committee members, will engage BlackRock in a dialogue on the scope and contents of materials furnished to the Committee.

F-6


  • The Chair will assist in identifying and bringing to the attention of the Chairman of the Board issues that should be considered by the Board of Directors, the Independent Directors or any other committee.

  • At meetings of the Board of Directors the Chair will report on the Committee’s recommendations on applicable resolutions and on any important actions by or discussions at the Committee.

  • The Chair will coordinate with counsel for the Funds on matters requiring legal advice, and will coordinate with counsel to the Independent Directors on matters involving conflicts of interest with BlackRock.

Meetings and Procedures of the Committee

     The Committee will generally meet on a quarterly basis, or more frequently as called by the Chair. The Chair or a majority of the members of the Committee may call a special meeting of the Committee.

     The Committee may determine its own rules of procedure, which shall be consistent with the charter document of the Fund, the Bylaws of the Fund and this Charter.

     A majority of the members of the Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can communicate with each other, shall constitute a quorum. The Committee may take action by written consent if at least the number of Directors required for approval at a meeting consent to the action in writing and the written consents are filed with the records of meetings of the Committee, unless otherwise required by the Fund’s charter, bylaws or applicable law.

     The Committee may request that any Director, officer or employee of a Fund, or other persons whose advice and counsel are sought by the Committee, attend any meeting of the Committee to provide such information as the Committee requests.

     The Committee shall cause to be kept written minutes of its meetings, which minutes shall be maintained with the books and records of the Fund.

     Meetings of the Committee will be open to all Independent Directors.

Particular Actions of the Committee

     Board Candidates and Nominees. The Committee shall have the following goals and responsibilities with respect to Board candidates and nominees:

  • Make recommendations as to the Independent Directors’ criteria for evaluating potential nominees. (The present criteria are attached as Annex A.)

  • Recommend Independent Director nominees for election by the shareholders or appointment by the Board. In assessing candidates for the office of Independent Director the Committee shall give appropriate weight to the criteria referred to in clause (a).

  • Review the suitability for continued service as a director of each Independent Director when his or her term expires and at such other times as the Committee deems necessary or appropriate, and to recommend whether or not the Independent Director should be renominated.

     Board Composition and Procedures. The Committee shall have the following goals and responsibilities with respect to the composition and procedures of the Board as a whole:

  • Review periodically with the Board the size and composition of the Board as a whole and recommend, if necessary, measures to be taken so that the Board reflects the appropriate

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balance of knowledge, experience, skills, expertise and diversity required for the Board as a whole and contains at least the minimum number of Independent Directors required by law.

  • Make recommendations on the frequency and structure of Board meetings.

  • Make recommendations concerning any other aspect of the procedures of the Board that the Committee considers warranted.

  • Make recommendations on the requirements for, and means of, Board orientation and training.

  • Act as the administrative committee under the Trustee’s Fee Deferral Plan.

  • Make recommendations as to the Independent Directors’ compensation.

     Corporate Governance. The following shall be the goals and responsibilities of the Committee with respect to governance matters:

  • Consider any corporate governance issues that arise from time to time, and to develop appropriate recommendations for the Board giving appropriate weight to relevant factors including industry “best practices”.

  • Monitor compliance with, and act as the administrative committee with respect to, the provisions of the Code of Ethics pursuant to Rule 17j-1(c) under the 1940 Act as they apply to the Independent Directors.

  • Provide oversight of Fund counsel.

     Board Committees. The following shall be the goals and responsibilities of the Committee with respect to the committee structure of the Board. The following provisions shall not apply to the Audit Committee, which will be supervised by the Board:

  • Make recommendations to the Board regarding the size and composition of each committee of the Board, including the identification of individuals to serve as members of a committee, and recommend individual Directors to fill any vacancy that might occur on a committee.

  • Monitor the functioning of the committees of the Board and to make recommendations for any changes, including the creation or elimination of committees, the orientation of committee members, the annual review performed, if any, by each committee.

  • Recommend that the Board establish such special committees as may be desirable or necessary from time to time.

     Self-Assessment of the Board. The Committee shall be responsible for overseeing the annual self- assessment of the Board. The Committee shall address all matters that the Committee considers relevant to the Board’s performance.

     The Committee shall report to the Board on the results of its evaluation, including any recommended amendments to the principles of corporate governance, and any recommended changes to the Fund’s or the Board’s policies or procedures.

Self-Assessment of the Committee

     The Committee shall, on an annual basis, assess its performance. The Committee shall address matters that the Committee considers relevant to its performance.

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     The Committee shall report to the Board on an annual basis on the results of its evaluation, including any recommended amendments to this Charter, and any recommended changes to the Fund’s or the Board’s policies or procedures. This report may be written or oral.

     The Committee may from time to time recommend to the Board such amendments to this Charter as the Committee determines to be necessary or appropriate.

Consultants; Investigations and Studies; Outside Advisers

     The Committee will have authority, upon consultation with the Chairman of the Board, to retain and terminate any third-party advisers, including authority to approve fees and other retention terms. The Committee may conduct or authorize investigations into or studies of matters within the Committee’s scope of responsibilities, and may retain, at the Fund’s expense, such independent counsel or other advisers as it deems necessary. The Committee may call upon the Fund’s independent accountants (with the concurrence of the Audit Committee) or other third parties for such fact-finding and analysis as may be appropriate in light of the objectives of this Charter.

     Note: Solely for the sake of clarity and simplicity, this Joint Governance and Nominating Committee Charter has been drafted as if there is a single Fund, a single Performance Oversight Committee, a single Audit Committee, a single Governance and Nominating Committee, a single Compliance Committee and a single Board. The terms “Performance Oversight Committee,” “Audit Committee,” “Governance and Nominating Committee,” and “Compliance Committee” and “Board” mean each “Performance Oversight Committee,” “Audit Committee,” “Governance and Nominating Committee” and “Compliance Committee” and “Board” as it relates to its respective Fund, unless the context otherwise requires. Each Performance Oversight Committee, Audit Committee, Governance and Nominating Committee and Compliance Committee and Board of each Fund shall act separately and in the best interests of its respective Fund.

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Annex A

Statement of Policy on Criteria
for Selecting Independent Directors

     The Governance, Nominating and Compliance Committee has adopted this Statement of Policy to memorialize its views as to the appropriate criteria for selecting Independent Directors of the Fund.

     A. The Governance, Nominating and Compliance Committee expects that all candidates will have the following characteristics:

  • Unquestioned personal integrity.

  • The candidate may not be an “interested person” of BlackRock or its affiliates within the meaning of the Investment Company Act of 1940.

  • The candidate should have no material relationship that could create an appearance of lack of independence in respect of BlackRock and its affiliates. Material relationships can include commercial, industrial, banking, consulting, legal, accounting, charitable and familial relationships (among others).

  • The candidate needs the disposition to act independently in fact in respect of BlackRock and its affiliates. It is expected that Independent Directors will play an active and, if necessary, an adversarial role in pursuing the best interests of the Fund and shareholders.

  • The candidate needs to be able to attend six meetings per year. The effect of this requirement is to limit the number of other boards on which a candidate can participate.

  • The candidate needs to have demonstrated sound business judgment gained through broad experience in significant positions where the candidate has dealt with management, technical, financial or regulatory issues.

  • The candidate should have sufficient financial or accounting knowledge to add value in the complex financial environment of the Fund.

  • Candidates should have experience on corporate and other boards. This helps assure that they have other exposure to current governance issues and business practices. Candidates should not, however, have board memberships or other relationships that could result in business or regulatory conflicts with the Fund.

  • The candidate needs the capacity for the hard work and attention to detail that is required in light of the Fund’s complex regulatory, operational and marketing setting.

     B. The following characteristics are desirable, but not mandatory:

  • The candidate should have the ability to serve seven or more years before reaching mandatory retirement age.

  • The candidate should have diversity of interests evidenced by participation in community, charitable or other similar activities.

     C. The following are desirable characteristics of the Independent Directors as a group:

  • The Independent Directors will generally be drawn from the ranks of respected and accomplished senior business, government, professional and academic leaders.

  • The Independent Directors will strive to achieve diversity in terms of gender, race and geographic location.

  • The Independent Directors as a whole should reflect a diversity of experience. At least one Independent Director will be a “financial expert,” as such term is defined by the SEC. The Governance, Nominating and Compliance Committee will strive to achieve a balance of experience of Independent Directors in respect of industries, management roles and other experience.

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Appendix G

Officers of the Funds

     The officers of each Fund, 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 tables below. The address of each officer is c/o BlackRock, Inc., 40 East 52nd Street, New York, New York 10022-5911.

     Officers receive no compensation from the Funds, although they may be reimbursed for reasonable travel expenses for attending meetings of the Boards.

     Each 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 Officers

Name, Address
and Year of Birth

     Position(s) Held with Fund
    Length of
Time Served

    Principal Occupations(s)
During Past 5 Years

Donald C. Burke   President and Chief Executive   Since 2007   Managing Director of BlackRock, Inc.
40 East 52nd Street   Officer (except for MYF, MFT