BLACKROCK INCOME TRUST, INC.

DEF 14A 1 e35963def_14a.htm NOTICE AND PROXY

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

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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 Achievers TM Trust BlackRock Strategic Dividend Achievers TM Trust BlackRock Dividend Achievers TM 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.

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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 Funds 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.

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 Achievers TM Trust	BDJ
BlackRock Strategic Dividend Achievers TM Trust	BDT
BlackRock Dividend Achievers TM 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

JOINT PROXY STATEMENT		Page — 1
SUMMARY OF PROPOSAL AND FUNDS VOTING		3
PROPOSAL 1TO 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 Funds 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 Funds 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.

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 shareholders 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 Commissions 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

SUMMARY OF PROPOSAL AND FUNDS VOTING

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

Fund Name	Ticker	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
Achievers TM Trust	BDJ	X
BlackRock Strategic Dividend Achievers TM Trust	BDT	X
BlackRock Dividend Achievers TM 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

Fund Name	Ticker	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. |

PROPOSAL 1TO 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 Funds 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.

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

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 Schools 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.

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 Funds 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 years annual shareholders meeting.

Board Meetings. Information relating to the number of times that the Boards met during each Funds 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 .

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 Funds 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 Funds 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 Funds 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 Funds 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 Funds governing documents to Board Members who leave that Funds 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 Funds 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.

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 firms 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 owners 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 shareholders 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.

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 Funds 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 Funds 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 Funds 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 Funds 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 Committees review and discussion of the Funds independent registered public accounting firm, each Audit Committee recommended to its respective Board that the Funds audited financial statements for the Funds most recently completed fiscal year (each Funds fiscal year end is set forth in Appendix H ) for which audited financial statements are available be included in each Funds Annual Report to Shareholders.

Appendix H sets forth for each Fund the fees billed by that Funds 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 Feesfees 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 Feesfees 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 Feesfees 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 Feesfees 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

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 Funds 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 Funds 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 Funds 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 SECs 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 Funds 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 auditors 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 Funds 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 Funds proxy statement and form of proxy for the 2010 annual meeting in accordance with Rule 14a-8 may submit a

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 Funds 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 Funds 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 years 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 Commissions 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 [email protected]. 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 Funds 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 Funds 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

$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 Funds 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

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 Funds 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

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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
	Achievers TM Trust	Delaware Statutory Trust	69,778,138	N/A	535,285,463
BDT	BlackRock Strategic Dividend
	Achievers TM Trust	Delaware Statutory Trust	26,908,028	N/A	234,995,828
BDV	BlackRock Dividend Achievers TM 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 Funds 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 Members total compensation paid by funds in the Fund Complex may be deferred pursuant to the Fund Complexs 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 Funds post-amended fiscal year end).

Fund	Funds Fiscal Year End (1) (10)	Richard E. Cavanagh (2)		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)
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	Funds Fiscal Year End (1) (10)	Richard E. Cavanagh (2)		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)
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 Funds 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 Complexs 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	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	Number of Share Equivalents (1)	Aggregate Dollar Range of Share Equivalents in Each Fund
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	Number of Share Equivalents (1)	Aggregate Dollar Range of Share Equivalents in Each Fund
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	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	Number of Share Equivalents (1)	Aggregate Dollar Range of Share Equivalents in Each Fund
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
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.

C-15

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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 Boards 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds financial statements;
the Funds compliance with legal and regulatory requirements;
the qualifications and independence of the Funds independent auditors;
the performance of the Funds 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 Funds Board or a committee of the Board(1). Members shall have no relationships with the Fund, BlackRock or the Funds 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 Funds 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 Chairs 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 Committees 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 BlackRocks hiring policies for employees or former employees of the independent accountants and receive reports in respect thereof.

Oversight.

Meet with the Funds 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 Funds 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 Funds independent accountants, the Funds 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 managements response; evaluate the independent auditors 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 Committees attention that may have a material impact on the Funds 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 auditors 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 Committees 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 Funds 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 Funds counsel and the Funds 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 Funds or the Boards 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 Chairs 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 Committees 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.

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

F-7

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 Trustees 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 Boards 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 Funds or the Boards 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.

F-8

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 Committees scope of responsibilities, and may retain, at the Funds expense, such independent counsel or other advisers as it deems necessary. The Committee may call upon the Funds 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.

F-9

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 Funds 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.

F-10

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 individuals 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		since 2006; Managing Director of
New York, NY	and
MPA)		Merrill Lynch Investment Managers,
10022-5911			L.P. (MLIM) and Fund Asset
			Management, L.P. (FAM) in 2006,
1960			First Vice President thereof from 1997
			to 2005, Treasurer thereof from 1999
			to 2006.
Anne F. Ackerley	Vice President	Since 2007	Managing Director of BlackRock, Inc.
40 East 52nd Street			since 2000; Chief Operating Officer
New York, NY			of BlackRocks Account Management
10022-5911			Group (AMG) since 2009; Chief
			Operating Officer of BlackRocks U.S.
1962			Retail Group from 2006 to 2009;
			Head of BlackRocks Mutual Fund
			Group from 2000 to 2006.
Neal J. Andrews	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc.
40 East 52nd Street			since 2006; Senior Vice President and
New York, NY			Line of Business Head of Fund
10022-5911			Accounting and Administration at PNC
			Global Investment Servicing (U.S.) Inc.
1966			(formerly PFPC Inc.) from 1992 to
			2006.
Jay M. Fife	Treasurer	Since 2007	Managing Director of BlackRock, Inc.
40 East 52nd Street			since 2007 and Director in 2006;
New York, NY			Assistant Treasurer of MLIM/FAM-
10022-5911			advised Funds from 2005 to 2006;
			Director of MLIM Fund Services Group
1970			from 2001 to 2006.
Brian P. Kindelan	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the
40 East 52nd Street			BlackRock-advised Funds since 2007;
New York, NY			Managing Director and Senior Counsel
10022-5911			of BlackRock, Inc. since 2005;
			Director and Senior Counsel of
1959			BlackRock Advisors, Inc. from 2001 to
			2004.
Howard B. Surloff	Secretary	Since 2007	Managing Director of BlackRock, Inc.
40 East 52nd Street			and General Counsel of U.S. Funds at
New York, NY			BlackRock, Inc. since 2006; General
10022-5911			Counsel (U.S.) of Goldman Sachs
			Asset Management, L.P. from 1993 to
1965			2006.
Richard S. Davis	President of MFL,	Since 2007	Managing Director of BlackRock, Inc.
40 East 52nd Street	MYF, MFT and		since 2005; Formerly Chief Executive
New York, NY	MPA		Officer and Chairman of the Board of
10022-5911			Trustees, State Street Research &
			Management Company from 2000 to
1945			2005.

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Appendix H

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

Audit Fees and Audit-Related Fees

Fund	Pre-Amended Fiscal Year End	Post-Amended Fiscal Year End	Audit Fees — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)	Audit-Related Fees — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)
APX	30-Jun	30-Apr	27,900	27,000	0	0
BAF	31-Aug	N/A	28,000	29,700	3,500	1,975
BBF	31-Oct	31-Jul	27,400	27,600	3,500	1,975
BBK	31-Aug	N/A	28,000	30,500	3,500	1,975
BCF	31-Oct	N/A	41,200	38,800	0	0
BCK	31-Aug	N/A	27,400	28,400	3,500	1,975
BCL	31-Aug	N/A	27,400	29,500	3,500	1,975
BCT	31-Oct	N/A	15,000	32,900	0	0
BDJ	31-Oct	N/A	43,700	41,300	0	0
BDT	31-Oct	N/A	39,600	34,500	0	0
BDV	31-Oct	N/A	37,100	34,700	0	0
BFK	31-Oct	30-Apr	33,700	32,800	3,500	3,500
BFO	31-Dec	31-Jul	27,400	27,900	3,500	1,975
BFY	31-Aug	N/A	26,800	28,300	3,500	1,975
BFZ	31-Oct	31-Jul	27,800	28,900	3,500	1,975
BGR	31-Oct	N/A	31,800	38,600	0	0
BGT	31-Dec	31-Oct	49,300	44,000	3,500	1,975
BGY	31-Oct	N/A	44,500	48,200	0	0
BHD	31-Oct	31-Aug	33,000	33,000	0	0
BHK	31-Oct	31-Aug	55,300	67,900	0	0
BHL	31-Aug	N/A	62,000	N/A	8,000	N/A
BHV	31-Aug	N/A	16,800	15,600	3,500	1,975
BHY	31-Oct	31-Aug	39,000	33,500	0	5,000
BIE	31-Aug	N/A	27,400	27,800	3,500	1,975
BJZ	31-Dec	N/A	26,800	28,100	3,500	1,975
BKK	31-Dec	30-Apr	28,200	27,300	3,500	3,500
BKN	31-Oct	30-Apr	29,700	28,800	3,500	3,500
BKT	31-Oct	31-Aug	55,300	68,400	0	0
BLE	31-Aug	N/A	29,300	35,200	3,500	1,975
BLH	31-Dec	N/A	26,800	27,500	3,500	1,975
BLJ	31-Aug	N/A	27,300	27,400	3,500	1,975
BLW	31-Oct	31-Aug	49,300	44,200	0	0
BME	31-Oct	N/A	40,200	35,300	0	0
BMT	31-Dec	N/A	26,800	31,000	3,500	1,975
BNA	31-Oct	31-Aug	55,300	68,000	0	0
BNJ	31-Oct	31-Jul	27,300	27,700	3,500	1,975
BNY	31-Oct	31-Jul	27,300	28,500	3,500	1,975
BOE*	31-Oct	N/A	133,100	129,700	0	0
BPK	31-Dec	N/A	27,300	30,500	3,500	1,975
BPP	31-Dec	31-Oct	35,300	38,900	3,500	1,975
BPS	31-Dec	30-Apr	20,200	19,300	3,500	3,500
BQH	31-Aug	N/A	27,300	27,500	3,500	1,975
BQR	31-Oct	N/A	41,000	35,400	0	0
BQY	31-Oct	N/A	35,000	33,500	0	0
BSD	31-Dec	30-Apr	30,200	29,300	3,500	3,500
BSE	31-Aug	N/A	27,800	28,900	3,500	1,975
BTA	31-Oct	30-Apr	29,700	28,800	0	0
BYM	31-Aug	N/A	45,500	46,200	3,500	0
BZA	31-Aug	N/A	29,300	36,200	3,500	1,975
BZM	31-Aug	N/A	27,300	27,800	3,500	1,975
HIS	31-Dec	31-Aug	27,300	27,300	3,500	1,975
MUA	31-May	30-Apr	38,000	35,300	0	5,000
RAA	31-Oct	31-Jul	16,800	15,100	3,500	1,975
RFA	31-Oct	31-Jul	17,300	15,200	3,500	1,975
RNJ	31-Oct	31-Jul	16,800	15,100	3,500	1,975
RNY	31-Oct	31-Jul	16,300	15,200	3,500	1,975

	The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE.
	BHL had not yet been formed in the fiscal year preceding the most recent one.
*	Includes fees paid by BlackRock Global Equity Income Trust and BlackRock World Investment Trust which are expected to merge into BOE on July 27, 2009.

H-1

Fund	Pre-Amended Fiscal Year End	Post-Amended Fiscal Year End	Tax Fees — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)	All Other Fees — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)
APX	30-Jun	30-Apr	6,100	6,100	1,028	1,049
BAF	31-Aug	N/A	6,100	6,100	1,049	1,042
BBF	31-Oct	31-Jul	6,100	6,100	1,049	1,042
BBK	31-Aug	N/A	6,100	6,100	1,049	1,042
BCF	31-Oct	N/A	6,100	6,100	1,049	1,042
BCK	31-Aug	N/A	6,100	6,100	1,049	1,042
BCL	31-Aug	N/A	6,100	6,100	1,049	1,042
BCT	31-Oct	N/A	6,100	6,100	1,049	1,042
BDJ	31-Oct	N/A	6,100	6,100	1,049	1,042
BDT	31-Oct	N/A	6,100	6,100	1,049	1,042
BDV	31-Oct	N/A	6,100	6,100	1,049	1,042
BFK	31-Oct	30-Apr	6,100	6,100	1,028	1,049
BFO	31-Dec	31-Jul	6,100	6,100	1,049	1,042
BFY	31-Aug	N/A	6,100	6,100	1,049	1,042
BFZ	31-Oct	31-Jul	6,100	6,100	1,049	1,042
BGR	31-Oct	N/A	6,100	6,100	1,049	1,042
BGT	31-Dec	31-Oct	6,100	6,100	1,049	1,042
BGY	31-Oct	N/A	6,100	6,100	1,049	1,042
BHD	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BHK	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BHL	31-Aug	N/A	6,100	6,100	1,049	N/A
BHV	31-Aug	N/A	6,100	6,100	1,049	1,042
BHY	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BIE	31-Aug	N/A	6,100	6,100	1,049	1,042
BJZ	31-Dec	N/A	6,100	6,100	1,049	1,042
BKK	31-Dec	30-Apr	6,100	6,100	1,028	1,049
BKN	31-Oct	30-Apr	6,100	6,100	1,028	1,049
BKT	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BLE	31-Aug	N/A	6,100	6,100	1,049	1,042
BLH	31-Dec	N/A	6,100	6,100	1,049	1,042
BLJ	31-Aug	N/A	6,100	6,100	1,049	1,042
BLW	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BME	31-Oct	N/A	6,521	6,100	1,049	1,042
BMT	31-Dec	N/A	6,100	6,100	1,049	1,042
BNA	31-Oct	31-Aug	6,100	6,100	1,049	1,042
BNJ	31-Oct	31-Jul	6,100	6,100	1,049	1,042
BNY	31-Oct	31-Jul	6,100	6,100	1,049	1,042
BOE*	31-Oct	N/A	19,142	18,300	3,147	3,126
BPK	31-Dec	N/A	6,100	6,100	1,049	1,042
BPP	31-Dec	31-Oct	6,100	6,100	1,049	1,042
BPS	31-Dec	30-Apr	6,100	6,100	1,028	1,049
BQH	31-Aug	N/A	6,100	6,100	1,049	1,042
BQR	31-Oct	N/A	6,521	6,100	1,049	1,042
BQY	31-Oct	N/A	6,100	6,100	1,049	1,042
BSD	31-Dec	30-Apr	6,100	6,100	1,028	1,049
BSE	31-Aug	N/A	6,100	6,100	1,049	1,042
BTA	31-Oct	30-Apr	6,100	6,100	1,028	1,049
BYM	31-Aug	N/A	6,100	6,100	1,049	1,042
BZA	31-Aug	N/A	6,100	6,100	1,049	1,042
BZM	31-Aug	N/A	6,100	6,100	1,049	1,042
HIS	31-Dec	31-Aug	6,100	6,100	1,049	1,042
MUA	31-May	30-Apr	6,100	6,100	1,028	1,049
RAA	31-Oct	31-Jul	6,100	6,100	1,049	1,042
RFA	31-Oct	31-Jul	6,100	6,100	1,049	1,042
RNJ	31-Oct	31-Jul	6,100	6,100	1,049	1,042
RNY	31-Oct	31-Jul	6,100	6,100	1,049	1,042

	The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE.
	BHL had not yet been formed in the fiscal year preceding the most recent one.
*	Includes fees paid by BlackRock Global Equity Income Trust and BlackRock World Investment Trust which are expected to merge into BOE on July 27, 2009.

H-2

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

Fund	Pre- Amended Fiscal Year End	Post- Amended Fiscal Year End	Audit-Related Fees ($) — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)
APX	30-Jun	30-Apr	407,500	405,000	0	0
BAF	31-Aug	N/A	405,000	284,500	0	0
BBF	31-Oct	31-Jul	405,000	284,500	0	0
BBK	31-Aug	N/A	405,000	284,500	0	0
BCF	31-Oct	N/A	405,000	284,500	0	0
BCK	31-Aug	N/A	405,000	284,500	0	0
BCL	31-Aug	N/A	405,000	284,500	0	0
BCT	31-Oct	N/A	405,000	284,500	0	0
BDJ	31-Oct	N/A	405,000	284,500	0	0
BDT	31-Oct	N/A	405,000	284,500	0	0
BDV	31-Oct	N/A	405,000	284,500	0	0
BFK	31-Oct	30-Apr	407,500	405,000	0	0
BFO	31-Dec	31-Jul	405,000	284,500	0	0
BFY	31-Aug	N/A	405,000	284,500	0	0
BFZ	31-Oct	31-Jul	405,000	284,500	0	0
BGR	31-Oct	N/A	405,000	284,500	0	0
BGT	31-Dec	31-Oct	405,000	284,500	0	0
BGY	31-Oct	N/A	405,000	284,500	0	0
BHD	31-Oct	31-Aug	405,000	284,500	0	0
BHK	31-Oct	31-Aug	405,000	284,500	0	0
BHL	31-Aug	N/A	405,000	N/A	N/A	N/A
BHV	31-Aug	N/A	405,000	284,500	0	0
BHY	31-Oct	31-Aug	405,000	284,500	0	0
BIE	31-Aug	N/A	405,000	284,500	0	0
BJZ	31-Dec	N/A	405,000	284,500	0	0
BKK	31-Dec	30-Apr	407,500	405,000	0	0
BKN	31-Oct	30-Apr	407,500	405,000	0	0
BKT	31-Oct	31-Aug	405,000	284,500	0	0
BLE	31-Aug	N/A	405,000	284,500	0	0
BLH	31-Dec	N/A	405,000	284,500	0	0
BLJ	31-Aug	N/A	405,000	284,500	0	0
BLW	31-Oct	31-Aug	405,000	284,500	0	0
BME	31-Oct	N/A	405,000	284,500	0	0
BMT	31-Dec	N/A	405,000	284,500	0	0
BNA	31-Oct	31-Aug	405,000	284,500	0	0
BNJ	31-Oct	31-Jul	405,000	284,500	0	0
BNY	31-Oct	31-Jul	405,000	284,500	0	0
BOE*	31-Oct	N/A	1,215,000	853,500	0	0
BPK	31-Dec	N/A	405,000	284,500	0	0
BPP	31-Dec	31-Oct	405,000	284,500	0	0
BPS	31-Dec	30-Apr	407,500	405,000	0	0
BQH	31-Aug	N/A	405,000	284,500	0	0
BQR	31-Oct	N/A	405,000	284,500	0	0
BQY	31-Oct	N/A	405,000	284,500	0	0
BSD	31-Dec	30-Apr	407,500	405,000	0	0
BSE	31-Aug	N/A	405,000	284,500	0	0
BTA	31-Oct	30-Apr	407,500	405,000	0	0
BYM	31-Aug	N/A	405,000	284,500	0	0
BZA	31-Aug	N/A	405,000	284,500	0	0
BZM	31-Aug	N/A	405,000	284,500	0	0
HIS	31-Dec	31-Aug	405,000	284,500	0	0
MUA	31-May	30-Apr	407,500	405,000	0	0
RAA	31-Oct	31-Jul	405,000	284,500	0	0
RFA	31-Oct	31-Jul	405,000	284,500	0	0
RNJ	31-Oct	31-Jul	405,000	284,500	0	0
RNY	31-Oct	31-Jul	405,000	284,500	0	0

	The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE.
	BHL had not yet been formed in the fiscal year preceding the most recent one.
*	Includes fees paid by BlackRock Global Equity Income Trust and BlackRock World Investment Trust which are expected to merge into BOE on July 27, 2009.

H-3

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

Fund	Pre-Amended Fiscal Year End	Post-Amended Fiscal Year End	Aggregate Non-Audit Fees ($) — Most Recent Fiscal Year ($)	Fiscal Year Prior to Most Recent Fiscal Year End ($)
APX	30-Jun	30-Apr	414,628	412,149
BAF	31-Aug	N/A	415,649	293,617
BBF	31-Oct	31-Jul	409,549	293,617
BBK	31-Aug	N/A	415,649	293,617
BCF	31-Oct	N/A	412,149	291,642
BCK	31-Aug	N/A	415,649	293,617
BCL	31-Aug	N/A	415,649	293,617
BCT	31-Oct	N/A	412,149	291,642
BDJ	31-Oct	N/A	412,149	291,642
BDT	31-Oct	N/A	412,149	291,642
BDV	31-Oct	N/A	412,149	291,642
BFK	31-Oct	30-Apr	418,128	415,649
BFO	31-Dec	31-Jul	415,649	293,617
BFY	31-Aug	N/A	415,649	293,617
BFZ	31-Oct	31-Jul	409,549	293,617
BGR	31-Oct	N/A	412,149	291,642
BGT	31-Dec	31-Oct	415,649	293,617
BGY	31-Oct	N/A	412,149	290,600
BHD	31-Oct	31-Aug	406,049	291,642
BHK	31-Oct	31-Aug	406,049	291,642
BHL	31-Aug	N/A	420,149	N/A
BHV	31-Aug	N/A	415,649	293,617
BHY	31-Oct	31-Aug	406,049	296,642
BIE	31-Aug	N/A	415,649	293,617
BJZ	31-Dec	N/A	415,649	293,617
BKK	31-Dec	30-Apr	418,128	415,649
BKN	31-Oct	30-Apr	418,128	415,649
BKT	31-Oct	31-Aug	415,649	291,642
BLE	31-Aug	N/A	412,149	293,617
BLH	31-Dec	N/A	412,570	293,617
BLJ	31-Aug	N/A	412,149	293,617
BLW	31-Oct	31-Aug	415,649	291,642
BME	31-Oct	N/A	415,649	291,642
BMT	31-Dec	N/A	412,570	293,617
BNA	31-Oct	31-Aug	415,649	291,642
BNJ	31-Oct	31-Jul	415,649	293,617
BNY	31-Oct	31-Jul	412,570	293,617
BOE*	31-Oct	N/A	1,239,947	874,926
BPK	31-Dec	N/A	415,649	293,617
BPP	31-Dec	31-Oct	412,149	293,617
BPS	31-Dec	30-Apr	418,128	415,649
BQH	31-Aug	N/A	415,649	293,617
BQR	31-Oct	N/A	415,649	291,642
BQY	31-Oct	N/A	415,649	291,642
BSD	31-Dec	30-Apr	418,128	415,649
BSE	31-Aug	N/A	412,149	293,617
BTA	31-Oct	30-Apr	414,628	412,149
BYM	31-Aug	N/A	415,649	293,617
BZA	31-Aug	N/A	412,149	293,617
BZM	31-Aug	N/A	415,649	293,617
HIS	31-Dec	31-Aug	412,149	296,642
MUA	31-May	30-Apr	414,628	412,149
RAA	31-Oct	31-Jul	412,149	293,617
RFA	31-Oct	31-Jul	415,649	293,617
RNJ	31-Oct	31-Jul	415,649	293,617
RNY	31-Oct	31-Jul	412,149	293,617

	The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE.
	BHL had not yet been formed in the fiscal year preceding the most recent one.
*	Includes fees paid by BlackRock Global Equity Income Trust and BlackRock World Investment Trust which are expected to merge into BOE on July 27, 2009.

H-4

Appendix I

5% Share Ownership

As of June 29, 2009, to the best knowledge of each Fund, the following persons beneficially owned or owned of record 5% or more of the outstanding shares of the class of the Funds indicated. The information set forth below reflects holdings as reported in each shareholders section 13D or 13G filings as filed with the Securities and Exchange Commission as of June 29, 2009.

Fund	Investor	Address	Common Stock Held	Common Stock % Held	AMPS Held	AMPS % Held
BAF	Citigroup Global	388 Greenwich Street			890	50.14%
	Markets Inc. *	New York, New York 10013
BAF	UBS AG*	Bahnhofstrasse 45			289	16.28%
		PO Box CH-8021
		Zurich, Switzerland
BBF	Citigroup Global	388 Greenwich Street			383	19.32%
	Markets Inc.*	New York, New York 10013
BBF	UBS AG *	Bahnhofstrasse 45			314	15.84%
		PO Box CH-8021
		Zurich, Switzerland
BBF	Bank of America	100 North Tryon Street			532	26.84%
	Corporation*	Charlotte, North Carolina
		28255
BBK	Bank of America	100 North Tryon Street			410	12.73%
	Corporation*	Charlotte, North Carolina
		28255
BBK	Citigroup Global	388 Greenwich Street			646	20.06%
	Markets Inc. *	New York, New York 10013
BCK	First Trust	1001 Warrenville Road	317,505	6.02%
	Portfolios L.P.*	Lisle, Illinois 60532
BCK	Citigroup Global	388 Greenwich Street			386	25.70%
	Markets Inc. *	New York, New York 10013
BCK	UBS AG *	Bahnhofstrasse 45			402	26.76%
		PO Box CH-8021
		Zurich, Switzerland
BCL	First Trust	1001 Warrenville Road	515,432	6.44%
	Portfolios L.P.*	Lisle, Illinois 60532
BCL	Bank of America	100 North Tryon Street			681	28.49%
	Corporation*	Charlotte, North Carolina
		28255
BCT	Karpus	183 Sullys Trail	149,225	5.05%
	Management,	Pittsford, New York 14534
	Inc.*
BDT	First Trust	1001 Warrenville Road	3,052,647	11.34%
	Portfolios L.P.*	Lisle, Illinois 60532
BDV	First Trust	1001 Warrenville Road	2,908,556	5.34%
	Portfolios L.P.*	Lisle, Illinois 60532
BFK	Bank of America	100 North Tryon Street			2,240	19.10%
	Corporation*	Charlotte, North Carolina
		28255
BFK	UBS AG *	Bahnhofstrasse 45			1,080	9.21%
		PO Box CH-8021
		Zurich, Switzerland
BFK	Citigroup Global	388 Greenwich Street			1,619	13.81%
	Markets Inc.*	New York, New York 10013

I-1

Fund	Investor	Address	Common Stock Held	Common Stock % Held	AMPS Held	AMPS % Held
BFO	Bank of America	100 North Tryon Street			218	12.70%
	Corporation*	Charlotte, North Carolina
		28255
BFO	UBS AG*	Bahnhofstrasse 45			899	52.39%
		PO Box CH-8021
		Zurich, Switzerland
BFY	Bank of America	100 North Tryon Street			551	30.85%
	Corporation *	Charlotte, North Carolina
		28255
BFZ	UBS AG*	Bahnhofstrasse 45			346	8.57%
		PO Box CH-8021
		Zurich, Switzerland
BFZ	Citigroup Global	388 Greenwich Street			455	11.27%
	Markets Inc. *	New York, New York 10013
BFZ	Bank of America	100 North Tryon Street			838	20.76%
	Corporation*	Charlotte, North Carolina
		28255
BGT	UBS AG*	Bahnhofstrasse 45			981	41.71%
		PO Box CH-8021
		Zurich, Switzerland
BHK	First Trust	1001 Warrenville Road	2,638,785	9.76%
	Portfolios L.P.*	Lisle, Illinois 60532
BHK	Morgan Stanley *	1585 Broadway	2,017,648	7.47%
		New York, NY 10036
BHV	Citigroup Global	388 Greenwich Street			136	27.93%
	Markets Inc.*	New York, New York 10013
BHV	UBS AG *	Bahnhofstrasse 45			38	7.80%
		PO Box CH-8021
		Zurich, Switzerland
BJZ	Bank of America	100 North Tryon Street			562	25.30%
	Corporation*	Charlotte, North Carolina
		28255
BKK	Bank of America	100 North Tryon Street			1,052	15.13%
	Corporation*	Charlotte, North Carolina
		28255
BKK	UBS AG*	Bahnhofstrasse 45			3,402	48.92%
		PO Box CH-8021
		Zurich, Switzerland
BKN	Sakharam D.	2768 Palm Springs Lane	1,596,997	9.43%
	Mahurkar Trust*	Aurora, Illinois 60502
BKN	Bank of America	100 North Tryon Street			2,210	43.52%
	Corporation*	Charlotte, North Carolina
		28255
BKN	UBS AG*	Bahnhofstrasse 45			573	11.28%
		PO Box CH-8021
		Zurich, Switzerland
BKT	Wells Fargo & Co.*	420 Montgomery Street	6,975,500	10.91%
		San Francisco, California
		94163
BLE	Bank of America	100 North Tryon Street			2,724	41.01%
	Corporation*	Charlotte, North Carolina
		28255
BLE	UBS AG *	Bahnhofstrasse 45			406	6.11%
		PO Box CH-8021
		Zurich, Switzerland

I-2

Fund	Investor	Address	Common Stock Held	Common Stock % Held	AMPS Held	AMPS % Held
BLH	Bank of America	100 North Tryon Street			426	33.92%
	Corporation*	Charlotte, North Carolina
		28255
BLJ	Citigroup Global	388 Greenwich Street			131	17.06%
	Markets Inc. *	New York, New York 10013
BLJ	UBS AG*	Bahnhofstrasse 45			93	12.11%
		PO Box CH-8021
		Zurich, Switzerland
BLJ	Bank of America	100 North Tryon Street			109	14.19%
	Corporation*	Charlotte, North Carolina
		28255
BME	Merrill Lynch &	4 World Financial Center	776,469	10.23%
	Co. Inc.*	250 Vesey Street
		New York, New York 10080
BMT	Karpus	183 Sullys Trail	2,972,158	11.48%
	Management,	Pittsford, New York 14534
	Inc.*
BNA	First Trust	1001 Warrenville Road	2,745,239	7.97%
	Portfolios L.P.*	Lisle, Illinois 60532
BNJ	Citigroup Global	388 Greenwich Street			363	15.01%
	Markets Inc.*	New York, New York 10013
BNJ	UBS AG*	Bahnhofstrasse 45			289	11.95%
		PO Box CH-8021
		Zurich, Switzerland
BNJ	Bank of America	100 North Tryon Street			281	11.62%
	Corporation*	Charlotte, North Carolina
		28255
BNY	Bank of America	100 North Tryon Street			838	21.86%
	Corporation*	Charlotte, North Carolina
		28255
BPK	Bank of America	100 North Tryon Street			1,818	33.96%
	Corporation*	Charlotte, North Carolina
		28255
BPK	UBS AG*	Bahnhofstrasse 45			306	5.72%
		PO Box CH-8021
		Zurich, Switzerland
BPP	Bank of America	100 North Tryon Street			1,041	23.57%
	Corporation*	Charlotte, North Carolina
		28255
BPP	UBS AG *	Bahnhofstrasse 45			308	6.97%
		PO Box CH-8021
		Zurich, Switzerland
BPS	Citigroup Global	388 Greenwich Street			198	29.42%
	Markets Inc. *	New York, New York 10013
BPS	UBS AG*	Bahnhofstrasse 45			110	16.34%
		PO Box CH-8021
		Zurich, Switzerland
BPS	Bank of America	100 North Tryon Street			81	12.04%
	Corporation *	Charlotte, North Carolina
		28255
BQH	Citigroup Global	388 Greenwich Street			221	24.67%
	Markets Inc.*	New York, New York 10013
BQH	Bank of America	100 North Tryon Street			93	10.38%
	Corporation*	Charlotte, North Carolina
		28255

I-3

Fund	Investor	Address	Common Stock Held	Common Stock % Held	AMPS Held	AMPS % Held
BQY	First Trust	1001 Warrenville Road	301,555	5.00%
	Portfolios L.P.*	Lisle, Illinois 60532
BQY	1607 Capital	4991 Lake Brook Dr	592,883	9.83%
	Partners, LLC. *	Suite 125
		Glen Allen, Virigina 23060
BSD	Citigroup Global	388 Greenwich Street			248	12.98%
	Markets Inc.*	New York, New York 10013
BSD	Bank of America	100 North Tryon Street			328	17.17%
	Corporation *	Charlotte, North Carolina
		28255
BSE	Citigroup Global	388 Greenwich Street			303	18.18%
	Markets Inc.*	New York, New York 10013
BSE	UBS AG *	Bahnhofstrasse 45			316	18.96%
		PO Box CH-8021
		Zurich, Switzerland
BTA	First Trust	1001 Warrenville Road	1,036,098	7.76%
	Portfolios L.P.*	Lisle, Illinois 60532
BYM	UBS AG*	Bahnhofstrasse 45			1,062	17.71%
		PO Box CH-8021
		Zurich, Switzerland
BYM	Citigroup Global	388 Greenwich Street			1,973	32.90%
	Markets Inc.*	New York, New York 10013
BZA	Citigroup Global	388 Greenwich Street			316	28.24%
	Markets Inc.*	New York, New York 10013
BZA	Bank of America	100 North Tryon Street			126	11.26%
	Corporation*	Charlotte, North Carolina
		28255
BZA	UBS AG*	Bahnhofstrasse 45			79	7.06%
		PO Box CH-8021
		Zurich, Switzerland
BZM	Citigroup Global	388 Greenwich Street			397	62.03%
	Markets Inc.*	New York, New York 10013
HIS	First Trust	1001 Warrenville Road	3,460,834	6.34%
	Portfolios L.P.*	Lisle, Illinois 60532
RAA	M.H. Whittier	1600 Huntington Drive	266,100	26.42%
	Corp. James E.	South Pasadena, California
	Greene, Arlo G.	91030
	Sorensen,
	Michael J. Casey
	and Whittier Trust
	Co. (Jointly Held) *
RAA	Bank of America	100 North Tryon Street			18	6.59%
	Corporation *	Charlotte, North Carolina
		28255
RAA	UBS AG *	Bahnhofstrasse 45			142	52.01%
		PO Box CH-8021
		Zurich, Switzerland
RFA	Karpus	183 Sullys Trail	64,367	5.71%
	Management,	Pittsford, New York 14534
	Inc.*
RFA	Morgan Stanley*	1585 Broadway			80	28.07%
		New York, NY 10036
RNJ	UBS AG *	Bahnhofstrasse 45			143	50.53%
		PO Box CH-8021
		Zurich, Switzerland

I-4

Fund	Investor	Address	AMPS Held	AMPS % Held
RNJ	Morgan Stanley*	1585 Broadway	34	12.01%
		New York, NY 10036
RNY	UBS AG *	Bahnhofstrasse 45	233	59.44%
		PO Box CH-8021
		Zurich, Switzerland
RNY	Citigroup Global	388 Greenwich Street	207	52.81%
	Markets Inc. *	New York, New York 10013
RNY	Morgan Stanley*	1585 Broadway	20	5.10%
		New York, NY 10036

Indicates record holders that do not beneficially hold the shares.

I-5

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Appendix J

Section 16 Filings

Late Forms Relating to the Funds Most Recently Concluded Fiscal Year

Fund	Filing Person	Number of Late Reports and Number of Related Transactions
The BlackRock Pennsylvania	Phillip Soccio	One Form 3
Strategic Municipal Trust*
BlackRock Energy and	Dan Neumann	One Form 4 relating to two transactions
Resources Trust
BlackRock MuniAssets	Peter Hayes	Two Form 4s relating to nine transactions
Fund, Inc.*
BlackRock Defined	BlackRock Advisors, LLC	One Form 3
Opportunity Credit Trust
	BlackRock Financial
	Management, Inc.	One Form 3
	BlackRock Funding, Inc.	One Form 3
BlackRock Municipal	Theodore R. Jaeckel, Jr.	One Form 3
Income Trust*
BlackRock Maryland	Phillip Soccio	One Form 3
Municipal Bond Trust

*	Funds with a fiscal year end of June 30 or earlier.
	These filing were disclosed in last years annual proxy statement; they are included in this years annual proxy statement due to the fact that they were improperly disclosed last year.

J-1

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Appendix K

Additional Section 16 Information

Late Forms Relating to the Period Between the Close of the Funds Most Recently Concluded Fiscal Year and the Date of this Proxy Statement

Fund	Filing Person	Number of Late Reports and Number of Related Transactions
BlackRock New Jersey	Robert Sneedon	One Form 3
Municipal Bond Trust
BlackRock New Jersey	Robert Sneedon	One Form 3
Municipal Income Trust
BlackRock New Jersey	Robert Sneedon	One Form 3
Investment Quality
Municipal Trust, Inc.

K-1

MARKER FORMAT-SHEET="EE Page Break" FSL="Workstation"

Important Notice Regarding the Availability of Proxy Materials for the Annual Shareholder Meeting to Be Held on August 26, 2009

BlackRock Closed-End Funds

Registration Here (For formatting: top of this box should be at lateral marker 2) The control number below will allow you to access proxy information for all investments connected with this Meeting.

YOUR PROXY CONTROL NUMBER

123456789XXX
Dear Shareholder,	July 17, 2009

This communication presents only an overview of the more complete proxy materials that are available to you on the Internet and by other means described below. We encourage you to access and review all of the important information contained in the proxy materials before voting. The proxy materials available to you include a proxy statement and aproxy card.

The proxy statement is available at www.proxyonline.com.

If you want to receive a paper or e-mail copy of these documents, you must request one. There is no charge to you for requesting a copy. Please make your request for a copy as instructed below on or before August 28, 2009 to facilitate timely delivery.

The Annual Meeting of Shareholders will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52 nd Street, 11 th Floor, New York, New York 10055 on Wednesday, August 26, 2009, at 12:30 p.m. (Eastern time). That Meeting will be held for the following purposes:

1.	To elect nominees to each Funds Board of Trustees / Directors; and
2.	To transact such other business as may properly come before the Meeting or any adjournment thereof.

The Board of Trustees / Directors recommends a vote FOR all Board Nominees.

You may attend the Meeting and vote your shares at that time. If you cannot attend or do not wish to attend the Meeting, please obtain proxy materials via one of the methods listed below and cast your vote promptly so that your shares may be represented.

Thank you in advance for your participation. Sincerely, Howard B. Surloff Secretary of the Funds

Please address any correspondence
regarding this matter to:
BlackRock Closed-End Funds,
P.O. Box 238
Lyndhurst, NJ
07021-9902

All proxy materials including the proxy statement can be obtained using one of the methods listed below.

INTERNET	E-MAIL	PHONE
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www.proxyonline.com using the	materials send an e-mail with your	reference the control number listed
control number listed above. There	control number in the subject line	above to request a copy of the proxy
you may review the proxy materials,	to: [email protected]	materials. Proxy representatives will
request a hard copy of the materials	(To receive hard copies via the mail)	be ready to assist you Monday
and/or enter your voting instructions.	or [email protected]	through Friday 9 a.m. to 10 p.m.
There you may also indicate your	(To receive electronic copies via e-	Eastern time.
instructions to receive all future	mail) . To elect either method above
proxy materials from this issuer via	for all future proxy materials from
mail or e-mail.	this issuer please type Permanent
	Request in the body of the e-mail.

SHAREHOLDER PRIVACY: Please note that no personal information other than the control number listed above is required to request proxy materials and/or issue your proxy voting instructions.

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BLACKROCK CLOSED-END FUNDS

* IMPORTANT NOTICE *

Regarding the Availability of Proxy Materials

You are receiving this communication because you hold shares in one of the BlackRock Closed-End Funds, and the materials you should review before you cast your vote are now available.

This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting.

Shareholder Meeting to be held on 08/26/09

Proxy Materials Available

Proxy Statement & Proxy Card PROXY MATERIALS - VIEW OR RECEIVE

You can choose to view the materials online or receive a paper or e-mail copy. There is NO charge for requesting a copy. Requests, instructions and other inquiries will NOT be forwarded to your investment advisor.

To facilitate timely delivery please make the request as instructed below on or before 08/18/09. HOW TO VIEW MATERIALS VIA THE INTERNET

Have the 12 Digit Control Number(s) available and visit: www.proxyvote.com

HOW TO REQUEST A COPY OF MATERIALS

1)	BY INTERNET - www.proxyvote.com
2)	BY TELEPHONE - 1-800-579-1639
3)	BY E-MAIL* - [email protected]

*If requesting materials by e-mail, please send a blank e-mail with the 12 Digit Control Number (located on the following page) in the subject line.

See the Reverse Side for Meeting Information and Instructions on How to Vote

Meeting Information

Meeting Type:	Annual
Meeting Date:	08/26/09
Meeting Time:	12:30 p.m. (Eastern time)
For holders as of:	06/29/09

Meeting Location :

BlackRock Advisors, LLC 11 th Floor Park Avenue Plaza 55 East 52 nd Street New York, NY 10055

Directions to the meeting can be obtained by writing the applicable Fund at 40 East 52nd Street, New York, New York 10022-5911, or by calling toll free at 1-800-441-7762.

How To Vote

Vote In Person

Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance.

Vote By Internet

To vote now by Internet, go to

WWW.PROXYVOTE.COM.

Please refer to the proposals and follow the instructions.

Voting items

The Board of Directors recommends that you vote For the proposal.

1.
01)	Richard S. Davis
02)	Frank J. Fabozzi
03)	James T. Flynn
04)	Karen P. Robards

Voting Instructions

(FUND NAME HERE)
(appropriate share class name listed here)
Proxy Ballot for Annual Meeting of Shareholders August 26, 2009

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne Ackerley, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on June 29, 2009 at the Annual Meeting of Shareholders of the Fund to be held on August 26, 2009 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR EACH OF THE BOARD NOMINEES. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE FOLD HERE AND RETURN ENTIRE BALLOT DO NOT DETACH

(FUND NAME HERE)

Proxy Ballot for Annual Meeting of Shareholders August 26, 2009

Vote by Phone, by Mail or via the Internet!

CALL:	To vote your proxy by phone, call 1-866-437-4675 and enter the 12-digit control number found on the reverse side of this Proxy Ballot. This touchtone voting line is available 24 hours a day, seven days a week.
LOG-ON:	To vote on the Internet go to www.proxyonline.com and enter the 12-digit control number found on the reverse side of this Proxy Ballot.
MAIL:	To vote your proxy by mail, check the appropriate voting box on the reverse side of this Proxy Ballot, sign and date the ballot and return it in the enclosed postage-paid envelope or mail to: The Altman Group, P.O. Box 238, Lyndhurst, NJ 07071.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Please mark your vote on the reverse of this Proxy Ballot.

___________ Shareholder sign here

___________ Joint owner sign here

___________ Date:

IT IS IMPORTANT THAT PROXIES BE VOTED PROMPTLY. EVERY SHAREHOLDERS VOTE IS IMPORTANT.

(FUND NAME HERE)

CONTROL NUMBER

SAMPLE BALLOT ONLY

WE NEED YOUR PROXY VOTE AS SOON AS POSSIBLE. YOUR PROMPT ATTENTION TO THIS MATTER WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION.

THE PROXY BALLOT MUST BE SIGNED AND DATED ON THE REVERSE SIDE FOR YOUR INSTRUCTIONS TO BE COUNTED AND WILL BE VOTED IN THE MANNER INDICATED, OR IF NO INSTRUCTION HAS BEEN INDICATED BELOW, A VOTE WILL BE CAST FOR EACH NOMINEE. PLEASE COMPLETE AND RETURN THIS PROXY BALLOT PROMPTLY.

PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK .

To vote the proxy for all nominees in the same manner , please use the boxes below.

		FOR ALL — \|_\|	ABSTAIN ALL — \|_\|
To vote for each nominee individually , please use these boxes.
1. TO ELECT BOARD MEMBER NOMINEES		FOR	ABSTAIN
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(BARCODE HERE)	(TAGID HERE)	(CUSIP HERE)

(FUND NAME HERE) (appropriate share class name listed here) Proxy Ballot for Annual Meeting of Shareholders August 26, 2009

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

PLEASE FOLD HERE AND RETURN ENTIRE BALLOT DO NOT DETACH

(FUND NAME HERE)

Proxy Ballot for Annual Meeting of Shareholders August 26, 2009

Vote by Phone, by Mail or via the Internet!

CALL:	To vote your proxy by phone, call 1-866-437-4675 and enter the 12-digit control number found on the reverse side of this Proxy Ballot. This touchtone voting line is available 24 hours a day, seven days a week.
LOG-ON:	To vote on the Internet go to www.proxyonline.com and enter the 12-digit control number found on the reverse side of this Proxy Ballot.
MAIL:	To vote your proxy by mail, check the appropriate voting box on the reverse side of this Proxy Ballot, sign and date the ballot and return it in the enclosed postage-paid envelope or mail to: The Altman Group, P.O. Box 238, Lyndhurst, NJ 07071.

Please mark your vote on the reverse of this Proxy Ballot.

___________ Shareholder sign here

___________ Joint owner sign here

___________ Date:

IT IS IMPORTANT THAT PROXIES BE VOTED PROMPTLY. EVERY SHAREHOLDERS VOTE IS IMPORTANT.

(FUND NAME HERE)

CONTROL NUMBER

SAMPLE BALLOT ONLY

WE NEED YOUR PROXY VOTE AS SOON AS POSSIBLE. YOUR PROMPT ATTENTION TO THIS MATTER WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION.

PLEASE MARK THE BOXES BELOW IN BLUE OR BLACK INK .

To vote the proxy for all nominees in the same manner , please use the boxes below.

		FOR ALL — \|_\|	ABSTAIN ALL — \|_\|
To vote for each nominee individually , please use these boxes.
1. TO ELECT BOARD MEMBER NOMINEES		FOR	ABSTAIN
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(Nominee name here)		\|_\|	\|_\|
(BARCODE HERE)	(TAGID HERE)	(CUSIP HERE)

CECL-0709

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