CLASSIFIED FUND NOTICE AND PROXY
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 14A INFORMATION

 

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

 

Filed by the Registrant    x

 

Filed by a Party other than the Registrant    ¨

 

Check the appropriate box:

 

     

¨    Preliminary Proxy Statement

   ¨        

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

x    Definitive Proxy Statement

 

     

¨    Definitive Additional Materials

 

     

¨    Soliciting Material Pursuant to § 240.14a-12

     

 

BlackRock Build America Bond Trust

BlackRock California Municipal 2018 Term Trust

BlackRock California Municipal Income Trust

BlackRock Core Bond Trust

BlackRock Credit Allocation Income Trust III

BlackRock Credit Allocation Income Trust IV

BlackRock Defined Opportunity Credit Trust

BlackRock EcoSolutions Investment Trust

BlackRock Energy and Resources Trust

BlackRock Enhanced Equity Dividend Trust

BlackRock Floating Rate Income Trust

BlackRock Florida Municipal 2020 Term Trust

BlackRock Global Opportunities Equity Trust

BlackRock Health Sciences Trust

BlackRock High Income Shares

BlackRock High Yield Trust

BlackRock Income Opportunity Trust, Inc.

BlackRock Income Trust, Inc.

BlackRock International Growth and Income Trust

BlackRock Investment Quality Municipal Trust, Inc.

BlackRock Limited Duration Income Trust

BlackRock Long-Term Municipal Advantage Trust

BlackRock Maryland Municipal Bond Trust

BlackRock MuniAssets Fund, Inc.

BlackRock Municipal 2018 Term Trust

BlackRock Municipal 2020 Term Trust

BlackRock Municipal Bond Investment Trust

BlackRock Municipal Bond Trust

BlackRock Municipal Income Investment Quality Trust

BlackRock Municipal Income Investment Trust

BlackRock Municipal Income Quality Trust

BlackRock Municipal Income Trust

BlackRock Municipal Income Trust II

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

BlackRock New Jersey Municipal Bond Trust

BlackRock New Jersey Municipal Income Trust


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BlackRock New York Investment Quality Municipal Trust, Inc.

BlackRock New York Municipal 2018 Term Trust

BlackRock New York Municipal Bond Trust

BlackRock New York Municipal Income Quality Trust

BlackRock New York Municipal Income Trust

BlackRock New York Municipal Income Trust II

BlackRock Real Asset Equity Trust

BlackRock Resources & Commodities Strategy Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

BlackRock Strategic Bond Trust

BlackRock Utility & Infrastructure Trust

BlackRock Virginia Municipal Bond Trust

The BlackRock Pennsylvania Strategic Municipal Trust

The BlackRock Strategic Municipal Trust

 

 

(Name of Registrant as Specified In Its Charter)

 

 

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

 

Payment of Filing Fee (Check the appropriate box):

 

x    No fee required.

     

 

¨    Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

 

  (1)   Title of each class of securities to which transaction applies:

 

 

 

  (2)   Aggregate number of securities to which transaction applies:

 

 

 

  (3)   Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

 

 

  (4)   Proposed maximum aggregate value of transaction:

 

 

 

  (5)   Total fee paid:

 

 

 

  ¨   Fee paid previously with preliminary materials.

 

  ¨   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

  (1)   Amount Previously Paid:

 

 

 

  (2)   Form, Schedule or Registration Statement No.:

 

 

 

  (3)   Filing Party:

 

 

 

  (4)   Date Filed:

 

 

 

  *   This revised definitive proxy statement has been filed to update the number of registered investment companies and portfolios overseen by each Fund’s Board Members.


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LOGO

 

June 11, 2012

 

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, NY 10055, on Friday, July 27, 2012, at 10:00 a.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.

 

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

 

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

 

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


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You have received this joint proxy statement because you were a shareholder of record of at least one of the Funds listed in Appendix A on May 31, 2012. Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meetings at the place and on the date stated above, but at a different time. If you were also a shareholder of record on May 31, 2012 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to vote by telephone or via the Internet with respect to each Fund in which you are a shareholder of record or sign, date and return each proxy card you receive from us.

 

If you have any questions about the proposal to be voted on, please call Georgeson Inc., the firm assisting us in the solicitation of proxies, at 1-866-856-2826.

 

Sincerely,

 

Janey Ahn

Secretary of the Funds

 

BlackRock Closed-End Funds

40 East 52nd Street, New York, NY 10022

(800) 441-7762


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IMPORTANT INFORMATION

FOR FUND SHAREHOLDERS

 

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

 

Questions and Answers

 

Q:   Why am I receiving the joint proxy statement?

 

A:   Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This joint proxy statement describes a proposal to approve the nominees to the Board of the Fund(s) in which you own shares and provides you with other information relating to the meeting. The enclosed proxy card(s) indicate the Fund(s) in which you own shares. The table on pages 5-6 of the joint proxy statement identifies the Board Nominees for each Fund.

 

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

 

A:   The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election is in your best interests and unanimously 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 going to the Internet address provided on the Notice of Internet Availability of Proxy Materials or proxy card(s) and following the instructions. Alternatively, if you received your proxy card(s) by mail, you can vote your shares by signing and dating the proxy card(s) and mailing it (them) in the enclosed postage-paid envelope.

 

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

 

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

 

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

 

Q:   Will my vote make a difference?

 

A:   Your vote is very important and can make a difference in the governance and management of your Fund(s), 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 Fund(s).


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

 

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

 

   

The Funds and BlackRock, Inc. have retained Georgeson Inc. (“Georgeson”), 199 Water Street, 26th Floor, New York, New York, 10038, a proxy solicitation firm, to assist in the distribution of proxy materials and the solicitation and tabulation of proxies. It is anticipated that Georgeson will be paid approximately $116,000 for such services (including reimbursements of out-of-pocket expenses). In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Broadridge will be paid approximately $704,000 for such services (including reimbursements of out-of-pocket expenses).

 

Q:   Whom do I call if I have questions?

 

A:   If you need more information, or have any questions about voting, please call Georgeson, the Funds’ proxy solicitor, at 1-866-856-2826.

 

Please vote now. Your vote is important.

 

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


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LOGO

 

June 11, 2012

 

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 27, 2012

 

A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Friday, July 27, 2012, at 10:00 a.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

 

  PROPOSAL 1. To elect to the Board of your Fund(s) the three nominees named in the accompanying joint proxy statement.

 

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

 

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

 

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

 

Shareholders of record of each Fund as of the close of business on May 31, 2012 are entitled to vote at the meeting and at any adjournments, postponements or delays thereof.

 

If you owned shares in more than one Fund as of May 31, 2012, you may receive more than one proxy card. Certain other BlackRock Closed-End Funds will also hold their annual meetings at the place and on the date stated above, but not at the same time. If you were also a shareholder of record on May 31, 2012 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to sign, date and return each proxy card you receive from us.

 

If you have any questions about the proposal to be voted on, please call Georgeson Inc., the firm assisting us in the solicitation of proxies, at 1-866-856-2826.

 

By Order of the Boards,

 

Janey Ahn

Secretary of the Funds

 

BlackRock Closed-End Funds

40 East 52nd Street, New York, NY 10022

(800) 441-7762


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BlackRock Closed-End Funds

Holding Annual Meetings of Shareholders on July 27, 2012

 

Name of Fund

   Ticker

BlackRock Build America Bond Trust

   BBN

BlackRock California Municipal 2018 Term Trust

   BJZ

BlackRock California Municipal Income Trust

   BFZ

BlackRock Core Bond Trust

   BHK

BlackRock Credit Allocation Income Trust III

   BPP

BlackRock Credit Allocation Income Trust IV

   BTZ

BlackRock Defined Opportunity Credit Trust

   BHL

BlackRock EcoSolutions Investment Trust

   BQR

BlackRock Energy and Resources Trust

   BGR

BlackRock Enhanced Equity Dividend Trust

   BDJ

BlackRock Floating Rate Income Trust

   BGT

BlackRock Florida Municipal 2020 Term Trust

   BFO

BlackRock Global Opportunities Equity Trust

   BOE

BlackRock Health Sciences Trust

   BME

BlackRock High Income Shares

   HIS

BlackRock High Yield Trust

   BHY

BlackRock Income Opportunity Trust, Inc.

   BNA

BlackRock Income Trust, Inc.

   BKT

BlackRock International Growth and Income Trust

   BGY

BlackRock Investment Quality Municipal Trust, Inc.

   BKN

BlackRock Limited Duration Income Trust

   BLW

BlackRock Long-Term Municipal Advantage Trust

   BTA

BlackRock Maryland Municipal Bond Trust

   BZM

BlackRock MuniAssets Fund, Inc.

   MUA

BlackRock Municipal 2018 Term Trust

   BPK

BlackRock Municipal 2020 Term Trust

   BKK

BlackRock Municipal Bond Investment Trust

   BIE

BlackRock Municipal Bond Trust

   BBK

BlackRock Municipal Income Investment Quality Trust

   BAF

BlackRock Municipal Income Investment Trust

   BBF

BlackRock Municipal Income Quality Trust

   BYM

BlackRock Municipal Income Trust

   BFK

BlackRock Municipal Income Trust II

   BLE

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

   RNJ

BlackRock New Jersey Municipal Bond Trust

   BLJ

BlackRock New Jersey Municipal Income Trust

   BNJ

BlackRock New York Investment Quality Municipal Trust, Inc.

   RNY

BlackRock New York Municipal 2018 Term Trust

   BLH

BlackRock New York Municipal Bond Trust

   BQH

BlackRock New York Municipal Income Quality Trust

   BSE

BlackRock New York Municipal Income Trust

   BNY

BlackRock New York Municipal Income Trust II

   BFY

BlackRock Real Asset Equity Trust

   BCF

BlackRock Resources & Commodities Strategy Trust

   BCX

BlackRock S&P Quality Rankings Global Equity Managed Trust

   BQY

BlackRock Strategic Bond Trust

   BHD

BlackRock Utility & Infrastructure Trust

   BUI

BlackRock Virginia Municipal Bond Trust

   BHV

The BlackRock Pennsylvania Strategic Municipal Trust

   BPS

The BlackRock Strategic Municipal Trust

   BSD


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TABLE OF CONTENTS

 

     Page  

JOINT PROXY STATEMENT

     1   

SUMMARY OF PROPOSAL AND FUNDS VOTING

     5   

PROPOSAL 1—ELECTION OF BOARD NOMINEES

     7   

VOTE REQUIRED AND MANNER OF VOTING PROXIES

     19   

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     20   

ADDITIONAL INFORMATION

     22   

Appendix A – Fund Information

     A-1   

Appendix B – Compensation of the Board Members

     B-1   

Appendix C – Equity Securities Owned by Board Members and Board Nominees

     C-1   

Appendix D – Meetings of the Boards

     D-1   

Appendix E – Standing Committees of the Boards

     E-1   

Appendix F – Executive Officers of the Funds

     F-1   

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

     G-1   

Appendix H – 5% Beneficial Share Ownership

     H-1   

Appendix I – The Settlement Funds

     I-1   


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ANNUAL MEETING OF SHAREHOLDERS

 

 

 

July 27, 2012

 

 

 

JOINT PROXY STATEMENT

 

This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Boards of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed in Appendix A of this Proxy Statement (each, a “Fund”). The proxies will be voted at the joint annual meeting of shareholders of the Funds and at any and all adjournments, postponements or delays thereof. The meeting will be held at the offices of BlackRock Advisors, LLC (the “Advisor”), Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Friday, July 27, 2012, at 10:00 a.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.

 

The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Distribution to shareholders of this Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, will commence on or about June 11, 2012.

 

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

 

Shareholders of record of a Fund as of the close of business on May 31, 2012 (the “Record Date”) are entitled to notice of and to vote at that Fund’s meeting. Shareholders of the Funds are entitled to one vote for each share held, with no shares having cumulative voting rights. Holders of the auction market preferred stock, auction market preferred shares, auction preferred stock, auction preferred shares, auction rate preferred shares of beneficial interest, municipal auction rate cumulative preferred shares or auction rate municipal preferred shares (collectively, “AMPS”) of each of the Funds identified in Appendix A as having AMPS outstanding (collectively, the “AMPS Funds”), holders of variable rate muni term preferred shares (collectively, the “VMTP Shares”) of each of the Funds identified in Appendix A as having VMTP Shares outstanding (collectively, the “VMTP Funds”) and holders of variable rate demand preferred shares (collectively, “VRDP Shares” and collectively with the AMPS and VMTP Shares, “Preferred Shares”) of each of the Funds identified in Appendix A as having VRDP Shares outstanding (collectively, the “VRDP Funds” and collectively with the AMPS Funds and VMTP Funds, the “Preferred Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, the “Common Shares”) of the Preferred Funds and will vote together with the holders of Common Shares as a single class on each nominee to the Board of the Preferred Fund in which they own Preferred Shares, except that holders of Preferred Shares are entitled to vote separately as a class to elect two Board Members for each Preferred Fund in which they own Preferred Shares. The Board Members representing holders of Preferred Shares are Class I and Class II Board Members and only the Class II Board Members are standing for election this year. The quorum and voting requirements for each Fund are described in the section below entitled “Vote Required and Manner of Voting Proxies.”

 

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The number of shares outstanding of each Fund as of the close of business on the Record Date and the managed assets of each Fund on the Record Date are shown in Appendix A. Except as set forth in Appendix H, to the knowledge of each Fund, as of May 24, 2012, no person was the beneficial owner of more than five percent of a class of a Fund’s outstanding shares.

 

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

 

All properly executed proxies received prior to the meeting will be voted at the meeting. On any matter coming before the meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to the proposal, the shares will be voted “FOR” the proposal. Shareholders who execute proxies or provide voting instructions by telephone or via 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 New York address below), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person by ballot, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary, please consult your bank or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.

 

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

 

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

 

For directions to the meeting, please contact Georgeson, the firm assisting us in the solicitation of proxies, at 1-866-856-2826.

 

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 100 Bellevue Parkway, Wilmington, DE 19809, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s website at www.sec.gov.

 

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

 

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

 

YOUR VOTE IS IMPORTANT

 

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

 

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR

THE SHAREHOLDER MEETING TO BE HELD ON JULY 27, 2012

 

The Proxy Statement is available at www.proxy-direct.com/BLK23613.

 

BlackRock Closed-End Funds

100 Bellevue Parkway, Wilmington, DE 19809

(800) 441-7762

 

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SUMMARY OF PROPOSAL AND FUNDS VOTING

 

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

 

Fund Name

   Ticker    Class I    Class II(1)    Class III    Preferred
Shares
Nominee
Standing for
Election(2)

BlackRock Build America Bond Trust

   BBN       X      

BlackRock California Municipal 2018 Term Trust

   BJZ       X       X

BlackRock California Municipal Income Trust

   BFZ       X       X

BlackRock Core Bond Trust

   BHK       X      

BlackRock Credit Allocation Income Trust III

   BPP       X      

BlackRock Credit Allocation Income Trust IV

   BTZ       X      

BlackRock Defined Opportunity Credit Trust

   BHL       X      

BlackRock EcoSolutions Investment Trust

   BQR       X      

BlackRock Energy and Resources Trust

   BGR       X      

BlackRock Enhanced Equity Dividend Trust

   BDJ       X      

BlackRock Floating Rate Income Trust

   BGT       X      

BlackRock Florida Municipal 2020 Term Trust

   BFO       X       X

BlackRock Global Opportunities Equity Trust

   BOE       X      

BlackRock Health Sciences Trust

   BME       X      

BlackRock High Income Shares

   HIS       X      

BlackRock High Yield Trust

   BHY       X      

BlackRock Income Opportunity Trust, Inc.

   BNA       X      

BlackRock Income Trust, Inc.

   BKT       X      

BlackRock International Growth and Income Trust

   BGY       X      

BlackRock Investment Quality Municipal Trust, Inc.

   BKN       X       X

BlackRock Limited Duration Income Trust

   BLW       X      

BlackRock Long-Term Municipal Advantage Trust

   BTA       X      

BlackRock Maryland Municipal Bond Trust

   BZM       X       X

BlackRock MuniAssets Fund, Inc.

   MUA       X      

BlackRock Municipal 2018 Term Trust

   BPK       X       X

BlackRock Municipal 2020 Term Trust

   BKK       X       X

BlackRock Municipal Bond Investment Trust

   BIE       X       X

BlackRock Municipal Bond Trust

   BBK       X       X

BlackRock Municipal Income Investment Quality Trust

   BAF       X       X

BlackRock Municipal Income Investment Trust

   BBF       X       X

BlackRock Municipal Income Quality Trust

   BYM       X       X

BlackRock Municipal Income Trust

   BFK       X       X

BlackRock Municipal Income Trust II

   BLE       X       X

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

   RNJ       X       X

BlackRock New Jersey Municipal Bond Trust

   BLJ       X       X

BlackRock New Jersey Municipal Income Trust

   BNJ       X       X

BlackRock New York Investment Quality Municipal Trust, Inc.

   RNY       X       X

BlackRock New York Municipal 2018 Term Trust

   BLH       X       X

BlackRock New York Municipal Bond Trust

   BQH       X       X

BlackRock New York Municipal Income Quality Trust

   BSE       X       X

BlackRock New York Municipal Income Trust

   BNY       X       X

BlackRock New York Municipal Income Trust II

   BFY       X       X

 

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Fund Name

   Ticker    Class I    Class II(1)    Class III    Preferred
Shares
Nominee
Standing for
Election(2)

BlackRock Real Asset Equity Trust

   BCF       X      

BlackRock Resources & Commodities Strategy Trust

   BCX       X      

BlackRock S&P Quality Rankings Global Equity Managed Trust

   BQY       X      

BlackRock Strategic Bond Trust

   BHD       X      

BlackRock Utility & Infrastructure Trust

   BUI       X      

BlackRock Virginia Municipal Bond Trust

   BHV       X       X

The BlackRock Pennsylvania Strategic Municipal Trust

   BPS       X       X

The BlackRock Strategic Municipal Trust

   BSD       X       X

 

(1)   The Class II Board Nominees are Karen P. Robards, James T. Flynn and Frank J. Fabozzi. For Preferred Funds, Karen P. Robards and James T. Flynn are voted upon by the common and preferred shareholders voting together as a single class, and Frank J. Fabozzi, as the Preferred Shares Nominee, is voted upon by the preferred shareholders voting as a separate class. For Non-Preferred Funds, each nominee is voted upon by the common shareholders voting as a single class. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD NOMINEES” for a more detailed discussion regarding the Preferred Shares Nominee.
(2)   With respect to the Preferred Funds, Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of Preferred Shares. Frank J. Fabozzi is the Preferred Shares Nominee standing for election. W. Carl Kester’s term as a Board Member is scheduled to expire in 2014 and therefore he is not standing for election this year as a Preferred Shares Nominee. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD NOMINEES” for a more detailed discussion regarding the Preferred Shares Nominee.

 

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PROPOSAL 1—ELECTION OF BOARD NOMINEES

 

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

 

Nominees for each Fund. The Board of each Fund consists of 11 Board Members, nine of whom are not “interested persons” of the Funds (as defined in the 1940 Act) (the “Independent Board Members”). 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 the date of the 2015 annual meeting or until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal.

 

With respect to the Preferred Funds, the owners of Preferred Shares are entitled to vote as a separate class to elect two of the Board Members (the “Preferred Shares Nominees”) for the Preferred Fund in which they own Preferred Shares. This means that owners of common shares are not entitled to vote in connection with the election of the Preferred Shares Nominees. However, the owners of common shares and the owners of Preferred Shares, voting together as a single class, are entitled to elect the remainder of the Board Nominees. Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of Preferred Shares. Only Frank J. Fabozzi is standing for election this year as a Preferred Shares Nominee. W. Carl Kester’s term as a Board Member is scheduled to expire in 2014 and therefore he is not standing for election this year as a Preferred Shares Nominee.

 

The Board recommends a vote “FOR” the election of Karen P. Robards, Frank J. Fabozzi and James T. Flynn (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or via the Internet, as described in the proxy card, or date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

 

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

 

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Name, Address
and Year of Birth

   Position(s)
Held with
Funds
   Term of
Office and
Length of
Time
Served*
  

Principal Occupation(s)
During Past Five Years

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

Other Public
Company or
Investment
Company
Directorships
Held
During Past

Five Years***

Non-Interested Board Members

              

Richard E. Cavanagh

55 East 52nd Street

New York, NY

10055

 

1946

   Director/
Trustee
and Chair
of the
Boards
   2013;
2007 to
present
   Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America since 1998; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.    99 RICs
consisting
of 95
Portfolios
   Arch Chemical (chemical and allied products) from 1999 to 2011

Karen P. Robards (1)

55 East 52nd Street

New York, NY

10055

 

1950

   Director/
Trustee,
Vice Chair
of the
Boards
and Chair
of the
Audit
Committee
   2012;
2007 to
present
   Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Care Investment Trust, Inc. (health care real estate investment trust) from 2007 to 2010; Director of Enable Medical Corp. from 1996 to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.    99 RICs
consisting
of 95
Portfolios
   AtriCure, Inc. (medical devices)

Michael J. Castellano

55 East 52nd Street

New York, NY

10055

 

1946

   Director/
Trustee
and
Member of
the Audit
Committee
   2014;
2011 to
present
   Managing Director and Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religions (non-profit) since 2009; Director, National Advisory Board of Church Management at Villanova University since 2010.    99 RICs
consisting
of 95
Portfolios
   None

 

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Name, Address
and Year of Birth

   Position(s)
Held with
Funds
   Term of
Office and
Length of
Time
Served*
  

Principal Occupation(s)
During Past Five Years

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

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

Frank J. Fabozzi (1)(2)

55 East 52nd Street

New York, NY

10055

 

1948

   Director/
Trustee
and
Member of
the Audit
Committee
   2012;
2007 to
present
   Editor of and Consultant for The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School since 2011; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.    99 RICs
consisting
of 95
Portfolios
   None

Kathleen F. Feldstein

55 East 52nd Street

New York, NY

10055

 

1941

   Director/
Trustee
   2013;
2007 to
present
   President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. from 2005 to 2009; 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; Director, Catholic Charities of Boston since 2009.    99 RICs
consisting
of 95
Portfolios
   The McClatchy Company (publishing); BellSouth (telecom-munications); Knight Ridder (publishing)

James T. Flynn (1)

55 East 52nd Street

New York, NY

10055

 

1939

   Director/
Trustee
and
Member of
the Audit
Committee
   2012;
2007 to
present
   Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995.    99 RICs
consisting
of 95
Portfolios
   None

Jerrold B. Harris

55 East 52nd Street

New York, NY

10055

 

1942

   Director/
Trustee
   2013;
2007 to
present
   Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl Foundation since 2001; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.    99 RICs
consisting
of 95
Portfolios
   BlackRock Kelso Capital Corp. (business development company)

 

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Name, Address
and Year of Birth

   Position(s)
Held with
Funds
   Term of
Office and
Length of
Time
Served*
  

Principal Occupation(s)
During Past Five Years

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

Other Public
Company or
Investment
Company
Directorships
Held
During Past

Five Years***

R. Glenn Hubbard

55 East 52nd Street

New York, NY

10055

 

1958

   Director/
Trustee
   2014;
2007 to
present
   Dean, Columbia Business School since 2004; Columbia faculty member since 1988; Co-Director, Columbia Business School’s Entrepreneurship Program from 1997 to 2004; Chairman, U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003; Chairman, Economic Policy Committee of the OECD from 2001 to 2003.   99 RICs
consisting of 95
Portfolios
  ADP (data and information services); KKR Financial Corporation (finance); Metropolitan Life Insurance Company (insurance)

W. Carl Kester (2)

55 East 52nd Street

New York, NY

10055

 

1951

   Director/
Trustee and
Member of
the Audit
Committee
   2014;
2007 to
present
   George Fisher Baker Jr. Professor of Business Administration, Harvard Business School; Deputy Dean for Academic Affairs, from 2006 to 2010; Chairman of the Finance Department, Harvard Business 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.   99 RICs
consisting of 95
Portfolios
  None

Interested Board Members †

            

Paul L. Audet

55 East 52nd Street

New York, NY

10055

 

1953

   Director/
Trustee
   2012;
2011 to
present
   Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRock’s Real Estate business from 2008 to 2011; Member of BlackRock’s Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRock’s Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005.   161 RICs
consisting of
280 Portfolios
  None

 

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Name, Address
and Year of Birth

   Position(s)
Held with
Funds
   Term of
Office and
Length of
Time
Served*
  

Principal Occupation(s)
During Past Five Years

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

Other Public
Company or
Investment
Company
Directorships
Held
During Past

Five Years***

Henry Gabbay

55 East 52nd Street

New York, NY

10055

 

1947

   Director/
Trustee
   2013;
2007 to
present
   Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the Closed-End Complex from 1989 to 2006.    161 RICs
consisting
of 280
Portfolios
   None

 

*   Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2007, each Board Member first became a member of the Boards of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh since 1994; 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. Each Board Member will serve until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal, or until December 31 of the year in which he or she turns 72; however, in 2011 the Boards adopted a resolution extending the mandatory retirement age for Mr. Flynn so that he can serve until December 31 of the year in which he turns 73. Mr. Flynn will turn 73 in 2012.
**   For purposes of this chart, “RICs” refers to registered investment companies and “Portfolios” refers to the investment programs of the Funds. For purposes of this chart, the number of RICs and Portfolios excludes one fund that has been approved for liquidation by shareholders but not yet liquidated. When included, the number of RICs and Portfolios overseen by the Non-Interested Board Members increases to 100 RICs consisting of 96 Portfolios and the number of RICs and Portfolios overseen by the Interested Board Members increases to 162 RICs consisting of 281 Portfolios.
***   Directorships disclosed under this column do not include directorships disclosed under the column “Principal Occupation(s) During Past Five Years.”
  Mr. Audet is an “interested person” (as defined in the 1940 Act) of the Funds by virtue of his current position with BlackRock Advisors, LLC, BlackRock Capital Management, Inc. or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock and his ownership of BlackRock and/or The PNC Financial Service Group, Inc. securities. Mr. Gabbay is an “interested person” (as defined in the 1940 Act) of the Funds by virtue of his ownership of BlackRock and/or The PNC Financial Service Group, Inc. securities.
(1)   Class II Board Member.
(2)   Board Member elected solely by the owners of Preferred Shares.

 

The Independent Board Members have adopted a statement of policy that describes the experiences, qualifications, skills and attributes that are necessary and desirable for potential Independent Board Member candidates (the “Statement of Policy”). The Boards believe that each Independent Board Member satisfied, at the time he or she was initially elected or appointed a Board Member, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the standards set forth in each Fund’s By-Laws. Furthermore, in determining that a particular Board Member was and continues to be qualified to serve as a Board Member, the Boards have considered a variety of criteria, none of which, in isolation, was controlling. The Boards believe that, collectively, the Board Members/Nominees have balanced and diverse experiences, skills, attributes and qualifications, which allow the Boards to operate effectively in governing the Funds and protecting the interests of shareholders. Among the attributes common to all Board Members/Nominees is their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the Funds’ investment adviser,

 

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sub-advisers, other service providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties as Board Members. Each Board Member’s/Nominee’s ability to perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting, public service or academic positions; experience from service as a board member of the Funds or the other funds in the BlackRock fund complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other organizations; ongoing commitment and participation in Board and committee meetings, as well as their leadership of standing and other committees throughout the years; or other relevant life experiences.

 

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

 

Board
Members/Nominees

  

Experience, Qualifications and Skills

Richard E. Cavanagh

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

 

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Board
Members/Nominees

  

Experience, Qualifications and Skills

Karen P. Robards *

   The Boards benefit from Ms. Robards’s many years of experience in investment banking and the financial advisory industry where she obtained extensive knowledge of the capital markets and advised clients on corporate finance transactions, including mergers and acquisitions and the issuance of debt and equity securities. Ms. Robards’s prior position as an investment banker at Morgan Stanley provides useful oversight of the Funds’ investment decisions and investment valuation processes. Additionally, Ms. Robards’s experience derived from serving as a director of Care Investment Trust, Inc., a health care real estate investment trust, provides the Boards with the benefit of her experience with the management practices of other financial companies. Ms. Robards’s long-standing service on the boards of the Closed-End Complex also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Ms. Robards’s knowledge of financial and accounting matters qualifies her to serve as Vice Chair of the Boards and as the Chair of each Fund’s Audit Committee. Ms. Robards’s independence from the Funds and the Funds’ investment advisor enhances her service as a member of the Performance Oversight Committee, Executive Committee, Governance and Nominating Committee and Leverage Committee.

Michael J. Castellano

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

 

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Board
Members/Nominees

  

Experience, Qualifications and Skills

Frank J. Fabozzi *

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

Kathleen F. Feldstein

   Dr. Feldstein, who served as President of Economics Studies, Inc., an economic consulting firm, benefits the Boards by providing business leadership and experience and knowledge of economics. The Boards benefit from Dr. Feldstein’s experience as a director/trustee of publicly traded and private companies, including financial services, technology and telecommunications companies. Dr. Feldstein’s long-standing service on the boards of the Closed-End Complex also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. In addition, Dr. Feldstein’s independence from the Funds and the Funds’ investment advisor enhances her service as a member of the Compliance Committee, Governance and Nominating Committee and Performance Oversight Committee.

James T. Flynn *

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

 

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Board
Members/Nominees

  

Experience, Qualifications and Skills

Jerrold B. Harris

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

R. Glenn Hubbard

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

W. Carl Kester

   The Boards benefit from Dr. Kester’s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School and as Deputy Dean of Academic Affairs at Harvard Business School adds to the Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and edited numerous books and research papers on both subject matters, including co-editing a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing service on the boards of the Closed-End Complex also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Kester’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. In addition, Dr. Kester’s independence from the Funds and the Funds’ investment advisor enhances his service as a member of the Governance and Nominating Committee, Performance Oversight Committee and the Leverage Committee.

 

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Board
Members/Nominees

  

Experience, Qualifications and Skills

Paul L. Audet

   Mr. Audet has a wealth of experience in the investment management industry, including more than 13 years with BlackRock and over 30 years in finance and asset management. He also has expertise in finance, as demonstrated by his positions as Chief Financial Officer of BlackRock and head of BlackRock’s Global Cash Management business. Mr. Audet currently is a member of BlackRock’s Global Operating and Corporate Risk Management Committees, the BlackRock Alternative Investors Executive Committee and the Investment Committee for the Private Equity Fund of Funds. Prior to joining BlackRock, Mr. Audet was the Senior Vice President of Finance at PNC Bank Corp. and Chief Financial Officer of the investment management and mutual fund processing businesses and head of PNC’s Mergers & Acquisitions Unit. Mr. Audet is a member of the Executive Committee.

Henry Gabbay

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

 

*   Class II Board Member.

 

Board Leadership Structure and Oversight

 

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

 

The Boards have overall responsibility for the oversight of the Funds. The Chair of the Boards and the Chief Executive Officer are two different people. Not only is the Chair of the Boards an Independent Board Member, but also the Chair of each Board committee (each, a “Committee”) is an Independent Board Member. The Boards have six standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, a Leverage Committee and an Executive Committee. The Funds do not have a compensation committee because their executive officers, other than the CCO, do not receive any direct compensation from the Funds and the CCO’s compensation is comprehensively reviewed by the Boards. The role of the Chair of the Boards is to preside at all meetings of the Boards and to act as a liaison with service providers, officers, attorneys, and other Board Members between meetings. The Chair of each Committee performs a similar role with respect to such Committee. The Chair of the Boards or Committees may also perform such other functions as may be delegated by the Boards or the Committees from time to time. The Independent Board Members

 

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meet regularly outside the presence of the Funds’ management, in executive session or with other service providers to the Funds. The Boards have regular meetings five times a year, including a meeting to consider the approval of the Funds’ investment management agreements, and may hold special meetings if required before their next regular meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Boards and reports its findings to the Boards. The Boards and each standing Committee conduct annual assessments of their oversight function and structure. The Boards have determined that the Boards’ leadership structure is appropriate because it allows the Boards to exercise independent judgment over management and to allocate areas of responsibility among Committees and the Boards to enhance effective oversight.

 

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

 

   

increases the independent oversight of the Funds and enhances the Boards’ objective evaluation of the Chief Executive Officer;

 

   

allows the Chief Executive Officer to focus on the Funds’ operations instead of Board administration;

 

   

provides greater opportunities for direct and independent communication between shareholders and the Boards; and

 

   

provides an independent spokesman for the Funds.

 

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

 

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

 

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

 

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Equity Securities Owned by Board Members and Board Nominees. Information relating to the amount of equity securities owned by Board Members/Nominees in the Funds that they are nominated to oversee, as well as certain other funds in the Closed-End Complex, as of April 30, 2012 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 one Board Member, attended last year’s annual shareholders’ meeting.

 

Board Meetings. During the calendar year 2011, the Board of each Fund met seven times. Information relating to the number of times that the Boards met during each Fund’s most recent fiscal year is set forth in Appendix D. No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served during each Fund’s most recently completed fiscal year.

 

Standing Committees of the Boards. Information relating to the various standing committees of the Boards is set forth in Appendix E.

 

Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 16(a) of the Exchange Act requires the Funds’ Board Members (including in some cases former board members for a period of up to 6 months), executive officers, persons who own more than ten percent of a registered class of a Fund’s equity securities, BlackRock Advisors and certain officers of BlackRock Advisors, to file reports on holdings of, and transactions in, Fund shares with the Securities and Exchange Commission (“SEC”) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Funds and representations from these reporting persons, each Fund believes that its Board Members, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all such applicable SEC filing requirements, except for one inadvertent late filing by Mr. Richard Davis (a former board member) due to an administrative error on the part of a service provider to the Funds and no fault of Mr. Davis whatsoever, with regard to one transaction for each of BlackRock Energy and Resources Trust, BlackRock Ecosolutions Investment Trust, BlackRock International Growth & Income and BlackRock Global Opportunities Equity Trust that took place after he had already ceased to be a board member.

 

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

 

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

 

Settlement of Shareholder Solicitation. On June 15, 2011, 14 BlackRock closed-end registered investment companies listed on Appendix I (the “Settlement Funds”) and certain other BlackRock closed-end registered investment companies, including the Funds, entered into an agreement (the “Agreement”) with Karpus Management, Inc. (“Karpus”), Special Opportunities Fund, Inc. (“SOF”) and Opportunity Partners, L.P. (“Opportunity Partners” and, together with SOF, the “Bulldog/Brooklyn Funds”). As it pertains to the Funds, Karpus and the Bulldog/Brooklyn Funds agreed to abide by certain “standstill restrictions,” including refraining from bringing lawsuits against the Funds or engaging in any proxy contest against the Funds, through the Funds’ 2012 annual meetings of shareholders. The parties also agreed to a mutual non-disparagement provision through the Funds’ and Settlement Funds’ 2012 annual meetings of shareholders. Among other things, Karpus and the Bulldog/Brooklyn Funds also agreed to dismiss a lawsuit previously

 

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brought by them that challenged the adoption of By-Law amendments by the boards of directors/trustees of certain of the Settlement Funds, which amendments are substantially similar to amendments also adopted by all of the Funds. Karpus and the Bulldog/Brooklyn Funds also agreed to withdraw their purported nominees for election as a director/trustee of the Settlement Funds at the 2011 annual meeting of shareholders and to abide by similar “standstill restrictions” with respect to the Settlement Funds until after their 2014 annual meetings of shareholders. The Boards of the Funds believe that the Agreement is in the best interests of the Funds and their shareholders.

 

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

 

On May 29, 2012, two Settlement Funds BJZ and BPK, entered into an agreement with the Bulldog/Brooklyn Funds to amend their Agreement so that the provisions described above relating to BJZ’s and BPK’s 2012 Annual Meeting were extended to BJZ’s and BPK’s 2013 annual meeting of shareholders.

 

As of the date of this Proxy Statement, 12 of the Settlement Funds have redeemed, called for redemption, or publicly announced the anticipated redemption of all of their previously outstanding AMPS.

 

VOTE REQUIRED AND MANNER OF VOTING PROXIES

 

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

 

Votes cast by proxy or in person at each meeting will be tabulated by the inspectors of election appointed for that meeting. The inspectors of election will determine whether or not a quorum is present at the meeting. The inspectors of election will treat withhold votes and “broker non-votes,” if any, as present for purposes of determining a quorum. Broker non-votes occur when shares held by brokers or nominees, typically in “street name,” as to which proxies have been returned

 

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but (a) voting instructions have not been received from the beneficial owners or persons entitled to vote, (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particular matter and (c) the shares are present at the meeting. Preferred Shares of any Fund held in “street name” may be counted for purposes of establishing a quorum of that Fund if no instructions are received one business day before the applicable meeting or, if adjourned, one business day before the day to which the meeting is adjourned.

 

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

 

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

 

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

 

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

 

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Each Audit Committee is required to approve all audit engagement fees and terms for its Fund. Each Audit Committee also is required to consider and act upon (i) the provision by the Fund’s independent accountant of any non-audit services to the Fund, and (ii) the provision by the Fund’s independent accountant of non-audit services to BlackRock and any entity controlling, controlled by or under common control with BlackRock that provides ongoing services to the Fund (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is

 

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required under applicable regulations of the SEC. See Appendix G to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund’s independent registered public accounting firm.

 

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

 

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

 

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

 

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

 

Karen P. Robards (Chair);

Michael J. Castellano;

Frank J. Fabozzi;

James T. Flynn; and

W. Carl Kester.

 

ADDITIONAL INFORMATION

 

5% Beneficial Share Ownership

 

As of May 24, 2012, to the best of the Funds’ knowledge, the persons listed in Appendix H beneficially owned more than 5% of the outstanding shares of the class of the Funds indicated.

 

Submission of Shareholder Proposals

 

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

 

If a shareholder intends to present a proposal at the 2013 annual meeting of a Fund’s shareholders and desires to have the proposal included in such Fund’s proxy statement and form

 

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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 Monday, February 11, 2013. In the event a Fund moves the date of its 2013 annual meeting by more than 30 days from the anniversary of its 2012 annual meeting, under current rules, shareholder submissions of proposals for inclusion in such Fund’s proxy statement and proxy card for the 2013 meeting pursuant to Rule 14a-8 under the Exchange Act must be delivered to the Fund a reasonable time before the Fund begins to print and send its proxy materials.

 

Shareholders who do not wish to submit a proposal for inclusion in a Fund’s proxy statement and form of proxy for the 2013 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2013 annual meeting in accordance with the By-laws of the Fund. The By-laws for all of the Funds require that advance notice be given to the Fund in the event a shareholder desires to transact any business, including business from the floor, at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business or nomination must be in writing, comply with the requirements of the By-laws and be received by the Fund between Wednesday, February 27, 2013 and Friday, March 29, 2013. In order for proposals of shareholders made outside of Rule 14a-8 under the Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received at the Fund’s principal executive offices by Monday, February 11, 2013. In the event a Fund moves the date of its 2013 annual meeting by more than 25 days from the anniversary of its 2012 annual meeting, shareholders who wish to submit a proposal or nomination for consideration at the 2013 annual meeting in accordance with the advance notice provisions of the By-laws of a Fund must deliver such proposal or nomination not later than the close of business on the tenth day following the day on which such notice of the date of the meeting was mailed or such public disclosure of the meeting date was made, whichever comes first. If such proposals are not “timely” within the meaning of Rule 14a-4(c), then proxies solicited by the Board for next year’s annual meeting may confer discretionary authority to the Board to vote on such proposals. Copies of the By-laws of each Fund are available on the EDGAR Database on the SEC’s website at www.sec.gov. Each Fund will also furnish, without charge, a copy of its By-laws to a shareholder upon request. Such requests should be directed to the appropriate Fund at 100 Bellevue Parkway, Wilmington, DE 19809, or by calling toll free at 1-800-441-7762. For further information, please see Appendix E — Standing Committees — Governance and Nominating Committee.

 

For all Funds, written proposals (including nominations) and notices should be sent to the Secretary of the Fund, 40 East 52nd Street, New York, NY 10022.

 

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, NY 10022. Shareholders may communicate with the Boards electronically by sending an e-mail to closedendfundsbod@blackrock.com. The communication should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates, it will be sent only to that Board Member. If a communication does not indicate a specific Board Member, it will be sent to the Chair of the Governance and Nominating Committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons.

 

Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund’s Chief Compliance Officer (“CCO”), 100 Bellevue Parkway, Wilmington, DE 19809. 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.

 

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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 will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Proxy Statement and proxy materials to the beneficial owners of each Fund’s shares. The Funds and BlackRock have retained Georgeson Inc. (“Georgeson”), 199 Water Street, 26th Floor, New York, New York, 10038, a proxy solicitation firm, to assist in the distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Georgeson and Broadridge will be paid approximately $116,000 and $704,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Georgeson may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. Each Fund’s portion of the foregoing expenses is not subject to any cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund.

 

If You Plan to Attend the Annual Meeting

 

Attendance at the annual meeting will be limited to Funds’ shareholders as of the Record Date. Each shareholder will be asked to present valid photographic identification, such as a driver’s license or passport. Shareholders holding shares in brokerage accounts or by a bank or other nominee will be required to show satisfactory proof of ownership of shares in a Fund, such as a voting instruction form (or a copy thereof) or a letter from the shareholder’s bank, broker or other custodian or a brokerage statement or account statement reflecting share ownership as of the Record Date. Cameras, recording devices and other electronic devices will not be permitted at the annual meeting.

 

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

 

Privacy Principles of the Funds

 

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

 

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

 

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

 

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

 

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

 

General

 

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

 

A list of each Fund’s shareholders of record as of the Record Date will be available for inspection at the shareholder meeting. For each Delaware Trust, a list of shareholders of record as of the Record Date will be available at the offices of the Funds, 1 University Square Drive, Princeton, NJ 08540, for inspection by such Fund’s shareholders during regular business hours beginning ten days prior to the date of the meeting.

 

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

 

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

 

By Order of the Boards,

 

Janey Ahn

Secretary of the Funds

 

June 11, 2012

 

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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 managed assets of the Fund on May 31, 2012, the record date for voting at the meeting. All Funds have a policy to encourage Board Members to attend the annual meeting.

 

Ticker

  

Fund

  

Form of Organization

   Total
Common
Shares
Outstanding
   Total
AMPS
Shares
     Total
VRDP
Shares
     Total
VMTP
Shares
     Managed
Assets ($)
(‘000s)*

BAF

  

BlackRock Municipal Income Investment Quality Trust †

   Delaware Statutory Trust    8,746,166      N/A         N/A         422       215,639

BBF

  

BlackRock Municipal Income Investment Trust †

   Delaware Statutory Trust    6,699,682      N/A         342         N/A       169,625

BBK

  

BlackRock Municipal Bond Trust †

   Delaware Statutory Trust    10,489,995      N/A         N/A         799       265,539

BBN

  

BlackRock Build America Bond Trust

   Delaware Statutory Trust    57,103,349      N/A         N/A         N/A       1,936,070

BCF

  

BlackRock Real Asset Equity Trust

   Delaware Statutory Trust    57,173,280      N/A         N/A         N/A       596,396

BCX

  

BlackRock Resources & Commodities Strategy Trust

   Delaware Statutory Trust    46,575,310      N/A         N/A         N/A       660,966

BDJ

  

BlackRock Enhanced Equity Dividend Trust

   Delaware Statutory Trust    179,482,756      N/A         N/A         N/A       1,446,820

BFK

  

BlackRock Municipal Income Trust †

   Delaware Statutory Trust    44,647,173      N/A         N/A         2,708       1,085,285

BFO

  

BlackRock Florida Municipal 2020 Term Trust †

   Delaware Statutory Trust    5,562,128      1,716         N/A         N/A       132,300

BFY

  

BlackRock New York Municipal Income
Trust II †

   Delaware Statutory Trust    4,980,408      N/A         444         N/A       129,804

BFZ

  

BlackRock California Municipal Income Trust †

   Delaware Statutory Trust    31,832,281      N/A         N/A         1,713       842,856

BGR

  

BlackRock Energy and Resources Trust

   Delaware Statutory Trust    29,766,217      N/A         N/A         N/A       707,187

BGT

  

BlackRock Floating Rate Income Trust

   Delaware Statutory Trust    23,626,055      N/A         N/A         N/A       459,828

BGY

  

BlackRock International Growth and Income Trust

   Delaware Statutory Trust    109,989,277      N/A         N/A         N/A       848,719

BHD

  

BlackRock Strategic Bond Trust

   Delaware Statutory Trust    7,059,712      N/A         N/A         N/A       120,095

BHK

  

BlackRock Core Bond Trust

   Delaware Statutory Trust    27,023,027      N/A         N/A         N/A       562,245

BHL

  

BlackRock Defined Opportunity Credit Trust

   Delaware Statutory Trust    9,027,106      N/A         N/A         N/A       168,494

BHV

  

BlackRock Virginia Municipal Bond Trust †

   Delaware Statutory Trust    1,580,088      467         N/A         N/A       41,761

BHY

  

BlackRock High Yield Trust

   Delaware Statutory Trust    6,428,933      N/A         N/A         N/A       62,899

 

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Ticker

  

Fund

  

Form of Organization

   Total
Common
Shares
Outstanding
     Total
AMPS
Shares
   Total
VRDP
Shares
     Total
VMTP
Shares
     Managed
Assets ($)
(‘000s)*

BIE

  

BlackRock Municipal Bond Investment Trust †

   Delaware Statutory Trust      3,337,417       N/A      178         N/A       90,098

BJZ

  

BlackRock California Municipal 2018 Term Trust †

   Delaware Statutory Trust      6,433,028       2,221      N/A         N/A       156,813

BKK

  

BlackRock Municipal 2020 Term Trust †

   Delaware Statutory Trust      20,236,628       6,954      N/A         N/A       511,295

BKN

  

BlackRock Investment Quality Municipal Trust, Inc. †

   Maryland Corporation      17,118,683       N/A      N/A         1,259       412,790

BKT

  

BlackRock Income Trust, Inc.

   Maryland Corporation      63,942,535       N/A      N/A         N/A       681,117

BLE

  

BlackRock Municipal Income Trust II †

   Delaware Statutory Trust      23,390,021       N/A      N/A         1,513       602,627

BLH

  

BlackRock New York Municipal 2018 Term Trust †

   Delaware Statutory Trust      3,633,028       1,256      N/A         N/A       88,863

BLJ

  

BlackRock New Jersey Municipal Bond Trust †

   Delaware Statutory Trust      2,321,722       751      N/A         N/A       60,609

BLW

  

BlackRock Limited Duration Income Trust

   Delaware Statutory Trust      36,939,283       N/A      N/A         N/A       884,622

BME

  

BlackRock Health Sciences Trust

   Delaware Statutory Trust      7,695,792       N/A      N/A         N/A       205,678

BNA

  

BlackRock Income Opportunity Trust, Inc.

   Maryland Corporation      34,456,370       N/A      N/A         N/A       565,640

BNJ

  

BlackRock New Jersey Municipal Income Trust †

   Delaware Statutory Trust      7,635,776       N/A      N/A         591       190,859

BNY

  

BlackRock New York Municipal Income Trust †

   Delaware Statutory Trust      12,870,348       N/A      N/A         945       322,719

BOE

  

BlackRock Global Opportunities Equity Trust

   Delaware Statutory Trust      69,483,161       N/A      N/A         N/A       980,168

BPK

  

BlackRock Municipal 2018 Term Trust †

   Delaware Statutory Trust      15,908,028       5,354      N/A         N/A       393,484

BPP

  

BlackRock Credit Allocation Income Trust III

   Delaware Statutory Trust      18,467,785       N/A      N/A         N/A       320,576

BPS

  

The BlackRock Pennsylvania Strategic Municipal Trust †

   Delaware Statutory Trust      2,029,002       653      N/A         N/A       53,115

BQH

  

BlackRock New York Municipal Bond Trust †

   Delaware Statutory Trust      2,789,045       N/A      221         N/A       73,687

BQR

  

BlackRock EcoSolutions Investment Trust

   Delaware Statutory Trust      12,564,457       N/A      N/A         N/A       109,614

BQY

  

BlackRock S&P Quality Rankings Global Equity Managed Trust

   Delaware Statutory Trust      6,033,028       N/A      N/A         N/A       76,562

 

A-2


Table of Contents

Ticker

  

Fund

  

Form of Organization

   Total
Common
Shares
Outstanding
   Total
AMPS
Shares
     Total
VRDP
Shares
     Total
VMTP
Shares
     Managed
Assets ($)
(‘000s)*

BSD

  

The BlackRock Strategic Municipal Trust †

   Delaware Statutory Trust    7,299,515      N/A         N/A         429       175,366

BSE

  

BlackRock New York Municipal Income Quality Trust †

   Delaware Statutory Trust    6,498,235      N/A         405         N/A       160,124

BTA

  

BlackRock Long-Term Municipal Advantage Trust

   Delaware Statutory Trust    13,397,663      N/A         N/A         N/A       262,614

BTZ

  

BlackRock Credit Allocation Income Trust IV

   Delaware Statutory Trust    51,828,156      N/A         N/A         N/A       1,050,792

BUI

  

BlackRock Utility & Infrastructure Trust

   Delaware Statutory Trust    16,906,964      N/A         N/A         N/A       323,745

BYM

  

BlackRock Municipal Income Quality Trust †

   Delaware Statutory Trust    26,363,592      N/A         N/A         1,372       654,940

BZM

  

BlackRock Maryland Municipal Bond Trust †

   Delaware Statutory Trust    2,070,857      640         N/A         N/A       50,272

HIS

  

BlackRock High Income Shares

   Massachusetts Business Trust    54,707,618      N/A         N/A         N/A       161,211

MUA

  

BlackRock MuniAssets Fund, Inc.

   Maryland Corporation    35,741,923      N/A         N/A         N/A       549,612

RNJ

  

BlackRock New Jersey Investment Quality Municipal Trust, Inc. †

   Maryland Corporation    1,017,788      276         N/A         N/A       22,150

RNY

  

BlackRock New York Investment Quality Municipal Trust, Inc. †

   Maryland Corporation    1,315,761      389         N/A         N/A       32,067

 

  Denotes a Preferred Fund.
*   “Managed Assets” means the total assets of the Fund minus its accrued liabilities (other than aggregate indebtedness constituting financial leverage).

 

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Table of Contents

Appendix B – Compensation of the Board Members

 

Each Board Member who is not an “interested person” (as defined in the 1940 Act) (the “Independent Board Members”), is paid an annual retainer of $250,000 per year for his or her services as a Board Member of all BlackRock-advised closed-end funds (the “Closed-End Complex”) that are overseen by the respective director/trustee, and each Board Member may also receive a $10,000 board meeting fee for special unscheduled meetings or meetings in excess of six Board meetings held in a calendar year, together with out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair and Vice-Chair of the Board are paid an additional annual retainer of $120,000 and $40,000, respectively. The Chairs of the Audit Committee, Compliance Committee, Governance and Nominating Committee, and Performance Oversight Committee are paid an additional annual retainer of $35,000, $20,000, $10,000 and $20,000, respectively. Each Audit Committee and Leverage Committee member is paid an additional annual retainer of $25,000 for his or her service on such committee. For the year ended December 31, 2011, the Closed-End Complex reimbursed Independent Board Member expenses in an aggregate amount of $46,446. Each Fund shall pay a pro rata portion quarterly (based on relative net assets) of the foregoing Board Member fees paid by the funds in the Closed-End Complex.

 

Dr. Gabbay is an interested person of the Funds and serves as an interested Board Member of three groups of BlackRock-advised funds — the Closed-End Complex and two complexes of open-end funds (the “Equity-Liquidity Complex” and the “Equity-Bond Complex”; each such complex, a “BlackRock Fund Complex”). Dr. Gabbay receives for his services as a Board Member of such BlackRock Fund Complexes (i) an annual retainer of $531,250 allocated to the funds in these three BlackRock Fund Complexes, including the Funds, based on their relative net assets and (ii) with respect to each of the two open-end BlackRock Fund Complexes, a Board meeting fee of $3,750 (with respect to meetings of the Equity-Liquidity Complex) and $18,750 (with respect to meetings of the Equity-Bond Complex) to be paid for attendance at each Board meeting up to five Board meetings held in a calendar year by each such complex (compensation for meetings in excess of this number to be determined on a case-by-case basis). Dr. Gabbay is also reimbursed for out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. Dr. Gabbay’s compensation for serving on the boards of the funds in these BlackRock Fund Complexes (including the Funds) is equal to 75% of each Board Member retainer and, as applicable, of each Board meeting fee (without regard to additional fees paid to Board and Committee chairs) received by the Independent Board Members serving on such boards, as well as the full Leverage Committee member retainer. The Boards of the Funds or of any other fund in a BlackRock Fund Complex may modify the Board Members’ compensation from time to time depending on market conditions and Dr. Gabbay’s compensation would be impacted by those modifications.

 

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

 

B-1


Table of Contents

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

 

Fund

  Fund’s
Fiscal Year
End(1)
  Richard E.
Cavanagh
(2)(12)
    Frank J.
Fabozzi
(3)(12)
    Kathleen F.
Feldstein
(4)
    R. Glenn
Hubbard
(5)(10)
    James T.
Flynn
(6)
    Jerold B.
Harris
(7)
    W. Carl
Kester
(8)(12)
    Karen P.
Robards
(9)(12)
    Henry
Gabbay
(10)(12)
    Michael J.
Castellano
(11)
    Fund
Total
 

BAF

  31-Aug   $ 1,874      $ 1,557      $ 1,085      $ 1,098      $ 1,162      $ 1,221      $ 1,473      $ 1,899      $ 1,107      $ 464      $ 12,940   

BBF

  31-Jul   $ 1,373      $ 1,141      $ 801      $ 804      $ 851      $ 889      $ 1,079      $ 1,392      $ 800      $ 266      $ 9,395   

BBK

  31-Aug   $ 2,249      $ 1,869      $ 1,302      $ 1,317      $ 1,393      $ 1,465      $ 1,768      $ 2,280      $ 1,332      $ 555      $ 15,531   

BBN

  31-Jul   $ 11,917      $ 9,677      $ 7,639      $ 7,764      $ 8,212      $ 8,757      $ 9,080      $ 12,187      $ 7,903      $ 3,258      $ 86,393   

BCF

  31-Oct   $ 10,704      $ 8,616      $ 7,041      $ 7,239      $ 7,657      $ 7,839      $ 8,059      $ 10,550      $ 5,523      $ 4,478      $ 77,707   

BCX (13)

  31-Oct   $ 3,368      $ 2,685      $ 2,276      $ 2,367      $ 2,503      $ 2,458      $ 2,503      $ 3,186      $ 3,438      $ 4,479      $ 29,264   

BDJ (14)

  31-Oct   $ 7,878      $ 6,346      $ 5,172      $ 5,312      $ 5,619      $ 5,772      $ 5,938      $ 7,789      $ 4,236      $ 3,264      $ 57,325   

BFK

  30-Apr   $ 8,514      $ 7,016      $ 4,994      $ 5,194      $ 5,494      $ 5,394      $ 6,616      $ 8,114      $ 5,231      $ 5,469      $ 62,036   

BFO

  31-Jul   $ 1,244      $ 1,032      $ 729      $ 733      $ 775      $ 808      $ 976      $ 1,258      $ 728      $ 250      $ 8,533   

BFY

  31-Aug   $ 1,087      $ 903      $ 630      $ 638      $ 674      $ 708      $ 854      $ 1,101      $ 639      $ 269      $ 7,503   

BFZ

  31-Jul   $ 6,717      $ 5,582      $ 3,916      $ 3,935      $ 4,162      $ 4,347      $ 5,279      $ 6,808      $ 3,918      $ 1,300      $ 45,964   

BGR

  31-Oct   $ 11,489      $ 9,243      $ 7,568      $ 7,786      $ 8,235      $ 8,413      $ 8,644      $ 11,299      $ 6,116      $ 4,963      $ 83,757   

BGT

  31-Oct   $ 5,020      $ 4,143      $ 2,961      $ 3,041      $ 3,216      $ 3,306      $ 3,909      $ 4,971      $ 2,950      $ 1,868      $ 35,383   

BGY

  31-Oct   $ 14,759      $ 11,892      $ 9,681      $ 9,940      $ 10,514      $ 10,813      $ 11,127      $ 14,608      $ 7,550      $ 5,984      $ 106,868   

BHD

  31-Aug   $ 1,332      $ 1,078      $ 867      $ 878      $ 929      $ 972      $ 1,011      $ 1,346      $ 713      $ 387      $ 9,512   

BHK

  31-Aug   $ 5,019      $ 4,066      $ 3,261      $ 3,302      $ 3,493      $ 3,663      $ 3,812      $ 5,084      $ 2,711      $ 1,416      $ 35,827   

BHL

  31-Aug   $ 1,711      $ 1,385      $ 1,114      $ 1,130      $ 1,195      $ 1,248      $ 1,298      $ 1,727      $ 918      $ 500      $ 12,225   

BHV

  31-Aug   $ 361      $ 300      $ 209      $ 212      $ 224      $ 235      $ 283      $ 365      $ 193      $ 90      $ 2,472   

BHY

  31-Aug   $ 613      $ 496      $ 399      $ 405      $ 428      $ 447      $ 465      $ 619      $ 329      $ 180      $ 4,382   

BIE

  31-Aug   $ 729      $ 606      $ 422      $ 427      $ 451      $ 474      $ 573      $ 739      $ 430      $ 179      $ 5,030   

BJZ

  31-Dec   $ 1,369      $ 1,124      $ 819      $ 852      $ 901      $ 885      $ 1,058      $ 1,304      $ 863      $ 673      $ 9,848   

BKK

  30-Apr   $ 4,504      $ 3,710      $ 2,646      $ 2,752      $ 2,911      $ 2,858      $ 3,498      $ 4,292      $ 2,738      $ 2,898      $ 32,809   

BKN

  30-Apr   $ 3,424      $ 2,822      $ 2,008      $ 2,088      $ 2,208      $ 2,168      $ 2,662      $ 3,264      $ 2,111      $ 2,199      $ 24,954   

BKT

  31-Aug   $ 6,740      $ 5,458      $ 4,387      $ 4,447      $ 4,703      $ 4,918      $ 5,116      $ 6,811      $ 3,683      $ 1,940      $ 48,203   

BLE

  31-Aug   $ 4,856      $ 4,034      $ 2,815      $ 2,849      $ 3,013      $ 3,165      $ 3,815      $ 4,919      $ 2,871      $ 1,204      $ 33,541   

BLH

  31-Dec   $ 800      $ 656      $ 480      $ 499      $ 528      $ 519      $ 618      $ 762      $ 497      $ 392      $ 5,752   

BLJ

  31-Aug   $ 502      $ 417      $ 291      $ 294      $ 311      $ 327      $ 395      $ 509      $ 296      $ 124      $ 3,467   

BLW

  31-Aug   $ 8,631      $ 6,988      $ 5,619      $ 5,696      $ 6,025      $ 6,299      $ 6,550      $ 8,718      $ 4,628      $ 2,513      $ 61,667   

BME

  31-Oct   $ 2,792      $ 2,249      $ 1,833      $ 1,883      $ 1,992      $ 2,045      $ 2,104      $ 2,759      $ 1,515      $ 1,179      $ 20,351   

BNA

  31-Aug   $ 4,987      $ 4,041      $ 3,241      $ 3,282      $ 3,471      $ 3,640      $ 3,788      $ 5,053      $ 2,697      $ 1,407      $ 35,606   

BNJ

  31-Jul   $ 1,623      $ 1,348      $ 948      $ 953      $ 1,008      $ 1,052      $ 1,275      $ 1,644      $ 946      $ 318      $ 11,116   

BNY

  31-Jul   $ 2,703      $ 2,245      $ 1,580      $ 1,589      $ 1,680      $ 1,753      $ 2,122      $ 2,737      $ 1,572      $ 529      $ 18,510   

BOE

  31-Oct   $ 16,783      $ 13,521      $ 11,012      $ 11,309      $ 11,962      $ 12,296      $ 12,651      $ 16,603      $ 8,663      $ 6,838      $ 121,637   

BPK

  31-Dec   $ 3,437      $ 2,820      $ 2,057      $ 2,139      $ 2,262      $ 2,221      $ 2,655      $ 3,272      $ 2,160      $ 1,689      $ 24,711   

BPP

  31-Oct   $ 3,334      $ 2,753      $ 1,961      $ 2,013      $ 2,129      $ 2,191      $ 2,598      $ 3,305      $ 1,966      $ 1,232      $ 23,482   

BPS

  30-Apr   $ 410      $ 338      $ 241      $ 250      $ 265      $ 260      $ 319      $ 391      $ 251      $ 264      $ 2,988   

 

B-2


Table of Contents

Fund

  Fund’s
Fiscal Year
End(1)
  Richard E.
Cavanagh
(2)(12)
    Frank J.
Fabozzi
(3)(12)
    Kathleen F.
Feldstein
(4)
    R. Glenn
Hubbard
(5)(10)
    James T.
Flynn
(6)
    Jerold B.
Harris (7)
    W. Carl
Kester
(8)(12)
    Karen P.
Robards
(9)(12)
    Henry
Gabbay
(10)(12)
    Michael J.
Castellano
(11)
    Fund
Total
 

BQH

  31-Aug   $ 624      $ 519      $ 362      $ 367      $ 388      $ 407      $ 491      $ 633      $ 367      $ 155      $ 4,311   

BQR

  31-Oct   $ 1,717      $ 1,383      $ 1,127      $ 1,158      $ 1,225      $ 1,258      $ 1,294      $ 1,696      $ 897      $ 708      $ 12,463   

BQY

  31-Oct   $ 1,149      $ 925      $ 754      $ 775      $ 819      $ 841      $ 865      $ 1,135      $ 614      $ 478      $ 8,356   

BSD

  30-Apr   $ 1,387      $ 1,143      $ 814      $ 846      $ 895      $ 879      $ 1,078      $ 1,322      $ 850      $ 891      $ 10,104   

BSE

  31-Aug   $ 1,376      $ 1,143      $ 797      $ 807      $ 853      $ 896      $ 1,081      $ 1,394      $ 810      $ 340      $ 9,497   

BTA

  30-Apr   $ 1,883      $ 1,501      $ 1,272      $ 1,323      $ 1,399      $ 1,374      $ 1,399      $ 1,781      $ 1,022      $ 1,393      $ 14,347   

BTZ

  31-Oct   $ 10,851      $ 8,964      $ 6,372      $ 6,541      $ 6,918      $ 7,124      $ 8,461      $ 10,762      $ 6,377      $ 3,989      $ 76,359   

BUI (15)

  31-Oct     N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A        N/A   

BYM

  31-Aug   $ 5,463      $ 4,540      $ 3,164      $ 3,201      $ 3,385      $ 3,558      $ 4,294      $ 5,538      $ 3,229      $ 1,348      $ 37,720   

BZM

  31-Aug   $ 454      $ 377      $ 264      $ 267      $ 282      $ 296      $ 357      $ 460      $ 266      $ 113      $ 3,136   

HIS

  31-Aug   $ 1,684      $ 1,364      $ 1,096      $ 1,112      $ 1,176      $ 1,229      $ 1,278      $ 1,701      $ 900      $ 493      $ 12,033   

MUA (16)

  30-Apr   $ 5,673      $ 4,523      $ 3,833      $ 3,987      $ 4,217      $ 4,140      $ 4,217      $ 5,366      $ 3,044      $ 4,197      $ 43,196   

RNJ

  31-Jul   $ 190      $ 157      $ 111      $ 111      $ 118      $ 123      $ 149      $ 192      $ 111      $ 37      $ 1,298   

RNY

  31-Jul   $ 276      $ 229      $ 161      $ 162      $ 171      $ 179      $ 217      $ 279      $ 160      $ 54      $ 1,887   

Total Compensation from Closed-End Complex (17)

  $ 395,000      $ 320,000      $ 250,000      $ 260,000      $ 275,000      $ 270,000      $ 300,000      $ 375,000      $ 212,500      $ 196,429     

Number of RICs in Closed-End Complex Overseen by Board Member (18)

    99        99        99        99        99        99        99        99        99        99     

 

(1) Information is for the Fund’s most recent fiscal year.
(2) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $477,558 as of 12/31/11.
(3) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $440,478 as of 12/31/11.
(4) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $473,276 as of 12/31/11.
(5) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $689,091 as of 12/31/11.
(6) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $668,240 as of 12/31/11.
(7) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $617,214 as of 12/31/11.
(8) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $364,495 as of 12/31/11.
(9) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $347,148 as of 12/31/11.
(10) As of December 31, 2011 the Board Member did not participate in the deferred compensation plan.
(11) Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $40,702 as of 12/31/11.
(12) Each Leverage Committee member was paid a retainer of $25,000 for the year ended December 31, 2011.
(13) Fund commenced operations on March 28, 2011 and has not completed a full fiscal year yet.
(14) Includes fees paid by BlackRock Equity Dividend Trust (BDV) and BlackRock Strategic Equity Dividend Trust (BDT) which merged into BlackRock Enhanced Equity Dividend Trust (BDJ) on February 27, 2012.
(15) Fund commenced operations on November 22, 2011 and has not completed a fiscal year yet.
(16) Includes fees paid by BlackRock Apex Municipal Fund, Inc. (APX) which merged into BlackRock MuniAssets Fund, Inc. (MUA).
(17) Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2011. Of this amount, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Mr. Flynn, Mr. Harris, Dr. Kester, Ms. Robards and Mr. Castellano deferred $37,000, $29,500, $75,000, $137,500, $135,000, $75,000, $70,000 and $41,250.
(18) For purposes of this chart, the number of RICs excludes one fund that has been approved for liquidation by shareholders but not yet liquidated. When included, the number of RICs in the Closed-End Complex overseen by the Board Members increases to 100.

 

B-3


Table of Contents

Appendix C – Equity Securities Owned by Board Members and Board Nominees

 

The following table shows the amount of equity securities owned by the Board Members and Board Nominees in the Funds that they are nominated to oversee as of April 30, 2012, except as otherwise indicated. No Board Member nor Board Nominee owns Preferred Shares.

 

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 

Interested Board Members and/or Nominees:

         

Paul L. Audet

  BlackRock Municipal Income Investment Quality Trust   6,500   Over $100,000     Over $100,000      N/A   N/A     Over $100,000   

Henry Gabbay

  BlackRock Core Bond Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust III   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   1,000   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Defined Opportunity Credit Trust   1,000   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock EcoSolutions Investment Trust   1,245   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Energy and Resources Trust   625   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   3,663   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Floating Rate Income Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Global Opportunities Equity Trust   1,226   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   650   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Income Shares   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Yield Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-1


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Income Opportunity Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   900   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Investment Quality Municipal Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   1,600   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock MuniAssets Fund, Inc.   974   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Investment Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Investment Quality Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Investment Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Quality Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-2


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Municipal Income Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Bond Trust   700   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Trust   750   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Trust II   1,300   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Real Asset Equity Trust   1,200   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock S&P Quality Rankings Global Equity Managed Trust   1,090   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Strategic Bond Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  The BlackRock Strategic Municipal Trust   900   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   

Independent Board Members and/or Nominees:

  

     
Richard E. Cavanagh   BlackRock Build America Bond Trust   500   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock California Municipal 2018 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock California Municipal Income Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Core Bond Trust   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-3


Table of Contents

Name of Board
Member
and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Credit Allocation Income Trust III   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   200   $1 - $10,000     Over $100,000      5,307   $50,001 - $100,000     Over $100,000   
  BlackRock Defined Opportunity Credit Trust   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock EcoSolutions Investment Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Energy and Resources Trust   100   $1 - $10,000     Over $100,000      2,370   $50,001 - $100,000     Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   368   $1 - $10,000     Over $100,000      6,984   $50,001 - $100,000     Over $100,000   
  BlackRock Floating Rate Income Trust   200   $1 - $10,000     Over $100,000      5,336   $50,001 - $100,000     Over $100,000   
  BlackRock Florida Municipal 2020 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Global Opportunities Equity Trust   214   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Income Shares   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Yield Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Opportunity Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   100   $1 - $10,000     Over $100,000      6,063   $10,001 - $50,000     Over $100,000   

 

C-4


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Investment Quality Municipal Trust, Inc.   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   100   $1 - $10,000     Over $100,000      4,579   $50,001 -
$100,000
    Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock MuniAssets Fund, Inc.   172   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Investment Quality Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Investment Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Quality Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Investment Quality Municipal Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal 2018 Term Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Bond Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Quality Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-5


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock New York Municipal Income Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Trust II   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Real Asset Equity Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Resources & Commodities Strategy Trust   200   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock S&P Quality Rankings Global Equity Managed Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Strategic Bond Trust   300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Utility & Infrastructure Trust   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  The BlackRock Strategic Municipal Trust   500   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
Michael J. Castellano   BlackRock Build America Bond Trust   1,100   $10,001 - $50,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Core Bond Trust   700   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   N/A   None     Over $100,000      850   $10,001 -
$50,000
    Over $100,000   
  BlackRock Energy and Resources Trust   400   $10,001 - $50,000     Over $100,000      402   $10,001 -
$50,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   1,278   $1 - $10,000     Over $100,000      1,384   $10,001 -
$50,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   N/A   None     Over $100,000      794   $10,001 -
$50,000
    Over $100,000   

 

C-6


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Income Opportunity Trust, Inc.   1,000   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   1,300   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   1,000   $1 - $10,000     Over $100,000      1,313   $10,001 -
$50,000
    Over $100,000   
  BlackRock Limited Duration Income Trust   600   $10,001 -
$50,000
    Over $100,000      643   $10,001 -
$50,000
    Over $100,000   
  BlackRock S&P Quality Rankings Global Equity Managed Trust   700   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  The BlackRock Strategic Bond Trust   800   $10,001 -
$50,000
    Over $100,000      N/A   N/A     Over $100,000   

Frank J. Fabozzi

  BlackRock Core Bond Trust   20   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust III   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  4,883   $50,001 -
$100,000
    Over $100,000   
  BlackRock Defined Opportunity Credit Trust   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock EcoSolutions Investment Trust   300   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Energy and Resources Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  2,179   $50,001 -
$100,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   624   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  6,439   $10,001 -
$50,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  4,868   $50,001 -
$100,000
    Over $100,000   

 

C-7


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Global Opportunities Equity Trust   324   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock High Income Shares   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock High Yield Trust   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Opportunity Trust, Inc.   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   2,010   $10,001 -
$50,000
   
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   300   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  5,578   $10,001 -
$50,000
    Over $100,000   
  BlackRock Investment Quality Municipal Trust, Inc.   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  4,185   $50,001 -
$100,000
    Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock MuniAssets Fund, Inc.   17   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   20   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   20   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Quality Trust   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust   20   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   10   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Real Asset Equity Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   

 

C-8


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock S&P Quality Rankings Global Equity Managed Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Strategic Bond Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  The BlackRock Pennsylvania Strategic Municipal Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  The BlackRock Strategic Municipal Trust   100   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
Kathleen F. Feldstein   BlackRock Core Bond Trust   85   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust III   97   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   173   $1 - $10,000     $10,001 - $50,000      5,579   $50,001 -
$100,000
    Over $100,000   
  BlackRock Defined Opportunity Credit Trust   452   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   
  BlackRock EcoSolutions Investment Trust   169   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   
  BlackRock Energy and Resources Trust   61   $1 - $10,000     $10,001 - $50,000      2,543   $50,001 -
$100,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   423   $1 - $10,000     $10,001 - $50,000      7,486   $50,001 -
$100,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   96   $1 - $10,000     $10,001 - $50,000      5,200   $50,001 -
$100,000
    Over $100,000   
  BlackRock Global Opportunities Equity Trust   322   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   173   $1 - $10,000     $10,001 - $50,000      N/A   N/A     Over $100,000   

 

C-9


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock High Income Shares   202   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock High Yield Trust   93   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Opportunity Trust, Inc.   84   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   76   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   193   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  6,509   $50,001 -
$100,000
    Over $100,000   
  BlackRock Investment Quality Municipal Trust, Inc.   80   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   89   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  4,403   $50,001 -
$100,000
    Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   140   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   76   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   73   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   82   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Quality Trust   76   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust   81   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   80   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Real Asset Equity Trust   162   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock S&P Quality Rankings Global Equity Managed Trust   83   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Strategic Bond Trust   90   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   

 

C-10


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  The BlackRock Strategic Municipal Trust   80   $1 - $10,000    
 
$10,001 -
$50,000
  
  
  N/A   N/A     Over $100,000   

James T. Flynn

  BlackRock Credit Allocation Income Trust IV   N/A   None     Over $100,000      8,101   Over $100,000     Over $100,000   
  BlackRock Energy and Resources Trust   N/A   None     Over $100,000      3,703   $50,001 -
$100,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   14,113   Over $100,000     Over $100,000      11,080   $50,001 -
$100,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   N/A   None     Over $100,000      7,356   Over $100,000     Over $100,000   
  BlackRock Global Opportunities Equity Trust   5,000   $50,001 -
$100,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   9,000   $50,001 -
$100,000
    Over $100,000      9,560   $50,001 -
$100,000
    Over $100,000   
  BlackRock Limited Duration Income Trust   N/A   None     Over $100,000      6,177   Over $100,000     Over $100,000   

Jerrold B. Harris

  BlackRock Build America Bond Trust   2,300   $50,001 -
$100,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Core Bond Trust   134   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust III   149   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   156   $1 - $10,000     Over $100,000      7,523   $50,001 -
$100,000
    Over $100,000   
  BlackRock Defined Opportunity Credit Trust   114   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock EcoSolutions Investment Trust   165   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-11


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Energy and Resources Trust   307   $1 - $10,000     Over $100,000      3,437   $50,001 -
$100,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   533   $1 - $10,000     Over $100,000      10,317   $50,001 -
$100,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   150   $1 - $10,000     Over $100,000      6,828   $50,001 -
$100,000
    Over $100,000   
  BlackRock Global Opportunities Equity Trust   372   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   140   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Income Shares   158   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock High Yield Trust   145   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Opportunity Trust, Inc.   134   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   123   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   188   $1 - $10,000     Over $100,000      8,919   $50,001 -
$100,000
    Over $100,000   
  BlackRock Investment Quality Municipal Trust, Inc.   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   138   $1 - $10,000     Over $100,000      5,734   Over
$100,000
    Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Maryland Municipal Bond Trust   2,900   $50,001 -
$100,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock MuniAssets Fund, Inc.   172   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   128   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   125   $1 -$10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   134   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   

 

C-12


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock Municipal Income Quality Trust   100   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust   6,135   $50,001 -
$100,000
    Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   13,104   Over $100,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Real Asset Equity Trust   147   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock S&P Quality Rankings Global Equity Managed Trust   138   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  BlackRock Strategic Bond Trust   141   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
  The BlackRock Strategic Municipal Trust   133   $1 - $10,000     Over $100,000      N/A   N/A     Over $100,000   
R. Glenn
Hubbard
  BlackRock Core Bond Trust   170   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust III   194   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Credit Allocation Income Trust IV   173   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  7,949   Over $100,000     Over $100,000   
  BlackRock Defined Opportunity Credit Trust   569   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Energy and Resources Trust   311   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  3,505   $50,001 -
$100,000
    Over $100,000   
  BlackRock Enhanced Equity Dividend Trust   647   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  10,361   $50,001 -
$100,000
    Over $100,000   
  BlackRock Floating Rate Income Trust   191   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  8,261   Over $100,000     Over $100,000   
  BlackRock Global Opportunities Equity Trust   457   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Health Sciences Trust   173   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock High Income Shares   203   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   

 

C-13


Table of Contents

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock High Yield Trust   187   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Opportunity Trust, Inc.   168   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Income Trust, Inc.   151   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock International Growth and Income Trust   192   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  9,139   $50,001 -
$100,000
    Over $100,000   
  BlackRock Investment Quality Municipal Trust, Inc.   160   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Limited Duration Income Trust   178   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  7,184   Over $100,000     Over $100,000   
  BlackRock Long-Term Municipal Advantage Trust   140   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2018 Term Trust   152   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal 2020 Term Trust   147   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Bond Trust   163   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Quality Trust   152   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust   162   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock Municipal Income Trust II   160   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock New York Investment Quality Municipal Trust, Inc.   155   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock New York Municipal 2018 Term Trust   148   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock New York Municipal Bond Trust   156   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Quality Trust   150   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   

 

C-14


Table of Contents
<

Name of Board
Member and
Board Nominee

 

Fund Name

  Number of
Common
Shares
  Aggregate
Dollar
Range of
Common
Shares in
Each Fund
  Aggregate
Dollar
Range of
Common
Shares in
All Funds
Overseen or
To Be Overseen
by the Board
Member/
Nominee in
Closed-End
Complex
    Number of
Share
Equivalents(1)
  Aggregate
Dollar
Range of
Share
Equivalents
in Each
Fund
  Aggregate
Dollar
Range of
Common
Shares and
Share
Equivalents
in  Closed-End
Complex
 
  BlackRock New York Municipal Income Trust   157   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A     Over $100,000   
  BlackRock New York Municipal Income Trust II   154   $1 - $10,000    
 
$50,001 -
$100,000
  
  
  N/A   N/A