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

SCHEDULE 14A INFORMATION

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

 

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

Check the appropriate box:

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

BlackRock Apex Municipal Fund, Inc.
BlackRock 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 Dividend Achievers™ Trust
BlackRock EcoSolutions Investment Trust
BlackRock Energy and Resources Trust
BlackRock Enhanced Dividend Achievers™ 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 Insured Municipal Income Investment Trust
BlackRock Insured Municipal Income Trust
BlackRock International Growth and Income Trust
BlackRock Investment Quality Municipal 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 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
BlackRock New York Insured Municipal Income Trust
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 Trust
BlackRock New York Municipal Income Trust II
BlackRock Real Asset Equity Trust
BlackRock S&P Quality Rankings Global Equity Managed Trust
BlackRock Strategic Bond Trust
BlackRock Strategic Dividend Achievers™ Trust
BlackRock Virginia Municipal Bond Trust
The BlackRock Insured Municipal Term Trust Inc.
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)

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July 23, 2010

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 Thursday, September 2, 2010, at 12:30 p.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.

The purpose of the meeting is to seek shareholder approval of the four nominees named in the enclosed joint proxy statement to the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Fund. Each Board has unanimously approved the four proposed 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. Even if you plan to attend the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or over the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card you receive, and if received by mail, returning it in the accompanying postage-paid return envelope.

You have received this joint proxy statement because you were a shareholder of record of at least one of the Funds listed in Appendix A on July 6, 2010. 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. If you were also a shareholder of record on July 6, 2010 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please be certain to sign, date and return each proxy card you receive.

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

Sincerely,

Howard B. Surloff
Secretary of the Funds

BlackRock Closed-End Funds
100 Bellevue Parkway, Wilmington, DE 19809
(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 beginning on page 3 of the proxy statement identifies the Board Nominees for each Fund.
   
Q.      How do the Boards of the Funds recommend that I vote?
   
A.      The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election is in your best interests and recommend that you vote “FOR” each Board Nominee.
   
Q.      How do I vote my shares?
   
A.     

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

   
Q.      Will my vote make a difference?
   
A.      Your vote is very important and can make a difference in the governance and management of the Funds, no matter how many shares you own. Your vote can help ensure that the Board Nominees will be elected. We encourage all shareholders to participate in the governance of their Funds.
   
Q.      Are the Funds paying for the cost of the joint proxy statement?
   
A.     

The costs associated with the joint proxy statement, including the mailing and the proxy solicitation costs, will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of the 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 The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 916, New York, NY 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $55,000 and $1,245,000, respectively, for such services (including reimbursements of out-of-pocket expenses).

   
Q.      Whom do I call if I have questions?
   
A.      If you need more information, or have any questions about voting, please call Altman, the Funds’ proxy solicitor, at 1-866-796-7185.


Please vote now. Your vote is important.

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




July 23, 2010

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON SEPTEMBER 2, 2010

A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each, a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

PROPOSAL 1.

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

   

PROPOSAL 2.

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

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

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

Shareholders of record of each Fund as of the close of business on July 6, 2010 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 July 6, 2010, 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. If you were also a shareholder of record on July 6, 2010 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please be certain to sign, date and return each proxy card you receive.

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

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

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



BlackRock Closed-End Funds
Holding Annual Meetings of Shareholders on September 2, 2010

Name of Fund
Ticker
BlackRock Apex Municipal Fund, Inc. APX
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 Dividend Achievers™ Trust BDV
BlackRock EcoSolutions Investment Trust BQR
BlackRock Energy and Resources Trust BGR
BlackRock Enhanced Dividend Achievers™ 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 Insured Municipal Income Investment Trust BAF
BlackRock Insured Municipal Income Trust BYM
BlackRock International Growth and Income Trust BGY
BlackRock Investment Quality Municipal Income Trust RFA
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 Trust BBF
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 Insured Municipal Income Trust BSE
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 Trust BNY
BlackRock New York Municipal Income Trust II BFY
BlackRock Real Asset Equity Trust BCF
BlackRock S&P Quality Rankings Global Equity Managed Trust BQY
BlackRock Strategic Bond Trust BHD
BlackRock Strategic Dividend Achievers™ Trust BDT
BlackRock Virginia Municipal Bond Trust BHV
The BlackRock Insured Municipal Term Trust Inc. BMT
The BlackRock Pennsylvania Strategic Municipal Trust BPS
The BlackRock Strategic Municipal Trust BSD



TABLE OF CONTENTS

      Page

 

 

   
JOINT PROXY STATEMENT 1
SUMMARY OF PROPOSAL AND FUNDS VOTING 3
PROPOSAL 1—ELECTION OF BOARD MEMBER NOMINEES 5
       Vote Required and Manner of Voting Proxies 13
       Independent Registered Public Accounting Firm. 14
       Additional Information 16
Appendix A Fund Information A-1
Appendix B Compensation of the Board Members B-1
Appendix C Equity Securities Owned by Board Members C-1
Appendix D Meetings of the Boards D-1
Appendix E Standing and Other Operating Committees of the Boards E-1
Appendix F 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% Share Ownership. H-1
Appendix I Section 16 Filings I-1



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ANNUAL MEETING OF SHAREHOLDERS


SEPTEMBER 2, 2010


JOINT PROXY STATEMENT

     This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed 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, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, September 2, 2010, at 12:30 p.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.

     The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. 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 July 23, 2010.

     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 July 6, 2010 (the “Record Date”) are entitled to notice of and to vote at that Fund’s meeting. Shareholders of the Funds are entitled to one vote for each share held, with no shares having cumulative voting rights. Holders of the auction market preferred stock, auction market preferred shares, auction preferred stock, auction preferred shares, auction rate preferred shares of beneficial interest, municipal auction rate cumulative preferred shares or auction rate municipal preferred shares (collectively, “AMPS”) of each of the Funds identified in Appendix A as having AMPS outstanding (collectively, the “AMPS Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, the “common shares”) of the AMPS Funds and, except as otherwise noted in this Proxy Statement, will vote together with the holders of common shares as a single class on each nominee to the Board of the AMPS Fund in which they own AMPS, except that they are entitled to vote separately as a class to elect two Board Members for each AMPS Fund in which they own AMPS. The quorum and voting requirements for each Fund are described in the section below entitled “Vote Required and Manner of Voting Proxies.”

     The number of shares outstanding of each Fund as of the close of business on the Record Date and the net assets of each Fund on the Record Date are shown in Appendix A. Except as set forth in Appendix H, to the knowledge of each Fund, as of June 30, 2010, no person was the beneficial owner of five percent or more of a class of a Fund’s outstanding shares.

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

1



     All properly executed proxies received prior to the meeting will be voted at the meeting. On any matter coming before the meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to the proposal, the shares will be voted “FOR” the proposal. Shareholders who execute proxies or provide voting instructions by telephone or the Internet may revoke them with respect to the proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the address above), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person 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. If you were also a shareholder of record on the Record Date of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds.

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

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

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

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

YOUR VOTE IS IMPORTANT

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

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR
THE SHAREHOLDER MEETING TO BE HELD ON SEPTEMBER 2, 2010

     The Proxy Statement is available at www.proxyonline.com/BlackRockFunds2010.

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

2



SUMMARY OF PROPOSAL AND FUNDS VOTING

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

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

Fund Name
Ticker
Class I
Class II
Class III(1)
BlackRock Apex Municipal Fund, Inc. APX     X  
BlackRock California Municipal 2018 Term Trust BJZ     X  
BlackRock California Municipal Income Trust BFZ     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 Dividend Achievers™ Trust BDV     X  
BlackRock EcoSolutions Investment Trust BQR     X  
BlackRock Energy and Resources Trust BGR     X  
BlackRock Enhanced Dividend Achievers™ Trust BDJ     X  
BlackRock Floating Rate Income Trust BGT     X  
BlackRock Florida Municipal 2020 Term Trust BFO     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 Insured Municipal          
   Income Investment Trust BAF     X  
BlackRock Insured Municipal Income Trust BYM     X  
BlackRock International Growth and          
   Income Trust BGY     X  
BlackRock Investment Quality Municipal          
   Income Trust RFA     X  
BlackRock Investment Quality Municipal          
   Trust, Inc. BKN     X  
BlackRock Limited Duration Income Trust BLW     X  
BlackRock Long-Term Municipal Advantage Trust BTA     X  
BlackRock Maryland Municipal Bond Trust BZM     X  
BlackRock MuniAssets Fund, Inc. MUA     X  
BlackRock Municipal 2018 Term Trust BPK     X  
BlackRock Municipal 2020 Term Trust BKK     X  
BlackRock Municipal Bond Investment Trust BIE     X  
BlackRock Municipal Bond Trust BBK     X  
BlackRock Municipal Income Investment Trust BBF     X  
BlackRock Municipal Income Trust BFK     X  
BlackRock Municipal Income Trust II BLE     X  
BlackRock New Jersey Investment Quality          
   Municipal Trust, Inc. RNJ     X  
BlackRock New Jersey Municipal Bond Trust BLJ     X  
BlackRock New Jersey Municipal Income Trust BNJ     X  
BlackRock New York Insured Municipal          
   Income Trust BSE     X  
BlackRock New York Investment Quality          
   Municipal Trust, Inc. RNY     X  
BlackRock New York Municipal 2018 Term Trust BLH     X  
BlackRock New York Municipal Bond Trust BQH     X  

3



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

Fund Name
Ticker
Class I
Class II
Class III(1)
BlackRock New York Municipal Income Trust BNY     X  
BlackRock New York Municipal Income Trust II BFY     X  
BlackRock Real Asset Equity Trust BCF     X  
BlackRock S&P Quality Rankings Global          
    Equity Managed Trust BQY     X  
BlackRock Strategic Bond Trust BHD     X  
BlackRock Strategic Dividend Achievers™ Trust BDT     X  
BlackRock Virginia Municipal Bond Trust BHV     X  
The BlackRock Insured Municipal Term Trust Inc. BMT     X  
The BlackRock Pennsylvania Strategic          
    Municipal Trust BPS     X  
The BlackRock Strategic Municipal Trust BSD     X  


(1)  The Class III Board Member nominees are Richard E. Cavanagh, Kathleen F. Feldstein, Henry Gabbay and Jerrold B. Harris. For AMPS Funds, each of the Board Member nominees are voted upon by the common and preferred shareholders voting together as a single class. For Non-AMPS Funds, each nominee is voted upon by the common shareholders voting as a single class. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.
   
(2)      With respect to the AMPS Funds, Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Messrs. Kester’s and Fabozzi’s terms as Board Members are scheduled to expire in 2011 and 2012, respectively, and therefore they are not standing for election this year as AMPS Nominees. Please see the description below under “PROPOSAL 1 — ELECTION OF BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.

4



PROPOSAL 1—ELECTION OF BOARD MEMBER NOMINEES

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

     Nominees for each Fund. The Board of each Fund consists of 10 Board Members, eight of whom are not “interested persons” of the Funds (as defined in the 1940 Act) (the “Independent Board Members”). Prior to December 31, 2009, the Board of each Fund had 12 Board Members. However, on December 31, 2009, Kent Dixon retired from the Board of each Fund pursuant to each Fund’s mandatory retirement policy, which requires Board Members to retire on December 31 in the year in which they turn 72. Following the retirement of Mr. Dixon, the Board of each Fund determined to reduce the number of Board Members from 12 to 11. On March 31, 2010, G. Nicholas Beckwith, III resigned from the Board of each Fund. Following Mr. Beckwith’s resignation, the Board of each Fund determined to reduce the number of Board Members from 11 to 10. As such, no persons have been nominated to replace Messrs. Beckwith or Dixon. 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 III Board Members are standing for election this year. Each Class III Board Member elected at the meeting will serve until the later of the 2013 annual meeting or until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal.

     With respect to the AMPS Funds, the owners of AMPS are entitled to vote as a separate class to elect two of the Board Members (the “AMPS Nominees”) for the AMPS Fund in which they own AMPS. This means that owners of common shares are not entitled to vote in connection with the election of the AMPS Nominees. However, the owners of common shares and the owners of AMPS, voting together as a single class, are entitled to elect the remainder of the Board Member nominees. Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Messrs. Kester’s and Fabozzi’s terms as Board Members are scheduled to expire in 2011 and 2012, respectively, and therefore they are not standing for election this year as the AMPS Nominees.

     The Board recommends a vote “FOR” the election of Richard E. Cavanagh, Kathleen F. Feldstein, Henry Gabbay and Jerrold B. Harris (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

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

     Biographical Information. The following table sets forth certain biographical information about the Board Nominees for all of the Funds. Please note that only the Class III 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 BlackRock Advisors, LLC, including the Funds, are referred to collectively as the “Closed-End Complex.”

5



Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Length
of Time
Served*

    Principal Occupation(s)
During Past Five Years

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

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

Non-Interested Directors                
Richard E. Cavanagh(1)
55 East 52nd Street
New York, NY
10055

1946
  Director/ Trustee and Chair of the Boards   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 97 Portfolios   Arch Chemical (chemical and allied products)
                      

Karen P. Robards
55 East 52nd Street
New York, NY 10055

1950

  Director/ Trustee, Vice Chair of the Boards and Chair of the Audit Committee   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 Enable Medical Corp. from 1996 to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.   99 RICs consisting of 97 Portfolios   AtriCure, Inc. (medical devices); Care Investment Trust, Inc. (health care REIT)
                      

Frank J. Fabozzi(2)
55 East 52nd Street
New York, NY 10055

1948

  Director/ Trustee and Member of the Audit Committee   2007 to present   Consultant/Editor of The Journal of Portfolio Management since 2006; Professor in the Practice of Finance and Becton Fellow, Yale University, School of Management since 2006; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.   99 RICs consisting of 97 Portfolios   None
                      

Kathleen F. Feldstein(1)
55 East 52nd Street
New York, NY 10055

1941

  Director/ Trustee   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 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 97 Portfolios   The McClatchy Company (publishing); BellSouth (telecommunications); Knight Ridder (publishing)

6



Name, Address
and Year of Birth

    Position(s)
Held with
Funds

    Length
of Time
Served*

    Principal Occupation(s)
During Past Five Years

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

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

James T. Flynn
55 East 52nd Street
New York, NY 10055

1939

  Director/ Trustee and Member of the Audit Committee   2007 to present   Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995.   99 RICs consisting of 97 Portfolios   None
                      

Jerrold B. Harris(1)
55 East 52nd
Street New York, NY 10055

1942

  Director/ Trustee   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 97 Portfolios   BlackRock Kelso Capital Corp. (business development company)
                      

R. Glenn Hubbard
55 East 52nd
Street New York, NY 10055

1958

  Director/ Trustee   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 97 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   2007 to present   George Fisher Baker Jr. Professor of Business Administration, Harvard Business School; Deputy Dean for Academic Affairs since 2006; Unit Head, Finance, 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; Independent Consultant since 1978.   99 RICs consisting of 97 Portfolios   None
                      
Interested Directors†            
                      

Richard S. Davis
55 East 52nd Street
New York, NY 10055

1945

  Director/ Trustee   2007 to present   Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.   169 RICs consisting of 292 Portfolios   None
                      

Henry Gabbay(1)
55 East 52nd Street
New York, NY 10055

1947

  Director/ Trustee   2007 to present   Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. 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.   169 RICs consisting of 292 Portfolios   None

(footnotes on following page)

7




* Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2007, each Board Member first became a member of the Board of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Henry Gabbay since 2007; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; and Karen P. Robards since 1998. Board Members serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
   
**  For purposes of this chart, “RICs” refers to registered investment companies and “Portfolios” refers to the investment programs of the Funds. The Closed-End Complex is comprised of 99 RICs. Some of the RICs have the same investment program because they invest through a master-feeder structure, which results in the smaller number of Portfolios than RICs.
   
***      Directorships disclosed under this column do not include directorships disclosed under the column “Principal Occupation(s) During Past Five Years.”
   
†      Messrs. Davis and Gabbay are “interested persons” (as defined in the 1940 Act) of the Funds by virtue of their current or former positions with BlackRock Advisors, LLC, BlackRock Capital Management, Inc. or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock, Inc., and their ownership of BlackRock, Inc. and The PNC Financial Service Group, Inc. securities.
   
(1)      Class III Board Member and Board Nominee.
   
(2)      Board Members elected solely by the owners of AMPS.

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

8



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

Director
Experience, Qualifications and Skills

Richard E. Cavanagh*

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

 

Karen P. Robards

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

 

Frank J. Fabozzi

Dr. Fabozzi holds the designations of Chartered Financial Analyst and Certified Public Accountant. Dr. Fabozzi was inducted into the Fixed Income Analysts Society’s Hall of Fame and is the 2007 recipient of the C. Stewart Sheppard Award given by the CFA Institute. The Boards benefit from Dr. Fabozzi’s experiences as a professor and author in the field of finance. Dr. Fabozzi’s experience as a Professor in the Practice of Finance and Becton Fellow at the Yale University School of Management and as editor of the Journal of Portfolio Management demonstrate his wealth of expertise in the investment management and structured finance areas. Dr. Fabozzi has authored and edited numerous books and research papers on topics in investment management and financial econometrics, and his writings have focused on fixed income securities and portfolio management, many of which

9



 

are considered standard references in the investment management industry. Dr. Fabozzi’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Moreover, Dr. Fabozzi’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. Dr. Fabozzi’s independence from the Funds and the Funds’ investment adviser enhances his service as Chair of the Performance Oversight Committee and as a member of the ad hoc AMPS Committee.

 

Kathleen F. Feldstein*

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

 

James T. Flynn

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

 

Jerrold B. Harris*

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

10



 

Corporation, ADP and Metropolitan Life Insurance Company provides the Boards with the benefit of his experience with the management practices of other financial companies. Dr. Hubbard’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s independence from the Funds and the Funds’ investment adviser enhances his service as the Chair of the Governance and Nominating Committee and a member of the Compliance Committee and Performance Oversight Committee.

 

W. Carl Kester

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 also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Kester’s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund’s Audit Committee. In addition, Dr. Kester’s independence from the Funds and the Funds’ investment adviser enhances his service as a member of the Performance Oversight Committee and ad hoc AMPS Committee.

 

Richard S. Davis

The Boards benefit from Mr. Davis’s experience as a Managing Director of BlackRock, Inc. and Chief Executive Officer of State Street Research & Management Company in light of his business leadership and experience. Mr. Davis’s experiences as the Chairman of State Street Research Mutual Funds and SSR Realty provide the Boards with practical business knowledge and leadership in the investment management industry. Mr. Davis’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Davis serves as 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, Inc., Chief Administrative Officer of BlackRock Advisors, LLC and President of BlackRock Funds provides the Boards with insight into investment company operational, financial and investment matters. Dr. Gabbay’s former positions as Chief Administrative Officer of BlackRock Advisors, LLC and as Treasurer of certain closed-end funds in the Closed-End Complex provide the Boards with direct knowledge of the operations of the Funds and their investment advisers. Dr. Gabbay’s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Gabbay serves as a member of the ad hoc AMPS Committee.


* Class III Board Member and Board Nominee.

11



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

     Equity Securities Owned by Board Members. Information relating to the amount of equity securities owned by Board Members in the Funds that they are nominated to oversee, as well as certain other funds in the Closed-End Complex, as of May 31, 2010 is set forth in Appendix C.

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

     Board Meetings. During the calendar year 2009, the Board of each Fund met six times. Information relating to the number of times that the Boards met during each Fund’s most recent fiscal year is set forth in Appendix D. No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served during each Fund’s most recently completed fiscal year.

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

     The Boards of the AMPS Funds established an ad hoc Committee on AMPS (the “AMPS Committee”) in March 2008. The current members of the AMPS Committee are: Richard E. Cavanagh (Chair), Karen P. Robards, Frank J. Fabozzi, Henry Gabbay and W. Carl Kester. Since February 2008, most auction rate preferred shares, including the AMPS, have been unable to hold successful auctions and AMPS holders have faced reduced liquidity. The AMPS Committee was formed for the purpose of monitoring issues arising from recent market turmoil and overseeing efforts to address the effects of reduced AMPS liquidity on each Fund and to evaluate the liquidity considerations of the AMPS holders, each in a manner consistent with each Fund’s and its shareholders’ best interests and investment strategies. As of the date of this Proxy Statement, the AMPS Committee has met eight times in the last calendar year and 35 times since its formation. As of the date of this Proxy Statement, the total amount of redemptions of auction market preferred shares across the Closed-End Complex, including the AMPS Funds, equaled $3.190 billion, which represents approximately 32.5% of all auction market preferred shares outstanding for the Closed-End Complex as of February 2008. The AMPS Funds are currently exploring alternative forms of leverage in order to provide liquidity to holders of AMPS, including, among other things, development of a new form of preferred stock that includes a put feature, which would make the securities eligible for purchase by money market funds. The AMPS Funds are also exploring the use of additional alternative forms of leverage such as tender option bonds, repurchase agreements and credit facilities.

     Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 16(a) of the Exchange Act requires the Funds’ Board Members, executive officers, persons who own more than ten percent of a registered class of a Fund’s equity securities, BlackRock Advisors and certain officers of BlackRock Advisors, to file reports on holdings of, and transactions in, Fund shares with the Securities and Exchange Commission (“SEC”) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Funds and representations from these reporting persons, each Fund believes that its Board Members, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements except for late Forms 4 relating to the Fund’s most recently concluded fiscal year, as listed in Appendix I.

     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.

     Indemnification of Board Members and Officers. The governing documents of each Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Board Members and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund unless, as to liability to the Fund or its investors, it is finally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in their offices. In addition, the Fund will not

12



indemnify Board Members with respect to any matter as to which Board Members did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which Board Members had reasonable cause to believe that the conduct was unlawful. Indemnification provisions contained in a Fund’s governing documents are subject to any limitations imposed by applicable law.

     The Funds in the Closed-End Complex have also entered into a separate indemnification agreement with the Board Members of each Board (the “Indemnification Agreement”). The Indemnification Agreement (i) extends the indemnification provisions contained in a Fund’s governing documents to Board Members who leave that Fund’s Board and serve on an advisory board of a different fund in the Closed-End Complex; (ii) sets in place the terms of the indemnification provisions of a Fund’s governing documents once a Board Member retires from a Board; and (iii) in the case of Board Members who left the Board of a Fund in connection with or prior to the board consolidation that occurred in 2007 as a result of the merger of BlackRock and Merrill Lynch & Co., Inc.’s investment management business, clarifies that such Fund continues to indemnify the Board Member for claims arising out of his or her past service to that Fund.

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

VOTE REQUIRED AND MANNER OF VOTING PROXIES

     A quorum of shareholders is required to take action at each meeting. For APX and MUA, 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.

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

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

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

 

13



     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.

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     The Board Members, including a majority of the Independent Board Members, of each Fund have selected Deloitte & Touche LLP (“D&T”) as the independent registered public accounting firm for the Funds. D&T, in accordance with Independence Standards Board Standard No. 1 (ISB No. 1), has confirmed to each applicable Audit Committee that it is an independent registered public accounting firm with respect to each Fund.

     A representative of D&T is expected to be present at the meeting.

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

14


 

     (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 provide ongoing services to the Fund (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. See Appendix G to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund’s independent registered public accounting firm.

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

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

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

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

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

15



ADDITIONAL INFORMATION

5% Share Ownership

     As of June 30, 2010, to the best of the Funds’ knowledge, the persons listed in Appendix H beneficially owned or owned of record 5% or more of the outstanding shares of the class of the Funds indicated.

Submission of Shareholder Proposals

     A shareholder proposal intended to be presented at a future meeting of shareholders of a Fund must be received at the offices of the Fund, 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 2011 annual meeting of a Fund’s shareholders and desires to have the proposal included in such Fund’s proxy statement and form of proxy for that meeting pursuant to Rule 14a-8 under the Exchange Act, the shareholder must deliver the proposal to the offices of the appropriate Fund by March 25, 2011. In the event a Fund moves the date of its 2011 annual meeting by more than 30 days from the anniversary of its 2010 annual meeting, under current rules, shareholder submissions of proposals for inclusion in such Fund’s proxy statement and proxy card for the 2011 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 2011 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2011 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 Thursday, May 5, 2011 and Saturday, June 4, 2011. In order for proposals of shareholders made outside of Rule 14a-8 under the Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received at the Fund’s principal executive offices by Saturday, June 4, 2011. In the event a Fund moves the date of its 2011 annual meeting by more than 30 days from the anniversary of its 2010 annual meeting, shareholders who wish to submit a proposal or nomination for consideration at the 2011 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 Securities and Exchange Commission’s website at www.sec.gov. Each Fund will also furnish, without charge, a copy of its By-laws to a shareholder upon request. Such requests should be directed to the appropriate Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762.

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

16



Shareholder Communications

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

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

Expense of Proxy Solicitation

     The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Proxy Statement, and costs in connection with the solicitation of proxies will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of this Proxy Statement, also will be borne by the Funds. Costs that are borne by 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 The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 916, New York, NY 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $55,000 and $1,245,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Altman may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. Each Fund’s portion of the foregoing expenses is not subject to any cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund.

Privacy Principles of the Funds

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

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

     BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial

17



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, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, for inspection by such Fund’s shareholders during regular business hours beginning ten days prior to the date of the meeting.

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

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

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

July 23, 2010

18



Appendix A

Fund Information

     The following table lists, with respect to each Fund, the total number of shares outstanding and the net assets of the Fund on July 6, 2010, 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
  Net
Assets ($)

 



    
APX   BlackRock Apex Municipal Fund, Inc. Maryland Corporation 19,981,270 N/A   $ 184,282,052
BJZ   BlackRock California Municipal 2018 Term
   Trust†
Delaware Statutory Trust 6,433,028 2,221   $ 94,930,998
BFZ   BlackRock California Municipal Income Trust† Delaware Statutory Trust 31,813,602 6,853   $ 451,343,451
BHK   BlackRock Core Bond Trust Delaware Statutory Trust 27,023,027 N/A   $ 367,682,083
BPP   BlackRock Credit Allocation Income Trust III† Delaware Statutory Trust 18,467,785 2,817   $ 216,405,088
BTZ   BlackRock Credit Allocation Income Trust IV† Delaware Statutory Trust 51,828,156 9,240   $ 709,055,515
BHL   BlackRock Defined Opportunity Credit Trust Delaware Statutory Trust 9,008,704 N/A   $ 120,262,977
BDV   BlackRock Dividend AchieversTM Trust Delaware Statutory Trust 54,518,315 N/A   $ 485,480,816
BQR   BlackRock EcoSolutions Investment Trust Delaware Statutory Trust 12,213,358 N/A   $ 112,044,305
BGR   BlackRock Energy and Resources Trust Delaware Statutory Trust 29,766,217 N/A   $ 677,506,543
BDJ   BlackRock Enhanced Dividend AchieversTM
  Trust
Delaware Statutory Trust 70,982,390 N/A   $ 542,651,940
BGT   BlackRock Floating Rate Income Trust† Delaware Statutory Trust 23,564,801 2,352   $ 326,141,712
BFO   BlackRock Florida Municipal 2020 Term Trust† Delaware Statutory Trust 5,562,128 1,716   $ 81,704,431
BOE   BlackRock Global Opportunities Equity Trust Delaware Statutory Trust 68,810,161 N/A   $ 1,152,242,872
BME   BlackRock Health Sciences Trust Delaware Statutory Trust 7,591,500 N/A   $ 189,114,791
HIS   BlackRock High Income Shares Massachusetts Business Trust 54,620,872 N/A   $ 117,613,278
BHY   BlackRock High Yield Trust Delaware Statutory Trust 6,427,525 N/A   $ 42,264,324
BNA   BlackRock Income Opportunity Trust, Inc. Maryland Corporation 34,456,370 N/A   $ 365,420,398
BKT   BlackRock Income Trust, Inc. Maryland Corporation 63,942,535 N/A   $ 488,534,566
BAF   BlackRock Insured Municipal Income
   Investment Trust†
Delaware Statutory Trust 8,737,567 1,691   $ 126,222,661
BYM   BlackRock Insured Municipal Income Trust† Delaware Statutory Trust 26,266,958 5,490   $ 370,931,932
BGY   BlackRock International Growth and Income
  Trust
Delaware Statutory Trust 109,392,789 N/A   $ 1,028,864,875
RFA   BlackRock Investment Quality Municipal
  Income Trust†
Massachusetts Business Trust 1,127,644 183   $ 13,754,028
BKN   BlackRock Investment Quality Municipal
  Trust, Inc.†
Maryland Corporation 17,004,390 5,038   $ 232,772,460
BLW   BlackRock Limited Duration Income Trust Delaware Statutory Trust 36,889,650 N/A   $ 607,174,357
BTA   BlackRock Long-Term Municipal Advantage
  Trust
Delaware Statutory Trust 13,345,151 N/A   $ 150,496,019
BZM   BlackRock Maryland Municipal Bond Trust† Delaware Statutory Trust 2,057,204 640   $ 30,415,131

A-1



Ticker     Fund Form of Organization Total
Common
Shares
Outstanding
Total AMPS
Shares
      Net
Assets ($)

 



    
MUA   BlackRock MuniAssets Fund, Inc. Maryland Corporation 21,137,255 N/A   $ 267,672,307
BPK   BlackRock Municipal 2018 Term            
      Trust† Delaware Statutory Trust 15,908,028 5,354   $ 236,601,180
BKK   BlackRock Municipal 2020 Term            
      Trust† Delaware Statutory Trust 20,236,628 6,954   $ 297,637,679
BIE   BlackRock Municipal Bond            
      Investment Trust† Delaware Statutory Trust 3,333,337 714   $ 49,511,581
BBK   BlackRock Municipal Bond Trust† Delaware Statutory Trust 10,408,662 3,196   $ 150,184,074
BBF   BlackRock Municipal Income            
      Investment Trust† Delaware Statutory Trust 6,692,003 1,370   $ 92,413,988
BLE   BlackRock Municipal Income            
      Trust II† Delaware Statutory Trust 23,252,849 6,052   $ 324,683,156
BFK   BlackRock Municipal Income            
      Trust† Delaware Statutory Trust 44,410,441 10,835   $ 585,884,571
RNJ   BlackRock New Jersey Investment            
      Quality Municipal Trust, Inc.† Maryland Corporation 1,015,366 276   $ 12,637,041
BLJ   BlackRock New Jersey Municipal            
      Bond Trust† Delaware Statutory Trust 2,316,387 751   $ 33,750,255
BNJ   BlackRock New Jersey Municipal            
      Income Trust† Delaware Statutory Trust 7,596,636 2,364   $ 108,402,200
BSE   BlackRock New York Insured            
      Municipal Income Trust† Delaware Statutory Trust 6,480,561 1,623   $ 92,836,830
RNY   BlackRock New York Investment            
      Quality Municipal Trust, Inc.† Maryland Corporation 1,312,898 389   $ 18,405,631
BLH   BlackRock New York Municipal            
      2018 Term Trust† Delaware Statutory Trust 3,633,028 1,256   $ 57,133,401
BQH   BlackRock New York Municipal            
      Bond Trust† Delaware Statutory Trust 2,773,218 885   $ 42,062,046
BFY   BlackRock New York Municipal            
      Income Trust II† Delaware Statutory Trust 4,948,990 1,779   $ 73,210,362
BNY   BlackRock New York Municipal            
      Income Trust† Delaware Statutory Trust 12,778,686 3,780   $ 181,383,591
BCF   BlackRock Real Asset Equity            
      Trust Delaware Statutory Trust 56,888,447 N/A   $ 635,136,835
BQY   BlackRock S&P Quality Rankings            
      Global Equity Managed Trust Delaware Statutory Trust 6,033,028 N/A   $ 76,161,672
BHD   BlackRock Strategic Bond Trust Delaware Statutory Trust 7,058,401 N/A   $ 93,518,210
BDT   BlackRock Strategic Dividend            
      AchieversTM Trust Delaware Statutory Trust 26,908,028 N/A   $ 270,004,996
BHV   BlackRock Virginia Municipal            
      Bond Trust† Delaware Statutory Trust 1,568,738 467   $ 24,297,583
BMT   The BlackRock Insured Municipal            
      Term Trust Inc. Maryland Corporation 25,885,639 N/A   $ 261,140,305
BPS   The BlackRock Pennsylvania            
      Strategic Municipal Trust† Delaware Statutory Trust 2,023,930 653   $ 28,122,698
BSD   The BlackRock Strategic            
      Municipal Trust† Delaware Statutory Trust 7,290,063 1,719   $ 94,381,982

†  Denotes an AMPS Fund.

A-2



Appendix B

Compensation of the Board Members

     Each Board Member who is not an “interested person” (as defined in the 1940 Act) (the “Independent Board Members”), is paid an annual retainer of $250,000 per year for his or her services as a Board Member of all BlackRock-advised closed-end funds (the “Closed-End Complex”) that are overseen by the respective director/trustee and each Board Member may also receive a $10,000 board meeting fee for special unscheduled meetings or meetings in excess of six Board meetings held in a calendar year, together with out-of-pocket expenses in accordance with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair and Vice-Chair of the Board are paid an additional annual retainer of $120,000 and $40,000, respectively. The Chairs of the Audit Committee, Compliance Committee, Governance and Nominating Committee, and Performance Oversight Committee are paid an additional annual retainer of $35,000, $20,000, $10,000, and $20,000, respectively. Each Audit Committee member is paid an additional annual retainer of $25,000. For the year ended December 31, 2009, the Closed-End Complex reimbursed Independent Board Member expenses in an aggregate amount of $50,726. Each Fund shall pay a pro rata portion quarterly (based on relative net assets) of the foregoing Board Member fees paid by the funds in the Closed-End Complex.

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

     The Independent Board Members have agreed that a maximum of 50% of each Independent Board Member’s total compensation paid by funds in the Closed-End Complex may be deferred pursuant to the Closed-End Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn a return for the Independent Board Members as though equivalent dollar amounts had been invested in common shares of certain funds in the Closed-End Complex selected by the Independent Board Members. This has approximately the same economic effect for the Independent Board Members as if they had invested the deferred amounts in such 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. A fund may, however, elect to invest in common shares of those funds in the Closed-End Complex selected by the Independent Board Members in order to match its deferred compensation obligation.

B-1



     The following table sets forth the aggregate compensation, including deferred compensation amounts, paid to each Independent Board Member and Dr. Gabbay by each Fund during its most recently completed fiscal year and by the Closed-End Complex for the most recently completed calendar year.

Fund
Fund’s
Fiscal
Year
End
(1)

Richard E.
Cavanagh
(2)

 
Frank J.
Fabozzi
(3)

 
Kathleen F.
Feldstein
(4)

 
R. Glenn
Hubbard
(5)(11)

 
G. Nicholas
Beckwith, III
(6)

 
James T.
Flynn
(7)

 
Jerrold B.
Harris
(8)

 
W. Carl
Kester
(9)

 
Karen P.
Robards
(10)

 
Henry
Gabbay
(11)

 
Kent
Dixon
(12)

 
Fund
Total

APX 30-Apr $ 2,388   $ 1,904   $ 1,742   $ 1,678   $ 1,480   $ 1,775   $ 1,613   $ 1,775   $ 2,258   $ 614   $ 1,189   $ 18,416
BAF 31-Aug $ 1,684   $ 1,341   $ 1,233   $ 1,188   $ 1,142   $ 1,256   $ 1,142   $ 1,256   $ 1,581   $ 604   $ 1,256   $ 13,683
BBF 31-Jul $ 1,207   $ 960   $ 888   $ 855   $ 822   $ 904   $ 822   $ 904   $ 1,124   $ 378   $ 904   $ 9,768
BBK 31-Aug $ 1,811   $ 1,442   $ 1,327   $ 1,278   $ 1,228   $ 1,351   $ 1,228   $ 1,351   $ 1,699   $ 660   $ 1,351   $ 14,726
BCF 31-Oct $ 8,374   $ 6,677   $ 6,111   $ 5,885   $ 5,658   $ 6,224   $ 5,658   $ 6,224   $ 7,922   $ 3,571   $ 6,224   $ 68,528
BDJ 31-Oct $ 8,946   $ 7,133   $ 6,528   $ 6,287   $ 6,045   $ 6,649   $ 6,045   $ 6,649   $ 8,463   $ 3,348   $ 6,649   $ 72,742
BDT 31-Oct $ 3,986   $ 3,178   $ 2,909   $ 2,801   $ 2,693   $ 2,962   $ 2,693   $ 2,962   $ 3,770   $ 1,521   $ 2,962   $ 32,437
BDV 31-Oct $ 7,598   $ 6,058   $ 5,544   $ 5,339   $ 5,134   $ 5,647   $ 5,134   $ 5,567   $ 7,187   $ 2,878   $ 5,647   $ 61,813
BFK 30-Apr $ 7,550   $ 6,020   $ 5,510   $ 5,305   $ 4,679   $ 5,612   $ 5,101   $ 5,612   $ 7,142   $ 1,882   $ 3,745   $ 58,158
BFO 31-Jul $ 1,043   $ 830   $ 767   $ 739   $ 710   $ 781   $ 710   $ 781   $ 972   $ 329   $ 781   $ 8,443
BFY 31-Aug $ 949   $ 756   $ 695   $ 669   $ 644   $ 708   $ 644   $ 708   $ 891   $ 341   $ 708   $ 7,713
BFZ 31-Jul $ 2,722   $ 2,166   $ 2,003   $ 1,928   $ 1,854   $ 2,040   $ 1,854   $ 2,040   $ 2,536   $ 865   $ 2,040   $ 22,048
BGR 31-Oct $ 8,961   $ 7,145   $ 6,539   $ 6,297   $ 6,055   $ 6,660   $ 6,055   $ 6,660   $ 8,477   $ 3,797   $ 6,660   $ 73,306
BGT 31-Oct $ 3,947   $ 3,147   $ 2,880   $ 2,773   $ 2,667   $ 2,934   $ 2,667   $ 2,934   $ 3,734   $ 1,696   $ 2,934   $ 32,313
BGY 31-Oct $ 17,000   $ 13,554   $ 12,406   $ 11,946   $ 11,487   $ 12,635   $ 11,487   $ 12,635   $ 16,081   $ 6,742   $ 12,635   $ 138,608
BHD 31-Aug $ 1,142   $ 910   $ 837   $ 806   $ 775   $ 852   $ 775   $ 852   $ 1,072   $ 398   $ 852   $ 9,271
BHK 31-Aug $ 4,676   $ 3,725   $ 3,426   $ 3,299   $ 3,172   $ 3,489   $ 3,172   $ 3,489   $ 4,391   $ 1,608   $ 3,489   $ 37,936
BHL 31-Aug $ 1,450   $ 1,155   $ 1,063   $ 1,023   $ 984   $ 1,082   $ 984   $ 1,082   $ 1,360   $ 515   $ 1,082   $ 11,780
BHV 31-Aug $ 316   $ 252   $ 231   $ 223   $ 214   $ 236   $ 214   $ 236   $ 297   $ 114   $ 236   $ 2,569
BHY 31-Aug $ 490   $ 391   $ 360   $ 346   $ 333   $ 366   $ 333   $ 366   $ 460   $ 167   $ 366   $ 3,978
BIE 31-Aug $ 648   $ 516   $ 474   $ 457   $ 439   $ 483   $ 439   $ 483   $ 608   $ 231   $ 483   $ 5,261
BJZ 31-Dec $ 1,294   $ 1,032   $ 944   $ 909   $ 874   $ 962   $ 874   $ 962   $ 1,224   $ 649   $ 962   $ 10,686
BKK 30-Apr $ 3,788   $ 3,020   $ 2,764   $ 2,662   $ 2,347   $ 2,815   $ 2,559   $ 2,815   $ 3,583   $ 963   $ 1,879   $ 29,195
BKN 30-Apr $ 3,029   $ 2,415   $ 2,210   $ 2,128   $ 1,880   $ 2,251   $ 2,046   $ 2,251   $ 2,865   $ 772   $ 1,514   $ 23,361
BKT 31-Aug $ 6,504   $ 5,181   $ 4,762   $ 4,586   $ 4,409   $ 4,850   $ 4,409   $ 4,850   $ 6,113   $ 2,266   $ 4,850   $ 52,780
BLE 31-Aug $ 3,871   $ 3,083   $ 2,837   $ 2,732   $ 2,626   $ 2,889   $ 2,626   $ 2,889   $ 3,632   $ 1,405   $ 2,889   $ 31,479
BLH 31-Dec $ 818   $ 653   $ 597   $ 575   $ 553   $ 608   $ 553   $ 608   $ 774   $ 404   $ 608   $ 6,751
BLJ 31-Aug $ 418   $ 333   $ 306   $ 295   $ 284   $ 312   $ 284   $ 312   $ 393   $ 151   $ 312   $ 3,400
BLW 31-Aug $ 7,588   $ 6,044   $ 5,561   $ 5,355   $ 5,149   $ 5,664   $ 5,149   $ 5,664   $ 7,120   $ 2,609   $ 5,664   $ 61,567
BME 31-Oct $ 2,753   $ 2,195   $ 2,009   $ 1,934   $ 1,860   $ 2,046   $ 1,860   $ 2,046   $ 2,604   $ 1,134   $ 2,046   $ 22,487
BMT 31-Dec $ 4,130   $ 3,293   $ 3,014   $ 2,902   $ 2,791   $ 3,070   $ 2,791   $ 3,070   $ 3,907   $ 1,972   $ 3,070   $ 34,010
BNA 31-Aug $ 5,030   $ 4,006   $ 3,684   $ 3,547   $ 3,411   $ 3,752   $ 3,411   $ 3,752   $ 4,725   $ 1,746   $ 3,752   $ 40,816
BNJ 31-Jul $ 1,343   $ 1,068   $ 988   $ 951   $ 915   $ 1,006   $ 915   $ 1,006   $ 1,251   $ 425   $ 1,006   $ 10,874
BNY 31-Jul $ 2,247   $ 1,788   $ 1,653   $ 1,592   $ 1,531   $ 1,684   $ 1,531   $ 1,684   $ 2,093   $ 717   $ 1,684   $ 18,204
BOE 31-Oct $ 4,573   $ 3,646   $ 3,337   $ 3,213   $ 3,090   $ 3,399   $ 3,090   $ 3,399   $ 4,325   $ 3,767   $ 3,399   $ 39,238
BPK 31-Dec $ 3,136   $ 2,501   $ 2,289   $ 2,204   $ 2,119   $ 2,331   $ 2,119   $ 2,331   $ 2,967   $ 1,582   $ 2,331   $ 25,910
BPP 31-Oct $ 2,322   $ 1,852   $ 1,695   $ 1,632   $ 1,569   $ 1,726   $ 1,569   $ 1,726   $ 2,197   $ 993   $ 1,726   $ 19,007

 

B-2



Fund
Fund’s
Fiscal
Year
End
(1)

Richard E.
Cavanagh
(2)

 
Frank J.
Fabozzi
(3)

 
Kathleen F.
Feldstein
(4)

 
R. Glenn
Hubbard
(5)(11)

 
G. Nicholas
Beckwith, III
(6)

 
James T.
Flynn
(7)

 
Jerrold B.
Harris
(8)

 
W. Carl
Kester
(9)

 
Karen P.
Robards
(10)

 
Henry
Gabbay
(11)

 
Kent
Dixon
(12)

 
Fund
Total

BPS 30-Apr $ 371   $ 296   $ 271   $ 261   $ 230   $ 276   $ 251   $ 276   $ 351   $ 95   $ 185    $ 2,863
BQH 31-Aug $ 548   $ 437   $ 401   $ 387   $ 372   $ 409   $ 372   $ 409   $ 515   $ 198   $ 409   $ 4,457
BQR 31-Oct $ 1,873   $ 1,494   $ 1,367   $ 1,316   $ 1,266   $ 1,392   $ 1,266   $ 1,392   $ 1,772   $ 740   $ 1,392   $ 15,270
BQY 31-Oct $ 1,119   $ 892   $ 817   $ 786   $ 756   $ 832   $ 756   $ 832   $ 1,059   $ 453   $ 832   $ 9,134
BSD 30-Apr $ 1,233   $ 983   $ 900   $ 866   $ 765   $ 916   $ 833   $ 916   $ 1,166   $ 312   $ 614   $ 9,504
BSE 31-Aug $ 1,182   $ 941   $ 866   $ 834   $ 802   $ 882   $ 802   $ 882   $ 1,110   $ 431   $ 882   $ 9,614
BTA 30-Apr $ 1,964   $ 1,566   $ 1,433   $ 1,380   $ 1,219   $ 1,460   $ 1,327   $ 1,460   $ 1,858   $ 499   $ 981   $ 15,147
BTZ 31-Oct $ 8,025   $ 6,398   $ 5,856   $ 5,639   $ 5,422   $ 5,964   $ 5,422   $ 5,964   $ 7,591   $ 3,357   $ 5,964   $ 65,602
BYM 31-Aug $ 4,910   $ 3,911   $ 3,596   $ 3,463   $ 3,330   $ 3,663   $ 3,330   $ 3,663   $ 4,611   $ 1,757   $ 3,663   $ 39,897
BZM 31-Aug $ 384   $ 306   $ 281   $ 271   $ 260   $ 286   $ 260   $ 286   $ 360   $ 138   $ 286   $ 3,118
HIS 31-Aug $ 1,324   $ 1,054   $ 971   $ 935   $ 899   $ 989   $ 899   $ 989   $ 1,240   $ 451   $ 989   $ 10,740
MUA 30-Apr $ 3,469   $ 2,766   $ 2,531   $ 2,438   $ 2,151   $ 2,578   $ 2,344   $ 2,578   $ 3,281   $ 891   $ 1,728   $ 26,755
RFA 31-Jul $ 177   $ 141   $ 130   $ 125   $ 120   $ 132   $ 120   $ 132   $ 165   $ 56   $ 132   $ 1,430
RNJ 31-Jul $ 159   $ 126   $ 117   $ 113   $ 108   $ 119   $ 108   $ 119   $ 148   $ 51   $ 119   $ 1,287
RNY 31-Jul $ 232   $ 185   $ 171   $ 165   $ 158   $ 174   $ 158   $ 174   $ 217   $ 75   $ 174   $ 1,883
Total Compensation                                                                      
  from Closed-End                                                                      
  Complex (13) $ 370,448   $ 295,538   $ 270,046   $ 263,824   $ 250,000   $ 275,000   $ 250,000   $ 275,000   $ 350,000   $ 140,625   $ 275,604      
Number of RICs                                                                      
  in Closed-End                                                                      
  Complex Overseen                                                                      
  by Board Member   99     99     99     99     Resigned     99     99     99     99     99     Retired      

(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 $375,666 as of 12/31/09.
    
(3)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $313,845 as of 12/31/09.
    
(4)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $279,895 as of 12/31/09.
    
(5)      Dr. Hubbard previously participated in the deferred compensation plan and is owed $622,312 by the Closed-End Complex as of 12/31/09 pursuant to such plan.
    
(6)      Mr. Beckwith resigned from the Boards on March 31, 2010. Mr. Beckwith previously participated in the deferred compensation plan and is owed $311,251 by the Closed-End Complex as of 12/31/09 pursuant to such plan.
    
(7)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $342,376 as of 12/31/09.
    
(8)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $311,251 as of 12/31/09.
    
(9)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $186,750 as of 12/31/09.
    
(10)      Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $180,290 as of 12/31/09.
    
(11)      As of December 31, 2009 the Board Member did not participate in the deferred compensation plan. During the calendar year 2009, Dr. Gabbay also received $46,875 from BlackRock Advisors, LLC as compensation for his service as a Board Member during the calendar year 2008.
    
(12)      Mr. Dixon retired from the Boards on December 31, 2009. Mr. Dixon previously participated in the deferred compensation plan and was paid $209,072 by the Closed-End Complex, the full amount of his deferred compensation, following his retirement.
    
(13)      Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2009. Of this amount, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Mr. Beckwith, Mr. Flynn, Mr. Harris, Dr. Kester and Ms. Robards deferred $37,000, $14,750, $81,000, $125,000, $137,500, $125,000, $75,000 and $35,000, respectively, pursuant to the Closed-End Complex’s deferred compensation plan. Includes amounts received by Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Dr. Hubbard and Mr. Dixon during the calendar year ended December 31, 2009, due to deferred compensation payments in connection with term trust liquidations.

B-3



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Appendix C

Equity Securities Owned by Board Members

     The following table shows the amount of equity securities owned by the Board Members and Board Nominees in the Funds that they are nominated to oversee as of May 31, 2010, except as otherwise indicated. No Board Member owns AMPS.

Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Interested Board Members:                        
                             
Richard S. Davis     BlackRock Floating Rate     500     $1–$10,000     Over             Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Global   298   $1–$10,000   Over       Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock International   3,600   $10,001–   Over       Over
    Growth and Income Trust       $50,000   $100,000           $100,000
                             
    BlackRock Limited Duration   500   $1–$10,000   Over       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal 2018   500   $1–$10,000   Over       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Real Asset Equity   500   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
Henry Gabbay   BlackRock Apex Municipal   1,200   $10,001–   Over       Over
    Fund, Inc.       $50,000   $100,000           $100,000
                             
    BlackRock Core Bond Trust   100   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   1,000   $10,001–   Over       Over
    Income Trust IV       $50,000   $100,000           $100,000
                             
    BlackRock Defined   1,000   $10,001–   Over       Over
    Opportunity Credit Trust       $50,000   $100,000           $100,000
                             
    BlackRock Dividend   1,325   $10,001–   Over       Over
    AchieversTM Trust       $50,000   $100,000           $100,000
                             
    BlackRock EcoSolutions   1,245   $10,001–   Over       Over
    Investment Trust       $50,000   $100,000           $100,000
                             
    BlackRock Energy and   625   $10,001–   Over       Over
    Resources Trust       $50,000   $100,000           $100,000
                             
    BlackRock Enhanced   100   $1–$10,000   Over       Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    BlackRock Floating Rate   100   $1–$10,000   Over       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Global   1,226   $10,001–   Over       Over
    Opportunities Equity Trust       $50,000   $100,000           $100,000
                             
    BlackRock Health Sciences   650   $10,001–   Over $100,000       Over
    Trust       $50,000               $100,000

C-1



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Interested Board Members: (continued)                        
                             
Henry Gabbay     BlackRock High Income     100     $1–$10,000     Over             Over
(continued)   Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   100   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust, Inc.   100   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Insured Municipal   100   $1–$10,000   Over       Over
    Income Investment Trust           $100,000           $100,000
                             
    BlackRock Insured   100   $1–$10,000   Over       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   900   $1–$10,000   Over       Over
    Growth and Income Trust           $100,000           $100,000
                             
    BlackRock Investment Quality   100   $1–$10,000   Over       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock Investment   100   $1–$10,000   Over       Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   Over       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Long-Term   1,600   $10,001–   Over       Over
    Municipal Advantage Trust       $50,000   $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   Over       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   100   $1–$10,000   Over       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   Over       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over       Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over       Over
    Income Investment Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over       Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York   700   $10,001–   Over       Over
    Municipal Bond Trust       $50,000   $100,000           $100,000
                             
    BlackRock New York   750   $10,001–   Over       Over
    Municipal Income Trust       $50,000   $100,000           $100,000
                             
    BlackRock New York   1,300   $10,001–   Over       Over
    Municipal Income Trust II       $50,000   $100,000           $100,000
                             
    BlackRock Real Asset Equity   1,200   $10,001–   Over       Over
    Trust       $50,000   $100,000           $100,000
                             
    BlackRock S&P Quality   1,090   $10,001–   Over       Over
    Rankings Global Equity       $50,000   $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000

C-2



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Interested Board Members: (continued)                        
                             
Henry Gabbay     BlackRock Strategic     1,325     $10,001–     Over             Over
(continued)   Dividend AchieversTM Trust       $50,000   $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   Over       Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   900   $10,001–   Over       Over
    Municipal Trust       $50,000   $100,000           $100,000
 
Independent Board Members:                        
                             
Richard E. Cavanagh   BlackRock Apex Municipal   100   $1–$10,000   Over       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   500   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   200   $1–$10,000   Over   4,123   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Defined   500   $1–$10,000   Over       Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   100   $1–$10,000   Over       Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   100   $1–$10,000   Over       Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   100   $1–$10,000   Over   1,848   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   100   $1–$10,000   Over   5,282   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   200   $1–$10,000   Over   4,223   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   214   $1–$10,000   Over       Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   100   $1–$10,000   Over       Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   200   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   500   $1–$10,000   Over       Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   200   $1–$10,000   Over       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   100   $1–$10,000   Over   3,902   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   500   $1–$10,000   Over       Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   Over   3,641   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Long-Term   200   $1–$10,000   Over       Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   Over       Over
    Fund, Inc.           $100,000           $100,000

C-3



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Richard E. Cavanagh     BlackRock Municipal 2018     300     $1–$10,000     Over             Over
(continued)   Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   Over       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   300   $1–$10,000   Over       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   100   $1–$10,000   Over       Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York Insured   200   $1–$10,000   Over       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over       Over
    Investment Quality           $100,000           $100,000
    Municipal Trust, Inc.                        
                             
    BlackRock New York   100   $1–$10,000   Over       Over
    Municipal 2018 Term Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over       Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock New York   300   $1–$10,000   Over       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   100   $1–$10,000   Over       Over
    Municipal Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   200   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   Over       Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   300   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   Over       Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   Over       Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   500   $1–$10,000   Over       Over
    Municipal Trust           $100,000           $100,000
                             
Frank J. Fabozzi   BlackRock Apex Municipal   10   $1–$10,000   $50,001–       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   20   $1–$10,000   $50,001–       Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   $50,001–       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   $50,001–   3,595   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Defined   10   $1–$10,000   $50,001–       Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   300   $1–$10,000   $50,001–       Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   300   $1–$10,000   $50,001–       Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   100   $1–$10,000   $50,001–   1,602   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000

C-4



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Frank J. Fabozzi     BlackRock Enhanced     100     $1–$10,000     $50,001–     4,647     $10,001–     Over
(continued)   Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   100   $1–$10,000   $50,001–   3,642   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Global   324   $1–$10,000   $50,001–       Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   100   $1–$10,000   $50,001–       Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   10   $1–$10,000   $50,001–       Over
                $100,000           $100,000
                             
    BlackRock Income   10   $1–$10,000   $50,001–       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust, Inc.   2,010   $10,001–   $50,001–       Over
            $50,000   $100,000           $100,000
                             
    BlackRock Insured   10   $1–$10,000   $50,001–       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   300   $1–$10,000   $50,001–   3,394   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   10   $1–$10,000   $50,001–       Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   100   $1–$10,000   $50,001–   3,143   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Long-Term   100   $1–$10,000   $50,001–       Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   10   $1–$10,000   $50,001–       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   20   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   100   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   20   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   20   $1–$10,000   $50,001–       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   10   $1–$10,000   $50,001–       Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   100   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   $50,001–       Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   $50,001–       Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   10   $1–$10,000   $50,001–       Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Pennsylvania   100   $1–$10,000   $50,001–       Over
    Strategic Municipal Trust           $100,000           $100,000
                             
    The BlackRock Strategic   100   $1–$10,000   $50,001–       Over
    Municipal Trust           $100,000           $100,000

C-5



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Kathleen F. Feldstein     BlackRock Core Bond Trust     75     $1–$10,000     $10,001–             Over
                $50,000           $100,000
                             
    BlackRock Credit Allocation   85   $1–$10,000   $10,001–       Over
    Income Trust III           $50,000           $100,000
                             
    BlackRock Credit Allocation   149   $1–$10,000   $10,001–   3,438   $10,001–   Over
    Income Trust IV           $50,000       $50,000   $100,000
                             
    BlackRock Defined   402   $1–$10,000   $10,001–       Over
    Opportunity Credit Trust           $50,000           $100,000
                             
    BlackRock Dividend   73   $1–$10,000   $10,001–       Over
    AchieversTM Trust           $50,000           $100,000
                             
    BlackRock EcoSolutions   136   $1–$10,000   $10,001–       Over
    Investment Trust           $50,000           $100,000
                             
    BlackRock Energy and   54   $1–$10,000   $10,001–   1,571   $10,001–   Over
    Resources Trust           $50,000       $50,000   $100,000
                             
    BlackRock Enhanced   161   $1–$10,000   $10,001–   4,325   $10,001–   Over
    Dividend AchieversTM Trust           $50,000       $50,000   $100,000
                             
    BlackRock Floating Rate   83   $1–$10,000   $10,001–   3,245   $10,001–   Over
    Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Global   279   $1–$10,000   $10,001–       Over
    Opportunities Equity Trust           $50,000           $100,000
                             
    BlackRock Health Sciences   145   $1–$10,000   $10,001–       Over
    Trust           $50,000           $100,000
                             
    BlackRock High Income   167   $1–$10,000   $10,001–       Over
    Shares           $50,000           $100,000
                             
    BlackRock High Yield Trust   80   $1–$10,000   $10,001–       Over
                $50,000           $100,000
                             
    BlackRock Income   74   $1–$10,000   $10,001–       Over
    Opportunity Trust, Inc.           $50,000           $100,000
                             
    BlackRock Income Trust, Inc.   68   $1–$10,000   $10,001–       Over
                $50,000           $100,000
                             
    BlackRock Insured   67   $1–$10,000   $10,001–       Over
    Municipal Income Trust           $50,000           $100,000
                             
    BlackRock International   146   $1–$10,000   $10,001–   3,166   $10,001–   Over
    Growth and Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Investment   70   $1–$10,000   $10,001–       Over
    Quality Municipal Trust, Inc.           $50,000           $100,000
                             
    BlackRock Limited Duration   77   $1–$10,000   $10,001–   2,754   $10,001–   Over
    Income Trust           $50,000       $50,000   $100,000
                             
    BlackRock Long-Term   123   $1–$10,000   $10,001–       Over
    Municipal Advantage Trust           $50,000           $100,000
                             
    BlackRock Municipal 2018   68   $1–$10,000   $10,001–       Over
    Term Trust           $50,000           $100,000
                             
    BlackRock Municipal 2020   67   $1–$10,000   $10,001–       Over
    Term Trust           $50,000           $100,000
                             
    BlackRock Municipal Bond   71   $1–$10,000   $10,001–       Over
    Trust           $50,000           $100,000
                             
    BlackRock Municipal   71   $1–$10,000   $10,001–       Over
    Income Trust           $50,000           $100,000
                             
    BlackRock Municipal   70   $1–$10,000   $10,001–       Over
    Income Trust II           $50,000           $100,000
                             
    BlackRock Real Asset Equity   136   $1–$10,000   $10,001–       Over
    Trust           $50,000           $100,000

C-6



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Kathleen F. Feldstein     BlackRock S&P Quality     70     $1–$10,000     $10,001–             Over
(continued)   Rankings Global Equity           $50,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   77   $1–$10,000   $10,001–       Over
    Trust           $50,000           $100,000
                             
    BlackRock Strategic   72   $1–$10,000   $10,001–       Over
    Dividend AchieversTM Trust           $50,000           $100,000
                             
    The BlackRock Insured   63   $1–$10,000   $10,001–       Over
    Municipal Term Trust Inc.           $50,000           $100,000
                             
    The BlackRock Strategic   71   $1–$10,000   $10,001–       Over
    Municipal Trust           $50,000           $100,000
                             
James T. Flynn   BlackRock Credit Allocation       Over   4,469   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Dividend   4,000   $10,001–   Over       Over
    AchieversTM Trust       $50,000   $100,000           $100,000
                             
    BlackRock Energy and       Over   2,048   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   9,000   $50,001–   Over   5,537   $10,001–   Over
    Dividend AchieversTM Trust       $100,000   $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate       Over   4,072   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   5,000   $50,001–   Over       Over
    Opportunities Equity Trust       $100,000   $100,000           $100,000
                             
    BlackRock International   9,000   $50,001–   Over   4,053   $10,001–   Over
    Growth and Income Trust       $100,000   $100,000       $50,000   $100,000
                             
    BlackRock Limited Duration       Over   3,413   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
Jerrold B. Harris   BlackRock Apex Municipal   100   $1–$10,000   $50,001–       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Core Bond Trust   118   $1–$10,000   $50,001–       Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   131   $1–$10,000   $50,001–       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   135   $1–$10,000   $50,001–   4,063   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Defined   101   $1–$10,000   $50,001–       Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   120   $1–$10,000   $50,001–       Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   133   $1–$10,000   $50,001–       Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and   270   $1–$10,000   $50,001–   1,862   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced   132   $1–$10,000   $50,001–   5,034   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate   130   $1–$10,000   $50,001–   3,702   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   284   $1–$10,000   $50,001–       Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   117   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   131   $1–$10,000   $50,001–       Over
    Shares           $100,000           $100,000

C-7



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
Jerrold B. Harris     BlackRock High Yield Trust     124     $1–$10,000     $50,001–             Over
(continued)               $100,000           $100,000
                             
    BlackRock Income   118   $1–$10,000   $50,001–       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   111   $1–$10,000   $50,001–       Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   100   $1–$10,000   $50,001–       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   142   $1–$10,000   $50,001–   3,685   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Investment   100   $1–$10,000   $50,001–       Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   120   $1–$10,000   $50,001–   3,103   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Long-Term   100   $1–$10,000   $50,001–       Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock Maryland   100   $1–$10,000   $50,001–       Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock MuniAssets   100   $1–$10,000   $50,001–       Over
    Fund, Inc.           $100,000           $100,000
                             
    BlackRock Municipal 2018   115   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   113   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   117   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   118   $1–$10,000   $50,001–       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   117   $1–$10,000   $50,001–       Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   124   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   116   $1–$10,000   $50,001–       Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   121   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   120   $1–$10,000   $50,001–       Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   100   $1–$10,000   $50,001–       Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   117   $1–$10,000   $50,001–       Over
    Municipal Trust           $100,000           $100,000
                             
R. Glenn Hubbard   BlackRock Core Bond Trust   150   $1–$10,000   $50,001–       Over
                $100,000           $100,000
                             
    BlackRock Credit Allocation   170   $1–$10,000   $50,001–       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation   149   $1–$10,000   $50,001–   6,477   $50,001–   Over
    Income Trust IV           $100,000       $100,000   $100,000
                             
    BlackRock Defined   506   $1–$10,000   $50,001–       Over
    Opportunity Credit Trust           $100,000           $100,000
                             
    BlackRock Dividend   146   $1–$10,000   $50,001–       Over
    AchieversTM Trust           $100,000           $100,000

C-8



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
R. Glenn Hubbard     BlackRock Energy and     274     $1–$10,000     $50,001–     2,848     $50,001–     Over
(continued)   Resources Trust           $100,000       $100,000   $100,000
                             
    BlackRock Enhanced   161   $1–$10,000   $50,001–   8,349   $50,001–   Over
    Dividend AchieversTM Trust           $100,000       $100,000   $100,000
                             
    BlackRock Floating Rate   166   $1–$10,000   $50,001–   6,751   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Global   350   $1–$10,000   $50,001–       Over
    Opportunities Equity Trust           $100,000           $100,000
                             
    BlackRock Health Sciences   145   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   168   $1–$10,000   $50,001–       Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   160   $1–$10,000   $50,001–       Over
                $100,000           $100,000
                             
    BlackRock Income   149   $1–$10,000   $50,001–       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   137   $1–$10,000   $50,001–       Over
    Inc.           $100,000           $100,000
                             
    BlackRock Insured   134   $1–$10,000   $50,001–       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock International   144   $1–$10,000   $50,001–   6,159   $50,001–   Over
    Growth and Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Investment   140   $1–$10,000   $50,001–       Over
    Quality Municipal Trust, Inc.           $100,000           $100,000
                             
    BlackRock Limited Duration   155   $1–$10,000   $50,001–   5,912   $50,001–   Over
    Income Trust           $100,000       $100,000   $100,000
                             
    BlackRock Long-Term   123   $1–$10,000   $50,001–       Over
    Municipal Advantage Trust           $100,000           $100,000
                             
    BlackRock Municipal 2018   136   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal 2020   133   $1–$10,000   $50,001–       Over
    Term Trust           $100,000           $100,000
                             
    BlackRock Municipal Bond   143   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Municipal   142   $1–$10,000   $50,001–       Over
    Income Trust           $100,000           $100,000
                             
    BlackRock Municipal   140   $1–$10,000   $50,001–       Over
    Income Trust II           $100,000           $100,000
                             
    BlackRock New York Insured   134   $1–$10,000   $50,001–       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   137   $1–$10,000   $50,001–       Over
    Investment Quality           $100,000           $100,000
    Municipal Trust, Inc.                        
                             
    BlackRock New York   131   $1–$10,000   $50,001–       Over
    Municipal 2018 Term Trust           $100,000           $100,000
                             
    BlackRock New York   138   $1–$10,000   $50,001–       Over
    Municipal Bond Trust           $100,000           $100,000
                             
    BlackRock New York   138   $1–$10,000   $50,001–       Over
    Municipal Income Trust           $100,000           $100,000
                             
    BlackRock New York   136   $1–$10,000   $50,001–       Over
    Municipal Income Trust II           $100,000           $100,000
                             
    BlackRock Real Asset Equity   136   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000

C-9



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
R. Glenn Hubbard     BlackRock S&P Quality     139     $1–$10,000     $50,001–             Over
(continued)   Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   154   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   145   $1–$10,000   $50,001–       Over
    Dividend AchieversTM Trust           $100,000           $100,000
                             
    The BlackRock Insured   125   $1–$10,000   $50,001–       Over
    Municipal Term Trust Inc.           $100,000           $100,000
                             
    The BlackRock Strategic   141   $1–$10,000   $50,001–       Over
    Municipal Trust           $100,000           $100,000
                             
W. Carl Kester   BlackRock Core Bond Trust   1,000   $10,001–   Over       Over
            $50,000   $100,000           $100,000
                             
    BlackRock Credit Allocation   100   $1–$10,000   Over       Over
    Income Trust III           $100,000           $100,000
                             
    BlackRock Credit Allocation       Over   2,438   $10,001–   Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
    BlackRock Dividend   100   $1–$10,000   Over       Over
    AchieversTM Trust           $100,000           $100,000
                             
    BlackRock EcoSolutions   100   $1–$10,000   Over       Over
    Investment Trust           $100,000           $100,000
                             
    BlackRock Energy and       Over   1,117   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
    BlackRock Enhanced       Over   3,020   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
    BlackRock Floating Rate       Over   2,221   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Global   751   $10,001–   Over       Over
    Opportunities Equity Trust       $50,000   $100,000           $100,000
                             
    BlackRock Health Sciences   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock High Income   500   $1–$10,000   Over       Over
    Shares           $100,000           $100,000
                             
    BlackRock High Yield Trust   100   $1–$10,000   Over       Over
                $100,000           $100,000
                             
    BlackRock Income   100   $1–$10,000   Over       Over
    Opportunity Trust, Inc.           $100,000           $100,000
                             
    BlackRock Income Trust,   3,000   $10,001–   Over       Over
    Inc.       $50,000   $100,000           $100,000
                             
    BlackRock International       Over   2,211   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Limited Duration       Over   1,862   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
    BlackRock Real Asset Equity   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock S&P Quality   100   $1–$10,000   Over       Over
    Rankings Global Equity           $100,000           $100,000
    Managed Trust                        
                             
    BlackRock Strategic Bond   100   $1–$10,000   Over       Over
    Trust           $100,000           $100,000
                             
    BlackRock Strategic   100   $1–$10,000   Over       Over
    Dividend AchieversTM Trust           $100,000           $100,000

C-10



Name of
Board Member
         Fund Name          Number of
Shares of

Common

Stock
         Aggregate
Dollar Range

of Equity

Securities
in Each
Fund
         Aggregate
Dollar
Range

of Equity

Securities
in All
Funds

Overseen

or To Be

Overseen
by the
Board

Member in

Fund

Complex
         Number
of Share

Equivalents

(1)
         Aggregate
Dollar

Range of

Share

Equivalents

in Each

Fund
         Aggregate
Dollar

Range of

Common

Stock and

Share

Equivalents

in Fund

Complex

 
 
 
 
 
 
 
Independent Board Members: (continued)                        
                             
                             
Karen P. Robards     BlackRock Credit Allocation             $50,001–     2,303     $10,001–     Over
    Income Trust IV           $100,000       $50,000   $100,000
                             
                             
    BlackRock Energy and   400   $1–$10,000   $50,001–   1,051   $10,001–   Over
    Resources Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Enhanced       $50,001–   2,926   $10,001–   Over
    Dividend AchieversTM Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Floating Rate       $50,001–   2,176   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Health Sciences   500   $10,001–   $50,001–       Over
    Trust       $50,000   $100,000           $100,000
                             
                             
    BlackRock International       $50,001–   2,098   $10,001–   Over
    Growth and Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock Limited Duration       $50,001–   1,854   $10,001–   Over
    Income Trust           $100,000       $50,000   $100,000
                             
                             
    BlackRock New York   750   $10,001–   $50,001–       Over
    Municipal 2018 Term Trust       $50,000   $100,000           $100,000
                             
                             
    BlackRock Real Asset Equity   700   $1–$10,000   $50,001–       Over
    Trust           $100,000           $100,000


(1)      Represents, as of May 31, 2010, the approximate number of share equivalents owned under the deferred compensation plans in the funds in the Closed-End Complex by certain Independent Board Members who have participated in the deferred compensation plans. Under the deferred compensation plans, BlackRock International Growth and Income Trust, BlackRock Enhanced Dividend Achievers™ Trust, BlackRock Energy and Resources Trust, BlackRock Floating Rate Income Trust, BlackRock Limited Duration Income Trust, BlackRock Credit Allocation Income Trust IV, BlackRock Corporate High Yield Fund VI, Inc. and BlackRock Credit Allocation Income Trust II, Inc. are eligible investments.

     As of May 31, 2010, all Board Members, Board Nominees and officers as a group owned less than 1% of the outstanding shares of each Fund which they are nominated to oversee.

     None of the Independent Board Members nor their family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock as of May 31, 2010.

C-11








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Appendix D

Meetings of the Boards

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

  Fiscal Number of
Fund Year End Board Meetings



APX 30-Apr 5
BAF 31-Aug 9
BBF 31-Jul 8
BBK 31-Aug 9
BCF 31-Oct 6
BDJ 31-Oct 6
BDT 31-Oct 6
BDV 31-Oct 6
BFK 30-Apr 5
BFO 31-Jul 8
BFY 31-Aug 9
BFZ 31-Jul 8
BGR 31-Oct 6
BGT 31-Oct 6
BGY 31-Oct 6
BHD 31-Aug 9
BHK 31-Aug 9
BHL 31-Aug 9
BHV 31-Aug 9
BHY 31-Aug 9
BIE 31-Aug 9
BJZ 31-Dec 6
BKK 30-Apr 5
BKN 30-Apr 5
BKT 31-Aug 9
BLE 31-Aug 9
BLH 31-Dec 6
BLJ 31-Aug 9
BLW 31-Aug 9
BME 31-Oct 6
BMT 31-Dec 6
BNA 31-Aug 9
BNJ 31-Jul 8
BNY 31-Jul 8
BOE 31-Oct 6
BPK 31-Dec 6
BPP 31-Oct 6
BPS 30-Apr 5
BQH 31-Aug 9
BQR 31-Oct 6
BQY 31-Oct 6
BSD 30-Apr 5
BSE 31-Aug 9
BTA 30-Apr 5
BTZ 31-Oct 6
BYM 31-Aug 9
BZM 31-Aug 9
HIS 31-Aug 9
MUA 30-Apr 5
RFA 31-Jul 8
RNJ 31-Jul 8
RNY 31-Jul 8

D-1








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Appendix E

Standing and Other Operating Committees of the Boards

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

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

     Audit Committee. Each Board has a standing Audit Committee comprised of Karen P. Robards (Chair), Frank J. Fabozzi, James T. Flynn and W. Carl Kester, all of whom are Independent Board Members. The principal responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial reporting polices and practices of the Fund. The Audit Committee’s responsibilities include, without limitation: (i) approving the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm (the “independent auditors”) and evaluating the independence and objectivity of the independent auditors; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the co