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 Senior High Income Fund, Inc.
BlackRock Enhanced Capital and Income Fund, Inc.
BlackRock Corporate High Yield Fund, Inc.
BlackRock Corporate High Yield Fund III, Inc.
BlackRock Debt Strategies Fund, Inc.
BlackRock Diversified Income Strategies Fund, Inc.
BlackRock Enhanced Government Fund, Inc.
BlackRock Floating Rate Income Strategies Fund, Inc.
BlackRock Floating Rate Income Strategies Fund II, Inc.
BlackRock Corporate High Yield Fund VI, Inc.
BlackRock Corporate High Yield Fund V, Inc.
BlackRock MuniYield California Insured Fund, Inc.
BlackRock MuniEnhanced Fund, Inc.
BlackRock MuniHoldings Insured Investment Fund
BlackRock MuniYield Insured Investment Fund
BlackRock MuniHoldings Fund, Inc.
The Massachusetts Health & Education Tax-Exempt Trust
BlackRock MuniHoldings New York Insured Fund, Inc.
BlackRock MuniYield Michigan Insured Fund, Inc.
BlackRock MuniYield New Jersey Insured Fund, Inc.
BlackRock Muni New York Intermediate Duration Fund, Inc.
BlackRock MuniYield Pennsylvania Insured Fund
BlackRock MuniYield Quality Fund II, Inc.
BlackRock MuniYield Quality Fund, Inc.
BlackRock MuniHoldings California Insured Fund, Inc.
BlackRock MuniHoldings Insured Fund II, Inc.
BlackRock MuniHoldings Fund II, Inc.
BlackRock Muni Intermediate Duration Fund, Inc.
BlackRock MuniHoldings New Jersey Insured Fund, Inc.
BlackRock MuniHoldings Insured Fund, Inc.
BlackRock MuniVest Fund, Inc.
BlackRock MuniVest Fund II, Inc.
BlackRock MuniYield California Fund, Inc.
BlackRock MuniYield Fund, Inc.
BlackRock MuniYield Investment Fund
BlackRock MuniYield Insured Fund, Inc.
BlackRock MuniYield New Jersey Fund, Inc.
BlackRock MuniYield Michigan Insured Fund II, Inc.
BlackRock MuniYield New York Insured Fund, Inc.
BlackRock MuniYield Arizona Fund, Inc.
BlackRock Preferred and Corporate Income Strategies Fund, Inc.
BlackRock Preferred Income Strategies Fund, Inc.

 


(Name of Registrant as Specified In Its Charter)

 


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

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July 17, 2009

Dear Shareholder:

A joint annual meeting of the BlackRock Closed-End Funds listed in Appendix A to the enclosed joint proxy statement (each a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, New York 10055, on Wednesday, August 26, 2009, at 1:00 p.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.

The purpose of the meeting is to seek shareholder approval of nominees to the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each Fund. At a meeting of the Boards held on May 28-29, 2009, each Board approved the proposed nominees on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

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

Your vote is important. Even if you plan to attend the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or over the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card you receive, and if received by mail, returning it in the accompanying postage-paid return envelope.

You have received this proxy statement because you were a shareholder of record on June 29, 2009 of at least one of the Funds listed in Appendix A. Certain other BlackRock Closed-End Funds not listed in Appendix A will also hold their annual meeting at the place and date stated above. If you were also a shareholder of record on June 29, 2009 of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds. Please sign, date and return each proxy card you receive.

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

Sincerely,

Howard B. Surloff
Secretary of the Funds

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



IMPORTANT INFORMATION
FOR FUND SHAREHOLDERS

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

Questions and Answers

Q.      Why am I receiving the proxy statement?
 
A.      Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This proxy statement describes the nominees to the Board of the Fund(s) in which you own shares and provides you with other information relating to the meeting. The enclosed proxy card(s) indicate the Fund(s) in which you own shares. The table beginning on page 3 of the proxy statement identifies the Board Nominees for each Fund.
 
Q.      How do the Boards of the Funds recommend that I vote?
 
A.      The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers.
 
  The Boards have approved the Board Nominees named in the proxy statement, believe their election is in your best interests and recommend that you vote “FOR” each Board Nominee.
 
Q.      How do I vote my shares?
 
A.      You can provide voting instructions by telephone by calling the toll-free number on the proxy card(s) or Notice of Internet Availability of Proxy Materials, or by computer by going to the Internet address provided on the Notice of Internet Availability of Proxy Materials or proxy card(s) and following the instructions. Alternatively, if you received your proxy card(s) by mail, you can vote your shares by signing and dating the proxy card(s) and mailing it in the enclosed postage-paid envelope.
 
  You may also attend the meeting and vote in person; however, even if you intend to do so, we encourage you to provide voting instructions by one of the methods discussed above.
 
Q.      Will my vote make a difference?
 
A.      Your vote is very important and can make a difference in the governance and management of the Funds, no matter how many shares you own. Your vote can help ensure that the Board Nominees will be elected. We encourage all shareholders to participate in the governance of their Funds.
 
Q.      Are the Funds paying for the cost of the proxy statement?
 
A.      The costs associated with the proxy statement, including the mailing and the proxy solicitation costs, will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of the proxy statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can reasonably be attributed to one or more specific Funds.
 
  The Funds and BlackRock, Inc. have retained The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 405, New York, New York 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, New York 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $27,000 and $950,000, respectively, for such services (including reimbursements of out-of-pocket expenses).
 
Q.      Whom do I call if I have questions?
 
A.      If you need more information, or have any questions about voting, please call Altman, the Funds’ proxy solicitor, at 1-866-796-7185.
 

Please vote now. Your vote is important.

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

 


July 17, 2009

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

A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each a “Fund”) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, New York 10055, on Wednesday, August 26, 2009, at 1:00 p.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:

PROPOSAL 1.

PROPOSAL 2.

To elect nominees to the Board of your Fund(s).

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

The purpose of the meeting is to seek shareholder approval of nominees to the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each Fund. At a meeting of the Boards held on May 28-29, 2009, each Board approved the proposed nominees on behalf of its Fund (the “Board Nominees”), subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers and that their election is in your best interests.

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

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

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

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

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

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


BlackRock Closed-End Funds
Holding Annual Meetings of Shareholders on August 26, 2009

Name of Fund Ticker


BlackRock Senior High Income Fund, Inc. ARK
BlackRock Enhanced Capital and Income Fund, Inc. CII
BlackRock Corporate High Yield Fund, Inc. COY
BlackRock Corporate High Yield Fund III, Inc. CYE
BlackRock Debt Strategies Fund, Inc. DSU
BlackRock Diversified Income Strategies Fund, Inc. DVF
BlackRock Enhanced Government Fund, Inc. EGF
BlackRock Floating Rate Income Strategies Fund, Inc. FRA
BlackRock Floating Rate Income Strategies Fund II, Inc. FRB
BlackRock Corporate High Yield Fund VI, Inc. HYT
BlackRock Corporate High Yield Fund V, Inc. HYV
BlackRock MuniYield California Insured Fund, Inc. MCA
BlackRock MuniEnhanced Fund, Inc. MEN
BlackRock MuniHoldings Insured Investment Fund MFL
BlackRock MuniYield Insured Investment Fund MFT
BlackRock MuniHoldings Fund, Inc. MHD
The Massachusetts Health & Education Tax-Exempt Trust MHE
BlackRock MuniHoldings New York Insured Fund, Inc. MHN
BlackRock MuniYield Michigan Insured Fund, Inc. MIY
BlackRock MuniYield New Jersey Insured Fund, Inc. MJI
BlackRock Muni New York Intermediate Duration Fund, Inc. MNE
BlackRock MuniYield Pennsylvania Insured Fund MPA
BlackRock MuniYield Quality Fund II, Inc. MQT
BlackRock MuniYield Quality Fund, Inc. MQY
BlackRock MuniHoldings California Insured Fund, Inc. MUC
BlackRock MuniHoldings Insured Fund II, Inc. MUE
BlackRock MuniHoldings Fund II, Inc. MUH
BlackRock Muni Intermediate Duration Fund, Inc. MUI
BlackRock MuniHoldings New Jersey Insured Fund, Inc. MUJ
BlackRock MuniHoldings Insured Fund, Inc. MUS
BlackRock MuniVest Fund, Inc. MVF
BlackRock MuniVest Fund II, Inc. MVT
BlackRock MuniYield California Fund, Inc. MYC
BlackRock MuniYield Fund, Inc. MYD
BlackRock MuniYield Investment Fund MYF
BlackRock MuniYield Insured Fund, Inc. MYI
BlackRock MuniYield New Jersey Fund, Inc. MYJ
BlackRock MuniYield Michigan Insured Fund II, Inc. MYM
BlackRock MuniYield New York Insured Fund, Inc. MYN
BlackRock MuniYield Arizona Fund, Inc. MZA
BlackRock Preferred and Corporate Income Strategies Fund, Inc. PSW
BlackRock Preferred Income Strategies Fund, Inc. PSY


TABLE OF CONTENTS

    Page
JOINT PROXY STATEMENT 1
SUMMARY OF PROPOSAL AND FUNDS VOTING 3
PROPOSAL 1—TO ELECT BOARD MEMBER NOMINEES 4

Vote Required and Manner of Voting Proxies

9

Independent Registered Public Accounting Firm

10

Additional Information

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


ANNUAL MEETING OF SHAREHOLDERS


AUGUST 26, 2009


JOINT PROXY STATEMENT

     This joint proxy statement (the “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors or Trustees (each a “Board,” the members of which are referred to as “Board Members”) of each BlackRock Closed-End Fund listed on page 3 of this Proxy Statement (each a “Fund”). The proxies will be voted at the joint annual meeting of the shareholders of the Funds and at any and all adjournments or postponements thereof. The meeting will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, New York 10055 on Wednesday, August 26, 2009, at 1:00 p.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.

     The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. This Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, are being mailed to shareholders on or about July 17, 2009.

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

     Shareholders of record of a Fund as of the close of business on June 29, 2009 (the “Record Date”) are entitled to attend and to vote at that Fund’s meeting. Shareholders of the Funds are entitled to one vote for each share held, with no shares having cumulative voting rights. Holders of the auction market preferred stock, auction market preferred shares or auction preferred shares (collectively, “AMPS”) of each of the Funds identified in Appendix A, as applicable, (collectively, the “AMPS Funds”) will have equal voting rights with the shares of common stock or common shares of beneficial interest (collectively, “common shares”) of the AMPS Funds and, except as otherwise noted in the 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 I, to the knowledge of each Fund, as of June 29, 2009, no person was the beneficial owner of five percent or more of a class of a Fund’s outstanding shares.

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

1


     All properly executed proxies received prior to the meeting will be voted at the meeting. On any matter coming before the meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to the proposal, the shares will be voted “FOR” the proposal. Shareholders who execute proxies or provide voting instructions by telephone or the Internet may revoke them with respect to the proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the address above), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary, please consult your bank or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.

     Certain other BlackRock Closed-End Funds not listed on page 3 will also hold their annual meeting at the place and date stated above. If you were also a shareholder of record on the Record Date of one or more of those other funds, you will receive a separate proxy statement and proxy card relating to those funds.

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

     Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the applicable Fund at 40 East 52nd Street, New York, New York 10022-5911, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s Internet site at www.sec.gov.

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

YOUR VOTE IS IMPORTANT

To avoid the unnecessary expense of further solicitation, we urge you to indicate voting instructions on the enclosed proxy card, and if received by mail, date and sign it and return it promptly in the envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If you submit a properly executed proxy card but do not indicate how you wish your shares to be voted, your shares will be voted “FOR” the proposal.

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

The Proxy Statement is available at
http://www.proxyonline.com/Blackrock/2009/non-classified.pdf.

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

2


SUMMARY OF PROPOSAL AND FUNDS VOTING

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

Fund Name
Ticker
Nominees
Standing
for
Election(1)

AMPS
Nominees
Standing for
Election(2)

BlackRock Senior High Income Fund, Inc. ARK X  
BlackRock Enhanced Capital and Income Fund, Inc. CII X  
BlackRock Corporate High Yield Fund, Inc. COY X  
BlackRock Corporate High Yield Fund III, Inc. CYE X  
BlackRock Debt Strategies Fund, Inc. DSU X  
BlackRock Diversified Income Strategies Fund, Inc. DVF X  
BlackRock Enhanced Government Fund, Inc. EGF X  
BlackRock Floating Rate Income Strategies Fund, Inc. FRA X  
BlackRock Floating Rate Income Strategies Fund II, Inc. FRB X  
BlackRock Corporate High Yield Fund VI, Inc. HYT X  
BlackRock Corporate High Yield Fund V, Inc. HYV X  
BlackRock MuniYield California Insured Fund, Inc. MCA X X
BlackRock MuniEnhanced Fund, Inc. MEN X X
BlackRock MuniHoldings Insured Investment Fund MFL X X
BlackRock MuniYield Insured Investment Fund MFT X X
BlackRock MuniHoldings Fund, Inc. MHD X X
The Massachusetts Health & Education Tax-Exempt Trust MHE X X
BlackRock MuniHoldings New York Insured Fund, Inc. MHN X X
BlackRock MuniYield Michigan Insured Fund, Inc. MIY X X
BlackRock MuniYield New Jersey Insured Fund, Inc. MJI X X
BlackRock Muni New York Intermediate Duration Fund, Inc. MNE X X
BlackRock MuniYield Pennsylvania Insured Fund MPA X X
BlackRock MuniYield Quality Fund II, Inc. MQT X X
BlackRock MuniYield Quality Fund, Inc. MQY X X
BlackRock MuniHoldings California Insured Fund, Inc. MUC X X
BlackRock MuniHoldings Insured Fund II, Inc. MUE X X
BlackRock MuniHoldings Fund II, Inc. MUH X X
BlackRock Muni Intermediate Duration Fund, Inc. MUI X X
BlackRock MuniHoldings New Jersey Insured Fund, Inc. MUJ X X
BlackRock MuniHoldings Insured Fund, Inc. MUS X X
BlackRock MuniVest Fund, Inc. MVF X X
BlackRock MuniVest Fund II, Inc. MVT X X
BlackRock MuniYield California Fund, Inc. MYC X X
BlackRock MuniYield Fund, Inc. MYD X X
BlackRock MuniYield Investment Fund MYF X X
BlackRock MuniYield Insured Fund, Inc. MYI X X
BlackRock MuniYield New Jersey Fund, Inc. MYJ X X
BlackRock MuniYield Michigan Insured Fund II, Inc. MYM X X
BlackRock MuniYield New York Insured Fund, Inc. MYN X X
BlackRock MuniYield Arizona Fund, Inc. MZA X X
BlackRock Preferred and Corporate Income Strategies Fund, Inc. PSW X X
BlackRock Preferred Income Strategies Fund, Inc. PSY X X

(1)      The 12 Board Member nominees are: G. Nicholas Beckwith, III, Richard E. Cavanagh, Richard S. Davis, Kent Dixon, Frank J. Fabozzi, Kathleen F. Feldstein, James T. Flynn, Henry Gabbay, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards. Except as noted herein, these nominees are voted upon by the common and preferred shareholders of each respective Fund voting together as a single class, except for those Funds for which Messrs. Fabozzi and Kester are AMPS Nominees, in which case Messrs. Fabozzi and Kester are voted upon by owners of AMPS voting as a separate class. Please see the description below under “Proposal 1—TO ELECT BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.
 
(2)      The AMPS Nominees are Frank J. Fabozzi and W. Carl Kester. These nominees are voted upon by the owners of AMPS voting as a separate class. Please see the description below under “Proposal 1—TO ELECT BOARD MEMBER NOMINEES” for a more detailed discussion regarding the AMPS Nominees.

3


PROPOSAL 1—TO ELECT BOARD MEMBER NOMINEES

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

     Nominees for each Fund. The Board of each Fund currently has 12 Board Members. Prior to December 31, 2008, the Board of each Fund had 13 Board Members. However, on December 31, 2008, Robert S. Salomon, Jr. retired from the Board of each Fund pursuant to each Fund’s mandatory retirement policy, which requires Board Members to retire on December 31 in the year in which they turn 72. Following the retirement of Mr. Salomon, the Board determined to reduce the number of Board Members from 13 to 12. As such, no person has been nominated to replace Mr. Salomon. Shareholders of each Fund will consider electing all 12 Board Member nominees at the meeting. Each Board Member elected at the meeting will serve until the later of 2010 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, except as described below for MVF, 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. For MVF, the remainder of the Board Nominees are elected exclusively by the common shareholders, voting as a separate class. Frank J. Fabozzi and W. Carl Kester are standing for election this year as the AMPS Nominees.

     The Board recommends a vote FOR the election of G. Nicholas Beckwith, III, Richard E. Cavanagh, Richard S. Davis, Kent Dixon, Frank J. Fabozzi, Kathleen F. Feldstein, James T. Flynn, Henry Gabbay, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards (the “Board Nominees”). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or complete, date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

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

     Biographical Information. The table below sets forth certain biographical information about the Board Nominees for all of the Funds in a single location. Unless otherwise indicated, the address of each Board Member is 40 East 52nd Street, New York, New York 10022-5911. Each Board Nominee was nominated by the Governance and Nominating Committee of the Board of each respective Fund. Richard E. Cavanagh was selected to serve as the Chair and Karen P. Robards was selected to serve as the Vice Chair of each Board.

     Richard S. Davis and Henry Gabbay are “interested persons” (as defined in the 1940 Act) of the Funds by virtue of their current or former positions with BlackRock Advisors, LLC, BlackRock Capital Management, Inc. or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”). All of the closed-end registered investment companies advised by BlackRock Advisors, including the Funds, are referred to collectively as the “Fund Complex.”

4


Name, Address
and Year of Birth
Position(s)
Held with
Funds
Length
of Time
Served*
Principal Occupation(s)
During Past Five Years
Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**
Public
Directorships






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

5


Name, Address
and Year of Birth
Position(s)
Held with
Funds
Length
of Time
Served*
Principal Occupation(s)
During Past Five Years
Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**
Public
Directorships






Kent Dixon Director/ 2006 to Consultant/Investor since 1988. 106 Funds None
40 East 52nd Street Trustee and present   103 Portfolios  
New York, NY Member of        
10022-5911 the Audit        
  Committee        
1937          
 
Frank J. Fabozzi (1) Director/ 2006 to Consultant/Editor of The Journal of 106 Funds None
40 East 52nd Street Trustee and present Portfolio Management since 2006; 103 Portfolios  
New York, NY Member of   Professor in the Practice of Finance    
10022-5911 the Audit   and Becton Fellow, Yale University,    
  Committee   School of Management, since 2006;    
1948     Adjunct Professor of Finance and    
      Becton Fellow, Yale University from    
      1994 to 2006.    
 
Kathleen F. Director/ 2006 to President of Economics Studies, Inc. 106 Funds The McClatchy
Feldstein Trustee present (private economic consulting firm) 103 Portfolios Company
40 East 52nd Street     since 1987; Chair, Board of Trustees,   (publishing)
New York, NY     McLean Hospital from 2000 to 2008;    
10022-5911     Member of the Board of Partners    
      Community Healthcare, Inc. since    
1941     2005; Member of the Corporation of    
      Partners HealthCare since 1995;    
      Trustee, Museum of Fine Arts, Boston    
      since 1992; Member of the Visiting    
      Committee to the Harvard University    
      Art Museum since 2003.    
 
James T. Flynn Director/ 2007 to Chief Financial Officer of JP Morgan & 106 Funds None
40 East 52nd Street Trustee and present Co., Inc. from 1990 to 1995. 103 Portfolios  
New York, NY Member of        
10022-5911 the Audit        
  Committee        
1939          
 
Jerrold B. Harris Director/ 2007 to Trustee, Ursinus College since 2000; 106 Funds BlackRock-
40 East 52nd Street Trustee present Director, Troemner LLC (scientific   103 Portfolios Kelso Capital
New York, NY     equipment) since 2000.   Corp.
10022-5911          
 
1942          
 
R. Glenn Hubbard Director/ 2006 to Dean, Columbia Business School 106 Funds ADP (data and
40 East 52nd Street Trustee present since 2004; Columbia faculty member   103 Portfolios information
New York, NY     since 1988; Co- Director, Columbia   services), KKR
10022-5911     Business School’s Entrepreneurship   Financial
      Program from 1997 to 2004; Visiting   Corporation
1958     Professor, John F. Kennedy School of   (finance),
      Government at Harvard University and   Metropolitan
      the Harvard Business School since   Life Insurance
      1985 and at the University of Chicago   Company
      since 1994; Chairman, U.S. Council   (insurance)
      of Economic Advisers under the    
      President of the United States from    
      2001 to 2003.    

6


Name, Address
and Year of Birth
Position(s)
Held with
Funds
Length
of Time
Served*
Principal Occupation(s)
During Past Five Years
Number of
BlackRock-
Advised Funds
and Portfolios
Overseen**
Public
Directorships






W. Carl Kester (1) Director/ 2007 to George Fisher Baker Jr. Professor of 106 Funds None
40 East 52nd Street Trustee and present Business Administration, Harvard 103 Portfolios  
New York, NY Member of   Business School; Deputy Dean for    
10022-5911 the Audit   Academic Affairs since 2006; Unit    
  Committee   Head, Finance, Harvard Business    
1951     School from 2005 to 2006; Senior    
      Associate Dean and Chairman of the    
      MBA Program of Harvard Business    
      School from 1999 to 2005; Member    
      of the faculty of Harvard Business    
      School since 1981; Independent    
      Consultant since 1978.    
Interested Directors †        
 
Richard S. Davis Director/ 2007 to Managing Director, BlackRock, Inc. 175 Funds None
40 East 52nd Street Trustee present since 2005; Chief Executive Officer, 285 Portfolios  
New York, NY     State Street Research & Management    
10022-5911     Company from 2000 to 2005;    
      Chairman of the Board of Trustees,    
1945     State Street Research Mutual Funds    
      from 2000 to 2005; Chairman,    
      SSR Realty from 2000 to 2004.    
 
Henry Gabbay Director/ 2007 to Consultant, BlackRock, Inc. from 175 Funds None
40 East 52nd Street Trustee present 2007 to 2009; Managing Director, 285 Portfolios  
New York, NY     BlackRock, Inc. from 1989 to 2007;    
10022-5911     Chief Administrative Officer,    
      BlackRock Advisors, LLC from 1998    
1947     to 2007; President of BlackRock    
      Funds and BlackRock Bond Allocation    
      Target Shares from 2005 to 2007;    
      Treasurer of certain Closed-End Funds    
      in the BlackRock fund complex from    
      1989 to 2006.    

 * Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2006, each Board Member first became a member of the Board of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Kent Dixon since 1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Henry Gabbay since 2007; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; and Karen P. Robards since 1998. Board Members serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
   
** For purposes of this chart, “Funds” refers to the legal investment companies into which investors invest and “Portfolios” refers to the investment programs of the Funds. The BlackRock fund complex is comprised of 106 Funds. Some of the Funds have the same investment program because they invest through a master-feeder or parent-subsidiary structure, which results in the smaller number of Portfolios than Funds.
   
 † Mr. Davis is an "interested person," as defined in the Investment Company Act of 1940, of the Fund based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an "interested person" of the Fund based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities.
   
(1) AMPS Nominee.

7


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

     Equity Securities Owned by the Board Members. Information relating to the amount of equity securities owned by the Board Members in the Funds that they are nominated to oversee, as well as certain other funds in the Fund Complex, as of May 31, 2009 is set forth in Appendix C.

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

     Board Meetings. Information relating to the number of times that the Boards met during each Fund’s most recent fiscal year is set forth in Appendix D.

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

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

     Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). Section 16(a) of the Exchange Act requires the Funds’ Directors/Trustees, executive officers, persons who own more than ten percent of a registered class of a Fund’s equity securities, BlackRock Advisors and certain officers of BlackRock Advisors, to file reports on holdings of, and transactions in, Fund shares with the Securities and Exchange Commission (“SEC”) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Fund and representations from these reporting persons, each Fund believes that its Directors/Trustees, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements except for late Forms 3 and 4 relating to the Fund’s most recently concluded fiscal year, as listed in Appendix J for Funds with a fiscal year end of June 30 or earlier, or relating to the period between the close of the Fund’s most recently concluded fiscal year and the date of this Proxy Statement, as listed in Appendix K for Funds with a fiscal year end after June 30.

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

     Indemnification of Board Members and Officers. The governing documents of each Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Board Members and officers against liabilities and expenses incurred in connection with litigation in which

8


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

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

     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 CII, CYE, DSU, DVF, EGF, FRA, FRB, HYT, HYV, MHD, MHN, MNE, MUC, MUE, MUH, MUI, MUJ, MUS, PSW and PSY, 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. Except for the Funds listed in the next sentence, the affirmative vote of a plurality of the shares present for each Fund at the meeting at which a quorum is present and entitled to vote on a Board Nominee is necessary to elect each of the respective Board Nominees under Proposal 1 for each respective Fund. For MFL, MFT, MHE, MPA and MYF, the affirmative vote of a majority of shares present for such Funds at the meeting at which a quorum is present and entitled to vote on a Board Nominee is necessary to elect each of the respective Board Nominees under Proposal 1 for each respective Fund.

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

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

     Broker-dealer firms holding shares of a Fund in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares

9


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

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

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

     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. For the Funds that require 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. For the five Funds that require a majority of votes present to elect each of the Board Nominees, abstentions and broker non-votes will not be counted as votes cast and will have the same effect as a vote against Proposal 1.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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

     Each Audit Committee has discussed with D&T its independence with respect to the Fund and certain matters required to be discussed by Statement on Auditing Standard No. 61, as currently modified or supplemented. Each Audit Committee has considered whether the provision of non-audit services by the Fund’s independent registered public accounting firm is compatible with maintaining the independence of that registered public accounting firm. Each Audit Committee also reviews and discusses the audit of the Fund’s financial statements with Fund management and the independent registered public accounting firm. If any material concerns arise during the course of the audit and the preparation of the audited financial statements mailed to shareholders and included in the Fund’s Annual Report to Shareholders, the Audit Committee would be notified by Fund management or the independent registered public accounting firm. The Audit Committees received no such

10


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

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

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

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

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

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

     Each Audit Committee is required to approve all audit engagement fees and terms for the Fund. Each Audit Committee also is required to consider and act upon (i) the provision by any independent accountant of any non-audit services for any Fund, and (ii) the provision by any independent accountant of non-audit services to Fund service providers and their affiliates (“Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. The Audit Committee has implemented policies and procedures by which such services may be approved other than by the full Audit Committee. See Appendix H to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund’s independent registered public accounting firm.

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

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

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

11


provided by D&T to each Fund, BlackRock Advisors or Affiliated Service Providers that required pre-approval were pre-approved as required.

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

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

ADDITIONAL INFORMATION

5% Share Ownership

     As of June 29, 2009, to the best of the Funds’ knowledge, the persons listed in Appendix I beneficially owned or owned of record 5% or more of the outstanding shares of the class of the Funds indicated.

Submission of Shareholder Proposals

     A shareholder proposal intended to be presented at a future meeting of shareholders of a Fund must be received at the offices of the Fund, 40 East 52nd Street, New York, New York 10022-5911, in accordance with the timing requirements set forth below. Timely submission of a proposal does not guarantee that such proposal will be included in a proxy statement.

     If a shareholder intends to present a proposal at the 2010 annual meeting of shareholders of these Funds and desires to have the proposal included in the Fund’s proxy statement and form of proxy for that meeting pursuant to Rule 14a-8 under the Exchange Act, the shareholder must deliver the proposal to the offices of the appropriate Fund by March 29, 2010.

     Shareholders who do not wish to submit a proposal for inclusion in the Fund’s proxy statement and form of proxy for the 2010 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2010 annual meeting in accordance with the By-laws of the Funds. The By-laws for all of the Funds require that advance notice be given to the Fund in the event a shareholder desires to transact any business from the floor at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business must be in writing and received at the Fund’s principal executive office between Thursday, April 29, 2010 and Saturday, May 29, 2010. In order for proposals of shareholders made outside of Rule 14a-8 under the Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received at the Fund's principal executive offices by Saturday, May 29, 2010. If such proposals are not “timely” within the meaning of Rule 14a-4(c), then proxies solicited by the Board for next year’s annual meeting may confer discretionary authority to the Board to vote on such proposals. Copies of the By-laws of each Fund are available on the EDGAR Database on the Securities and Exchange Commission’s Internet site at www.sec.gov. Each Fund will also furnish, without charge, a copy of its By-laws to a shareholder upon request. Such requests should be directed to the appropriate Fund at 40 East 52nd Street, New York, New York 10022-5911, or by calling toll free at 1-800-441-7762.

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

Shareholder Communications

     Shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of the Secretary, 40 East 52nd Street, New York, New York 10022-5911. Shareholders may communicate with the Boards electronically by sending an email to

12


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

     Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund’s Chief Compliance Officer (“CCO”), 40 East 52nd Street, New York, New York 10022-5911. Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund. Such letters may be submitted on an anonymous basis.

Expense of Proxy Solicitation

     The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Proxy Statement and costs in connection with the solicitation of proxies will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of this Proxy Statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of a combination of their respective net assets and number of shareholder accounts, except when direct costs can be reasonably attributed to one or more specific Funds.

     Solicitation may be made by mail, telephone, fax, e-mail or the Internet by officers or employees of BlackRock Advisors, or by dealers and their representatives. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies. The Funds and BlackRock will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Proxy Statement and proxy materials to the beneficial owners of each Fund’s shares. The Funds and BlackRock have retained The Altman Group, Inc. (“Altman”), 60 East 42nd Street, Suite 405, New York, New York 10165, a proxy solicitation firm, to assist in the printing and distribution of proxy materials and the solicitation and tabulation of proxies. In addition, Broadridge Financial Solutions, Inc. (“Broadridge”), 51 Mercedes Way, Edgewood, New York 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Altman and Broadridge will be paid approximately $27,000 and $950,000, respectively, for such services (including reimbursements of out-of-pocket expenses). Altman may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. Each Fund’s portion of the foregoing expenses is not subject to any cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund.

Fiscal Year

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

Privacy Principles of the Funds

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

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

13


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

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

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

General

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

     A list of shareholders entitled to be present and to vote at the meeting will be available at the offices of the Funds, 40 East 52nd Street, New York, New York 10022-5911, for inspection by any shareholder during regular business hours beginning ten days prior to the date of the meeting.

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

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

By Order of the Boards,

Howard B. Surloff
Secretary of the Funds

July 17, 2009

14


Appendix A

Fund Information

     The following table lists, with respect to each Fund, the total number of shares outstanding and the net assets of the Fund on June 29, 2009, the record date for voting at the meeting. All Funds have a policy to encourage Board Members to attend the annual meeting.

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






ARK BlackRock Senior High Income Fund, Inc. Maryland Corporation 56,509,502 N/A 180,757,060
CII BlackRock Enhanced Capital and        
     Income Fund, Inc. Maryland Corporation 42,731,442 N/A 579,183,379
COY BlackRock Corporate High Yield Fund, Inc. Maryland Corporation 34,580,960 N/A 182,955,107
CYE BlackRock Corporate High Yield Fund III, Inc. . Maryland Corporation 37,316,497 N/A 192,970,047
DSU BlackRock Debt Strategies Fund, Inc. Maryland Corporation 107,235,998 N/A 319,356,093
DVF BlackRock Diversified Income        
     Strategies Fund, Inc. Maryland Corporation 12,283,656 N/A 948,948,989
EGF BlackRock Enhanced Government Fund, Inc. . Maryland Corporation 11,687,474 N/A 192,418,717
FRA BlackRock Floating Rate Income        
     Strategies Fund, Inc. Maryland Corporation 18,336,820 N/A 217,904,793
FRB BlackRock Floating Rate Income Strategies        
     Fund II, Inc. Maryland Corporation 10,496,930 N/A 116,469,390
HYT BlackRock Corporate High Yield        
     Fund VI, Inc. Maryland Corporation 35,286,436 N/A 308,638,019
HYV BlackRock Corporate High Yield        
     Fund V, Inc. Maryland Corporation 32,944,087 N/A 288,157,867
MCA BlackRock MuniYield California Insured        
     Fund, Inc.† Maryland Corporation 34,361,200 7,692 648,453,544
MEN BlackRock MuniEnhanced Fund, Inc.† Maryland Corporation 29,369,874 6,354 445,498,885
MFL BlackRock MuniHoldings Insured        
     Investment Fund† Massachusetts 37,667,658 11,845 785,765,201
    Business Trust      
MFT BlackRock MuniYield Insured        
     Investment Fund† Massachusetts 8,451,814 2,490 169,082,455
    Business Trust      
MHD BlackRock MuniHoldings Fund, Inc.† Maryland Corporation 13,913,010 3,677 280,341,814
MHE The Massachusetts Health & Education        
     Tax-Exempt Trust† Massachusetts 2,344,067 370 45,389,228
    Business Trust      
MHN BlackRock MuniHoldings New York Insured        
     Fund, Inc.† Maryland Corporation 30,795,138 10,115 654,499,895
MIY BlackRock MuniYield Michigan Insured        
     Fund, Inc.† Maryland Corporation 18,206,301 5,786 394,102,734
MJI BlackRock MuniYield New Jersey Insured        
     Fund, Inc.† Maryland Corporation 8,802,099 2,628 186,850,315
MNE BlackRock Muni New York Intermediate        
     Duration Fund, Inc.† Maryland Corporation 4,206,439 1,185 83,218,913
MPA BlackRock MuniYield Pennsylvania        
     Insured Fund† Massachusetts 11,480,567 3,096 238,413,665
    Business Trust      
MQT BlackRock MuniYield Quality Fund II, Inc.† Maryland Corporation 22,366,930 5,130 385,816,756
MQY BlackRock MuniYield Quality Fund, Inc.† Maryland Corporation 30,425,258 7,680 595,073,236
MUC BlackRock MuniHoldings California        
     Insured Fund, Inc.† Maryland Corporation 40,874,458 11,495 819,227,436
MUE BlackRock MuniHoldings Insured        
     Fund II, Inc.† Maryland Corporation 22,352,426 5,812 415,981,023
MUH BlackRock MuniHoldings Fund II, Inc.† Maryland Corporation 11,173,277 2,440 203,058,029

A-1


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






MUI BlackRock Muni Intermediate Duration        
     Fund, Inc.† Maryland Corporation 38,034,934 11,487 787,530,582
MUJ BlackRock MuniHoldings New Jersey Insured        
     Fund, Inc.† Maryland Corporation 21,245,413 7,068 476,167,568
MUS BlackRock MuniHoldings Insured        
     Fund, Inc.† Maryland Corporation 12,886,200 3,768 250,889,080
MVF BlackRock MuniVest Fund, Inc.† Maryland Corporation 61,875,156 10,551 787,080,478
MVT BlackRock MuniVest Fund II, Inc.† Maryland Corporation 20,385,281 6,032 401,757,840
MYC BlackRock MuniYield California Fund, Inc.† Maryland Corporation 21,295,255 5,060 410,713,891
MYD BlackRock MuniYield Fund, Inc.† Maryland Corporation 45,428,263 10,860 807,258,997
MYF BlackRock MuniYield Investment Fund† Massachusetts 13,558,024 3,633 263,243,336
    Business Trust      
MYI BlackRock MuniYield Insured Fund, Inc.† Maryland Corporation 67,303,125 15,087 1,189,577,398
MYJ BlackRock MuniYield New Jersey        
     Fund, Inc.† Maryland Corporation 14,203,242 4,189 301,287,210
MYM BlackRock MuniYield Michigan Insured        
     Fund II, Inc.† Maryland Corporation 12,069,721 3,494 240,483,954
MYN BlackRock MuniYield New York Insured        
     Fund, Inc.† Maryland Corporation 39,445,962 10,379 750,512,755
MZA BlackRock MuniYield Arizona Fund, Inc.† Maryland Corporation 4,549,497 1,612 95,134,369
PSW BlackRock Preferred and Corporate Income        
     Strategies Fund, Inc.† Maryland Corporation 10,311,941 2,730 119,175,786
PSY BlackRock Preferred Income Strategies        
     Fund, Inc.† Maryland Corporation 40,807,418 11,000 499,315,409

† Denotes an AMPS Fund.

* Includes amounts borrowed for investment purposes.

A-2


Appendix B

Compensation of the Board Members

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

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

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

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

B-1


Fund Fund’s
Fiscal
Year
End
(1)(9)
Richard E.
Cavanagh
(2)
Kent
Dixon
(3)
Frank J.
Fabozzi
(4)
Kathleen F.
Feldstein
(5)
R. Glenn
Hubbard
(6)
G. Nicholas
Beckwith III
(7)
James T.
Flynn
(7)
Jerold B.
Harris
(7)
W. Carl
Kester
(7)
Karen P.
Robards
(7)
Robert S.
Salomon Jr.
(7)
Henry
Gabbay
(7)
  Fund
Total



 
 
 
 
 
 
 
 
 
 
 
 
ARK 28-Feb $ 3,116.23   $ 2,316.12   $ 2,484.55   $ 2,274.01   $ 2,189.78   $ 2,105.57   $ 2,316.12   $ 2,105.57   $ 2,316.12   $ 2,947.79   $ 2,011.31   $ 201.95   $  26,385.12
CII 31-Oct $ 2,532.60   $ 1,882.33   $ 2,019.23   $ 1,848.11   $ 1,779.67   $ 1,711.21   $ 1,882.33   $ 1,711.21   $ 1,882.33   $ 2,395.70   $ 1,882.33   $   $  21,527.07
COY 28-Feb $ 2,867.71   $ 2,131.40   $ 2,286.42   $ 2,092.65   $ 2,015.15   $ 1,937.64   $ 2,131.40   $ 1,937.64   $ 2,131.40   $ 2,712.69   $ 1,832.77   $ 205.87   $  24,282.73
CYE 28-Feb $ 3,038.06   $ 2,258.01   $ 2,422.23   $ 2,216.97   $ 2,134.85   $ 2,052.74   $ 2,258.01   $ 2,052.74   $ 2,258.01   $ 2,873.83   $ 1,945.96   $ 215.18   $  25,726.59
DSU 28-Feb $ 6,299.34   $ 4,681.95   $ 5,022.45   $ 4,596.83   $ 4,426.57   $ 4,256.32   $ 4,681.95   $ 4,256.32   $ 4,681.95   $ 5,958.85   $ 4,119.66   $ 350.80   $  53,332.99
DVF 31-Aug $ 1,683.24   $ 1,251.07   $ 1,342.04   $ 1,228.32   $ 1,182.82   $ 1,137.33   $ 1,251.07   $ 1,137.33   $ 1,251.07   $ 1,592.25   $ 1,251.07   $   $  14,307.60
EGF 31-Dec $ 2,505.01   $ 1,861.84   $ 1,997.24   $ 1,827.99   $ 1,760.29   $ 1,692.58   $ 1,861.84   $ 1,692.58   $ 1,861.84   $ 2,369.61   $ 1,861.84   $   $  21,292.66
FRA 31-Aug $ 2,785.11   $ 2,070.02   $ 2,220.55   $ 2,032.37   $ 1,957.11   $ 1,881.83   $ 2,070.02   $ 1,881.83   $ 2,070.02   $ 2,634.55   $ 2,070.02   $   $  23,673.42
FRB 28-Feb $ 1,895.66   $ 1,408.93   $ 1,511.41   $ 1,383.32   $ 1,332.10   $ 1,280.86   $ 1,408.93   $ 1,280.86   $ 1,408.93   $ 1,793.20   $ 1,219.98   $ 133.14   $  16,057.32
HYT 31-Aug $ 4,045.71   $ 3,006.95   $ 3,225.65   $ 2,952.28   $ 2,842.94   $ 2,733.59   $ 3,006.95   $ 2,733.59   $ 3,006.95   $ 3,827.02   $ 3,150.35   $   $  34,531.98
HYV 31-Aug $ 3,788.55   $ 2,815.82   $ 3,020.60   $ 2,764.63   $ 2,662.23   $ 2,559.84   $ 2,815.82   $ 2,559.84   $ 2,815.82   $ 3,583.77   $ 2,949.92   $   $  32,336.83
MCA 31-Jul $ 4,283.80   $ 3,183.91   $ 3,415.48   $ 3,126.02   $ 3,010.24   $ 2,894.47   $ 3,183.91   $ 2,894.47   $ 3,183.91   $ 4,052.25   $ 3,846.73   $   $  37,075.18
MEN 30-Apr $ 3,781.73   $ 2,810.74   $ 3,015.17   $ 2,759.64   $ 2,657.42   $ 2,555.22   $ 2,810.74   $ 2,555.22   $ 2,810.74   $ 3,577.31   $ 1,749.44   $ 574.83   $  31,658.22
MFL 31-Aug $ 5,166.68   $ 3,840.10   $ 4,119.38   $ 3,770.28   $ 3,630.64   $ 3,491.01   $ 3,840.10   $ 3,491.01   $ 3,840.10   $ 4,887.41   $ 3,840.10   $   $  43,916.82
MFT 31-Jul $ 1,039.66   $ 772.73   $ 828.93   $ 758.67   $ 730.58   $ 702.47   $ 772.73   $ 702.47   $ 772.73   $ 983.46   $ 772.73   $   $  8,837.15
MHD 30-Apr $ 2,541.59   $ 1,889.01   $ 2,026.40   $ 1,854.67   $ 1,785.97   $ 1,717.29   $ 1,889.01   $ 1,717.29   $ 1,889.01   $ 2,404.19   $ 1,195.25   $ 369.43   $  21,279.11
MHE 31-Aug $ 295.95   $ 219.95   $ 235.95   $ 215.95   $ 207.96   $ 199.97   $ 219.95   $ 199.97   $ 219.95   $ 279.95   $ 219.95   $   $  2,515.50
MHN 31-Aug $ 4,326.36   $ 3,215.52   $ 3,449.38   $ 3,157.07   $ 3,040.13   $ 2,923.20   $ 3,215.52   $ 2,923.20   $ 3,215.52   $ 4,092.48   $ 3,215.52   $   $  36,773.91
MIY 31-Jul $ 2,362.35   $ 1,755.81   $ 1,883.49   $ 1,723.87   $ 1,660.03   $ 1,596.18   $ 1,755.81   $ 1,596.18   $ 1,755.81   $ 2,234.66   $ 1,755.81   $   $  20,080.01
MJI 31-Jul $ 1,127.36   $ 837.89   $ 898.84   $ 822.65   $ 792.19   $ 761.74   $ 837.89   $ 761.74   $ 837.89   $ 1,066.41   $ 837.89   $   $  9,582.48
MNE 31-Jul $ 516.61   $ 383.95   $ 411.89   $ 376.98   $ 363.02   $ 349.05   $ 383.95   $ 349.05   $ 383.95   $ 488.68   $ 383.95   $   $  4,391.07
MPA 31-Jul $ 1,510.00   $ 1,122.30   $ 1,203.92   $ 1,101.89   $ 1,061.09   $ 1,020.27   $ 1,122.30   $ 1,020.27   $ 1,122.30   $ 1,428.36   $ 1,122.30   $   $  12,835.00
MQT 30-Apr $ 3,387.38   $ 2,517.65   $ 2,700.75   $ 2,471.87   $ 2,380.33   $ 2,288.78   $ 2,517.65   $ 2,288.78   $ 2,517.65   $ 3,204.29   $ 1,562.72   $ 517.41   $  28,355.26
MQY 30-Apr $ 5,273.18   $ 3,919.26   $ 4,204.29   $ 3,848.01   $ 3,705.47   $ 3,562.96   $ 3,919.26   $ 3,562.96   $ 3,919.26   $ 4,988.14   $ 2,412.83   $ 813.22   $  44,128.83
MUC 31-Jul $ 5,158.38   $ 3,833.92   $ 4,112.75   $ 3,764.22   $ 3,624.81   $ 3,485.39   $ 3,833.92   $ 3,485.39   $ 3,833.92   $ 4,879.55   $ 4,556.86   $   $  44,569.13
MUE 31-Jul $ 2,653.80   $ 1,972.42   $ 2,115.87   $ 1,936.56   $ 1,864.84   $ 1,793.12   $ 1,972.42   $ 1,793.12   $ 1,972.42   $ 2,510.35   $ 2,558.36   $   $  23,143.27
MUH 30-Apr $ 1,910.72   $ 1,420.11   $ 1,523.40   $ 1,394.30   $ 1,342.67   $ 1,291.01   $ 1,420.11   $ 1,291.01   $ 1,420.11   $ 1,807.43   $ 893.17   $ 281.09   $  15,995.15
MUI 30-Apr $ 6,829.66   $ 5,076.10   $ 5,445.27   $ 4,983.81   $ 4,799.23   $ 4,614.64   $ 5,076.10   $ 4,614.64   $ 5,076.10   $ 6,460.49   $ 3,141.04   $ 1,010.39   $  57,127.48
MUJ 31-Jul $ 2,761.21   $ 2,052.26   $ 2,201.50   $ 2,014.94   $ 1,940.31   $ 1,865.68   $ 2,052.26   $ 1,865.68   $ 2,052.26   $ 2,611.95   $ 2,052.26   $   $  23,470.33
MUS 30-Apr $ 2,101.25   $ 1,561.74   $ 1,675.32   $ 1,533.33   $ 1,476.55   $ 1,419.77   $ 1,561.74   $ 1,419.77   $ 1,561.74   $ 1,987.66   $ 961.02   $ 319.49   $  17,579.39
MVF 31-Aug $ 5,497.39   $ 4,085.89   $ 4,383.05   $ 4,011.60   $ 3,863.02   $ 3,714.44   $ 4,085.89   $ 3,714.44   $ 4,085.89   $ 5,200.22   $ 4,085.89   $   $  46,727.73
MVT 30-Apr $ 3,339.86   $ 2,482.35   $ 2,662.86   $ 2,437.20   $ 2,346.94   $ 2,256.67   $ 2,482.35   $ 2,256.67   $ 2,482.35   $ 3,159.34   $ 1,579.02   $ 488.00   $  27,973.60
MYC 31-Jul $ 2,649.54   $ 1,969.26   $ 2,112.48   $ 1,933.45   $ 1,861.85   $ 1,790.23   $ 1,969.26   $ 1,790.23   $ 1,969.26   $ 2,506.33   $ 2,547.96   $   $  23,099.86
MYD 30-Apr $ 7,245.09   $ 5,384.87   $ 5,776.49   $ 5,286.95   $ 5,091.14   $ 4,647.08   $ 5,384.87   $ 4,647.08   $ 5,384.87   $ 6,853.47   $ 3,430.25   $ 1,046.55   $  60,178.70
MYF 31-Jul $ 1,674.89   $ 1,244.84   $ 1,335.39   $ 1,222.20   $ 1,176.94   $ 1,131.67   $ 1,244.84   $ 1,131.67   $ 1,244.84   $ 1,584.36   $ 1,771.86   $   $  14,763.53
MYI 31-Jul $ 8,160.40   $ 6,065.16   $ 6,506.26   $ 5,954.88   $ 5,734.33   $ 5,513.78   $ 6,065.16   $ 5,513.78   $ 6,065.16   $ 7,719.30   $ 6,951.36   $   $  70,249.60
MYJ 31-Jul $ 1,836.28   $ 1,364.80   $ 1,464.08   $ 1,339.99   $ 1,290.37   $ 1,240.74   $ 1,364.80   $ 1,240.74   $ 1,364.80   $ 1,737.04   $ 1,899.66   $   $  16,143.29
MYM 31-Jul $ 1,463.19   $ 1,087.51   $ 1,166.61   $ 1,067.74   $ 1,028.20   $ 988.65   $ 1,087.51   $ 988.65   $ 1,087.51   $ 1,384.11   $ 1,603.85   $   $  12,953.53
MYN 31-Jul $ 4,688.64   $ 3,484.81   $ 3,738.25   $ 3,421.45   $ 3,294.72   $ 3,168.00   $ 3,484.81   $ 3,168.00   $ 3,484.81   $ 4,435.20   $ 4,169.45   $   $  40,538.14
MZA 31-Jul $ 537.22   $ 399.28   $ 428.34   $ 392.03   $ 377.52   $ 362.99   $ 399.28   $ 362.99   $ 399.28   $ 508.19   $ 867.73   $   $  5,034.86
PSW 31-Oct $ 1,872.22   $ 1,391.52   $ 1,492.72   $ 1,366.22   $ 1,315.62   $ 1,265.01   $ 1,391.52   $ 1,265.01   $ 1,391.52   $ 1,771.02   $ 1,391.52   $   $  15,913.90
PSY 31-Oct $ 7,495.84   $ 5,571.22   $ 5,976.40   $ 5,469.93   $ 5,267.35   $ 5,064.75   $ 5,571.22   $ 5,064.75   $ 5,571.22   $ 7,090.65   $ 5,571.22   $   $  63,714.53
Total                                                                            
 Compensation                                                                            
 from Fund                                                                            
 Complex (8) $ 386,803   $ 287,730   $ 304,055   $ 273,299   $ 280,349   $ 250,000   $ 275,000   $ 250,000   $ 275,000   $ 350,000   $ 275,000            
Number of Funds                                                                        
 in Fund Complex                                                                        
 Overseen by                                                                            
 Board Member         106     106     106     106     106     106     106     106     106     106     Retired      

B-2



(1)      Information is for the Fund’s most recent fiscal year.
 
(2)      Total amount of deferred compensation payable to Board Member is $206,186.54 as of 12/31/08.
 
(3)      Total amount of deferred compensation payable to Board Member is $132,379.75 as of 12/31/08.
 
(4)      Total amount of deferred compensation payable to Board Member is $186,033.24 as of 12/31/08.
 
(5)      Total amount of deferred compensation payable to Board Member is $108,573.76 as of 12/31/08.
 
(6)      Total amount of deferred compensation payable to Board Member is $395,383.02 as of 12/31/08.
 
(7)      As of December 31, 2008 the Board Member did not participate in the deferred compensation plan.
 
(8)      Represents the aggregate compensation earned by such persons during the calendar year ended December 31, 2008. Of this amount, Mr. Cavanagh, Mr. Dixon, Mr. Fabozzi, Ms. Feldstein and Mr. Hubbard deferred $51,800, $12,730, $9,055, $3,299 and $20,349, respectively, pursuant to the Fund Complex’s deferred compensation plan.
 
(9)      The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. Information reflected in this chart is for the post-amended FYE.
 

B-3


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Appendix C

Equity Securities Owned by Board Members

     The following table shows the amount of equity securities owned by the Board Members and Board Nominees in the funds that they are nominated to oversee as of May 31, 2009, except as otherwise indicated.

                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                
Richard S. Davis   BlackRock   500   None   $1–$10,000   Over       Over
    Debt Strategies               $100,000           $100,000
    Fund, Inc.                            
 
    BlackRock   500   None   $1–$10,000            
    Diversified Income                            
    Strategies Fund, Inc.                            
 
Henry Gabbay   BlackRock Enhanced   800   None   $1–$10,000   Over       Over
    Capital and               $100,000           $100,000
    Income Fund, Inc.                            
 
    BlackRock Muni New   1400   None   $10,001–            
    York Intermediate           $50,000                
    Duration Fund, Inc.                            
 
    BlackRock   840   None   $1–$10,000            
    MuniHoldings                            
    Fund II, Inc.                            
 
    BlackRock   800   None   $1–$10,000            
    MuniHoldings                            
    Fund, Inc.                            
 
    BlackRock   1400   None   $10,001–            
    MuniHoldings New           $50,000                
    York Insured Fund, Inc.                      
 
    BlackRock   800   None   $1–$10,000            
    MuniVest Fund II, Inc.                            
 
    BlackRock   1500   None   $10,001–            
    MuniYield New York           $50,000                
    Insured Fund, Inc.                            
 
G. Nicholas Beckwith, III   BlackRock   123   None   $1–$10,000   $50,001–           Over
    Corporate High               $100,000           $100,000
    Yield Fund III, Inc.                            
 
    BlackRock   123   None   $1–$10,000            
    Corporate High Yield                            
    Fund V, Inc.                            
 
    BlackRock   122   None   $1–$10,000       3,183   $10,001–    
    Corporate High                       $50,000    
    Yield Fund VI, Inc.                            
 
    BlackRock Corporate   122   None   $1–$10,000            
    High Yield Fund, Inc.                            
 
    BlackRock Debt   123   None   $1–$10,000            
    Strategies Fund, Inc.                            

C-1


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                 
(continued)                                
G. Nicholas Beckwith, III   BlackRock    125    None    $1–$10,000                
(continued)   Diversified Income                            
    Strategies Fund, Inc.                            
 
    BlackRock Enhanced   312   None   $1–$10,000            
    Capital and Income                            
    Fund, Inc.                            
 
    BlackRock Enhanced   110   None   $1–$10,000            
    Government                            
    Fund, Inc.                            
 
    BlackRock Floating   118   None   $1–$10,000            
    Rate Income                            
    Strategies Fund II, Inc.                            
 
    BlackRock Floating   117   None   $1–$10,000            
    Rate Income                            
    Strategies Fund, Inc.                            
 
    BlackRock Muni   108   None   $1–$10,000            
    Intermediate                            
    Duration Fund, Inc.                            
 
    BlackRock   108   None   $1–$10,000            
    MuniEnhanced                            
    Fund, Inc.                            
 
    BlackRock   109   None   $1–$10,000            
    MuniHoldings                            
    Fund II, Inc.                            
 
    BlackRock   109   None   $1–$10,000            
    MuniHoldings                            
    Fund, Inc.                            
 
    BlackRock   107   None   $1–$10,000            
    MuniHoldings                            
    Insured Fund II, Inc.                            
 
    BlackRock   107   None   $1–$10,000            
    MuniHoldings                            
    Insured Fund, Inc.                            
 
    BlackRock MuniVest   110   None   $1–$10,000            
    Fund II, Inc.                            
 
    BlackRock MuniVest   109   None   $1–$10,000            
    Fund, Inc.                            
 
    BlackRock MuniYield   109   None   $1–$10,000            
    Fund, Inc.                            
 
    BlackRock MuniYield   108   None   $1–$10,000            
    Insured Fund, Inc.                            
 
    BlackRock MuniYield   107   None   $1–$10,000            
    Pennsylvania                            
    Insured Fund                            
 
    BlackRock MuniYield   108   None   $1–$10,000            
    Quality Fund II, Inc.                            

C-2


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                        
(continued)                                
G. Nicholas Beckwith, III   BlackRock MuniYield   107   None   $1–$10,000            
(continued)   Quality Fund, Inc.                            
 
    BlackRock Preferred   122   None   $1–$10,000            
    and Corporate                            
    Income Strategies                            
    Fund, Inc.                            
 
    BlackRock Preferred   122   None   $1–$10,000       2,883   $10,001–    
    Income Strategies                       $50,000    
    Fund, Inc.                            
 
    BlackRock Senior   118   None   $1–$10,000            
    High Income                            
    Fund, Inc.                            
 
Richard E. Cavanagh   BlackRock       None       $10,001–   4,851   $10,001–   Over
    Corporate High Yield               $50,000       $50,000   $100,000
    Fund VI, Inc.                            
 
    BlackRock Preferred       None           3,622   $10,001–    
    Income Strategies                       $50,000    
    Fund, Inc.                            
 
Kent Dixon   BlackRock       None       Over   2,891   $10,001–   Over
    Corporate High Yield               $100,000       $50,000   $100,000
    Fund VI, Inc.                            
 
    BlackRock Preferred       None           2,033   $10,001–    
    Income Strategies                       $50,000    
    Fund, Inc.                            
 
Frank J. Fabozzi   BlackRock   10   None   $1–$10,000   $10,001–       Over
    Corporate High Yield               $50,000           $100,000
    Fund III, Inc.                            
 
    BlackRock Corporate   10   None   $1–$10,000            
    High Yield Fund V, Inc.                            
 
    BlackRock       None           4,195   $10,001–    
    Corporate High                       $50,000    
    Yield Fund VI, Inc.                            
 
    BlackRock Corporate   10   None   $1–$10,000            
    High Yield Fund, Inc.                            
 
    BlackRock Debt   10   None   $1–$10,000            
    Strategies Fund, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    Diversified Income                            
    Strategies Fund, Inc.                            
 
    BlackRock Enhanced   10   None   $1–$10,000            
    Government Fund, Inc.                            
 
    BlackRock Floating   10   None   $1–$10,000            
    Rate Income                            
    Strategies Fund II, Inc.                            
 
    BlackRock Floating   10   None   $1–$10,000            
    Rate Income                            
    Strategies Fund, Inc.                            

C-3


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                        
(continued)                                
Frank J. Fabozzi   BlackRock Muni   10   None   $1–$10,000            
(continued)   Intermediate                            
    Duration Fund, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniEnhanced                            
    Fund, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniHoldings                            
    Fund II, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniHoldings                            
    Fund, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniVest Fund II, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniVest Fund, Inc.                            
 
    BlackRock   10   None   $1–$10,000            
    MuniYield Fund, Inc.                            
 
    BlackRock MuniYield   10   None   $1–$10,000            
    Insured Fund, Inc.                            
 
    BlackRock MuniYield   10   None   $1–$10,000            
    Pennsylvania                            
    Insured Fund                            
 
    BlackRock MuniYield       None                
    Quality Fund II, Inc.                            
 
    BlackRock MuniYield   10   None   $1–$10,000            
    Quality Fund, Inc.                            
 
    BlackRock Preferred   10   None   $1–$10,000            
    and Corporate                            
    Income Strategies                            
    Fund, Inc.                            
 
    BlackRock Preferred       None           3,134   $10,001–    
    Income Strategies                       $50,000    
    Fund, Inc.                            
 
    BlackRock Senior   10   None   $1–$10,000            
    High Income Fund, Inc.                            
 
Kathleen F. Feldstein   BlackRock     None     $10,001–   3,143   $10,001–   Over
    Corporate High               $50,000       $50,000   $100,000
    Yield Fund VI, Inc.                            
 
    BlackRock     None         2,626   $10,001–    
    Preferred Income                       $50,000    
    Strategies Fund, Inc.                            
 
James T. Flynn   BlackRock     None     $50,001–   3,502   $10,001–   Over
    Corporate High               $100,000       $50,000   $100,000
    Yield Fund VI, Inc.                            
 
    BlackRock     None         3,171   $10,001–    
    Preferred Income                       $50,000    
    Strategies Fund, Inc.                            

C-4


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                        
(continued)                                
Jerrold B. Harris   BlackRock   122   None   $1–$10,000   $50,001–       Over
    Corporate High               $100,000           $100,000
    Yield Fund III, Inc.                            
 
    BlackRock   121   None   $1–$10,000            
    Corporate High                            
    Yield Fund V, Inc.                            
 
    BlackRock   121   None   $1–$10,000       3,183   $10,001–    
    Corporate High                       $50,000    
    Yield Fund VI, Inc.                            
 
    BlackRock   121   None   $1–$10,000            
    Corporate High                            
    Yield Fund, Inc.                            
 
    BlackRock Debt   122   None   $1–$10,000            
    Strategies Fund, Inc.                            
 
    BlackRock   123   None   $1–$10,000            
    Diversified Income                            
    Strategies Fund, Inc.                            
 
    BlackRock   312   None   $1–$10,000            
    Enhanced Capital                            
    and Income Fund, Inc.                            
 
    BlackRock   109   None   $1–$10,000            
    Enhanced                            
    Government Fund, Inc.                            
 
    BlackRock Floating   117   None   $1–$10,000            
    Rate Income                            
    Strategies Fund II, Inc.                            
 
    BlackRock Floating   116   None   $1–$10,000            
    Rate Income                            
    Strategies Fund, Inc.                            
 
    BlackRock Muni   100   None   $1–$10,000            
    Intermediate                            
    Duration Fund, Inc.                            
 
    BlackRock   108   None   $1–$10,000            
    MuniEnhanced                            
    Fund, Inc.                            
 
    BlackRock   108   None   $1–$10,000            
    MuniHoldings                            
    Fund II, Inc.                            
 
    BlackRock   108   None   $1–$10,000            
    MuniHoldings                            
    Fund, Inc.                            
 
    BlackRock   107   None   $1–$10,000            
    MuniHoldings                            
    Insured Fund II, Inc.                            
 
    BlackRock   107   None   $1–$10,000            
    MuniHoldings                            
    Insured Fund, Inc.                            
 
    BlackRock   109   None   $1–$10,000            
    MuniVest Fund II, Inc.                            

C-5


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                        
(continued)                                
Jerrold B. Harris   BlackRock   108   None   $1–$10,000            
(continued)   MuniVest Fund, Inc.                            
 
    BlackRock MuniYield   108   None   $1–$10,000            
    Fund, Inc.                            
 
    BlackRock MuniYield   108   None   $1–$10,000            
    Insured Fund, Inc.                            
 
    BlackRock MuniYield   107   None   $1–$10,000            
    Quality Fund II, Inc.                            
 
    BlackRock MuniYield   107   None   $1–$10,000            
    Quality Fund, Inc.                            
 
    BlackRock Preferred   121   None   $1–$10,000            
    and Corporate                            
    Income Strategies                            
    Fund, Inc.                            
 
    BlackRock   121   None   $1–$10,000       2,883   $10,001–    
    Preferred Income                       $50,000    
    Strategies Fund, Inc.                            
 
    BlackRock   117   None   $1–$10,000            
    Senior High                            
    Income Fund, Inc.                            
 
R. Glenn Hubbard   BlackRock     None     $50,001–   8,624   $50,001–   Over
    Corporate High               $100,000       $100,000   $100,000
    Yield Fund VI, Inc.                            
 
    BlackRock     None         6,256   $50,001–    
    Preferred Income                       $100,000    
    Strategies Fund, Inc.                            
 
W. Carl Kester   BlackRock   100   None   $1–$10,000   Over       Over
    Corporate High               $100,000           $100,000
    Yield Fund III, Inc.                            
 
    BlackRock   100   None   $1–$10,000            
    Corporate High                            
    Yield Fund V, Inc.                            
 
    BlackRock     None         1,910   $10,001–    
    Corporate High                       $50,000    
    Yield Fund VI, Inc.                            
 
    BlackRock   100   None   $1–$10,000            
    Corporate High                            
    Yield Fund, Inc.                            
 
    BlackRock Debt   100   None   $1–$10,000            
    Strategies Fund, Inc.                            
 
    BlackRock   100   None   $1–$10,000            
    Diversified Income                            
    Strategies Fund, Inc.                            
 
    BlackRock   1808   None   $10,001–            
    Enhanced Capital           $50,000                
    and Income Fund, Inc.                      

C-6


                    Aggregate            
                    Dollar            
                    Range of            
                    Equity            
                    Securities            
                    in All Funds           Aggregate
                    Overseen           Dollar
                Aggregate   or To Be       Aggregate   Range of
                Dollar   Overseen       Dollar   Common
                Range of   by the       Range of   Stock
        Number of       Equity   Board   Number   Share   and Share
        Shares of   Number of   Securities   Member   of Share   Equivalents   Equivalents
        Common   Shares of   in Each   in Fund   Equivalents   in Each   in all
Name of Board Member    Fund Name    Stock    AMPS    Fund    Complex    (1)    Fund    Funds

 
 
 
 
 
 
 
 
Interested Board Members:                                        
(continued)                                
W. Carl Kester   BlackRock   1000   None   $10,001–            
(continued)   Enhanced           $50,000                
    Government Fund, Inc.                            
 
    BlackRock Floating   100   None   $1–$10,000            
    Rate Income                            
    Strategies Fund II, Inc.                            
 
    BlackRock   100   None   $1–$10,000            
    Floating Rate Income                            
    Strategies Fund, Inc.                            
 
    BlackRock Preferred   100   None   $1–$10,000            
    and Corporate                            
    Income Strategies                            
    Fund, Inc.                            
 
    BlackRock   100   None   $1–$10,000       1,730   $10,001–    
    Preferred Income                       $50,000    
    Strategies Fund, Inc.                            
 
    BlackRock   1000   None   $1–$10,000            
    Senior High                            
    Income Fund, Inc.                            
 
Karen P. Robards   BlackRock     None     $50,001–   2,153   $10,001–   Over
    Corporate High               $100,000       $50,000   $100,000
    Yield Fund VI, Inc.                            
 
    BlackRock   1762   None   $10,001–            
    Enhanced Capital           $50,000                
    and Income Fund, Inc.                            
 
    BlackRock Preferred   675   None   $1–$10,000            
    and Corporate                            
    Income Strategies                            
    Fund, Inc.                            
 
    BlackRock   690   None   $1–$10,000       1,815   $10,001–    
    Preferred Income                       $50,000    
    Strategies Fund, Inc.                            


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

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

     None of the Independent Board Members or their family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock as of May 31, 2009.

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Appendix D

Meetings of the Boards

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

Fund Pre-Amended
Fiscal
Year End†
Post-Amended
Fiscal
Year End
Number of
Board
Meetings




ARK 28-Feb N/A 7
CII 31-Dec 31-Oct 9
COY 31-May 28-Feb 7
CYE 31-May 28-Feb 7
DSU 28-Feb N/A 7
DVF 31-Aug N/A 6
EGF 31-Dec N/A 7
FRA 31-Aug N/A 6
FRB 28-Feb N/A 7
HYT 31-Aug N/A 6
HYV 31-Aug N/A 6
MCA 31-Oct 31-Jul 9
MEN 31-Jan 30-Apr 6
MFL 31-Aug N/A 8
MFT 31-Oct 31-Jul 9
MHD 30-Apr N/A 6
MHE 31-Dec 31-Aug 8
MHN 31-Aug N/A 8
MIY 31-Oct 31-Jul 9
MJI 31-Oct 31-Jul 9
MNE 31-May 31-Jul 9
MPA 31-Oct 31-Jul 9
MQT 31-Oct 30-Apr 6
MQY 31-Oct 30-Apr 6
MUC 30-Jun 31-Jul 8
MUE 30-Sep 31-Jul 9
MUH 31-Jul 30-Apr 6
MUI 31-May 30-Apr 6
MUJ 31-Jul N/A 9
MUS 30-Apr N/A 6
MVF 31-Aug N/A 8
MVT 31-Oct 30-Apr 6
MYC 31-Oct 31-Jul 9
MYD 31-Oct 30-Apr 6
MYF 31-Oct 31-Jul 9
MYI 31-Oct 31-Jul 9
MYJ 30-Nov 31-Jul 9
MYM 31-Oct 31-Jul 9
MYN 31-Oct 31-Jul 9
MZA 31-Oct 31-Jul 9
PSW 31-Oct N/A 10
PSY 31-Oct N/A 10

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. The information reflected in this chart is for the post-amended FYE.

     No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served.

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

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

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

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

E-1


     Such recommendation must be accompanied by a written consent of each proposed candidate to being named as a nominee and to serve as a director/trustee if elected. The Governance and Nominating Committee may also take into consideration the number of shares held by the recommending shareholder and the length of time that such shares have been held. A copy of the Governance and Nominating Committee Charter for each Fund is included in Appendix F.

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

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

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

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

E-2


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

Fund Pre-Amended
Fiscal

Year End
Post-Amended
Fiscal

Year End
Number
of Audit
Committee
Meetings
Number of
Governance

and
Nominating
Committee
Meetings
Number of
Compliance
Committee

Meetings
Number of
Performance
Oversight
Committee
Meetings
Number of
Executive
Committee
Meetings
Number of
Ad Hoc
AMPS
Committee
Meetings









ARK 28-Feb N/A 5 4 5 4 3 N/A
CII 31-Dec 31-Oct 7 4 5 4 2 N/A
COY 31-May 28-Feb 5 4 5 4 3 N/A
CYE 31-May 28-Feb 5 4 5 4 3 N/A
DSU 28-Feb N/A 5 4 5 4 3 N/A
DVF 31-Aug N/A 4 3 4 3 1 N/A
EGF 31-Dec N/A 6 4 4 4 2 N/A
FRA 31-Aug N/A 4 3 4 3 1 N/A
FRB 28-Feb N/A 5 4 5 4 3 N/A
HYT 31-Aug N/A 4 3 3 3 1 N/A
HYV 31-Aug N/A 4 3 3 3 1 N/A
MCA 31-Oct 31-Jul 6 3 4 3 0 7
MEN 31-Jan 30-Apr 5 4 5 4 2 17
MFL 31-Aug N/A 4 3 4 3 0 9
MFT 31-Oct 31-Jul 5 3 4 3 0 7
MHD 30-Apr N/A 6 4 5 4 2 17
MHE 31-Dec 31-Aug 5 3 4 3 0 9
MHN 31-Aug N/A 4 3 4 3 0 9
MIY 31-Oct 31-Jul 5 3 4 3 0 7
MJI 31-Oct 31-Jul 5 3 4 3 0 7
MNE 31-May 31-Jul 6 3 4 3 0 7
MPA 31-Oct 31-Jul 5 3 4 3 0 7
MQT 31-Oct 30-Apr 6 4 5 4 2 17
MQY 31-Oct 30-Apr 6 4 5 4 2 17
MUC 30-Jun 31-Jul 4 3 4 3 0 6
MUE 30-Sep 31-Jul 6 3 4 3 0 7
MUH 31-Jul 30-Apr 6 4 5 4 2 17
MUI 31-May 30-Apr 6 4 5 4 2 17
MUJ 31-Jul N/A 5 3 4 3 0 7
MUS 30-Apr N/A 6 4 5 4 2 17
MVF 31-Aug N/A 4 3 4 3 0 9
MVT 31-Oct 30-Apr 5 4 5 4 2 17
MYC 31-Oct 31-Jul 6 3 4 3 0 7
MYD 31-Oct 30-Apr 5 4 5 4 2 17
MYF 31-Oct 31-Jul 6 3 4 3 0 7
MYI 31-Oct 31-Jul 6 3 4 3 0 7
MYJ 30-Nov 31-Jul 6 3 4 3 0 7
MYM 31-Oct 31-Jul 6 3 4 3 0 7
MYN 31-Oct 31-Jul 6 3 4 3 0 7
MZA 31-Oct 31-Jul 6 3 4 3 0 7
PSW 31-Oct N/A 5 4 5 4 2 15
PSY 31-Oct N/A 5 4 5 4 2 15

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, the information reflected in this chart is for the post-amended FYE.

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Appendix F

Joint Audit Committee Charter
of
The BlackRock Closed-End Trusts

Background

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

Purposes of the Committee

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

The Members of the Committee

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

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

     If a member simultaneously serves on the audit committees of more than three public companies, the Board shall determine whether such simultaneous service would impair the ability of such member


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

F-1


to effectively serve on the Fund’s audit committee. The Board has determined that simultaneous service on the Committee of each Fund shall be deemed to be equivalent to service on the audit committee of a single public company for purposes of this requirement and that such service does not impair the ability of a member to effectively serve on the Committee of any single Fund.

Chair; Functions of the Chair

     The Chair will have the following responsibilities:

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

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

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

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

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

Meetings and Procedures of the Committee

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

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

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

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

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

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

Duties and Responsibilities

     The Committee shall have the following duties and responsibilities:

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

F-2


     Auditor Reporting. The Committee will:

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

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

Approve all audit engagement fees and terms for the Fund.

     Independence of Auditors.

     Oversight.

F-3


     Reports.

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

Resources

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

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

Self-Assessment; Amendment of Charter

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

F-4


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

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

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

F-5


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

Background

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

Purpose of the Committee

     The purposes of the Committee are to:

     Review and make recommendations in respect of Independent Director Compensation.

Composition of the Committee

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

Chair; Functions of the Chair

     The Chair will have the following responsibilities:

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

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

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

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

F-6


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

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

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

Meetings and Procedures of the Committee

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

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

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

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

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

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

Particular Actions of the Committee

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

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

F-7


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

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

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

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

Self-Assessment of the Committee

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

F-8


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

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

Consultants; Investigations and Studies; Outside Advisers

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

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

F-9


Annex A

Statement of Policy on Criteria
for Selecting Independent Directors

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

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

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

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

F-10


Appendix G

Officers of the Funds

     The officers of each Fund, their year of birth and their principal occupations during the past five years (their titles may have varied during that period) are shown in the tables below. The address of each officer is c/o BlackRock, Inc., 40 East 52nd Street, New York, New York 10022-5911.

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

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

Information Pertaining to the Officers

Name, Address
and Year of Birth
Position(s) Held with Fund Length of
Time Served
Principal Occupations(s)
During Past 5 Years




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

G-1


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Appendix H

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

Audit Fees and Audit-Related Fees

      Audit Fees Audit-Related Fees
     

Fund Pre-Amended
Fiscal Year
End†
Post-Amended
Fiscal Year
End
Most Recent
Fiscal Year ($)
Fiscal Year
Prior to Most
Recent Fiscal
Year End ($)
Most Recent
Fiscal Year ($)
Fiscal Year
Prior to Most
Recent Fiscal
Year End ($)







ARK 28-Feb N/A 49,300 46,300
CII 31-Dec 31-Oct 37,200 37,000
COY 31-May 28-Feb 42,500 41,000
CYE 31-May 28-Feb 42,500 41,000
DSU 28-Feb N/A 49,300 46,300
DVF 31-Aug N/A 46,300 38,500 8,000
EGF 31-Dec N/A 32,300 33,500
FRA 31-Aug N/A 46,300 39,900 8,000
FRB 28-Feb N/A 49,300 46,300
HYT 31-Aug N/A 41,000 38,500 8,000
HYV 31-Aug N/A 41,000 38,500 8,000
MCA 31-Oct 31-Jul 34,500 55,450 3,500 3,500
MEN 31-Jan 30-Apr 23,200 33,300 3,500 3,500
MFL 31-Aug N/A 35,000 32,600 3,500 3,500
MFT 31-Oct 31-Jul 27,900 51,350 3,500 3,500
MHD 30-Apr N/A 34,300 29,000 3,500 3,500
MHE 31-Dec 31-Aug 23,500 23,000 3,500 3,500
MHN 31-Aug N/A 32,700 30,500 3,500 3,500
MIY 31-Oct 31-Jul 30,000 53,350 3,500 3,500
MJI 31-Oct 31-Jul 27,100 51,350 3,500 3,500
MNE 31-May 31-Jul 23,200 27,100 3,500
MPA 31-Oct 31-Jul 27,100 51,350 3,500 3,500
MQT 31-Oct 30-Apr 34,800 33,900 3,500 3,500
MQY 31-Oct 30-Apr 36,700 35,800 3,500 3,500
MUC 30-Jun 31-Jul 37,300 57,350 3,500 3,500
MUE 30-Sep 31-Jul 33,400 53,350 3,500 3,500
MUH 31-Jul 30-Apr 30,400 29,500 3,500 3,500
MUI 31-May 30-Apr 35,200 32,300 3,500 3,500
MUJ 31-Jul N/A 28,700 52,850 3,500 3,500
MUS 30-Apr N/A 33,300 29,000 3,500 3,500
MVF 31-Aug N/A 33,700 30,500 3,500 3,500
MVT 31-Oct 30-Apr 33,400 32,500 3,500 3,500
MYC 31-Oct 31-Jul 32,500 52,850 3,500 3,500
MYD 31-Oct 30-Apr 36,400 35,500 3,500 3,500
MYF 31-Oct 31-Jul 29,500 52,350 3,500 3,500
MYI 31-Oct 31-Jul 38,300 57,350 3,500 3,500
MYJ 30-Nov 31-Jul 28,500 52,850 3,500 3,500
MYM 31-Oct 31-Jul 27,900 51,350 3,500 3,500
MYN 31-Oct 31-Jul 32,500 55,450 3,500 3,500
MZA 31-Oct 31-Jul 25,300 50,350 3,500 3,500
PSW 31-Oct N/A 38,300 38,900 7,000 3,500
PSY 31-Oct N/A 38,300 41,000 7,000 3,500

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE. The July 30 FYE change for MUC will occur with the July 2009 Annual Shareholder Report.

H-1


Tax Fees and All Other Fees

      Tax Fees All Other Fees
     

Fund Pre-Amended
Fiscal Year
End†
Post-Amended
Fiscal Year
End
Most Recent
Fiscal Year ($)
Fiscal Year
Prior to Most
Recent Fiscal
Year End ($)
Most Recent
Fiscal Year ($)
Fiscal Year
Prior to Most
Recent Fiscal
Year End ($)







ARK 28-Feb N/A 6,100 6,100 1,028 1,049
CII 31-Dec 31-Oct 6,100 6,100 1,049 1,042
COY 31-May 28-Feb 6,100 6,100 1,028 1,049
CYE 31-May 28-Feb 6,100 6,100 1,028 1,049
DSU 28-Feb N/A 6,100 6,100 1,028 1,049
DVF 31-Aug N/A 6,100 6,100 1,049 1,042
EGF 31-Dec N/A 6,100 6,100 1,049 1,042
FRA 31-Aug N/A 6,100 6,100 1,049 1,042
FRB 28-Feb N/A 6,100 6,100 1,028 1,049
HYT 31-Aug N/A 6,100 6,100 1,049 1,042
HYV 31-Aug N/A 6,100 6,100 1,049 1,042
MCA 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MEN 31-Jan 30-Apr 6,100 6,100 1,028 1,049
MFL 31-Aug N/A 6,100 6,100 1,049 1,042
MFT 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MHD 30-Apr N/A 6,100 6,100 1,028 1,049
MHE 31-Dec 31-Aug 6,100 6,100 1,049 1,042
MHN 31-Aug N/A 6,100 6,100 1,049 1,042
MIY 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MJI 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MNE 31-May 31-Jul 6,100 6,100 1,049 1,042
MPA 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MQT 31-Oct 30-Apr 6,100 6,100 1,028 1,049
MQY 31-Oct 30-Apr 6,100 6,100 1,028 1,049
MUC 30-Jun 31-Jul 6,100 6,100 1,049 1,042
MUE 30-Sep 31-Jul 6,100 6,100 1,049 1,042
MUH 31-Jul 30-Apr 6,100 6,100 1,028 1,049
MUI 31-May 30-Apr 6,100 6,100 1,028 1,049
MUJ 31-Jul N/A 6,100 6,100 1,049 1,042
MUS 30-Apr N/A 6,100 6,100 1,028 1,049
MVF 31-Aug N/A 6,100 6,100 1,049 1,042
MVT 31-Oct 30-Apr 6,100 6,100 1,028 1,049
MYC 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MYD 31-Oct 30-Apr 6,100 6,100 1,028 1,049
MYF 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MYI 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MYJ 30-Nov 31-Jul 6,100 6,100 1,049 1,042
MYM 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MYN 31-Oct 31-Jul 6,100 6,100 1,049 1,042
MZA 31-Oct 31-Jul 6,100 6,100 1,049 1,042
PSW 31-Oct N/A 6,100 6,100 1,049 1,042
PSY 31-Oct N/A 6,100 6,100 1,049 1,042

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE. The July 30 FYE change for MUC will occur with the July 2009 Annual Shareholder Report.

H-2


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

      Audit-Related Fees ($) Tax Fees All Other Fees ($)
     


Fund Pre-
Amended
Fiscal
Year End†
Post-
Amended
Fiscal
Year End
Most
Recent
Fiscal
Year ($)
Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
Most
Recent
Fiscal
Year ($)
Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
Most
Recent
Fiscal
Year ($)
Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)









ARK 28-Feb N/A 405,000 405,000
CII 31-Dec 31-Oct 405,000 284,500
COY 31-May 28-Feb 405,000 405,000
CYE 31-May 28-Feb 405,000 405,000
DSU 28-Feb N/A 405,000 405,000
DVF 31-Aug N/A 405,000 284,500
EGF 31-Dec N/A 405,000 284,500
FRA 31-Aug N/A 405,000 284,500
FRB 28-Feb N/A 405,000 405,000
HYT 31-Aug N/A 405,000 284,500
HYV 31-Aug N/A 405,000 284,500
MCA 31-Oct 31-Jul 405,000 284,500
MEN 31-Jan 30-Apr 407,500 405,000
MFL 31-Aug N/A 405,000 284,500
MFT 31-Oct 31-Jul 405,000 284,500
MHD 30-Apr N/A 407,500 405,000
MHE 31-Dec 31-Aug 405,000 284,500
MHN 31-Aug N/A 405,000 284,500
MIY 31-Oct 31-Jul 405,000 284,500
MJI 31-Oct 31-Jul 405,000 284,500
MNE 31-May 31-Jul 405,000 405,000
MPA 31-Oct 31-Jul 405,000 284,500
MQT 31-Oct 30-Apr 407,500 405,000
MQY 31-Oct 30-Apr 407,500 405,000
MUC 30-Jun 31-Jul 405,000 2,674,750
MUE 30-Sep 31-Jul 405,000 284,500
MUH 31-Jul 30-Apr 407,500 405,000
MUI 31-May 30-Apr 407,500 405,000
MUJ 31-Jul N/A 405,000 481,833
MUS 30-Apr N/A 407,500 405,000
MVF 31-Aug N/A 405,000 284,500
MVT 31-Oct 30-Apr 407,500 405,000
MYC 31-Oct 31-Jul 405,000 284,500
MYD 31-Oct 30-Apr 407,500 405,000
MYF 31-Oct 31-Jul 405,000 284,500
MYI 31-Oct 31-Jul 405,000 284,500
MYJ 30-Nov 31-Jul 405,000 284,500
MYM 31-Oct 31-Jul 405,000 284,500
MYN 31-Oct 31-Jul 405,000 284,500
MZA 31-Oct 31-Jul 405,000 284,500
PSW 31-Oct N/A 405,000 284,500
PSY 31-Oct N/A 405,000 284,500

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE. The July 30 FYE change for MUC will occur with the July 2009 Annual Shareholder Report.

H-3


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

      Aggregate Non-Audit Fees ($)
     
Fund Pre-Amended
Fiscal Year End†
Post-Amended
Fiscal Year End
Most Recent
Fiscal Year ($)
Fiscal Year
Prior to Most
Recent Fiscal
Year End ($)





ARK 28-Feb N/A 412,128 412,149    
CII 31-Dec 31-Oct 412,149 299,642  
COY 31-May 28-Feb 412,128 412,149  
CYE 31-May 28-Feb 412,128 412,149  
DSU 28-Feb N/A 412,128 412,149  
DVF 31-Aug N/A 420,149 291,642  
EGF 31-Dec N/A 412,149 291,642  
FRA 31-Aug N/A 420,149 291,642  
FRB 28-Feb N/A 412,128 412,149  
HYT 31-Aug N/A 420,149 291,642  
HYV 31-Aug N/A 420,149 291,642  
MCA 31-Oct 31-Jul 415,649 295,142  
MEN 31-Jan 30-Apr 417,100 415,628  
MFL 31-Aug N/A 415,649 295,142  
MFT 31-Oct 31-Jul 415,649 295,142  
MHD 30-Apr N/A 418,128 415,649  
MHE 31-Dec 31-Aug 415,649 295,142  
MHN 31-Aug N/A 415,649 295,142  
MIY 31-Oct 31-Jul 415,649 295,142  
MJI 31-Oct 31-Jul 415,649 295,142  
MNE 31-May 31-Jul 411,100 415,649  
MPA 31-Oct 31-Jul 415,649 295,142  
MQT 31-Oct 30-Apr 418,128 415,649  
MQY 31-Oct 30-Apr 418,128 415,649  
MUC 30-Jun 31-Jul 415,649 2,971,542  
MUE 30-Sep 31-Jul 415,649 295,142  
MUH 31-Jul 30-Apr 418,128 415,649  
MUI 31-May 30-Apr 418,128 415,649  
MUJ 31-Jul N/A 415,649 717,475  
MUS 30-Apr N/A 418,128 415,649  
MVF 31-Aug N/A 415,649 295,142  
MVT 31-Oct 30-Apr 418,128 415,649  
MYC 31-Oct 31-Jul 415,649 295,142  
MYD 31-Oct 30-Apr 418,128 415,649  
MYF 31-Oct 31-Jul 415,649 295,142  
MYI 31-Oct 31-Jul 415,649 295,142  
MYJ 30-Nov 31-Jul 415,649 295,142  
MYM 31-Oct 31-Jul 415,649 295,142  
MYN 31-Oct 31-Jul 415,649 295,142  
MZA 31-Oct 31-Jul 415,649 295,142  
PSW 31-Oct N/A 419,149 295,142  
PSY 31-Oct N/A 419,149 295,142  

The fiscal year end (FYE) for certain Funds was amended at a meeting of the Boards in May 2008. However, all information provided in this appendix, unless otherwise noted, is for the post-amended FYE. The July 30 FYE change for MUC will occur with the July 2009 Annual Shareholder Report.

H-4


Appendix I

5% Share Ownership

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

Fund     Investor     Address    Common
Stock
Held
   Common
Stock

% Held
   AMPS
Held
   AMPS %
Held

 
 
 
 
 
 
CII   Claymore   2455 Corporate West Drive   937,466   2.19%    
    Securities   Lisle, IL 60532                
    Defined Portfolio                    
 
CII   Advisors Asset   18925 Base Camp Road   696,155   1.63%    
    Management,   Monument, Colorado 80132                
    Inc.                    
 
CII   Doliver Capital   6363 Woodway, Suite 963   637,800   1.49%    
    Advisors, Inc.   Houston, Texas 77057                
 
COY   Morgan Stanley*   1585 Broadway   1,822,626   5.27%    
        New York, New York 10036                
 
COY   Claymore   250 North Rock Road   1,745,890   5.05%    
    Securities, Inc.*   Suite 150                
        Wichita, Kansas 67206                
 
COY   First Trust   1001 Warrenville Road   1,864,330   5.39%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
 
CYE   Claymore   250 North Rock   2,122,152   5.69%    
    Securities, Inc.*   Road Suite 150                
        Wichita, Kansas 67206                
 
CYE   First Trust   1001 Warrenville Road   3,816,786   10.23%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
DVF   First Trust   1001 Warrenville Road   1,621,774   13.20%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
EGF   First Trust   1001 Warrenville Road   1,336,137   11.43%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
 
FRA   First Trust   1001 Warrenville Road   1,322,428   7.21%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
FRB   First Trust   1001 Warrenville Road   943,128   8.98%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
 
FRB   Claymore   250 North Rock   617,471   5.88%    
    Securities, Inc.*   Road Suite 150                
        Wichita, Kansas 67206                
 
HYT   First Trust   1001 Warrenville Road   2,594,361   7.35%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
HYT   Claymore   250 North Rock   1,830,615   5.19%    
    Securities, Inc.*   Road Suite 150                
        Wichita, Kansas 67206                
 
HYV   First Trust   1001 Warrenville Road   1,944,733   5.90%    
    Portfolios L.P.*   Lisle, Illinois 60532                
 
 
HYV   Claymore   250 North Rock   2,124,656   6.45%    
    Securities, Inc.*   Road Suite 150                
        Wichita, Kansas 67206                
 
MCA   Bank of America   100 North Tryon Street       2,309   30.02%
    Corporation*   Charlotte, North Carolina                
        28255                

I-1


Fund     Investor     Address    Common
Stock
Held
   Common
Stock

% Held
   AMPS
Held
   AMPS %
Held

 
 
 
 
 
 
MCA   UBS AG*   Bahnhofstrasse 45       832   10.82%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MEN   Bank of America   100 North Tryon Street       2,120   33.36%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MEN   UBS AG*   Bahnhofstrasse 45       404   6.36%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MFL   Bank of America   100 North Tryon Street       5,933   50.09%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MFL   UBS AG*   Bahnhofstrasse 45       2,045   17.26%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MFT   Bank of America   100 North Tryon Street       1,112   44.66%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MFT   UBS AG*   Bahnhofstrasse 45       424   17.03%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MHD   Bank of America   100 North Tryon Street       1,335   36.31%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MHD   Royal Bank of   200 Bay Street       372   10.12%
    Canada*   Toronto, Ontario M5J 2J5                
        Canada                
 
MHD   UBS AG*   Bahnhofstrasse 45       225   6.12%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MHD   Morgan Stanley*   1585 Broadway       193   5.25%
        New York, New York 10036                
 
 
MHN   Bank of America   100 North Tryon Street       4,123   40.76%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MHN   UBS AG*   Bahnhofstrasse 45       823   8.14%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MIY   Citigroup Global   388 Greenwich Street       470   8.12%
    Markets, Inc.*   New York, New York 10013                
 
 
MIY   Bank of America   100 North Tryon Street       2,255   38.97%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MIY   UBS AG*   Bahnhofstrasse 45       698   12.06%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MJI   Bank of America   100 North Tryon Street       1,319   50.19%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MJI   UBS AG*   Bahnhofstrasse 45       229   8.71%
        PO Box CH-8021                
        Zurich, Switzerland                

I-2


Fund     Investor     Address    Common
Stock
Held
   Common
Stock

% Held
   AMPS
Held
   AMPS %
Held

 
 
 
 
 
 
MNE   Bank of America   100 North Tryon Street           827   69.79%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MPA   Bank of America   100 North Tryon Street           1,245   40.21%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MPA   UBS AG*   Bahnhofstrasse 45           300   9.69%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MQT   Bank of America   100 North Tryon Street           2,101   40.96%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MQY   Bank of America   100 North Tryon Street           4,055   52.80%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MQY   UBS AG*   Bahnhofstrasse 45           597   7.77%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MUC   Bank of America   100 North Tryon Street           2,674   23.26%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUC   UBS AG*   Bahnhofstrasse 45           814   7.08%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MUC   Morgan Stanley*   1585 Broadway           713   6.20%
        New York, New York 10036                
 
MUE   Bank of America   100 North Tryon Street           367   6.31%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUE   Royal Bank of   200 Bay Street           371   6.38%
    Canada*   Toronto, Ontario M5J 2J5                
        Canada                
 
MUE   UBS AG*   Bahnhofstrasse 45           340   5.85%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MUH   Bank of America   100 North Tryon Street           957   39.22%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUH   Royal Bank of   200 Bay Street           286   11.72%
    Canada*   Toronto, Ontario M5J 2J5                
        Canada                
 
MUH   UBS AG*   Bahnhofstrasse 45           134   5.49%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MUI   Merrill Lynch &   4 World Financial Center           1,587   13.82%
    Co., Inc.*   250 Vesey Street                
        New York, New York 10080                
 
MUI   Bank of America   100 North Tryon Street           961   8.37%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUJ   Bank of America   100 North Tryon Street           3,019   42.71%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUJ   UBS AG*   Bahnhofstrasse 45           604   8.55%
        PO Box CH-8021                
        Zurich, Switzerland                

I-3


Fund     Investor     Address    Common
Stock
Held
   Common
Stock

% Held
   AMPS
Held
   AMPS %
Held

 
 
 
 
 
 
MUS   Karpus   183 Sully’s Trail   610,353        4.74%    
    Management, Inc.*   Pittsford, New York 14534                
 
MUS   1607 Capital   4991 Lake Brook Dr   709,060        5.50%    
    Partners, LLC*   Suite 125                
        Glen Allen, Virginia 23060                
 
MUS   Bank of America   100 North Tryon Street             253   6.71%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MUS   Merrill Lynch &   4 World Financial Center             567   15.05%
    Co., Inc.*   250 Vesey Street                
        New York, New York 10080                
 
MUS   Royal Bank of   200 Bay Street             254   6.74%
    Canada*   Toronto, Ontario M5J 2J5                
        Canada                
 
MVF   Bank of America   100 North Tryon Street             4,318   40.93%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MVF   UBS AG*   Bahnhofstrasse 45             1,269   12.03%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MVT   Bank of America   100 North Tryon Street             2,658   44.06%
    Corporation*   Charlotte, North Carolina                
        28255                
 
MVT   UBS AG*   Bahnhofstrasse 45             330   5.47%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MYC   Merrill Lynch &   4 World Financial Center             563   11.13%
    Co., Inc.*   250 Vesey Street                
        New York, New York 10080                
 
MYC   UBS AG*   Bahnhofstrasse 45             733   14.49%
        PO Box CH-8021                
        Zurich, Switzerland                
 
MYD   Bank of America   100 North Tryon Street             3,544   32.63%