<SEC-DOCUMENT>0000891092-11-003937.txt : 20110616
<SEC-HEADER>0000891092-11-003937.hdr.sgml : 20110616
<ACCEPTANCE-DATETIME>20110616170310
ACCESSION NUMBER:		0000891092-11-003937
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110728
FILED AS OF DATE:		20110616
DATE AS OF CHANGE:		20110616
EFFECTIVENESS DATE:		20110616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000902719
		IRS NUMBER:				137014351
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07666
		FILM NUMBER:		11915700

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0001089821
		IRS NUMBER:				134069938
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09417
		FILM NUMBER:		11915691

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST
		CENTRAL INDEX KEY:			0001137392
		IRS NUMBER:				510409116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10333
		FILM NUMBER:		11915694

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159038
		IRS NUMBER:				510413313
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10499
		FILM NUMBER:		11915701

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159040
		IRS NUMBER:				510413263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10501
		FILM NUMBER:		11915698

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001167467
		IRS NUMBER:				383645602
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21036
		FILM NUMBER:		11915696

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	20020213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001167470
		IRS NUMBER:				383645605
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21037
		FILM NUMBER:		11915692

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK NEW YORK TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	20020213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL BOND INVESTMENT TRUST
		CENTRAL INDEX KEY:			0001169028
		IRS NUMBER:				383645608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21054
		FILM NUMBER:		11915697

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	20020312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MARYLAND MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169029
		IRS NUMBER:				383645611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21051
		FILM NUMBER:		11915699

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169031
		IRS NUMBER:				383645610
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21050
		FILM NUMBER:		11915693

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK VIRGINIA MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169034
		IRS NUMBER:				383645607
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21053
		FILM NUMBER:		11915690

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST
		CENTRAL INDEX KEY:			0001181026
		IRS NUMBER:				816105967
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21180
		FILM NUMBER:		11915695

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INSURED MUNICIPAL INCOME INVESTMENT TRUST
		DATE OF NAME CHANGE:	20080926

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20020904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK FLORIDA MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020816
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e43989def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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   <TITLE></TITLE>
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<!-- MARKER FORMAT-SHEET="Times Open Body" FSL="Workstation" -->
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<P style="text-align: center;"> <B><font size="3">UNITED STATES</font></B><font size="3"><BR>

<B>SECURITIES AND EXCHANGE COMMISSION</B></font><BR>
<B>Washington, D.C. 20549</B></P>
<P style="text-align: center;"> <B><font size="4">SCHEDULE 14A INFORMATION</font></B><BR>
<BR>
<B>Proxy Statement Pursuant to Section 14(a) of the</B><BR>
<B>Securities Exchange Act of 1934</B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;">
<TR valign="bottom">

    <TD align=left width=39%> Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp; <font size="2" face="Times New Roman, Times, serif">|X|</font></TD>
    <TD align=left width=60%> Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp; <font size="2" face="Times New Roman, Times, serif">|_|</font></TD>
  </TR> </TABLE>

<P style="text-align: left;"> Check the appropriate box:</P>

<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;" width=100%>

  <TR valign="bottom">

    <TD align=center width=5%>
      <div align="left"><font size="2" face="Times New Roman, Times, serif">|_|</font></div>
    </TD>
    <TD align=left> Preliminary Proxy Statement</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"></div>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=center>
      <div align="left"><font size="2" face="Times New Roman, Times, serif">|_|</font></div>
    </TD>
    <TD align=left> <B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"></div>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=center>
      <div align="left"><font size="2" face="Times New Roman, Times, serif">|X|</font></div>
    </TD>
    <TD align=left> Definitive Proxy Statement</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"></div>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=center>
      <div align="left"><font size="2" face="Times New Roman, Times, serif">|_|</font></div>
    </TD>
    <TD align=left> Definitive Additional Materials</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"></div>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=center>
      <div align="left"><font size="2" face="Times New Roman, Times, serif">|_|</font></div>
    </TD>
    <TD align=left> Soliciting Material Pursuant to &sect;240.14a-12</TD>
  </TR>

</TABLE>

<P style="text-align: center;"> <B>BlackRock California Municipal 2018 Term Trust</B><BR>

<B>BlackRock Municipal Income Investment Quality Trust</B><BR>

<B>BlackRock Investment Quality Municipal Income Trust</B><BR>

<B>BlackRock Maryland Municipal Bond Trust</B><BR>

<B>BlackRock Municipal 2018 Term Trust</B><BR>

<B>BlackRock Municipal Bond Investment Trust</B><BR>

<B>BlackRock Municipal Bond Trust</B><BR>

<B>BlackRock Municipal Income Investment Trust</B><BR>

<B>BlackRock New Jersey Municipal Bond Trust</B><BR>

<B>BlackRock New York Municipal Bond Trust</B><BR>

<B>BlackRock Virginia Municipal Bond Trust</B><BR>

<B>The BlackRock Pennsylvania Strategic Municipal Trust</B> </P>
<hr noshade size="1">
<center>
  <B>(Name of Registrant as Specified In Its Charter)<br>
  <br>
  </B>
</center>
<hr noshade size="1">
<center>
  <B>(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)</B>
</center>
<P style="text-align: left;"> Payment of Filing Fee (Check the appropriate box):</P>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;" width=100%>


  <TR valign="bottom">
    <TD align=left width=5%><font size="2" face="Times New Roman, Times, serif">|X|</font></TD>
    <TD align=left colspan="2">No fee required.</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left colspan="2">&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> <font size="2" face="Times New Roman, Times, serif">|_|</font></TD>
    <TD align=left colspan="2"> Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left colspan="2">&nbsp;&nbsp;</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left>&nbsp; </TD>
    <TD align=left width=5%>(1)  </TD>
    <TD align=left>Title of each class of securities to which transaction applies:</TD>
  </TR>

</TABLE>
<BR>
<HR noshade align="center" width="100%" size="5">
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<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;" width="100%">
  <TR>
    <TD nowrap valign=top colspan="3">
      <hr noshade size="1">
    </TD>
  </TR>

  <TR>
    <TD nowrap valign=top width="5%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD nowrap valign=top width="5%"> (2)&nbsp; &nbsp; &nbsp;   </TD>
    <TD> Aggregate number of securities to which transaction applies:   </TD>
  </TR>

  <TR>

    <TD colspan=3>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> (3)&nbsp; &nbsp; &nbsp;      </TD>
    <TD> Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):      </TD>
  </TR>

  <TR>

    <TD colspan=3>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> (4)&nbsp; &nbsp; &nbsp;      </TD>
    <TD> Proposed maximum aggregate value of transaction:       </TD>
  </TR>

  <TR>

    <TD colspan=3>
      <hr noshade size="1">
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD nowrap valign=top> (5)&nbsp; &nbsp; &nbsp;      </TD>
    <TD> Total fee paid:        </TD>
  </TR>

  <TR>

    <TD colspan=3>
      <hr noshade size="1">
    </TD>
  </TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman';font-size: 10pt;" width=100%>

  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;&nbsp;</TD>
    <TD align=left valign="top" width="5%">
      <center>
        <font size="2" face="Times New Roman, Times, serif">|_|</font>
      </center>
    </TD>
    <TD align=left colspan=3 valign="top"> Fee paid previously with preliminary materials.</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">
      <center>
      </center>
    </TD>
    <TD align=left colspan=3 valign="top">&nbsp;&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left rowspan="3">&nbsp;</TD>
    <TD align=left rowspan="3" valign="top">
      <center>
        <font size="2" face="Times New Roman, Times, serif">|_|</font>
      </center>
    </TD>
    <TD align=left colspan=3 rowspan="3" valign="top"> Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify  the filing for which the offsetting fee was paid previously. Identify the previous filing by  registration statement number, or the Form or Schedule and the date of its filing.</TD>
  </TR>

  <TR valign="bottom">

    </TR>

  <TR valign="bottom">

    </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp;</TD>
    <TD align=center colspan=2 valign="top">&nbsp;</TD>
    <TD align=left valign="top">&nbsp;</TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp; </TD>
    <TD align=center colspan=2 valign="top" nowrap width="4%">
      <div align="left"><FONT style="width: 9pt;text-align: right;">(1</FONT><FONT style="width: 4pt;text-align: left;">)</FONT></div>
    </TD>
    <TD align=left valign="top"> Amount Previously Paid:</TD>
  </TR>


  <TR>

    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan=3>
      <hr noshade size="1">
    </TD>
  </TR>

  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp; </TD>
    <TD align=center colspan=2 valign="top">
      <div align="left"><FONT style="width: 9pt;text-align: right;">(2</FONT><FONT style="width: 4pt;text-align: left;">)</FONT></div>
    </TD>
    <TD align=left valign="top"> Form, Schedule or Registration Statement No.:</TD>
  </TR>
  <tr>

    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan=3>
      <hr noshade size="1">
    </td>
  </tr>



  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp; </TD>
    <TD align=center colspan=2 valign="top">
      <div align="left"><FONT style="width: 9pt;text-align: right;">(3</FONT><FONT style="width: 4pt;text-align: left;">)</FONT></div>
    </TD>
    <TD align=left valign="top"> Filing Party:</TD>
  </TR>
  <tr>

    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan=3>
      <hr noshade size="1">
    </td>
  </tr>



  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left valign="top">&nbsp; </TD>
    <TD align=center colspan=2 valign="top">
      <div align="left"><FONT style="width: 9pt;text-align: right;">(4</FONT><FONT style="width: 4pt;text-align: left;">)</FONT></div>
    </TD>
    <TD align=left valign="top"> Date Filed:</TD>
  </TR>

</TABLE>
<BR>
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<IMG src="a43989def14ax1x1.jpg" border=0>
<BR>

<P style="text-align: left;"> June 16, 2011<BR>
<BR>
Dear Shareholder:</P>
<P style="text-align: left;"> A joint annual meeting of the BlackRock Closed-End Funds listed in <I>Appendix A </I>to the enclosed joint proxy statement (each, a &#147;Fund&#148;) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 11:00 a.m. (Eastern time), to consider and vote on the proposal discussed in the enclosed joint proxy statement.</P>
<P style="text-align: left;"> The purpose of the meeting is to seek shareholder approval of the four nominees named in the enclosed joint proxy statement to the Boards of Trustees (each, a &#147;Board,&#148; the members of which are referred to as &#147;Board Members&#148;) of each Fund. Each Board has unanimously approved the four nominees named in the enclosed joint proxy statement on behalf of its Fund (the &#147;Board Nominees&#148;), subject to approval by the Fund&#146;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.</P>
<P style="text-align: left;"> <B>The Board Members responsible for your Fund recommend that you vote &#147;FOR&#148; the Board Nominees for your Fund. </B>In connection with your vote, we urge you to read the full text of the enclosed joint proxy statement.</P>
<P style="text-align: left;"> <B>Your vote is important. If you are
a record  holder of a  Fund&#146;s  shares  and plan to attend  the  meeting  in
person,  in order to gain admission you must show  photographic  identification,
such as your driver&#146;s  license. If you hold your shares of a Fund through a
bank,  broker or other custodian,  and plan to attend the meeting in person,  in
order  to gain  admission  you  must  show  photo  identification,  such as your
driver&#146;s  license, and satisfactory proof of ownership of shares in a Fund,
such as your  voting  instruction  form  (or a copy  thereof)  or  broker&#146;s
statement  indicating  ownership as of a recent date. If you hold your common or
preferred shares in a brokerage account or through a bank or other nominee,  you
will  not be able to vote in  person  at the  annual  meeting  unless  you  have
previously  requested and obtained a &#147;legal  proxy&#148;  from your broker,
bank or other nominee and present it at the annual meeting.  Even if you plan to
attend the meeting,  please promptly follow the enclosed  instructions to submit
voting  instructions  by telephone or via the Internet.  Alternatively,  you may
submit  voting  instructions  by signing and dating each proxy card you receive,
and if received by mail,  returning it in the accompanying  postage-paid  return
envelope.</B></P>
<P style="text-align: left;"> You have received this joint proxy statement because you were a shareholder of record of at least one of the Funds listed in <I>Appendix A </I>on May 31, 2011. Certain other BlackRock Closed-End Funds not listed in <I>Appendix A </I>will also hold their annual meetings at the place and on the date stated above, but at a different time. If you were also a shareholder of record on May 31, 2011 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to vote by telephone or via the Internet with respect to each Fund in which you are a shareholder of record or sign, date and return each proxy card you receive from us.</P>
<P style="text-align: left;"> If you have any questions about the proposal to be voted on, please call Georgeson Inc., the firm assisting us in the solicitation of proxies, at 1-866-295-8105.</P>

<P style="text-align: left;"> Sincerely,</P>
<P style="text-align: left;"> Ira P. Shapiro<BR>
Secretary of the Funds</P>
<P style="text-align: left;"> <B><font size="1">BlackRock Closed-End Funds</font></B><font size="1"><BR>

100 Bellevue Parkway, Wilmington, DE 19809<BR>

(800) 441-7762</font></P>
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<P style="TEXT-ALIGN: center"><B>IMPORTANT INFORMATION</B><BR>
<B>FOR FUND SHAREHOLDERS</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we encourage you to read the full text of the enclosed joint proxy statement, for your convenience we have provided a brief overview of the matters to be voted on.</P>
<P style="TEXT-ALIGN: center"><B>Questions and Answers</B></P>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr>

      <td valign=top nowrap width="5%"><b>Q:</b>&nbsp; &nbsp; &nbsp; </td>
      <td><b>Why am I receiving the joint proxy statement?</b> </td>
    </tr>

    <tr>

      <td colspan=2>&nbsp;</td>
    </tr>


  </table>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





    <tr>

      <td valign=top nowrap width="5%">A:&nbsp; &nbsp; &nbsp; </td>
      <td>Each Fund is required to hold an annual meeting of shareholders for the election of Board Members. This joint proxy statement describes a proposal to approve the nominees to the Board of the Fund(s) in which you own shares and provides you with other information relating to the meeting. The enclosed proxy card(s) indicate the Fund(s) in which you own shares. The table on page 3 of the joint proxy statement identifies the Board Nominees for each Fund. </td>
    </tr>
  </table>

  &nbsp;&nbsp;<br>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">



    <tr>

      <td valign=top nowrap width="5%"><b>Q:</b>&nbsp; &nbsp; &nbsp; </td>
      <td><b>How do the Boards of the Funds recommend that I vote?</b> </td>
    </tr>

    <tr>

      <td colspan=2>&nbsp;</td>
    </tr>

    <tr>

      <td valign=top nowrap>A:&nbsp; &nbsp; &nbsp; </td>
      <td>The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they are experienced in overseeing investment companies and are familiar with the Funds and their investment advisers. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election is in your best interests and recommend that you vote &#147;<b>FOR</b>&#148; each Board Nominee. </td>
    </tr>










  </table>
  <br>

  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">











    <TR>

      <TD vAlign=top nowrap width="5%"><B>Q:</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD><B>How do I vote my shares?</B> </TD>
    </TR>

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap>A:&nbsp; &nbsp; &nbsp; </TD>
      <TD valign="top">
        <p>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 (them) in the enclosed postage-paid envelope. </p>
      </TD>
    </TR>



  </TABLE>

  <br>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr>
      <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td>
        <p style="TEXT-ALIGN: left">You may also attend the meeting and vote by ballot in person; however, even if you intend to do so, we encourage you to provide voting instructions by one of the methods discussed above.</p>
        <p style="TEXT-ALIGN: left">If you are a record holder of a Fund&#146;s shares and plan to attend the meeting in person, in order to gain admission you must show photographic identification, such as your driver&#146;s license.</p>
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>

  </table>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">


    <tr>
      <td width="5%">&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td>
        <p style="TEXT-ALIGN: left">If you hold your shares of a Fund through a bank, broker or other custodian, and plan to attend the meeting in person, in order to gain admission you must show photo identification, such as your driver&#146;s license, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or broker&#146;s statement indicating ownership as of a recent date. If you hold your common or preferred shares in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting unless you have previously requested and obtained a &#147;legal proxy&#148; from your broker, bank or other nominee and present it at the annual meeting.</p>
      </td>
    </tr>
  </table>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">
    <tr>
      <td valign=top nowrap width="5%">&nbsp;</td>
      <td>&nbsp;&nbsp;</td>
    </tr>

    <tr>

      <td valign=top nowrap width="5%"><b>Q:</b>&nbsp; &nbsp; &nbsp; </td>
      <td><b>Will my vote make a difference?</b> </td>
    </tr>
  </table>

  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap width="5%">A:&nbsp; &nbsp; &nbsp; </TD>
      <TD>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. </TD>
    </TR>

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><B>Q:</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD><B>Are the Funds paying for the cost of the joint proxy statement?</B> </TD>
    </TR>

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

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

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>
  </TABLE>
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  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr>

      <td width="5%">&nbsp;&nbsp;</td>
      <td>The Funds and BlackRock, Inc. have retained Georgeson Inc. (&#147;Georgeson&#148;), 199 Water Street, 26th Floor, New York, New York, 10038, 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. (&#147;Broadridge&#148;), 51 Mercedes Way, Edgewood, NY 11717, will assist the Funds in the distribution of proxy materials. It is anticipated that Georgeson and Broadridge will be paid approximately $26,000 and $53,000, respectively, for such services (including reimbursements of out-of-pocket expenses). </td>
    </tr>
  </table>

  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap width="5%"><B>Q:</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD><B>Whom do I call if I have questions?</B> </TD>
    </TR>

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap>A:&nbsp; &nbsp; &nbsp; </TD>
      <TD>If you need more information, or have any questions about voting, please call Georgeson, the Funds&#146; proxy solicitor, at 1-866-295-8105. </TD>
    </TR>

    <TR>

      <TD colSpan=2>&nbsp;</TD>
    </TR>
  </TABLE>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=4 width="100%" border=1>

  <TR vAlign=top>

    <TD width="25%">
      <P align="center"><B>Please vote </B><B><U>now</U></B><B>. Your vote is important.</B></P>
      <P><B>To avoid the wasteful and unnecessary expense of further solicitation(s), we urge you to indicate your voting instructions on the proxy card(s), and if voting by mail, date and sign it and return it promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.</B></P>
    </TD>
  </TR>
</TABLE>

<BR>
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<BR>

<P style="text-align: left;"> June 16, 2011</P>

<P style="text-align: center;"> <B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B><BR>
<B>TO BE HELD ON JULY 28, 2011</B></P>

<P style="text-align: left;"> A joint annual meeting of the shareholders of the BlackRock Closed-End Funds identified below (each, a &#147;Fund&#148;) will be held at the offices of BlackRock Advisors, LLC, Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 11:00 a.m. (Eastern time), to consider and vote on the proposal, as more fully described in the accompanying joint proxy statement:</P>
<TABLE border=0 cellSpacing=0 cellpadding=0 style="font-family: 'Arial';font-size: 10pt;" width=100%>

<TR valign="top">

    <TD width=12%>
      <P>PROPOSAL 1.</P>
</TD>

    <TD colspan=1>
<P>To elect to the Board of your Fund(s) the four nominees named in the accompanying joint proxy statement.</P>
<P>To transact such other business as may properly come before the meeting or any adjournments, postponements or delays thereof.</P>
</TD> </TR> </TABLE>

<P style="text-align: left;"> The purpose of the meeting is to seek shareholder approval of the four nominees named in the accompanying joint proxy statement to the Boards of Trustees (each, a &#147;Board,&#148; the members of which are referred to as &#147;Board Members&#148;) of each Fund. Each Board has unanimously approved the four nominees on behalf of its Fund (the &#147;Board Nominees&#148;), subject to approval by the Fund&#146;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.</P>

<P style="text-align: left;"> <B>Your Board recommends that you vote &#147;FOR&#148; the Board Nominees with respect to which you are being asked to vote.</B></P>

<P style="text-align: left;"> Shareholders of record of each Fund as of the close of business on May 31, 2011 are entitled to vote at the meeting and at any adjournments, postponements or delays thereof.</P>
<P style="text-align: left;"> If you owned shares in more than one Fund as of May 31, 2011, you may receive more than one proxy card. Certain other BlackRock Closed-End Funds will also hold their annual meetings at the place and on the date stated above, but not at the same time. If you were also a shareholder of record on May 31, 2011 of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds. Please be certain to sign, date and return each proxy card you receive from us.</P>



<P style="text-align: left;"> If you have any questions about the proposal to be voted on, please call Georgeson, the firm assisting us in the solicitation of proxies, at 1-866-295-8105.</P>
<P style="text-align: left;"> By Order of the Boards,</P>
<P style="text-align: left;"> Ira P. Shapiro<BR>
Secretary of the Funds</P>
<P style="text-align: left;"> <B><font size="1">BlackRock Closed-End Funds</font></B><font size="1"><BR>

100 Bellevue Parkway, Wilmington, DE 19809<BR>

(800) 441-7762</font></P>
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<P style="text-align: center;"> <B>BlackRock Closed-End Funds</B><BR>
<B>Holding Annual Meetings of Shareholders on July 28, 2011</B></P>
<TABLE border=0 cellSpacing=0 cellpadding=0 style="font-family: 'Arial';font-size: 10pt;" width=100%>

  <TR valign="bottom">

    <TD align=left>
      <div align="left"><B>Name of Fund</B>
      </div>
      <hr noshade size="1" width="125" align="left">
    </TD>
    <TD align=center colspan="2" width=8%>
      <center>
        <B>Ticker</B>
      </center>
      <hr noshade size="1" width="125" align="center">
    </TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock California Municipal 2018 Term Trust</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width=4%> BJZ</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Municipal Income Investment Quality Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BAF</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Investment Quality Municipal Income Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> RFA</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Maryland Municipal Bond Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BZM</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Municipal 2018 Term Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BPK</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Municipal Bond Investment Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BIE</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Municipal Bond Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BBK</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Municipal Income Investment Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BBF</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock New Jersey Municipal Bond Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BLJ</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock New York Municipal Bond Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BQH</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> BlackRock Virginia Municipal Bond Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BHV</TD>
  </TR>

  <TR valign="bottom">

    <TD align=left> The BlackRock Pennsylvania Strategic Municipal Trust</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left> BPS</TD>
  </TR>

</TABLE>

<BR>
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  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=center colspan=3><b>TABLE OF CONTENTS</b></td>
    </tr>
</table>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center width="3%">
        <div align="right"><b><u>Page</u></b></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p1">JOINT PROXY STATEMENT</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p1"><font style=" TEXT-ALIGN: right">1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p3">SUMMARY OF PROPOSAL AND FUNDS VOTING</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p3"><font style=" TEXT-ALIGN: right">3</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p4">PROPOSAL 1&#151;ELECTION OF BOARD NOMINEES</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p4"><font style=" TEXT-ALIGN: right">4</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p14">Settlement of Shareholder Solicitation</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p14"><font style=" TEXT-ALIGN: right">14</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p15">VOTE REQUIRED AND MANNER OF VOTING PROXIES</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p15"><font style=" TEXT-ALIGN: right">15</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p16">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p16"><font style=" TEXT-ALIGN: right">16</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#p18">ADDITIONAL INFORMATION</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p18"><font style=" TEXT-ALIGN: right">18</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p18a">5% Beneficial Share Ownership</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p18a"><font style=" TEXT-ALIGN: right">18</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p18b">Submission of Shareholder Proposals</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p18b"><font style=" TEXT-ALIGN: right">18</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p19">Shareholder Communications</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p19"><font style=" TEXT-ALIGN: right">19</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p19a">Expense of Proxy Solicitation; Solicitation</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p19a"><font style=" TEXT-ALIGN: right">19</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p20">If You Plan to Attend the Annual Meeting</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p20"><font style=" TEXT-ALIGN: right">20</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left colspan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p20a">Privacy Principles of the Funds</a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p20a"><font style=" TEXT-ALIGN: right">20</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p21">General</a></td>
      <td align=left><a href="#p21"></a></td>
      <td align=center width="3%">
        <div align="right"><a href="#p21"><font style=" TEXT-ALIGN: right">21</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan="2"><a href="#pa1">Appendix A &#151; Fund Information</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pa1">A<font style=" TEXT-ALIGN: right">-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#pb1">Appendix B &#151; Compensation of the Board Members</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pb1"><font style=" TEXT-ALIGN: right">B-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#pc1">Appendix C &#151; Equity Securities Owned by Board Members</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pc1"><font style=" TEXT-ALIGN: right">C-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#pd1">Appendix D &#151; Meetings of the Boards</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pd1"><font style=" TEXT-ALIGN: right">D-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan="2"><a href="#pe1">Appendix E &#151; Standing and Other Operating Committees of the Boards</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pe1"><font style=" TEXT-ALIGN: right">E-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan="2"><a href="#pf1">Appendix F &#151; Executive Officers of the Funds</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pf1"><font style=" TEXT-ALIGN: right">F-1</font></a></div>
      </td>
    </tr>



    <tr valign=bottom>

      <td align=left colspan="2"><a href="#pg1">Appendix G &#151; Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#pg1"><font style=" TEXT-ALIGN: right">G-1</font></a></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=2><a href="#ph1">Appendix H &#151; 5% Share Ownership</a></td>
      <td align=right width="3%">
        <div align="right"><a href="#ph1"><font style=" TEXT-ALIGN: right">H-1</font></a></div>
      </td>
    </tr>
  </table>
  <BR>
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<P style="TEXT-ALIGN: center"><B>ANNUAL MEETING OF SHAREHOLDERS</B></P>
<hr noshade size="1" width="125">
<P style="TEXT-ALIGN: center"><B>JULY 28, 2011</B></P>
<hr noshade size="1" width="125">
  <P style="TEXT-ALIGN: center"><B><a name="p1"></a>JOINT PROXY STATEMENT</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement (this &#147;Proxy Statement&#148;) is furnished in connection with the solicitation of proxies by the Boards of Trustees (each, a &#147;Board,&#148; the members of which are referred to as &#147;Board Members&#148;) of each BlackRock Closed-End Fund listed in <I>Appendix A </I>of this Proxy Statement (each, a &#147;Fund&#148;). The proxies will be voted at the joint annual meeting of shareholders of the Funds and at any and all adjournments, postponements or delays thereof. The meeting will be held at the offices of BlackRock Advisors, LLC (the &#147;Advisor&#148;), Park Avenue Plaza, 55 East 52nd Street, 11th Floor, New York, NY 10055, on Thursday, July 28, 2011, at 11:00 a.m. (Eastern time). The meeting will be held for the purposes set forth in the accompanying notice.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of the Funds have determined that the use of this Proxy Statement for the meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Distribution to shareholders of this Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, will commence on or about June 16, 2011.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund listed in <I>Appendix A </I>to this Proxy Statement is organized as a Massachusetts business trust (each, a &#147;Massachusetts Trust&#148;) or a Delaware statutory trust (each, a &#147;Delaware Trust&#148;). The Massachusetts Trusts and Delaware Trusts are closed-end investment companies registered under the Investment Company Act of 1940 (the &#147;1940 Act&#148;). A list identifying each Massachusetts Trust and Delaware Trust is set forth in <I>Appendix A</I>.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of
record of a Fund as of the close of business  on May 31, 2011 (the  &#147;Record
Date&#148;) are entitled to notice of and to vote at that  Fund&#146;s  meeting.
Shareholders  of the Funds are entitled to one vote for each share held, with no
shares having cumulative voting rights.  Holders of the auction market preferred
stock,  auction  market  preferred  shares,  auction  preferred  stock,  auction
preferred  shares,   auction  rate  preferred  shares  of  beneficial  interest,
municipal  auction rate  cumulative  preferred  shares or auction rate municipal
preferred shares (collectively, &#147;AMPS&#148;) of each of the Funds will have
equal  voting  rights  with the  shares  of  common  stock or  common  shares of
beneficial interest (collectively,  the &#147;Common  Shares&#148;) of the Funds
and will vote  together  with the holders of Common  Shares as a single class on
each  nominee to the Board of the Fund in which they own AMPS,  except that they
are entitled to vote  separately  as a class to elect two Board Members for each
Fund in which they own AMPS.  The Board  Members  representing  AMPS holders are
Class I and Class II Board Members.  The quorum and voting requirements for each
Fund are described in the section below entitled  &#147;Vote Required and Manner
of Voting Proxies.&#148;</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <I>Appendix A</I>. Except as set forth in <I>Appendix H</I>, to the knowledge of each Fund, as of May 23, 2011, no person was the beneficial owner of more than five percent of a class of a Fund&#146;s outstanding shares.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 website and confirm that your voting instructions are properly recorded.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;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 &#147;<B>FOR</B>&#148; the proposal. Shareholders who</P>
<P style="TEXT-ALIGN: center">1</P>
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<P style="TEXT-ALIGN: left">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 Delaware address below), by delivering a duly executed proxy bearing a later date or by attending the meeting and voting in person by ballot, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary, please consult your bank or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain other BlackRock Closed-End Funds not listed in <I>Appendix A </I>will also hold their annual meetings at the place and date stated above, but not at the same time. If you were also a shareholder of record on the Record Date of one or more of those other funds, you will receive a separate proxy statement and proxy card(s) relating to those funds.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you are a record holder of a Fund&#146;s shares and plan to attend the meeting in person, in order to gain admission you must show photographic identification, such as your driver&#146;s license. If you hold your shares of a Fund through a bank, broker or other custodian, and plan to attend the meeting in person, in order to gain admission you must show photo identification, such as your driver&#146;s license, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or broker&#146;s statement indicating ownership as of a recent date.</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For directions to the meeting, please contact Georgeson, the firm assisting us in the solicitation of proxies, at 1-866-295-8105.</B></P>
  <P style="TEXT-ALIGN: left"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the applicable Fund at Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission&#146;s website at www.sec.gov.</b></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock will update performance data for the Funds, as well as certain other data for Funds that are municipal funds, on a monthly basis on its website in the &#147;Closed-End Funds&#148; section of www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the BlackRock Closed-End Funds.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that only one annual or semi-annual report or Proxy Statement or Notice of Internet Availability of Proxy Materials may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report or this Proxy Statement or Notice of Internet Availability of Proxy Materials, or for instructions how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the New York address above and phone number set forth above.</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=4 width="100%" border=1>

  <TR vAlign=top>

    <TD width="25%">
      <P align="center"><B>YOUR VOTE IS IMPORTANT</B></P>
      <P><B>To avoid the wasteful and unnecessary expense of further solicitation and no matter how large or small your holdings may be, we urge you to indicate voting instructions on the enclosed proxy card(s), and if received by mail, date and sign it (them) and return it (them) promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet. If you submit a properly executed proxy card but do not indicate how you wish your shares to be voted, your shares will be voted &#147;FOR&#148; the election of the Board Nominees. If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the meeting.</B></P>
    </TD>
  </TR>
</TABLE>


<P style="TEXT-ALIGN: center"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR</B><BR>
<B>THE SHAREHOLDER MEETING TO BE HELD ON JULY 28, 2011</B></P>
<P style="TEXT-ALIGN: center"><B>The Proxy Statement is available at www.proxy-direct.com/22652</B></P>
<P style="TEXT-ALIGN: left"><B><font size="1">BlackRock Closed-End Funds</font></B><font size="1"><BR>

100 Bellevue Parkway, Wilmington, DE 19809<BR>

(800) 441-7762</font></P>
<P style="TEXT-ALIGN: center">2</P>
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  <P style="TEXT-ALIGN: center"><B><a name="p3"></a>SUMMARY OF PROPOSAL AND FUNDS VOTING</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the Funds for which the Board Nominees are standing for election.</P>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

  <tr valign=bottom>

    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center rowspan=4><font size="1"></font></td>
      <td align=center rowspan=4><font size="1"><b>AMPS</b><br>

<b>Nominee</b><br>

<b>Standing for</b><br>

<b>Election<sup>(2)</sup></b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1">&nbsp;&nbsp;</font></td>
    <td style="TEXT-INDENT: 3px" align=center colspan=5><font size="1"><b>Nominees Standing for Election</b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=center>
      <div align="left"><font size="1"><b>Fund Name</b>

      </font></div>
      <hr noshade size="1" width="125" align="left">
      </td>
    <td align=center><font size="1"><b>Ticker</b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Class I<sup>(1)</sup></b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Class II</b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Class III</b>
      </font>
      <hr noshade size="1" width="100%" align="left">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock California Municipal 2018 Term Trust</td>
    <td align=left>BJZ</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
        &nbsp;&nbsp;
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
        &nbsp;&nbsp;
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        &nbsp;&nbsp;
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Municipal Income Investment Quality Trust</td>
    <td align=left>BAF</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Investment Quality Municipal Income Trust</td>
    <td align=left>RFA</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Maryland Municipal Bond Trust</td>
    <td align=left>BZM</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Municipal 2018 Term Trust</td>
    <td align=left>BPK</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Municipal Bond Investment Trust</td>
    <td align=left>BIE</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Municipal Bond Trust</td>
    <td align=left>BBK</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Municipal Income Investment Trust</td>
    <td align=left>BBF</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock New Jersey Municipal Bond Trust</td>
    <td align=left>BLJ</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock New York Municipal Bond Trust</td>
    <td align=left>BQH</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BlackRock Virginia Municipal Bond Trust</td>
    <td align=left>BHV</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>The BlackRock Pennsylvania Strategic Municipal Trust</td>
    <td align=left>BPS</td>
    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 5px" align=left>
      <center>
        X
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
      </center>
    </td>
    <td align=center>
      <center>
        X
      </center>
    </td>
  </tr>
</table>
<hr noshade size="1" width="75" align="left">

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(1)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">The Class I Board Nominees are Paul L. Audet, Michael J. Castellano, R. Glenn Hubbard and W. Carl Kester. Paul L. Audet, Michael J. Castellano and R. Glenn Hubbard are voted upon by the common and preferred shareholders voting together as a single class, and W. Carl Kester, as the AMPS Nominee, is voted upon by owners of AMPS voting as a separate class. Please see the description below under &#147;PROPOSAL 1 &#151; ELECTION OF BOARD NOMINEES&#148; for a more detailed discussion regarding the AMPS Nominee. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(2)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">With respect to the Funds, Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Dr. Kester is the AMPS Nominee standing for election. Mr. Fabozzi&#146;s term as a Board Member is scheduled to expire in 2012 and therefore he is not standing for election this year as an AMPS  Nominee. Please see the description below under &#147;PROPOSAL 1 &#151; ELECTION OF BOARD NOMINEES&#148; for a more detailed discussion regarding the AMPS Nominee. </font></TD>
  </TR>





</TABLE>

<P style="TEXT-ALIGN: center">3</P>
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  <P style="TEXT-ALIGN: center"><B><a name="p4"></a>PROPOSAL 1&#151;ELECTION OF BOARD NOMINEES</B></P>
<P style="TEXT-ALIGN: left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of Proposal 1 is to elect Board Members for each Fund.</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nominees
for each Fund.  </I></B>The Board of each Fund consists of eleven Board Members,
nine of whom are not &#147;interested  persons&#148; of the Funds (as defined in
the 1940 Act) (the  &#147;Independent  Board Members&#148;).  Prior to March 31,
2010, the Board of each Fund had 11 Board Members;  however,  on March 31, 2010,
G.  Nicholas  Beckwith,  III resigned  from the Board of each Fund. On April 14,
2011, the Board of each Fund  determined to increase the number of Board Members
to 11 and  appointed  Michael J.  Castellano  as a Class I Board  Member to each
Fund. At the May 13, 2011 Board meeting,  Richard S. Davis, an interested  Board
Member,  advised the Board of his intention to resign his position as a Class II
Board  Member  on  the  date  of  the  joint  annual  meeting  of  shareholders.
Thereafter,   the  Governance   and  Nominating   Committee  met  and  upon  the
recommendation of such committee,  the Board thereafter  nominated Paul L. Audet
as an  interested  Class I Board  Nominee.  The Funds divide their Board Members
into three classes: Class I, Class II and Class III and generally only one class
of Board Members  stands for election each year.  Only the Class I Board Members
are standing for election  this year.  Each Class I Board Member  elected at the
meeting  will serve until the later of the 2014  annual  meeting or until his or
her  successor  is elected and  qualifies,  or until his or her  earlier  death,
resignation, retirement or removal.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The owners of AMPS are entitled to vote as a separate class to elect two of the Board Members (the &#147;AMPS Nominees&#148;) for the Fund in which they own AMPS. This means that owners of common shares are not entitled to vote in connection with the election of the AMPS Nominees. However, the owners of common shares and the owners of AMPS, voting together as a single class, are entitled to elect the remainder of the Board Nominees. Frank J. Fabozzi and W. Carl Kester are currently the Board Members elected solely by the owners of AMPS. Only W. Carl Kester is standing for election this year as an AMPS Nominee. Mr. Fabozzi&#146;s term as a Board Member is scheduled to expire in 2012 and therefore he is not standing for election this year as an AMPS Nominee.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board recommends a vote &#147;<B>FOR</B>&#148; the election of Paul L. Audet, Michael J. Castellano, R. Glenn Hubbard and W. Carl Kester (the &#147;Board Nominees&#148;). To vote for the Board Nominees, please vote by telephone or over the Internet, as described in the proxy card, or date and sign the enclosed proxy card and return it promptly in the enclosed postage-paid envelope. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Board Members&#146;/Nominees&#146; Biographical Information. </I></B>Please refer to the below table which identifies the Board Nominees, including any AMPS Nominees, for election to the Board of each Fund and sets forth certain biographical information about the Board Members and/or Board Nominees, for all of the Funds. Please note that only the Class I Board Members and nominees for election as Class I Board Members are standing for election for the Funds. Each Board Nominee was nominated by the Governance and Nominating Committee of the Board of each respective Fund. Richard E. Cavanagh was selected to serve as the Chair and Karen P. Robards was selected to serve as the Vice Chair of each Board. All of the closed-end registered investment companies advised by the Advisor, including the Funds, are referred to collectively as the &#147;Closed-End Complex.&#148;</P>

<P style="TEXT-ALIGN: center">4</P>
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<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">




















  <tr valign=bottom>

    <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Name, Address</b><br>

<b>and Year of Birth</b>
      </font>
      <hr noshade size="1">

    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Position(s)</b><br>

<b>Held with</b><br>

<b>Funds</b>
      </font>
      <hr noshade size="1">
    </td>
    <td align=center><font size="1"></font></td>
    <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Term of</b><br>

<b>Office and</b><br>

<b>Length</b><br>

<b>of Time</b><br>

<b>Served*</b>
      </font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 3px" align=center><font size="1"></font></td>
    <td style="TEXT-INDENT: 8px" align=center><font size="1"><b>Principal Occupation(s)</b><br>

<b>During Past Five Years</b>
      </font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 8px" align=center><font size="1"></font></td>
    <td style="TEXT-INDENT: 2px" align=center><font size="1"><b>Number of</b><br>

<b>BlackRock-</b><br>

<b>Advised</b><br>

<b>Registered</b><br>

<b>Investment</b><br>

<b>Companies</b><br>

<b>(&#147;RICs&#148;)</b><br>

<b>Consisting of</b><br>

<b>Investment</b><br>

<b>Portfolios</b><br>

<b>(&#147;Portfolios&#148;)</b><br>

<b>Overseen**</b>
      </font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 2px" align=center><font size="1"></font></td>
    <td style="TEXT-INDENT: 1px" align=center><font size="1"><b>Other Public</b><br>

<b>Company or</b><br>

<b>Investment</b><br>

<b>Company</b><br>

<b>Directorships</b><br>

<b>Held During</b><br>

<b>Past Five</b><br>

<b>Years***</b>
      </font>
      <hr noshade size="1">
    </td>
  </tr>



  <tr valign=bottom>

    <td align=left colspan=4><b>Non-Interested Directors</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Richard E. Cavanagh</td>
    <td align=left>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left>Director/</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>2013;</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>Trustee, Aircraft Finance Trust from</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>95 RICs</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>Arch Chemical</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Trustee and</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>1999 to 2009; Director, The Guardian</td>
    <td align=left>&nbsp;</td>
    <td align=left>consisting of</td>
    <td align=left>&nbsp;</td>
    <td align=left>(chemical and</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chair of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>present</td>
    <td align=left>&nbsp;</td>
    <td align=left>Life Insurance Company of America</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 Portfolios</td>
    <td align=left>&nbsp;</td>
    <td align=left>allied</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>Boards</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 1998; Trustee, Educational</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>products)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Testing Service from 1997 to 2009</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1946</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Chairman thereof from 2005 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2009; Senior Advisor, The Fremont</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Group (a private investment firm)</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 2008 and Director thereof since</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1996; Adjunct Lecturer, Harvard</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>University since 2007; President and</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chief Executive Officer, The</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Conference Board, Inc. (global</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>business research organization) from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1995 to 2007.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Karen P. Robards</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director/</td>
    <td align=left>&nbsp;</td>
    <td align=left>2012;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Partner of Robards &amp; Company, LLC</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 RICs</td>
    <td align=left>&nbsp;</td>
    <td align=left>AtriCure, Inc.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Trustee, Vice</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>(financial advisory firm) since 1987;</td>
    <td align=left>&nbsp;</td>
    <td align=left>consisting of</td>
    <td align=left>&nbsp;</td>
    <td align=left>(medical</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chair of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>present</td>
    <td align=left>&nbsp;</td>
    <td align=left>Co-founder and Director of the Cooke</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 Portfolios</td>
    <td align=left>&nbsp;</td>
    <td align=left>devices)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>Boards and</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Center for Learning and Development</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chair of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>(a not-for-profit organization) since</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1950</td>
    <td align=left>&nbsp;</td>
    <td align=left>Audit</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1987; Director of Care Investment</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Committee</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Trust, Inc. (health care real estate</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>investment trust) from 2007 to 2010;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director of Enable Medical Corp. from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1996 to 2005; Investment Banker at</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Morgan Stanley from 1976 to 1987.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Michael J.</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director/</td>
    <td align=left>&nbsp;</td>
    <td align=left>2011;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director and Chief Financial</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 RICs</td>
    <td align=left>&nbsp;</td>
    <td align=left>None</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Castellano<sup>(1)(2)</sup></td>
    <td align=left>&nbsp;</td>
    <td align=left>Trustee and</td>
    <td align=left>&nbsp;</td>
    <td align=left>2011 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>Officer of Lazard Group LLC from</td>
    <td align=left>&nbsp;</td>
    <td align=left>consisting of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Member of</td>
    <td align=left>&nbsp;</td>
    <td align=left>present</td>
    <td align=left>&nbsp;</td>
    <td align=left>2001 to 2011; Chief Financial Officer</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 Portfolios</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>the Audit</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>of Lazard Ltd. from 2005 to 2011;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>Committee</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director, Support Our Aging Religions</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>(non-profit) since 2009; Director,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1946</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>National Advisory Board of Church</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Management at Villanova University</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 2010.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Frank J. Fabozzi<sup>(2)</sup></td>
    <td align=left>&nbsp;</td>
    <td align=left>Director/</td>
    <td align=left>&nbsp;</td>
    <td align=left>2012;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Consultant/Editor of The Journal of</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 RICs</td>
    <td align=left>&nbsp;</td>
    <td align=left>None</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Trustee and</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>Portfolio Management since 2006;</td>
    <td align=left>&nbsp;</td>
    <td align=left>consisting of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>Member of</td>
    <td align=left>&nbsp;</td>
    <td align=left>present</td>
    <td align=left>&nbsp;</td>
    <td align=left>Professor in the Practice of Finance</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 Portfolios</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>the Audit</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Becton Fellow, Yale University,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Committee</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>School of Management since 2006;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1948</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Adjunct Professor of Finance and</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Becton Fellow, Yale University from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1994 to 2006.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Kathleen F.</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director/</td>
    <td align=left>&nbsp;</td>
    <td align=left>2013;</td>
    <td align=left>&nbsp;</td>
    <td align=left>President of Economics Studies, Inc.</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 RICs</td>
    <td align=left>&nbsp;</td>
    <td align=left>The McClatchy</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Feldstein</td>
    <td align=left>&nbsp;</td>
    <td align=left>Trustee</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>(private economic consulting firm)</td>
    <td align=left>&nbsp;</td>
    <td align=left>consisting of</td>
    <td align=left>&nbsp;</td>
    <td align=left>Company</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>present</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 1987; Chair, Board of Trustees,</td>
    <td align=left>&nbsp;</td>
    <td align=left>95 Portfolios</td>
    <td align=left>&nbsp;</td>
    <td align=left>(publishing);</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>McLean Hospital from 2000 to 2008</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>BellSouth</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Trustee Emeritus since 2008;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>(telecommuni-</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Member of the Board of Partners</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>cations);</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1941</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Community Healthcare, Inc. from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Knight Ridder</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2005 to 2009; Member of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>(publishing)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Corporation of Partners HealthCare</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 1995; Trustee, Museum of Fine</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Arts, Boston since 1992; Member of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>the Visiting Committee to the Harvard</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>University Art Museum since 2003;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director, Catholic Charities of Boston</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 2009.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
</table>

<BR>
<P style="TEXT-ALIGN: center">5</P>
<HR align=center width="100%" noshade SIZE=5>
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<BR>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">




















    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Name, Address </b><br>

<b>and Year of Birth </b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 3px" align=center>&nbsp;</td>
      <td align=center><font size="1"><b>Position(s) </b><br>

<b>Held with </b><br>

<b>Funds </b></font>
        <hr noshade size="1">
    </td>
      <td align=center>&nbsp;&nbsp;</td>
      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Term of </b><br>

<b>Office and </b><br>

<b>Length </b><br>

<b>of Time </b><br>

<b>Served* </b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 3px" align=center>&nbsp;</td>
      <td align=center><font size="1"><b>Principal Occupation(s) </b><br>

<b>During Past Five Years </b></font>
        <hr noshade size="1">
    </td>
      <td align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=center><font size="1"><b>Number of </b><br>

<b>BlackRock- </b><br>

<b>Advised </b><br>

<b>Registered </b><br>

<b>Investment </b><br>

<b>Companies </b><br>

<b>(&#147;RICs&#148;) </b><br>

<b>Consisting of </b><br>

<b>Investment </b><br>

<b>Portfolios </b><br>

<b>(&#147;Portfolios&#148;) </b><br>

<b>Overseen** </b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 2px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=center><font size="1"><b>Other Public </b><br>

<b>Company or </b><br>

<b>Investment </b><br>

<b>Company </b><br>

<b>Directorships </b><br>

<b>Held During </b><br>

<b>Past Five </b><br>

<b>Years*** </b></font>
        <hr noshade size="1">
    </td>
    </tr>



    <tr valign=bottom>

      <td align=left>James T. Flynn</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Director/</td>
      <td align=left>&nbsp;</td>
      <td align=left>2012;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Chief Financial Officer of JPMorgan &amp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>95 RICs</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>None</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>Trustee and</td>
      <td align=left>&nbsp;</td>
      <td align=left>2007 to</td>
      <td align=left>&nbsp;</td>
      <td align=left>Co., Inc. from 1990 to 1995.</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY</td>
      <td align=left>&nbsp;</td>
      <td align=left>Member of</td>
      <td align=left>&nbsp;</td>
      <td align=left>present</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>10055</td>
      <td align=left>&nbsp;</td>
      <td align=left>the Audit</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Committee</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>1939</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>Jerrold B. Harris</td>
      <td align=left>&nbsp;</td>
      <td align=left>Director/</td>
      <td align=left>&nbsp;</td>
      <td align=left>2013;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Trustee, Ursinus College since 2000;</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 RICs</td>
      <td align=left>&nbsp;</td>
      <td align=left>BlackRock</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>Trustee</td>
      <td align=left>&nbsp;</td>
      <td align=left>2007 to</td>
      <td align=left>&nbsp;</td>
      <td align=left>Director, Troemner LLC (scientific</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>Kelso Capital</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>present</td>
      <td align=left>&nbsp;</td>
      <td align=left>equipment) since 2000; Director of</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corp.</td>
    </tr>

    <tr valign=bottom>

      <td align=left>10055</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Delta Waterfowl Foundation (a not-for-</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>(business</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>profit organization) since 2001;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>development</td>
    </tr>

    <tr valign=bottom>

      <td align=left>1942</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>President and Chief Executive Officer,</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>company)</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>VWR Scientific Products Corporation</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <div align="left">from 1990 to 1999.</div>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>R. Glenn</td>
      <td align=left>&nbsp;</td>
      <td align=left>Director/</td>
      <td align=left>&nbsp;</td>
      <td align=right>


        <div align="left">2011;      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>Dean, Columbia Business School</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 RICs</td>
      <td align=left>&nbsp;</td>
      <td align=left>ADP (data and</td>
    </tr>

    <tr valign=bottom>

      <td align=left>Hubbard<sup>(1)(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Trustee</td>
      <td align=left>&nbsp;</td>
      <td align=right>


        <div align="left">2007 to      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>since 2004; Columbia faculty member</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>information</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>


        <div align="left">present
      </div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>since 1988; Co-Director, Columbia</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>services); KKR</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Business School&#146;s Entrepreneurship</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
    </tr>

    <tr valign=bottom>

      <td align=left>10055</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Program from 1997 to 2004;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Chairman, U.S. Council of Economic</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>(finance);</td>
    </tr>

    <tr valign=bottom>

      <td align=left>1958</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Advisers under the President of the</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Metropolitan</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>United States from 2001 to 2003;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Life Insurance</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Chairman, Economic Policy Committee</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Company</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>of the OECD from 2001 to 2003.</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>(insurance)</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>W. Carl</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left">Director/</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>


        <div align="left">2011;      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>George Fisher Baker Jr. Professor of</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 RICs</td>
      <td align=left>&nbsp;</td>
      <td align=left>None</td>
    </tr>

    <tr valign=bottom>

      <td align=left>Kester<sup>(1)(2)(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left">Trustee and</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>


        <div align="left">2007
to      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>Business Administration, Harvard</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Member of</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>


        <div align="left">present
      </div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Business School; Deputy Dean for</td>
      <td align=left>&nbsp;</td>
      <td align=left>95 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY 10055</td>
      <td align=left>&nbsp;</td>
      <td align=left> the Audit</td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Academic Affairs from 2006 to 2010;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Committee</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Chairman, Finance, Harvard Business</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>1951</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>School from 2005 to 2006; Senior</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Associate Dean and Chairman of the</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>MBA Program of Harvard Business</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>School from 1999 to 2005; Member</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>of the Faculty of Harvard Business</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <div align="left">School since 1981.</div>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left><b>Interested Directors<sup>&#134;</sup></b></td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>

      <td align=left>Richard S. Davis<sup>(4)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Director/</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>


        <div align="left">2012;      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>Managing Director, BlackRock, Inc.</td>
      <td align=left>&nbsp;</td>
      <td align=left>165 RICs</td>
      <td align=left>&nbsp;</td>
      <td align=left>None</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Trustee</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>


        <div align="left">2007
to      </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>since 2005; Chief Executive Officer,</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>


        <div align="left">present
      </div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>State Street Research &amp; Management</td>
      <td align=left>&nbsp;</td>
      <td align=left>290 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>10055</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>

        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Company from 2000 to 2005;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Chairman of the Board of Trustees,</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>1945</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>State Street Research Mutual Funds</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>from 2000 to 2005; Chairman, SSR</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Realty from 2000 to 2004.</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>Henry Gabbay</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Director/</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">2013;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>Consultant, BlackRock, Inc. from</td>
      <td align=left>&nbsp;</td>
      <td align=left>165 RICs</td>
      <td align=left>&nbsp;</td>
      <td align=left>None</td>
    </tr>

    <tr valign=bottom>

      <td align=left>55 East 52nd Street</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">Trustee</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">2007 to</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>2007 to 2008; Managing Director,</td>
      <td align=left>&nbsp;</td>
      <td align=left>consisting of</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>New York, NY</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left">present</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>BlackRock, Inc. from 1989 to 2007;</td>
      <td align=left>&nbsp;</td>
      <td align=left>290 Portfolios</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>10055</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>Chief Administrative Officer,</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>BlackRock Advisors, LLC from 1998</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>1947</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>to 2007; President of BlackRock</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Funds and BlackRock Bond Allocation</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Target Shares from 2005 to 2007;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Treasurer of certain closed-end funds</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>in the Closed-End Complex from 1989</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>
        <div align="left">to 2006</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
  </table>

<BR>
<P style="TEXT-ALIGN: center">6</P>
<HR align=center width="100%" noshade SIZE=5>
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<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





















  <tr valign=bottom>

    <td style="TEXT-INDENT: 3px" align=center rowspan=2><font size="1"><b>Name, Address </b><br>

<b>and Year of Birth </b></font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 3px" align=center rowspan=2>&nbsp;</td>
    <td style="TEXT-INDENT: 2px" align=center rowspan=2><font size="1"><b>Position(s) </b><br>

<b>Held with </b><br>

<b>Funds </b></font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 2px" align=center rowspan=2>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=center rowspan=2><font size="1"><b>Term of </b><br>

<b>Office and </b><br>

<b>Length </b><br>

<b>of Time </b><br>

<b>Served* </b></font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 3px" align=center rowspan=2>&nbsp;</td>
    <td style="TEXT-INDENT: 8px" align=center rowspan=2><font size="1"><b>Principal Occupation(s) </b><br>

<b>During Past Five Years </b></font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 8px" align=center rowspan=2>&nbsp;</td>
    <td style="TEXT-INDENT: 2px" align=center rowspan=2><font size="1"><b>Number of </b><br>

<b>BlackRock- </b><br>

<b>Advised </b><br>

<b>Registered </b><br>

<b>Investment </b><br>

<b>Companies </b><br>

<b>(&#147;RICs&#148;) </b><br>

<b>Consisting of </b><br>

<b>Investment </b><br>

<b>Portfolios </b><br>

<b>(&#147;Portfolios&#148;) </b><br>

<b>Overseen** </b></font>
      <hr noshade size="1">
    </td>
    <td style="TEXT-INDENT: 2px" align=center rowspan=2>&nbsp;</td>
    <td style="TEXT-INDENT: 1px" align=center rowspan=2><font size="1"><b>Other Public </b><br>

<b>Company or </b><br>

<b>Investment </b><br>

<b>Company </b><br>

<b>Directorships </b><br>

<b>Held During </b><br>

<b>Past Five </b><br>

<b>Years*** </b></font>
      <hr noshade size="1">
    </td>
  </tr>

  <tr valign=bottom></tr>

  <tr valign=bottom>

    <td align=left colspan=4><b>Class I Board Nominee<sup>&#134;</sup></b></td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>Paul L. Audet<sup>(2)</sup></td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=right>


      <div align="left">N/A
      </div>
    </td>
    <td align=right>&nbsp;&nbsp;</td>
    <td align=left>


      <div align="left">N/A
      </div>
    </td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>Senior Managing Director, BlackRock,</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>None</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>None</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Inc., and head of BlackRock&#146;s Real</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Estate business from 2008 to 2011;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Member of BlackRock&#146;s Global</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Operating and Corporate Risk</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1954</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Management Committees and of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Alternative Investors</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Executive Committee and Investment</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Committee for the Private Equity Fund</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>of Funds business since 2008; head</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>of BlackRock&#146;s Global Cash</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Management business from 2005 to</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2010; Acting Chief Financial Officer of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock from 2007 to 2008; Chief</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Financial Officer of BlackRock from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1998 to 2005; Senior Vice President</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>of Finance at PNC Bank Corp. and</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chief Financial Officer of the</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Investment Management and Mutual</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Fund Processing businesses from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1996 to 1998 and head of PNC&#146;s</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Mergers &amp; Acquisitions unit from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1992 to 1998; Member of PNC&#146;s</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Corporate Asset-Liability Committee</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Marketing Committees from 1992</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>to 1998; Chief Financial Officer of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>PNC&#146;s eastern operations from 1991</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>to 1992; Senior Vice President of</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>First Fidelity Bancorporation,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>responsible for the Corporate Finance,</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Asset-Liability Committee, and</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Mergers &amp; Acquisitions functions from</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>1986 to 1991.</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<hr noshade size="1" width="75" align="left">

  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

    <TR>

      <TD vAlign=top nowrap width="4%"><font size="1">*&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Following the combination of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and BlackRock, Inc. (&#147;BlackRock&#148;) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Board Members as joining the Boards in 2007, each Board Member first became a member of the Boards of Directors/Trustees of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh since 1994; Richard S. Davis since 2007; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Henry Gabbay since 2007; Jerrold B. Harris since 1999; R. Glenn Hubbard since 2004; W. Carl Kester since 1998; and Karen P. Robards since 1998. Board Members serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. </font></TD>
    </TR>






    <TR>

      <TD vAlign=top nowrap><font size="1">**&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">For purposes of this chart, &#147;RICs&#148; refers to registered investment companies and &#147;Portfolios&#148; refers to the investment programs of the Funds. </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">***&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Directorships disclosed under this column do not include directorships disclosed under the column &#147;Principal Occupation(s) During Past Five Years.&#148; </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">&#134;&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Messrs. Audet, Davis and Gabbay are &#147;interested persons&#148; (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, &#147;BlackRock Advisors&#148;), each a wholly owned subsidiary of BlackRock, Inc., and their ownership of BlackRock, Inc. and The PNC Financial Service Group, Inc. securities. </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">(1)&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Class I Board Member. </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">(2)&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Class I Board Nominee. </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">(3)&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Board Members elected solely by the owners of AMPS. </font></TD>
    </TR>

    <TR>

      <TD colSpan=2><font size="1"></font></TD>
    </TR>

    <TR>

      <TD vAlign=top nowrap><font size="1">(4)&nbsp; &nbsp; &nbsp; </font></TD>
      <TD><font size="1">Mr. Davis, an interested Board Member, advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders. </font></TD>
    </TR>


  </TABLE>

<P style="TEXT-ALIGN: center">7</P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent
Board Members have adopted a statement of policy that describes the experiences,
qualifications,  skills and  attributes  that are  necessary  and  desirable for
potential   Independent   Board  Member  candidates  (the   &#147;Statement   of
Policy&#148;).  The Boards believe that each Independent Board Member satisfied,
at the time he or she was  initially  elected or appointed a Board  Member,  and
continues to satisfy,  the standards  contemplated by the Statement of Policy as
well as the standards set forth in each  Fund&#146;s  By-Laws.  Furthermore,  in
determining  that a particular Board Member was and continues to be qualified to
serve as a Board Member, the Boards have considered a variety of criteria,  none
of which, in isolation, was controlling.  The Boards believe that, collectively,
the Board Members have balanced and diverse experiences,  skills, attributes and
qualifications,  which allow the Boards to operate  effectively in governing the
Funds and protecting the interests of shareholders.  Among the attributes common
to all Board Members is their ability to review critically,  evaluate,  question
and discuss  information  provided to them,  to  interact  effectively  with the
Funds&#146;  investment adviser, sub-advisers,  other service providers, counsel
and independent  auditors,  and to exercise  effective  business judgment in the
performance of their duties as Board Members.  Each Board Member&#146;s  ability
to perform his or her duties  effectively is evidenced by his or her educational
background or professional  training;  business,  consulting,  public service or
academic  positions;  experience  from service as a board member of the Funds or
the other funds in the BlackRock  fund complexes  (and any  predecessor  funds),
other investment funds,  public companies,  or not-for-profit  entities or other
organizations;  ongoing  commitment  and  participation  in Board and  committee
meetings,  as well as their leadership of standing and <I>ad hoc  </I>committees
throughout the years; or other relevant life experiences.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table discusses some of the experiences, qualifications and skills of each of our Board Members and/or Board Nominees that support the conclusion that they should serve (or continue to serve) on the Boards.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">
    <TR vAlign=bottom>
      <TD width="15%"><font size="1"><b>Board Members/Nominees</b>
      </font>
      <hr noshade size="1">
    </TD>
      <TD><font size="1">&nbsp;&nbsp;</font></TD>
      <TD>
      <div align="left"><font size="1"><b>Experience, Qualifications and Skills</b>
      </font></div>
      <hr noshade size="1">
    </TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Richard E. Cavanagh</P>
    </TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD>
      <P>Mr. Cavanagh brings to the Boards a wealth of practical business
knowledge and  leadership as an experienced  director/trustee  of various public
and private  companies.  In particular,  because Mr.  Cavanagh served for over a
decade as President and Chief Executive Officer of The Conference Board, Inc., a
global  business  research  organization,  he is able to provide the Boards with
expertise  about  business and economic  trends and  governance  practices.  Mr.
Cavanagh  created the  &#147;blue  ribbon&#148;  Commission  on Public Trust and
Private Enterprise in 2002, which recommended corporate governance enhancements.
Mr. Cavanagh&#146;s service as a director of The Guardian Life Insurance Company
of America and as a senior  advisor and director of The Fremont  Group  provides
added  insight  into  investment  trends  and  conditions.  Mr.  Cavanagh&#146;s
long-standing   service  on  the  Boards  also  provides  him  with  a  specific
understanding of the Funds,  their  operations,  and the business and regulatory
issues facing the Funds. Mr. Cavanagh&#146;s independence from the Funds and the
Funds&#146;  investment  adviser  enhances  his  service as Chair of the Boards,
Chair of the <I>ad hoc </I>AMPS Committee,  Chair of the Executive Committee and
as a member of the Governance and Nominating Committee, Compliance Committee and
Performance Oversight Committee.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Karen P. Robards</P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>The Boards benefit from Ms. Robards&#146;s many years of experience in investment banking and the financial advisory industry where she obtained extensive knowledge of the capital markets and advised clients on corporate finance transactions, including mergers and acquisitions and the issuance of debt and equity securities. Ms. Robards&#146;s prior position as an investment banker at Morgan Stanley provides useful oversight of the Funds&#146; investment decisions and investment valuation processes. Additionally, Ms. Robards&#146;s experience derived from serving as a director of Care Investment Trust, Inc., a health care real estate investment trust, provides the Boards with the benefit of her experience</P>
    </TD>
  </TR>
</TABLE>

<BR>
<P style="TEXT-ALIGN: center">8</P>
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<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

  <TR vAlign=top>

    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD>
      <P>with the management practices of other financial companies. Ms. Robards&#146;s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Ms. Robards&#146;s knowledge of financial and accounting matters qualifies her to serve as Vice Chair of the Boards and as the Chair of each Fund&#146;s Audit Committee. Ms. Robards&#146;s independence from the Funds and the Funds&#146; investment adviser enhances her service as a member of the Performance Oversight Committee, Executive Committee and ad hoc AMPS Committee. In addition, Ms. Robards is a member of the Joint Product Pricing Committee.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;&nbsp;</TD>
  </TR>



  <TR vAlign=top>

    <TD>Michael J. Castellano<sup>(1)(2)</sup></TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>Mr. Castellano is a Board Member and member of each Fund&#146;s Audit Committee and Performance Oversight Committee. The Boards benefit from Mr. Castellano&#146;s over forty year career in accounting. Mr. Castellano has served as Chief Financial Officer of Lazard Ltd and as a Managing Director and Chief Financial Officer of Lazard Group. Prior to joining Lazard, Mr. Castellano held various senior management positions at Merrill Lynch &amp; Co., including Senior Vice President&#151;Chief Control Officer for Merrill Lynch&#146;s capital markets businesses, Chairman of Merrill Lynch International Bank and Senior Vice President&#151;Corporate Controller. Prior to joining Merrill Lynch &amp; Co., Mr. Castellano was a partner with Deloitte &amp; Touche where he served a number of investment banking clients over the course of his 24 years with the firm. Mr. Castellano&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund&#146;s Audit Committee.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Frank J. Fabozzi</P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>Dr. Fabozzi holds the designations of Chartered Financial Analyst
and Certified Public Accountant.  Dr. Fabozzi was inducted into the Fixed Income
Analysts Society&#146;s Hall of Fame and is the 2007 recipient of the C. Stewart
Sheppard  Award  given  by the  CFA  Institute.  The  Boards  benefit  from  Dr.
Fabozzi&#146;s  experiences  as a professor  and author in the field of finance.
Dr.  Fabozzi&#146;s  experience  as a Professor  in the  Practice of Finance and
Becton Fellow at the Yale  University  School of Management and as editor of the
Journal of  Portfolio  Management  demonstrate  his wealth of  expertise  in the
investment management and structured finance areas. Dr. Fabozzi has authored and
edited numerous books and research papers on topics in investment management and
financial econometrics, and his writings have focused on fixed income securities
and portfolio  management,  many of which are considered  standard references in
the investment management industry. Dr. Fabozzi&#146;s  long-standing service on
the Boards also provides him with a specific  understanding of the Funds,  their
operations,  and the business and regulatory issues facing the Funds.  Moreover,
Dr.  Fabozzi&#146;s  knowledge of financial and accounting matters qualifies him
to serve as a member of each  Fund&#146;s  Audit Committee.  Dr.  Fabozzi&#146;s
independence from the Funds and the Funds&#146;  investment adviser enhances his
service as Chair of the Performance  Oversight  Committee and as a member of the
<I>ad hoc </I>AMPS Committee.</P>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Kathleen F. Feldstein</P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>Dr. Feldstein, who served as President of Economics Studies, Inc., an economic consulting firm, benefits the Boards by providing business leadership and experience and knowledge of economics. The Boards benefit from Dr. Feldstein&#146;s experience as a director/trustee of publicly traded and private companies, including financial services, technology and telecommunications companies. Dr. Feldstein&#146;s long-standing service on the Boards also provides her with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. In addition, Dr. Feldstein&#146;s independence from the Funds and</P>
    </TD>
  </TR>
</TABLE>

<BR>
<P style="TEXT-ALIGN: center">9</P>
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  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

    <TR vAlign=top>

      <TD width="18%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="85%">
        <P>the Funds&#146; investment adviser enhances her service as a member of the Compliance Committee, Governance and Nominating Committee and Performance Oversight Committee.</P>
      </TD>
    </TR>

    <TR>

      <TD colSpan=3>&nbsp;&nbsp;</TD>
    </TR>

    <TR vAlign=top>

      <TD width="15%">
        <P>James T. Flynn</P>
      </TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="85%">
        <P>Mr. Flynn brings to the Boards a broad and diverse knowledge of business and capital markets as a result of his many years of experience in the banking and financial industry. Mr. Flynn&#146;s five years as the Chief Financial Officer of JP Morgan &amp; Co. provide the Boards with experience on financial reporting obligations and oversight of investments. Mr. Flynn&#146;s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Mr. Flynn&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund&#146;s Audit Committee. Mr. Flynn&#146;s independence from the Funds and the Funds&#146; investment adviser enhances his service as a member of the Performance Oversight Committee.</P>
      </TD>
    </TR>

    <TR>

      <TD colSpan=3>&nbsp;&nbsp;</TD>
    </TR>

    <TR vAlign=top>

      <TD width="15%">
        <P>Jerrold B. Harris</P>
      </TD>
      <TD>&nbsp;</TD>
      <TD width="85%">
        <P>Mr. Harris&#146;s time as President and Chief Executive Officer of VWR
Scientific  Products  Corporation  brings to the Boards business  leadership and
experience   and   knowledge  of  the   chemicals   industry  and  national  and
international product distribution.  Mr. Harris&#146;s position as a director of
BlackRock  Kelso  Capital  Corporation  brings to the Boards the  benefit of his
experience as a director of a business  development company governed by the 1940
Act and allows him to provide the Boards with added insight into the  management
practices of other financial companies. Mr. Harris&#146;s  long-standing service
on the Boards  also  provides  him with a specific  understanding  of the Funds,
their  operations and the business and regulatory  issues facing the Funds.  Mr.
Harris&#146;s independence from the Funds and the Funds&#146; investment adviser
enhances his service as the Chair of the Compliance Committee and as a member of
the Governance and Nominating Committee and Performance Oversight Committee.  In
addition, Mr. Harris is a member of the Joint Product Pricing Committee.</P>
      </TD>
    </TR>

    <TR>

      <TD colSpan=3>&nbsp;&nbsp;</TD>
    </TR>

    <TR vAlign=top>

      <TD width="15%">
        <P>R. Glenn Hubbard<sup>(1)(2)</sup></P>
      </TD>
      <TD>&nbsp;</TD>
      <TD width="85%">
        <P>Dr. Hubbard has served in numerous roles in the field of economics, including
as the Chairman of the U.S. Council of Economic Advisers of the President of the
United States.  Dr. Hubbard serves as the Dean of Columbia Business School,  has
served as a member of the  Columbia  Faculty and as a Visiting  Professor at the
John F. Kennedy School of Government at Harvard University, the Harvard Business
School and the  University  of  Chicago.  Dr.  Hubbard&#146;s  experience  as an
advisor to the President of the United States adds a dimension of balance to the
Funds&#146;   governance  and  provides  perspective  on  economic  issues.  Dr.
Hubbard&#146;s  service  on the  boards of KKR  Financial  Corporation,  ADP and
Metropolitan  Life Insurance Company provides the Boards with the benefit of his
experience  with the  management  practices of other  financial  companies.  Dr.
Hubbard&#146;s  long-standing  service on the Boards  also  provides  him with a
specific  understanding  of the Funds,  their  operations,  and the business and
regulatory  issues facing the Funds. Dr.  Hubbard&#146;s  independence  from the
Funds and the Funds&#146;  investment  adviser enhances his service as the Chair
of the  Governance  and  Nominating  Committee  and a member  of the  Compliance
Committee and Performance Oversight Committee.</P>
      </TD>
    </TR>

    <TR>

      <TD colSpan=3>&nbsp;&nbsp;</TD>
    </TR>

    <TR vAlign=top>

      <TD width="15%">
        <P>W. Carl Kester<sup>(1)(2)</sup></P>
      </TD>
      <TD>&nbsp;</TD>
      <TD width="85%">
        <P>The Boards benefit from Dr. Kester&#146;s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business School and as Deputy Dean of Academic Affairs at Harvard Business School adds to the</P>
      </TD>
    </TR>
  </TABLE>
<BR>
<P style="TEXT-ALIGN: center">10</P>
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  <TR vAlign=top>

    <TD width="15%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD>
      <P>Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has authored and edited numerous books and research papers on both subject matters, including co-editing a leading volume of finance case studies used worldwide. Dr. Kester&#146;s long- standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Kester&#146;s knowledge of financial and accounting matters qualifies him to serve as a member of each Fund&#146;s Audit Committee. In addition, Dr. Kester&#146;s independence from the Funds and the Funds&#146; investment adviser enhances his service as a member of the Performance Oversight Committee and <I>ad hoc </I>AMPS Committee.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Richard S. Davis</P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>The Boards benefit from Mr. Davis&#146;s experience as a Managing Director of BlackRock, Inc. and Chief Executive Officer of State Street Research &amp; Management Company in light of his business leadership and experience. Mr. Davis&#146;s experiences as the Chairman of State Street Research Mutual Funds and SSR Realty provide the Boards with practical business knowledge and leadership in the investment management industry. Mr. Davis&#146;s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. He serves as a member of the Executive Committee. Mr. Davis advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Henry Gabbay</P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>The Boards benefit from Dr. Gabbay&#146;s many years of experience in administration, finance and financial services operations. Dr. Gabbay&#146;s experience as a Managing Director of BlackRock, Inc., Chief Administrative Officer of BlackRock Advisors, LLC and President of BlackRock Funds provides the Boards with insight into investment company operational, financial and investment matters. Dr. Gabbay&#146;s former positions as Chief Administrative Officer of BlackRock Advisors, LLC and as Treasurer of certain closed-end funds in the Closed-End Complex provide the Boards with direct knowledge of the operations of the Funds and their investment advisers. Dr. Gabbay&#146;s long-standing service on the Boards also provides him with a specific understanding of the Funds, their operations, and the business and regulatory issues facing the Funds. Dr. Gabbay serves as a member of the <I>ad hoc </I>AMPS Committee.</P>
    </TD>
  </TR>

  <TR>

    <TD colSpan=3>&nbsp;&nbsp;</TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P>Paul L. Audet<sup>(2)</sup></P>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <P>Mr. Audet has a wealth of experience in the investment management industry, including more than 13 years with BlackRock and over 20 years in finance and asset management. He also has expertise in finance, as demonstrated by his positions as Chief Financial Officer of BlackRock and head of BlackRock&#146;s Global Cash Management business. Mr. Audet currently is a member of BlackRock&#146;s Global Operating and Corporate Risk Management Committees, the BlackRock Alternative Investors Executive Committee and the Investment Committee for the Private Equity Fund of Funds. Prior to joining BlackRock, Mr. Audet was the Senior Vice President of Finance at PNC Bank Corp. and Chief Financial Officer of the investment management and mutual fund processing businesses and head of PNC&#146;s Mergers &amp; Acquisitions unit. If elected to the Board, it is anticipated that Mr. Audet will join the Executive Committee.</P>
    </TD>
  </TR>
</TABLE>
<hr noshade size="1" width="75" align="left">

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(1)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Class I Board Member </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1"></font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(2)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Class I Board Nominee </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2>&nbsp;</TD>
  </TR>
</TABLE>

<P style="TEXT-ALIGN: center">11</P>
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<P style="TEXT-ALIGN: left"><B>Board Leadership Structure and Oversight</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards consist of 11 individuals, nine of whom are Independent Board Members. The registered investment companies advised by the Advisor are composed of the BlackRock Closed-End Complex, two complexes of open-end funds and one complex of exchange-traded funds. The Funds are included in the BlackRock Closed-End Complex. The Board Members also oversee the operations of other closed-end registered investment companies included in the BlackRock Closed-End Complex as directors or trustees.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards have overall
responsibility  for the oversight of the Funds.  The Chair of the Boards and the
Chief Executive Officer are two different  people.  Not only is the Chair of the
Boards an Independent  Board Member,  but also the Chair of each Board committee
(each, a &#147;Committee&#148;)  is an Independent Board Member. The Boards have
five  standing  Committees:  an Audit  Committee,  a Governance  and  Nominating
Committee,  a Compliance  Committee,  a Performance  Oversight  Committee and an
Executive  Committee.  The  Boards  also have two ad hoc  committees,  the Joint
Product  Pricing  Committee and the ad hoc AMPS  Committee,  with respect to the
Funds that issue AMPS.  The Funds do not have a compensation  committee  because
their  executive  officers,  other  than  the CCO,  do not  receive  any  direct
compensation from the Funds and the CCO&#146;s  compensation is  comprehensively
reviewed by the Boards. The role of the Chair of the Boards is to preside at all
meetings of the Boards and to act as a liaison with service providers, officers,
attorneys, and other Board Members between meetings. The Chair of each Committee
performs a similar role with respect to such Committee.  The Chair of the Boards
or Committees  may also perform such other  functions as may be delegated by the
Boards or the Committees from time to time. The  Independent  Board Members meet
regularly  outside the  presence of the  Funds&#146;  management,  in  executive
session or with other  service  providers to the Funds.  The Boards have regular
meetings five times a year,  including a meeting to consider the approval of the
Funds&#146;  investment management agreements,  and may hold special meetings if
required  before their next regular  meeting.  Each Committee meets regularly to
conduct the oversight  functions  delegated to that  Committee by the Boards and
reports  its  findings  to the Boards.  The Boards and each  standing  Committee
conduct annual assessments of their oversight function and structure. The Boards
have  determined  that the  Boards&#146;  leadership  structure  is  appropriate
because it allows the Boards to exercise  independent  judgment over  management
and to  allocate  areas of  responsibility  among  Committees  and the Boards to
enhance effective oversight.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards decided to separate the roles of Chair and Chief Executive Officer because they believe that an independent Chair:</P>
<UL>
  <LI>
    <p>Increases the independent oversight of the Funds and enhances the Boards&#146; objective evaluation of the Chief Executive Officer
</p>
  <LI>
    <p>Allows the Chief Executive Officer to focus on the Funds&#146; operations instead of Board administration
</p>
  <LI>
    <p>Provides greater opportunities for direct and independent communication between shareholders and the Boards
</p>
  <LI>Provides an independent spokesman for the Funds </LI></UL>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards have engaged the Advisor to manage the Funds on a day-to day basis. Each Board is responsible for overseeing the Advisor, other service providers, the operations of each Fund and associated risks in accordance with the provisions of the 1940 Act, state law, other applicable laws, each Fund&#146;s charter, and each Fund&#146;s investment objective(s) and strategies. The Boards review, on an ongoing basis, the Funds&#146; performance, operations, and investment strategies and techniques. The Boards also conduct reviews of the Advisor and its role in running the operations of the Funds.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day-to-day risk management with respect to the Funds is the responsibility of the Advisor or other service providers (depending on the nature of the risk), subject to the supervision of the Advisor. The Funds are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While there are a number of risk management functions</P>
<P style="TEXT-ALIGN: center">12</P>
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<BR>
<P style="TEXT-ALIGN: left">performed by the Advisor or other service providers,
as  applicable,  it is not possible to eliminate all of the risks  applicable to
the Funds.  Risk oversight is part of the Boards&#146;  general oversight of the
Funds and is addressed as part of various  Board and Committee  activities.  The
Boards, directly or through Committees,  also review reports from, among others,
management, the independent registered public accounting firm for the Funds, the
Advisor,   and  internal  auditors  for  the  Advisor  or  its  affiliates,   as
appropriate,  regarding  risks faced by the Funds and  management&#146;s  or the
service  provider&#146;s  risk functions.  The Committee system  facilitates the
timely  and  efficient  consideration  of  matters  by  the  Board  Members  and
facilitates   effective  oversight  of  compliance  with  legal  and  regulatory
requirements and of the Funds&#146;  activities and associated risks. The Boards
have appointed a Chief Compliance  Officer,  who oversees the implementation and
testing of the  Funds&#146;  compliance  program  and reports  regularly  to the
Boards regarding  compliance  matters for the Funds and their service providers.
The Independent  Board Members have engaged  independent legal counsel to assist
them in performing their oversight responsibilities.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compensation. </B>Information relating to compensation paid to the Board Members for each Fund&#146;s most recent fiscal year is set forth in <I>Appendix B</I>.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Equity Securities Owned by Board Members. </B>Information relating to the amount of equity securities owned by Board Members in the Funds that they are nominated to oversee, as well as certain other funds in the Closed-End Complex, as of May 16, 2011 is set forth in <I>Appendix C</I>.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Attendance of Board Members at Annual Shareholders&#146; Meetings. </B>It is the policy of all the Funds to encourage Board Members to attend the annual shareholders&#146; meeting. All of the Board Members of each Fund attended last year&#146;s annual shareholders&#146; meeting.</P>

<P style="TEXT-ALIGN: left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board Meetings. </B>During the calendar year 2010, the Board of each Fund met seven times. Information relating to the number of times that the Boards met during each Fund&#146;s most recent fiscal year is set forth in <I>Appendix D</I>. No incumbent Board Member attended less than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which the Board Member served during each Fund&#146;s most recently completed fiscal year.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Standing and Other Operating Committees of the Boards. </B>Information relating to the various standing and other operating committees of the Boards is set forth in <I>Appendix E</I>.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of the
Funds   established  an  <I>ad  hoc   </I>Committee   on  AMPS  (the  &#147;AMPS
Committee&#148;)  in March 2008. The current  members of the AMPS Committee are:
Richard E. Cavanagh (Chair),  Karen P. Robards,  Frank J. Fabozzi,  Henry Gabbay
and W. Carl Kester.  Since  February 2008,  most auction rate preferred  shares,
including  the AMPS,  have  been  unable to hold  successful  auctions  and AMPS
holders have faced  reduced  liquidity.  The AMPS  Committee  was formed for the
purpose of monitoring  issues  arising from recent market turmoil and overseeing
efforts to address the  effects of reduced  AMPS  liquidity  on each Fund and to
evaluate the  liquidity  considerations  of the AMPS  holders,  each in a manner
consistent with each Fund&#146;s and its  shareholders&#146;  best interests and
investment  strategies.  As of the  date  of  this  Proxy  Statement,  the  AMPS
Committee  has met 18 times in the last  calendar  year and 51 times  since  its
formation. As of the date of this Proxy Statement, the total amount of announced
redemptions of auction market  preferred  shares across the Closed-End  Complex,
including the Funds, equaled $5.57 billion, which represents approximately 56.7%
of all auction market preferred shares outstanding for the Closed-End Complex as
of  February  2008.  The  Funds are  currently  exploring  alternative  forms of
leverage  in order to provide  liquidity  to holders of AMPS,  including,  among
other things,  the issuance of variable rate demand preferred shares (&#147;VRDP
Shares&#148;),  a  relatively  new form of preferred  stock that  includes a put
feature,  which would make the securities  eligible for purchase by money market
funds.  Thus far,  12  BlackRock  Closed-End  Funds have  issued VRDP Shares and
redeemed  their  AMPS.  The Funds  continue  to  explore  the use of  additional
alternative  forms of leverage such as tender option bonds and alternative forms
of preferred stock (including VRDP Shares) which have been  successfully used in
some form by certain BlackRock Closed-End Funds.</P>

<P style="TEXT-ALIGN: center">13</P>
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  <P style="TEXT-ALIGN: left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b></b>Compliance with Section 16(a) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;).</B> Section 16(a) of the Exchange Act requires the Funds&#146; Board Members, executive officers, persons who own more than ten percent of a registered class of a Fund&#146;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 (&#147;SEC&#148;) and to furnish the Funds with copies of all such reports. Based solely on a review of copies of such reports furnished to the relevant Funds and representations from these reporting persons, each Fund believes that its Board Members, executive officers, ten percent holders, BlackRock Advisors and certain officers of BlackRock Advisors met all applicable SEC filing requirements.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Executive Officers of the Funds. </B>Information about the executive officers of each Fund, including their year of birth and their principal occupations during the past five years, is set forth in <I>Appendix F</I>.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your Board recommends that you vote &#147;FOR&#148; the election of each Board Nominee to the Board of your Fund(s).</B></P>

  <P style="TEXT-ALIGN: left"><B><a name="p14"></a>Settlement of Shareholder Solicitation</B></P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2011, Karpus Management, Inc. (&#147;Karpus&#148;), Special Opportunities Fund, Inc. (&#147;SOF&#148;) and Opportunity Partners L.P. (&#147;Opportunity Partners&#148; and, together with SOF, the &#147;Bulldog/Brooklyn Funds&#148;), each purported to nominate an individual to serve as a trustee of each of the Funds and Karpus purported to nominate two individuals to serve as directors of BlackRock MuniHoldings Fund, Inc. and BlackRock MuniHoldings New York Quality Fund, Inc. (such funds, together with the Funds, are referred to herein as the &#147;Contested Funds&#148;). In addition, Karpus submitted a Rule 14a-8 shareholder proposal relating to the redemption of the AMPS to certain of the Contested Funds and the Bulldog/Brooklyn Funds submitted three non-Rule 14a-8 proposals to three of the Contested Funds.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 8, 2011, Opportunity Partners, SOF and Karpus (collectively, &#147;Plaintiffs&#148;) filed a complaint (the &#147;Complaint&#148;) in the Delaware Court of Chancery against BlackRock New York Municipal Bond Trust, BlackRock California Municipal 2018 Term Trust, BlackRock Municipal 2018 Term Trust, BlackRock Municipal Income Investment Quality Trust, BlackRock Municipal Income Investment Trust, BlackRock Municipal Bond Trust, BlackRock Virginia Municipal Bond Trust, BlackRock Municipal Bond Investment Trust, BlackRock New Jersey Municipal Bond Trust, The BlackRock Pennsylvania Strategic Municipal Trust, BlackRock Maryland Municipal Bond Trust, Richard E. Cavanagh, Kathleen F. Feldstein, Henry Gabbay, Jerrold B. Harris, Karen P. Robards, James T. Flynn, R. Glenn Hubbard, Richard S. Davis, Frank J. Fabozzi, and W. Carl Kester. The case, which we refer to as the &#147;Delaware Action,&#148; is captioned Opportunity Partners L.P. v.
BlackRock New York Municipal  Fund, C.A. No.  6255-VCN (Del.  Ch.).  Among other
things,  the Complaint alleges that certain of the Funds&#146;  bylaw provisions
requiring advance notice of nominations to the board of  trustees/directors  and
requiring  disclosures  related to the nominators and nominees are invalid.  The
Complaint  further  alleges that the board of each fund  breached its  fiduciary
duties  to   shareholders   of  the  Funds  by   adopting   these   bylaws   and
&#147;accelerating&#148;  the annual meeting.  The Complaint also seeks a ruling
that the advance notice nominations made by Plaintiffs are valid and proper.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 21, 2011, the Boards of the Contested Funds met and determined that Karpus&#146; and the Bulldog/Brooklyn Funds&#146; purported notices of nominations were defective under the Bylaws and that such nominations would not be allowed.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June 15, 2011, the Contested Funds and certain other BlackRock closed-end registered investment companies (the &#147;Non-Contested Funds&#148;) entered into an agreement (the &#147;Agreement&#148;) with Karpus and the Bulldog/Brooklyn Funds, pursuant to which, among other things, Karpus and the Bulldog/Brooklyn Funds agreed to withdraw all director nominations and shareholder proposals that they had previously submitted to the Contested Funds. The board of directors/trustees of each Fund believes that the Agreement is in the best interests of the Fund and its shareholders.</P>

<P style="TEXT-ALIGN: center">14</P>
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  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Contested
Fund has agreed that, if all of the outstanding AMPS of such Contested Fund have
not been  redeemed two weeks prior to the date a Contested  Fund mails its proxy
materials to  shareholders  in connection  with the Contested  Fund&#146;s  2012
annual meeting of shareholders (each, a &#147;2012 Annual Meeting&#148;), Karpus
or the  Bulldog/Brooklyn  Funds,  as  applicable  (based on the party who  submitted  the
nomination   notice),   will  be  entitled  to  designate  an  individual   (the
&#147;Designee&#148;)  to  be nominated as a director/trustee elected by the preferred shareholders of such Contested Fund,  to serve  on the  board  of  directors/trustees  of such
Contested  Fund,  and such  Contested  Fund will  include  the  Designee  in the
Contested Fund&#146;s proxy materials, and such Contested Fund&#146;s board of directors/trustees will recommend that the Designee be elected,  in connection with its 2012 Annual Meeting
if the Designee is reasonably acceptable to the board of directors/trustees of a
Contested Fund and agrees to resign from the board of directors/trustees at such
time as all of the AMPS of a Contested  Fund are redeemed.  The Contested  Funds
are under no  obligation  to redeem any of the AMPS and any  redemption  of AMPS
will be made only after a determination by the board of  directors/trustees of a
Contested  Fund  that  such  redemption  is in the  best  interests  of all of a
Contested Fund&#146;s shareholders.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Agreement, (a) Karpus and the Bulldog/Brooklyn Funds each withdrew its purported nomination(s) of individual(s) for election to the boards of directors/trustees for each of the Contested Funds for the 2011 annual meetings of the shareholders (the &#147;2011 Annual Meetings&#148;) and agreed to vote all shares of the Contested Funds that they own in favor of the nominees of the board of directors/trustees at the 2011 Annual Meetings and the 2012 Annual Meetings; (b) Karpus withdrew the Rule 14a-8 shareholder proposal that it made to certain of the Contested Funds in connection with the 2011 Annual Meetings; and (c) the Bulldog/Brooklyn Funds withdrew the three non-Rule 14a-8 shareholder proposals that it made to certain of the Contested Funds in connection with the 2011 Annual Meetings.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition,
Karpus and the  Bulldog/Brooklyn  Funds  each  agreed  that,  until  after the  Contested
Funds&#146;  2014  annual  meetings  of  shareholders,  it  will  not  make  any
shareholder proposals (pursuant to Rule 14a-8 or otherwise);  make,  participate
in or encourage  any  solicitation  of proxies or consents;  seek the  election,
appointment or removal of any director;  form or join a  &#147;group&#148;  with
respect to the  Contested  Funds;  act to control or to influence or act to seek
control or influence the management, policies or boards of directors/trustees of
the Contested Funds;  propose any extraordinary  transaction;  or participate or
take   action   pursuant   to  any   &#147;shareholder   access&#148;   proposal
(collectively, the &#147;standstill covenants&#148;). Also, until after the 2012
Annual  Meetings,  (a) Karpus and the  Bulldog/Brooklyn  Funds  agreed to be bound by the
foregoing  standstill  covenants  and not take  any of the  above  actions  with
respect to the  Non-Contested  Funds and (b) the  parties  agreed to a mutual non-disparagement provision.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Agreement, the parties agreed to take all steps necessary to cause the Delaware Action to be dismissed, without prejudice. Pursuant to the Agreement, Karpus and the Bulldog/Brooklyn Funds will be reimbursed for up to $150,000 (in the aggregate) of reasonable, documented out-of-pocket fees and expenses incurred in connection with the Delaware Action and their proxy solicitation. Each of the Contested Funds and the Non-Contested Funds will bear a portion of the cost of such expense reimbursement. The impact on each of the Contested Funds&#146; and the Non-Contested Funds&#146; respective total expense ratio will be less than 1/10th of a basis point.</P>

  <P style="TEXT-ALIGN: center"><B><a name="p15"></a>VOTE REQUIRED AND MANNER OF VOTING PROXIES</B></P>

  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum of shareholders is required to take action at each meeting. For each of the Funds, the holders of a majority of the shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum for purposes of conducting business on such matter. The affirmative vote of a plurality of the votes cast with respect to a Board Nominee at a meeting at which a quorum is present is necessary to elect each of the respective Board Nominees under Proposal 1. Because each Fund requires a plurality of votes to elect each of the Board Nominees, withhold votes and broker non-votes, if any,  will not have an effect on the outcome of Proposal 1.</P>
  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes cast by proxy or in person at each meeting will be tabulated by the inspectors of election appointed for that meeting. The inspectors of election will determine whether or not a quorum is present at the meeting. The inspectors of election will treat withhold votes and &#147;broker non-votes,&#148;</P>

<P style="TEXT-ALIGN: center">15</P>
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  <P style="TEXT-ALIGN: left"> if any, as present for purposes of determining a quorum. Broker non-votes occur when shares held by brokers or nominees, typically in &#147;street name,&#148; 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 &#147;street name&#148; 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.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares directly (not through a broker-dealer, bank or other financial institution) and if you return a signed and dated proxy card that does not specify how you wish to vote on a proposal, your shares will be voted &#147;<B>FOR</B>&#148; the Board Nominees in Proposal 1.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer
firms holding  shares of a Fund in  &#147;street  name&#148;  for the benefit of
their customers and clients will request the  instructions of such customers and
clients on how to vote their shares on Proposal 1 before the meeting.  The Funds
understand  that,  under  the  rules  of  the  New  York  Stock  Exchange,  such
broker-dealer  firms  may  for  certain  &#147;routine&#148;   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&#146;s  request
for  voting  instructions.  Proposal  1  is  a  &#147;routine&#148;  matter  and
beneficial  owners who do not provide proxy  instructions or who do not return a
proxy  card may have  their  shares  voted  by  broker-dealer  firms in favor of
Proposal  1.  A  properly  executed  proxy  card  or  other  authorization  by a
beneficial  owner of Fund  shares  that  does  not  specify  how the  beneficial
owner&#146;s  shares should be voted on Proposal 1 may be deemed an  instruction
to vote such shares in favor of the proposal.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold shares
of a Fund through a bank or other financial  institution or intermediary (called
a service  agent) that has entered into a service  agreement  with the Fund or a
distributor  of the Fund,  the  service  agent may be the record  holder of your
shares.  At the meeting,  a service agent will vote shares for which it receives
instructions  from its  customers  in  accordance  with  those  instructions.  A
properly  executed proxy card or other  authorization by a shareholder that does
not specify how the shareholder&#146;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  &#147;echo
voting.&#148;</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you beneficially own shares that are held in &#147;street name&#148; 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.</P>

  <P style="TEXT-ALIGN: center"><B><a name="p16"></a>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board Members, including a majority of the Independent Board Members, of each Fund have selected Deloitte &amp; Touche LLP (&#147;D&amp;T&#148;) as the independent registered public accounting firm for the Funds.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A representative of D&amp;T is expected to be present at the meeting. The representative of D&amp;T will have the opportunity to make a statement at the meeting if he desires to do so and is expected to be available to respond to appropriate questions.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit Committee has discussed the matters required by the Statement on Auditing Standards No. 114, as amended (AICPA, Professional Standards, Vol. 1, AU section 380), as adopted by the Public Company Accounting Oversight Board (&#147;PCAOB&#148;) in Rule 3200T.</P>

<P style="TEXT-ALIGN: center">16</P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit Committee has received from D&amp;T the written disclosures and the letter required by PCAOB Ethics and Independence Rule 3526, Communication with Audit Committees Concerning Independence, and has discussed D&amp;T&#146;s independence with D&amp;T, and has considered the compatibility of non-audit services with the independence of the independent registered public accounting firm.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit
Committee also reviews and discusses the Fund&#146;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&#146;s Annual Report to Shareholders, the Audit Committee would be notified
by Fund management or the independent  registered  public  accounting  firm. The
Audit  Committees  received no such  notifications  for any Fund during its most
recently completed fiscal year. Following each Audit Committee&#146;s review and
discussion of the Fund&#146;s  independent  registered  public  accounting firm,
pursuant to authority  delegated by its respective  Board,  each Audit Committee
approved  the  respective  Fund&#146;s  audited  financial  statements  for  the
Fund&#146;s most recently  completed fiscal year (each  Fund&#146;s  fiscal year
end is set forth in <I>Appendix  G</I>) for inclusion in each Fund&#146;s Annual
Report to Shareholders.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Appendix G </I>sets forth for each Fund the fees billed by that Fund&#146;s independent registered public accounting firm for the two most recent fiscal years for all audit, non-audit, tax and all other services provided directly to the Fund. The fee information in <I>Appendix G </I>is presented under the following captions:</P>

<blockquote>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees&#151;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.</p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees&#151;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 &#147;Audit Fees,&#148; including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.</p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees&#151;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.</p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees&#151;fees for products and services provided to the Fund other than those reported under &#147;Audit Fees,&#148; &#147;Audit-Related Fees&#148; and &#147;Tax Fees.&#148;</p>
</blockquote>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit Committee is required to approve all audit engagement fees and terms for its Fund. Each Audit Committee also is required to consider and act upon (i) the provision by the Fund&#146;s independent accountant of any non-audit services to the Fund, and (ii) the provision by the Fund&#146;s independent accountant of non-audit services to BlackRock and any entity controlling, controlled by or under common control with BlackRock that provides ongoing services to the Fund (&#147;Affiliated Service Providers&#148;) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. See <I>Appendix G </I>to this Proxy Statement for information about the fees paid by the Funds, their investment advisers, and Affiliated Service Providers to each Fund&#146;s independent registered public accounting firm.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s Audit Committee. As noted above, the Audit Committee also must approve other non-audit services provided to a Fund and those non-audit services provided to a Fund&#146;s Affiliated Service Providers that relate directly to the operations and financial reporting of a Fund. Each Audit Committee has implemented policies and procedures by </P>
<P style="TEXT-ALIGN: center">17</P>
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<P style="TEXT-ALIGN: left">which such services may be approved other than by the full Audit Committee. Subject to such policies and procedures, including applicable dollar limitations, the Audit Committee may pre-approve, without consideration on a specific case-by-case basis (&#147;general pre-approval&#148;), certain permissible non-audit services that the Audit Committee believes are (a) consistent with the SEC&#146;s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent registered public accounting firm. Each service approved subject to general pre-approval is presented to each Audit Committee for ratification at the next regularly scheduled in-person board meeting.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each Fund&#146;s two most recently completed fiscal years, there were no services rendered by D&amp;T to the Funds for which the general pre-approval requirement was waived.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit Committee has considered the provision of non-audit services that were rendered by D&amp;T to the Fund&#146;s Affiliated Service Providers that were not pre-approved (and did not require pre-approval) in connection with determining such auditor&#146;s independence. All services provided by D&amp;T to each Fund and each Fund&#146;s Affiliated Service Provider that required pre-approval were pre-approved during the Fund&#146;s most recently completed fiscal year.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of each Fund consists of the following Board Members:</P>

<blockquote>
  <p>Karen P. Robards (Chair);<BR>

Michael J. Castellano;<BR>

Frank J. Fabozzi;<BR>

James T. Flynn; and<BR>

W. Carl Kester.</p>
</blockquote>

  <P style="TEXT-ALIGN: center"><B><a name="p18"></a>ADDITIONAL INFORMATION</B></P>

  <P style="TEXT-ALIGN: left"><B><a name="p18a"></a>5% Beneficial Share Ownership</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 23, 2011, to the best of the Funds&#146; knowledge, the persons listed in <I>Appendix H </I>beneficially owned more than 5% of the outstanding shares of the class of the Funds indicated.</P>

  <P style="TEXT-ALIGN: left"><B><a name="p18b"></a>Submission of Shareholder Proposals</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder proposal intended to be presented at a future meeting of shareholders of a Fund must be received at the offices of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, in accordance with the timing requirements set forth below. Timely submission of a proposal does not guarantee that such proposal will be included in a proxy statement.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a shareholder intends to present a proposal at the 2012 annual meeting of a Fund&#146;s shareholders and desires to have the proposal included in such Fund&#146;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 Friday, February 17, 2012. In the event a Fund moves the date of its 2012 annual meeting by more than 30 days from the anniversary of its 2011 annual meeting, under current rules, shareholder submissions of proposals for inclusion in such Fund&#146;s proxy statement and proxy card for the 2012 meeting pursuant to Rule 14a-8 under the Exchange Act must be delivered to the Fund a reasonable time before the Fund begins to print and send its proxy materials.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who do not wish to submit a proposal for inclusion in a Fund&#146;s proxy statement and form of proxy for the 2012 annual meeting in accordance with Rule 14a-8 may submit a proposal for consideration at the 2012 annual meeting in accordance with the By-laws of the Fund. The By-laws for all of the Funds require that advance notice be given to the Fund in the event a shareholder desires to transact any business, including business from the floor, at an annual meeting of shareholders, including the nomination of Board Members. Notice of any such business or nomination must be in writing, comply with the requirements of the By-laws and be received by</P>

<P style="TEXT-ALIGN: center">18</P>
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<P style="TEXT-ALIGN: left">the Fund between Wednesday, February 29, 2012
and Friday,  March 30, 2012. In order for proposals of shareholders made outside
of Rule 14a-8 under the Exchange Act to be considered &#147;timely&#148;  within
the meaning of Rule  14a-4(c)  under the Exchange Act,  such  proposals  must be
received at the Fund&#146;s principal executive offices by Wednesday,  March 30,
2012. In the event a Fund moves the date of its 2012 annual meeting by more than
25 days from the anniversary of its 2011 annual meeting,  shareholders  who wish
to submit a proposal or nomination for  consideration at the 2012 annual meeting
in accordance  with the advance notice  provisions of the By-laws of a Fund must
deliver such proposal or nomination  not later than the close of business on the
tenth day  following the day on which such notice of the date of the meeting was
mailed or such public  disclosure of the meeting date was made,  whichever comes
first. If such proposals are not  &#147;timely&#148;  within the meaning of Rule
14a-4(c),  then  proxies  solicited  by the  Board for next  year&#146;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&#146;s   website  at
www.sec.gov.  Each Fund will also furnish,  without charge, a copy of its Bylaws
to a  shareholder  upon  request.  Such  requests  should  be  directed  to  the
appropriate Fund at Park Avenue Plaza, 55 East 52nd Street,  New York, NY 10055,
or by calling toll free at 1-800-441-7762.  For further information,  please see
Appendix E- Standing Committees- Governance and Nominating Committee.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all Funds, written proposals (including nominations) and notices should be sent to the Secretary of the Fund, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.</P>
  <P style="TEXT-ALIGN: left"><B><a name="p19"></a>Shareholder Communications</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of the Secretary, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders may communicate with the Boards electronically by sending an email to closedendfundsbod@blackrock.com. The communication should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates, it will be sent only to that Board Member. If a communication does not indicate a specific Board Member, it will be sent to the Chair of the Governance and Nominating Committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;), Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund. Such letters may be submitted on an anonymous basis.</P>
  <P style="TEXT-ALIGN: left"><B><a name="p19a"></a>Expense of Proxy Solicitation; Solicitation</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the threatened proxy contest initiated by Karpus, SOF and Opportunity Partners, the Funds incurred additional costs in connection with the annual meeting, including, among other things, additional legal fees (including any costs related to the previous litigation in connection with the annual meeting) and the $150,000 to be reimbursed to Karpus, SOF and Opportunity Partners pursuant to the Agreement.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</P>

<P style="TEXT-ALIGN: center">19</P>
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<P style="TEXT-ALIGN: left">authorization for the execution of proxies. The Funds
will reimburse  brokerage  firms,  custodians,  banks and  fiduciaries for their
expenses  in  forwarding  this  Proxy  Statement  and  proxy  materials  to  the
beneficial  owners of each  Fund&#146;s  shares.  The Funds and  BlackRock  have
retained Georgeson Inc.  (&#147;Georgeson&#148;),  199 Water Street, 26th Floor,
New York, New York 10038, 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.
(&#147;Broadridge&#148;),  51 Mercedes Way, Edgewood,  NY 11717, will assist the
Funds in the distribution of proxy  materials.  It is anticipated that Georgeson
and Broadridge will be paid approximately $26,000 and $53,000, respectively, for
such services (including  reimbursements of out-of-pocket  expenses).  Georgeson
may  solicit  proxies  personally  and by mail,  telephone,  fax,  e-mail or the
Internet.  Each Fund&#146;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.</P>

  <P style="TEXT-ALIGN: left"><B><a name="p20"></a>If You Plan to Attend the Annual Meeting</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attendance at the annual meeting will be limited to Funds&#146; shareholders as of the Record Date. Each shareholder may be asked to present valid picture identification, such as a driver&#146;s license or passport. Shareholders holding shares in brokerage accounts or by a bank or other nominee may be required to show a brokerage statement or account statement reflecting share ownership as of the Record Date. Cameras, recording devices and other electronic devices will not be permitted at the annual meeting.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a registered shareholder, you may vote your shares in person by ballot at the annual meeting. If you hold your Common Shares or AMPS in a brokerage account or through a bank or other nominee, you will not be able to vote in person at the annual meeting, unless you have previously requested and obtained a &#147;legal proxy&#148; from your broker, bank or other nominee and present it at the annual meeting.</P>

  <P style="TEXT-ALIGN: left"><B><a name="p20a"></a>Privacy Principles of the Funds</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &#147;Clients&#148;) 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.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information we receive from your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) information we receive from visits to our websites.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock may share information with its affiliates to service a Client&#146;s account or to provide Clients with information about other BlackRock products or services that may be of interest to them. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.</P>
<P style="TEXT-ALIGN: center">20</P>
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  <P style="TEXT-ALIGN: left"><B><a name="p21"></a>General</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of each Fund&#146;s shareholders of record as of the Record Date will be available for inspection at the shareholder meeting. For each Delaware Trust, a list of shareholders of record as of the Record Date will be available at the offices of the Funds, Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, for inspection by such Fund&#146;s shareholders during regular business hours beginning ten days prior to the date of the meeting.</P>

  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure of a
quorum to be present at any meeting  may  necessitate  adjournment.  The persons
named in the enclosed  proxy may also move for an  adjournment of any meeting to
permit  further  solicitation  of proxies  with  respect to the proposal if they
determine that  adjournment and further  solicitation  are reasonable and in the
best  interests  of   shareholders.   Any  such  adjournment  will  require  the
affirmative vote of a majority of the shares of the Fund present in person or by
proxy and  entitled  to vote at the time of the  meeting  to be  adjourned.  Any
adjourned  meeting or  meetings  may be held  without the  necessity  of another
notice.  The persons named in the enclosed  proxy will vote in favor of any such
adjournment if they believe the  adjournment and additional  proxy  solicitation
are reasonable and in the best interests of the  Fund&#146;s  shareholders.  For
purposes of  determining  the  presence of a quorum,  withhold  votes and broker
non-votes, if any, will be treated as shares that are present at the meeting.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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.</B></P>
<P style="TEXT-ALIGN: left">By Order of the Boards,</P>
<P style="TEXT-ALIGN: left">Ira P. Shapiro<BR>
Secretary of the Funds</P>
<BR>

<P style="TEXT-ALIGN: left">June 16, 2011</P>

<P style="TEXT-ALIGN: center">21</P>
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  <P style="TEXT-ALIGN: right"><B><a name="pa1"></a>Appendix A</B></P>
<P style="TEXT-ALIGN: center"><B>Fund Information</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table lists, with respect to each Fund, the total number of shares outstanding and the managed assets of the Fund on May 31, 2011, the record date for voting at the meeting. All Funds have a policy to encourage Board Members to attend the annual meeting.</P>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">







  <tr valign=bottom>

    <td align=center>
      <div align="left"><font size="1"><b>Ticker</b></font>

      </div>
      <hr noshade size="1" align="left">
      </td>
    <td align=center><font size="1">&nbsp;&nbsp;</font></td>
    <td align=center>
      <div align="left"><font size="1"><b>Fund</b></font>

      </div>
      <hr noshade size="1" align="left">
      </td>
    <td style="TEXT-INDENT: 6px" align=center><font size="1">&nbsp;&nbsp;</font></td>
    <td style="TEXT-INDENT: 6px" align=center><font size="1"><b>Form of Organization</b></font>
      <hr noshade size="1" align="left">
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Total </b><br>

<b>Common </b><br>

<b>Shares </b><br>

<b>Outstanding </b></font>
      <hr noshade size="1" align="left">
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Total AMPS </b><br>

<b>Shares </b></font>
      <hr noshade size="1" align="left">
    </td>
    <td align=center><font size="1">&nbsp;</font></td>
    <td align=center><font size="1"><b>Managed </b><br>

<b>Assets ($) <br>
      </b><b>(&#145;<font style=" TEXT-ALIGN: right">000</font><font style="WIDTH: 9pt; TEXT-ALIGN: left">s) </font></b></font>
      <hr noshade size="1" align="left">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BJZ</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock California Municipal</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>2018 Term Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">6,433,028</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">2,221</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">150,718</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BAF</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Municipal Income</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Investment Quality Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">8,742,277</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,691</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">184,530</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>RFA</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Investment Quality</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Municipal Income Trust</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
        Massachusetts Business Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">1,128,141</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">183</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">22,107</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BZM</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Maryland Municipal</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Bond Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">2,064,799</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">640</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">46,912</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPK</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Municipal 2018</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 12px" align=left>Term Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">15,908,028</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">5,354</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">376,709</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BIE</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Municipal Bond</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Investment Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">3,335,018</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">714</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">81,436</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBF</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Municipal Income</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Investment Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">6,696,262</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,370</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">153,257</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BLJ</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock New Jersey</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Municipal Bond Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">2,319,264</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">751</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">52,158</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BQH</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock New York</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Municipal Bond Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">2,779,872</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">885</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">62,949</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BHV</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Virginia</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Municipal Bond Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">1,574,371</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">467</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">37,272</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPS</td>
    <td align=left>&nbsp;</td>
    <td align=left>The BlackRock Pennsylvania</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Strategic Municipal Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">2,026,950</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">653</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">48,940</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBK</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock Municipal</td>
    <td align=left>&nbsp;</td>
    <td align=left>
      <center>
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=center>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 12px" align=left>Bond Trust</td>
    <td style="TEXT-INDENT: 3px" align=left>&nbsp;</td>
    <td style="TEXT-INDENT: 3px" align=left>
      <center>
        Delaware Statutory Trust
      </center>
    </td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 51pt; TEXT-ALIGN: right">10,453,787</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,196</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">233,824</font><font style="WIDTH: 9pt; TEXT-ALIGN: left"></font></td>
  </tr>
</table>

<BR>
<P style="TEXT-ALIGN: center">A-1</P>
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  <P style="TEXT-ALIGN: right"><B><a name="pb1"></a>Appendix B</B></P>
<P style="TEXT-ALIGN: center"><B>Compensation of the Board Members</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Board Member
who is not an  &#147;interested  person&#148;  (as defined in the 1940 Act) (the
&#147;Independent  Board Members&#148;),  is paid an annual retainer of $250,000
per year for his or her  services  as a Board  Member  of all  BlackRock-advised
closed-end funds (the  &#147;Closed-End  Complex&#148;) that are overseen by the
respective  trustee  and each  Board  Member  may also  receive a $10,000  board
meeting fee for special unscheduled  meetings or meetings in excess of six Board
meetings  held in a calendar  year,  together  with  out-of-pocket  expenses  in
accordance with a Board policy on travel and other business expenses relating to
attendance at meetings.  In addition,  the Chair and Vice-Chair of the Board are
paid an additional  annual retainer of $120,000 and $40,000,  respectively.  The
Chairs of the Audit Committee,  Compliance Committee,  Governance and Nominating
Committee,  and Performance  Oversight  Committee are paid an additional  annual
retainer of $35,000,  $20,000,  $10,000, and $20,000,  respectively.  Each Audit
Committee member is paid an additional annual retainer of $25,000.  For the year
ended December 31, 2010, the Closed-End  Complex  reimbursed  Independent  Board
Member expenses in an aggregate amount of $38,075.  Each Fund shall pay a <I>pro
rata </I>portion quarterly (based on relative net assets) of the foregoing Board
Member fees paid by the funds in the Closed-End Complex.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr. Gabbay is an interested person of the Funds and serves as an interested Board Member of three groups of BlackRock-advised funds&#151;the Closed-End Complex and two complexes of open-end funds (the &#147;Equity-Liquidity Complex&#148; and the &#147;Equity-Bond Complex&#148;; each such complex, a &#147;BlackRock Fund Complex&#148;). Dr. Gabbay receives for his services as a Board Member of such BlackRock Fund Complexes (i) an annual retainer of $487,500 allocated to the funds in these three BlackRock Fund Complexes, including the Funds, based on their relative net assets and (ii) with respect to each of the two open-end BlackRock Fund Complexes, a Board meeting fee of $3,750 (with respect to meetings of the Equity-Liquidity Complex) and $18,750 (with respect to meetings of the Equity-Bond Complex) to be paid for attendance at each Board meeting up to five Board meetings held in a calendar year by each such complex (compensation for meetings
in excess of this number to be determined on a case-by-case  basis).  Dr. Gabbay
is also reimbursed for out-of-pocket  expenses in accordance with a Board policy
on travel and other business  expenses  relating to attendance at meetings.  Dr.
Gabbay&#146;s  compensation  for  serving  on the  boards  of the funds in these
BlackRock Fund Complexes  (including the Funds) is equal to 75% of each retainer
and, as applicable,  of each meeting fee (without regard to additional fees paid
to Board and Committee chairs) received by the Independent Board Members serving
on such boards. The Boards of the Funds or of any other fund in a BlackRock Fund
Complex  may  modify  the  Board  Members&#146;  compensation  from time to time
depending  on market  conditions  and Dr.  Gabbay&#146;s  compensation  would be
impacted by those modifications.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent Board Members
have agreed that a maximum of 50% of each Independent Board  Member&#146;s total
compensation paid by funds in the Closed-End Complex may be deferred pursuant to
the Closed-End  Complex&#146;s  deferred  compensation  plan. Under the deferred
compensation  plan,  deferred  amounts earn a return for the  Independent  Board
Members as though  equivalent  dollar amounts had been invested in common shares
of certain funds in the Closed-End  Complex  selected by the  Independent  Board
Members.  This has  approximately  the same economic  effect for the Independent
Board Members as if they had invested the deferred  amounts in such funds in the
Closed-End Complex. The deferred compensation plan is not funded and obligations
thereunder  represent  general  unsecured claims against the general assets of a
fund and are  recorded  as a  liability  for  accounting  purposes.  A fund may,
however,  elect to  invest in common  shares  of those  funds in the  Closed-End
Complex selected by the Independent Board Members in order to match its deferred
compensation obligation.</P>

<P style="TEXT-ALIGN: center">B-1</P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the aggregate compensation, including deferred compensation amounts, paid to each Independent Board Member and Dr. Gabbay by each Fund during its most recently completed fiscal year and by the Closed-End Complex for the most recently completed calendar year. Mr. Davis serves without compensation from the Funds because of his affiliation with BlackRock, Inc. and the BlackRock Advisors.</P>

  <table style="FONT-SIZE: 7pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">







  <tr valign=bottom>
    <td align=center>
      <div align="left"><font size="1"></font><font size="1"><b>Fund</b></font>

      </div>
      <hr noshade size="1">
      </td>
    <td align=center>&nbsp;</td>
      <td align=center nowrap><font size="1"><b>Fund&#146;s </b><br>

<b>Fiscal </b><br>

<b>Year End<sup>(1)</sup> </b></font>
      <hr noshade size="1">
    </td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center colspan=2 nowrap><font size="1"><b>Richard E.</b><br>

<b>Cavanagh
<br>
        <sup>(2)(14)</sup> </b></font>
      <hr noshade size="1">
    </td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center colspan=2 nowrap><font size="1"><b>Frank J. </b><br>

<b>Fabozzi <br>
        <sup>(3)(14)</sup> </b></font>
      <hr noshade size="1">
    </td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center colspan=2 nowrap>




      <center>
        <font size="1"><b>Kathleen F.</b><br>

<b>Feldstein <br>
          <sup>(4)</sup> </b></font>

      </center>
      <hr noshade size="1" align="center">
      </td>
      <td align=center nowrap>&nbsp;
      <center>
      </center>
    </td>
      <td align=center colspan="3" nowrap>
      <center>
        <font size="1"></font><font size="1"><b>R. Glenn </b><br>

<b>Hubbard <br>
          <sup>(5)(11)</sup> </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>
      <center>
      </center>
    </td>
      <td align=center colspan="2" nowrap>
      <center>
        <font size="1"></font>

        <font size="1"><b>G. Nicholas </b><br>

<b>Beckwith III <br>
          <sup>(6)</sup> </b></font>

      </center>
      <hr noshade size="1" align="center">
              </td>
      <td align=center nowrap>


      <center>
        &nbsp;

      </center>
    </td>
      <td align=center colspan=2 nowrap>
      <center>
        <font size="1"><b>James T. </b><br>

<b>Flynn <br>
          </b></font><font size="1"><b><sup>(7)</sup> </b></font>

      </center>
      <hr noshade size="1" align="center">
              </td>
      <td align=center nowrap>
      <center>
      </center>
    </td>
      <td align=center colspan=2 nowrap>
      <center>
        <font size="1"><b>Jerold B.</b><br>

<b>Harris <br>
          <sup>(8)(15)</sup> </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>
      <center>
      </center>
    </td>
      <td align=center colspan="3" nowrap>
      <center>
        <font size="1"></font><font size="1"><b>W. Carl </b><br>

<b>Kester <br>
          <sup>(9)(14)</sup> </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>&nbsp;
      <center>
      </center>
    </td>
      <td align=center colspan=2 nowrap>
      <center>
        <font size="1"><b>Karen P. </b><br>

<b>Robards <br>
          <sup>(10)(14)(15)</sup> </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>
      <center>
      </center>
    </td>
      <td align=center colspan=2 nowrap>
      <center>
        <font size="1"><b>Henry </b><br>

<b>Gabbay <br>
          <sup>(11)(14)</sup> </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>
      <center>
      </center>
    </td>
      <td align=center colspan="2" nowrap>
      <center>
        <font size="1"></font>

        <font size="1"><b>Michael J. </b><br>

<b>Castellano <br>
          <sup>(12)</sup> </b></font>
</center>
      <hr noshade size="1" align="center">
    </td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center colspan=2 nowrap>
      <center>
        <font size="1"><b>Fund </b><br>

<b>Total </b></font>
      </center>
      <hr noshade size="1" align="center">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BAF</font></td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,685</font></div>
    </td>
    <td align=right>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,344</font></div>
    </td>
    <td align=right>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,230</font></div>
    </td>
    <td align=center>
      <div align="right">&nbsp;&nbsp;&nbsp;</div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,184</font></div>
    </td>
    <td align=center>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">673</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,253</font></div>
    </td>
    <td align=right>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,139</font></div>
    </td>
    <td align=center>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,253</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,594</font></div>
    </td>
    <td align=right>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">983</font></div>
    </td>
    <td align=center>
      <div align="right">&nbsp;&nbsp;</div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right">&nbsp;&nbsp;&nbsp;</div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">12,337</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BBF</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Jul</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,223</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">975</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">893</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">860</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">556</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">909</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">827</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">909</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,157</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">588</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">8,897</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BBK</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,952</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,556</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,424</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,372</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">766</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,451</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,319</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,451</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,847</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,156</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">14,293</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BHV</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">323</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">257</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">236</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">227</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">128</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">240</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">218</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">240</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">305</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">188</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,363</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BIE</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">656</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">523</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">478</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">461</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">260</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">487</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">443</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">487</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">620</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">384</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">4,799</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BJZ</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Dec</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,316</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,066</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">901</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">868</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">209</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">918</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">916</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">999</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,331</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">701</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">9,227</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BLJ</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">441</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">352</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">322</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">310</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">174</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">328</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">298</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">328</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">417</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">260</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">3,229</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BPK</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Dec</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">3,276</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,653</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,242</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,159</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">515</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,283</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,279</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,487</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">3,313</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,754</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">22,960</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BPS</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">30-Apr</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">353</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">286</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">233</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">231</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">244</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">252</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">268</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">359</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">201</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">10</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,437</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BQH</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">557</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">444</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">407</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">392</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">221</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">414</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">377</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">414</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">527</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">326</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">4,079</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">BZM</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Aug</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">399</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">318</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">291</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">281</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">157</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">297</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">270</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">297</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">378</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">235</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">2,924</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left><font size="1">RFA</font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="1">31-Jul</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">182</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">145</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">133</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">128</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">83</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">135</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">123</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">135</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">172</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">88</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">1,325</font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=right colspan=4>
      <div align="left"><font size="1">Total Compensation</font></div>
    </td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td style="TEXT-INDENT: 2px" align=left colspan=4><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Closed-End</font></td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td style="TEXT-INDENT: 2px" align=left colspan=4><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complex<sup>(13)</sup> </font></td>
    <td align=right><font size="1">$</font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">395,000</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">320,000</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">270,000</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">260,000</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">62,500</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">275,000</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">275,000</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">300,000</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">400,000</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">212,500</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 6pt; TEXT-ALIGN: right" size="1">$</font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">0</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left colspan=4><font size="1">Number of RICs</font></td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td style="TEXT-INDENT: 2px" align=left colspan=4><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in Closed-End</font></td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td style="TEXT-INDENT: 2px" align=left colspan=4><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complex Overseen</font></td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>

  <tr valign=bottom>

    <td style="TEXT-INDENT: 2px" align=left colspan=4><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by Board Member</font></td>
    <td align=right><font size="1"></font></td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1">Resigned</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style=" TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=center>
      <div align="right"></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font style="WIDTH: 15pt; TEXT-ALIGN: right" size="1">95</font></div>
    </td>
    <td align=right>
      <div align="right"></div>
    </td>
    <td align=right>
      <div align="right"><font size="1"></font></div>
    </td>
    <td align=center>
      <div align="right"><font size="1"></font></div>
    </td>
  </tr>
</table>
<hr noshade size="1" width="75" align="left">

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(1)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Information is for the Fund&#146;s most recent fiscal year. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(2)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $452,570 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(3)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $422,019 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(4)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $410,327 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(5)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Dr. Hubbard previously participated in the deferred compensation plan and is owed $705,827 by the Closed-End Complex as of December 31, 2010 pursuant to such plan. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(6)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Mr. Beckwith resigned from the Boards on March 31, 2010. Mr. Beckwith previously participated in the deferred compensation plan and was paid $395,656 by the Closed-End Complex, the full amount of his deferred compensation, following his resignation. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(7)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $547,940 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(8)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $498,128 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(9)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $298,877 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(10)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Total amount of deferred compensation payable by the Closed-End Complex to Board Member is $286,081 as of December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(11)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">As of December 31, 2010 the Board Member did not participate in the deferred compensation plan. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(12)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Mr. Castellano was appointed to the Board on April 14, 2011. Therefore, for the purposes of this table, he received compensation in the amounts indicated in the table for only those Funds having April 30, 2011 fiscal year ends. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(13)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Represents the aggregate compensation earned by such persons from the Closed-End Complex during the calendar year ended December 31, 2010. Of this amount, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein, Mr. Beckwith, Mr. Flynn, Mr. Harris, Dr. Kester and Ms. Robards deferred $37,000, $59,000, $81,000, $31,250, $137,500, $125,000, $75,000 and $70,000, respectively, pursuant to the Closed-End Complex&#146;s deferred compensation plan. In addition, during the calendar year ended December 31, 2010, Mr. Cavanagh, Dr. Fabozzi, Dr. Feldstein and Dr. Hubbard received $24,857, $7,591, $3,478 and $18,883, respectively, due to deferred compensation payments in connection with fund liquidations. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(14)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Each Ad Hoc AMPS Committee member was paid a retainer of $25,000 for the year ended December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2><font size="1">&nbsp;</font></TD>
  </TR>

  <TR>

    <TD vAlign=top nowrap width="2%"><font size="1">(15)&nbsp; &nbsp; &nbsp; </font></TD>
    <TD width="98%"><font size="1">Each Joint Product Pricing Committee member was paid a retainer of $25,000 for the year ended December 31, 2010. </font></TD>
  </TR>

  <TR>

    <TD width="100%" colSpan=2>&nbsp;</TD>
  </TR>
</TABLE>

<P style="TEXT-ALIGN: center">B-2</P>
<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
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<BR>


  <P style="TEXT-ALIGN: right"><B><a name="pc1"></a>Appendix C</B></P>
<P style="TEXT-ALIGN: center"><B>Equity Securities Owned by Board Members and Board Nominees</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2011, except as otherwise indicated. No Board Member or Board Nominee owns AMPS.</P>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">















    <tr valign=bottom>
      <td style="TEXT-INDENT: 4px" align=center><font size="1"><b>Name of Board</b><br>

<b>Member and Board </b><br>

<b>Nominee </b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 1px" align=center>&nbsp;&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=center><font size="1"><b>Fund Name </b></font>
        <hr noshade size="1">
    </td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center><font size="1"><b>Number of </b><br>

<b>Common </b><br>

<b>Shares </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=2><font size="1"><b>Aggregate </b><br>

<b>Dollar Range </b><br>

<b>of Common </b><br>

<b>Shares </b><br>

<b>in Each </b><br>

<b>Fund </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=2><font size="1"><b>Aggregate Dollar </b><br>

<b>Range of Common </b><br>

<b>Shares in All </b><br>

<b>Funds Overseen or </b><br>

<b>To Be Overseen by </b><br>

<b>the Board Member/ </b><br>

<b>Nominee in Closed- </b><br>

<b>End Complex </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=2><font size="1"><b>Number of </b><br>

<b>Share </b><br>

<b>Equivalents<sup>(1)</sup> </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center><font size="1"><b>Aggregate </b><br>

<b>Dollar </b><br>

<b>Range of </b><br>

<b>Share </b><br>

<b>Equivalents </b><br>

<b>in Each </b><br>

<b>Fund </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Aggregate Dollar </b><br>

<b>Range of </b><br>

<b>Common Shares </b><br>

<b>and Share </b><br>

<b>Equivalents in </b><br>

<b>Closed-End </b><br>

<b>Complex </b></font>
        <hr noshade size="1">
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=5><font size="1"><b>Interested Board Members and/or Nominees:</b></font></td>
      <td align=right><font size="1">&nbsp;&nbsp;</font></td>
      <td align=right colspan="2">&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right colspan="2">&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left colspan="2">&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Richard S. Davis</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">500</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        <font size="1">&nbsp;&nbsp;
      </font>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        <font size="1">&nbsp;&nbsp;
      </font>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">&nbsp;&nbsp;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Henry Gabbay</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BAF</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBF</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BIE</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BQH</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">700</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">RFA</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Paul L. Audet</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">&#151;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font style="WIDTH: 48pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td style="TEXT-INDENT: 7px" align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 7px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
    </tr>
    <tr valign=bottom>
      <td align=left colspan=5><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
      <td align=right>&nbsp;</td>
      <td align=right colspan="2">&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right colspan="2">&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left colspan="2">&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left colspan=5><font size="1"><b>Independent Board Members and/or Nominees:</b></font></td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Richard E. Cavanagh</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BJZ</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">300</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BQH</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Michael J. Castellano</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">&#151;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font style="WIDTH: 48pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Frank J. Fabozzi</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">20</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $50,001&#150;$100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">20</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPS</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">100</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Kathleen F. Feldstein</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">77</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $50,001&#150;$100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">72</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>James T. Flynn</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">&#151;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font style="WIDTH: 48pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Jerrold B. Harris</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">127</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">122</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BZM</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">3,000</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        <font style="WIDTH: 46pt; TEXT-ALIGN: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,001</font></font><font style="WIDTH: 6pt; TEXT-ALIGN: left" size="1">&#150;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">50,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>R. Glenn Hubbard</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BBK</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">154</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $50,001&#150;$100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BPK</font>

    </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">144</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">BQH</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">148</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        $<font style="WIDTH: 48pt; TEXT-ALIGN: right">1&#150;$10,000</font></font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left colspan="2">
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>W. Carl Kester</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">&#151;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font style="WIDTH: 48pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"><b>Karen P. Robards</b></font></td>
      <td align=left>&nbsp;</td>
      <td align=left><font size="1">&#151;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 26pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font style="WIDTH: 48pt; TEXT-ALIGN: right" size="1">&#151;</font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
      <td align=right>
        <center>
        </center>
      </td>
      <td align=right colspan="2">
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td style="TEXT-INDENT: 4px" align=left>
        <center>
        <font size="1">&#151;
      </font>
        </center>
      </td>
      <td align=left>
        <center>
        </center>
      </td>
      <td align=left>
        <center>
        <font size="1">
        Over $100,000
      </font>
        </center>
      </td>
    </tr>
  </table>
<hr noshade size="1" width="75" align="left">
<div align="left"></div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0>

  <tr>

    <td valign=top nowrap width="2%"><font size="1">(1)&nbsp; &nbsp; &nbsp; </font></td>
    <td width="98%"><font size="1">Represents, as of May 31, 2011, the approximate number of share equivalents owned under the deferred compensation plan in the funds in the Closed-End Complex 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 Equity Dividend Trust, BlackRock Energy and Resources Trust, BlackRock Floating Rate Income Trust, BlackRock Limited Duration Income Trust, BlackRock Credit Allocation Income Trust IV, BlackRock Corporate High Yield Fund VI, Inc. and BlackRock Credit Allocation Income Trust II, Inc. are eligible investments.</font></td>
  </tr>
</table>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31, 2011, all Board Members, Board Nominees and officers as a group owned less than 1% of the outstanding shares of each Fund which they oversee (or are nominated to oversee).</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Independent Board Members nor their family members had any interest in BlackRock or any person directly or indirectly controlling, controlled by, or under common control with BlackRock as of May 31, 2011.</P>

<P style="TEXT-ALIGN: center">C-1</P>
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  <P style="TEXT-ALIGN: right"><B><a name="pd1"></a>Appendix D</B></P>

<P style="TEXT-ALIGN: center"><B>Meetings of the Boards</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the most recent full fiscal year for each Fund listed in the table below, the Board met the following number of times:</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">

  <TR vAlign=bottom>

    <TD align=left><font size="1"></font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="10%"><font size="1"></font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="10%"><font size="1"><B>Fiscal</B></font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="10%"><font size="1"><B># of</B></font></TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left><font size="1"><B>Fund Name</B></font>
      <hr noshade size="1">
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><font size="1"><B>Ticker</B></font>
      <hr noshade size="1">
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><font size="1"><B>Year End</B></font>
      <hr noshade size="1">
    </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><font size="1"><B>Board Meetings</B></font>
      <hr noshade size="1">
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Municipal Income Investment Quality Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BAF</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Municipal Income Investment Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BBF</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Jul</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">5</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Municipal Bond Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BBK</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Virginia Municipal Bond Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BHV</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Municipal Bond Investment Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BIE</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock California Municipal 2018 Term Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BJZ</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Dec</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">5</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock New Jersey Municipal Bond Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BLJ</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Municipal 2018 Term Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BPK</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Dec</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">5</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Pennsylvania Strategic Municipal Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BPS</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>30-Apr</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">5</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock New York Municipal Bond Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BQH</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Maryland Municipal Bond Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>BZM</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Aug</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">4</FONT>
      </center>
    </TD>
  </TR>

  <TR vAlign=bottom>

    <TD align=left>BlackRock Investment Quality Municipal Income Trust</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>RFA</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>31-Jul</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>
      <center>
        <FONT style="WIDTH: 6pt; TEXT-ALIGN: right">5</FONT>
      </center>
    </TD>
  </TR>
</TABLE>
<BR>
<P style="TEXT-ALIGN: center">D-1</P>
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  <P style="TEXT-ALIGN: right"><B><a name="pe1"></a>Appendix E</B></P>

<P style="TEXT-ALIGN: center"><B>Standing and Other Operating Committees of the Boards</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of each Fund are managed by or under the direction of its Board.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Standing Committees.</U> </B>The Board of each Fund has established the following standing committees:</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit Committee. </I></B>Each Board has
a standing  Audit  Committee  composed of Karen P. Robards  (Chair),  Michael J.
Castellano, Frank J. Fabozzi, James T. Flynn and W. Carl Kester, all of whom are
Independent Board Members. The principal responsibilities of the Audit Committee
are to assist the Board in fulfilling its oversight responsibilities relating to
the  accounting and financial  reporting  polices and practices of the Fund. The
Audit  Committee&#146;s   responsibilities  include,  without  limitation:   (i)
approving  the  selection,  retention,   termination  and  compensation  of  the
Fund&#146;s independent registered public accounting firm (the &#147;independent
auditors&#148;)   and  evaluating  the   independence  and  objectivity  of  the
independent auditors; (ii) approving all audit engagement terms and fees for the
Fund; (iii) reviewing the conduct and results of each audit;  (iv) reviewing any
issues raised by the independent auditor or management  regarding the accounting
or  financial  reporting  policies  and  practices  of the  Fund,  its  internal
controls,  and,  as  appropriate,  the  internal  controls  of  certain  service
providers and  management&#146;s  response to any such issues; (v) reviewing and
discussing  the  Fund&#146;s  audited and  unaudited  financial  statements  and
disclosure in the Fund&#146;s  shareholder  reports  relating to the Fund&#146;s
performance;  (vi)  assisting the Board in  considering  the  performance of the
Fund&#146;s   internal  audit  function  provided  by  its  investment  adviser,
administrator,  pricing agent or other service provider; and (vii) resolving any
disagreements  between Fund  management and the independent  auditors  regarding
financial reporting.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Audit Committee Charter for each Fund can be found in the &#147;Corporate Governance&#148; section of the BlackRock Closed-End Fund website at www.blackrock.com.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governance and Nominating Committee. </I></B>Each Board has a standing Governance and Nominating Committee (the &#147;Governance Committee&#148;) composed of R. Glenn Hubbard (Chair), Richard E. Cavanagh, Kathleen F. Feldstein and Jerrold B. Harris, all of whom are Independent Board Members.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal responsibilities of the Governance Committee are: (i) identifying individuals qualified to serve as Independent Board Members and recommending Independent Board Nominees for election by shareholders or appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and committees (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect of Independent Board Member compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the Board; and (vi) acting as the administrative committee with respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Board Members.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governance Committee of each
Board  seeks to  identify  individuals  to serve on the Board who have a diverse
range of viewpoints, qualifications,  experiences, backgrounds and skill sets so
that the Board will be better suited to fulfill its responsibility of overseeing
the Fund&#146;s  activities.  In so doing, the Governance  Committee reviews the
size of the Board, the ages of the current Board Members and their tenure on the
Board, and the skills,  background and experiences of the Board Members in light
of the  issues  facing  the Fund in  determining  whether  one or more new Board
Members  should be added to the Board.  The Board as a group  strives to achieve
diversity  in terms of gender,  race and  geographic  location.  The  Governance
Committee  believes  that the  Board  Members  as a group  possess  the array of
skills,  experiences  and  backgrounds  necessary  to guide the Fund.  The Board
Members&#146;   biographies  included  in  the  Proxy  Statement  highlight  the
diversity and breadth of skills,  qualifications  and  expertise  that the Board
Members bring to the Fund.</P>

<P style="TEXT-ALIGN: center">E-1</P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Governance Committee may consider
nominations for Board Members made by the  Fund&#146;s  shareholders as it deems
appropriate.  Under each Fund&#146;s  By-laws,  shareholders must follow certain
procedures  to nominate a person for  election as a Board Member at an annual or
special meeting, or to introduce an item of business at an annual meeting. Under
these advance notice  procedures,  shareholders must submit the proposed nominee
or item of  business by  delivering  a notice to the  Secretary  of the Funds at
their  principal  executive  offices.   Each  Fund  must  receive  notice  of  a
shareholder&#146;s  intention  to  introduce a  nomination  or proposed  item of
business  for an  annual  meeting  not less than 120 days nor more than 150 days
before the anniversary of the prior year&#146;s meeting.  Assuming that the 2012
annual  meeting of a Fund is held within 25 days of July 28, 2012, the Fund must
receive notice  pertaining to the 2012 annual meeting of shareholders no earlier
than  Wednesday,  February  29, 2012 and no later than  Friday,  March 30, 2012.
However, if a Fund holds its 2012 annual meeting on a date that is not within 25
days before or after July 28,  2012,  such Fund must receive the notice no later
than ten days after the  earlier of the date the Fund first  provides  notice of
the meeting to shareholders or announces it publicly.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s By-laws provide that notice of a proposed nomination must include certain information about the shareholder and the nominee, as well as a written consent of the proposed nominee to serve if elected. A notice of a proposed item of business must include a description of and the reasons for bringing the proposed business to the meeting, any material interest of the shareholder in the business, and certain other information about the shareholder.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, each Fund has adopted Board Member qualification requirements which can be found in each Fund&#146;s By-laws and are applicable to all Board Members that may be nominated, elected, appointed, qualified or seated to serve as Board Members. The qualification requirements include: (i) age limits; (ii) limits on service on other boards; (iii) restrictions on relationships with investment advisers other than BlackRock; and (iv) character and fitness requirements. Additionally, each Independent Board Member must not be an &#147;interested person&#148; of the Fund as defined under Section 2(a)(19) of the 1940 Act and may not be or have certain relationships with a shareholder owning more than five percent of the Fund&#146;s voting securities or owning other percentage ownership interests in registered investment companies. Reference is made to each Fund&#146;s By-laws for more details.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Governance Committee Charter for each Fund can be found in the &#147;Corporate Governance&#148; section of the BlackRock Closed-End Fund website at www.blackrock.com.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compliance Committee. </I></B>Each
Fund has a Compliance  Committee composed of Jerrold B. Harris (Chair),  Richard
E.  Cavanagh,  Kathleen  F.  Feldstein  and R.  Glenn  Hubbard,  all of whom are
Independent Board Members. The Compliance  Committee&#146;s purpose is to assist
the Board in  fulfilling  its  responsibility  with respect to the  oversight of
regulatory and fiduciary compliance matters involving the Fund, the fund-related
activities of BlackRock,  and any  subadvisor  and the  Fund&#146;s  other third
party  service  providers.  The  Compliance  Committee&#146;s   responsibilities
include,  without  limitation:   (i)  overseeing  the  compliance  policies  and
procedures of the Fund and its service providers;  (ii) reviewing information on
and,  where  appropriate,   recommending  policies  concerning  the  Fund&#146;s
compliance with  applicable law; (iii) reviewing  information on any significant
correspondence with or other actions by regulators or governmental agencies with
respect to the Fund and any employee  complaints or published reports that raise
concerns  regarding  compliance  matters;  and (iv)  reviewing  reports from and
making certain  recommendations  in respect of the Fund&#146;s  Chief Compliance
Officer, including, without limitation,  determining the amount and structure of
the Chief  Compliance  Officer&#146;s  compensation.  Each  Board has  adopted a
written charter for each Compliance Committee.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Oversight Committee. </I></B>Each Fund has a Performance Oversight Committee composed of Frank J. Fabozzi (Chair), Michael J. Castellano, Richard E. Cavanagh, Kathleen F. Feldstein, James T. Flynn, Jerrold B. Harris, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards, all of whom are Independent Board Members. The Performance Oversight Committee&#146;s purpose is to assist the Board in fulfilling its responsibility to oversee the Fund&#146;s investment performance relative to the Fund&#146;s investment objective(s), policies and practices. The Performance</P>

<P style="TEXT-ALIGN: center">E-2</P>
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<P style="TEXT-ALIGN: left">Oversight Committee&#146;s responsibilities include, without limitation: (i) reviewing the Fund&#146;s investment objective(s), policies and practices; (ii) recommending to the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund&#146;s investment performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the Fund has complied with its investment polices and restrictions; and (vii) overseeing policies, procedures and controls regarding valuation of the Fund&#146;s investments. The Boards have adopted a written charter for each Performance Oversight Committee.</P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Executive Committee. </I></B>Each Fund has an Executive Committee composed of Richard E. Cavanagh and Karen P. Robards, both of whom are Independent Board Members, and Richard S. Davis, who serves as an interested Board Member. Mr. Davis advised the Board of his intention to resign his position as a Class II Board Member on the date of the joint annual meeting of shareholders. If elected to the Board, it is anticipated that Paul L. Audet will join the Executive Committee. The principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and (iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board. The Boards have adopted a written charter for each Executive Committee.</P>

<P style="TEXT-ALIGN: left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Operating Committees. </U></B>The Funds also have adopted the following <I>ad hoc </I>committees.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Ad Hoc AMPS Committee. </I></B>Each Fund has
an <I>ad hoc  </I>Committee  on Auction Market  Preferred Shares (the &#147;AMPS
Committee&#148;)  composed of Richard E.  Cavanagh  (Chair),  Karen P.  Robards,
Frank J. Fabozzi,  Henry Gabbay and W. Carl Kester.  Since February  2008,  most
auction rate  preferred  shares,  including  the AMPS,  have been unable to hold
successful  auctions  and AMPS holders have faced  reduced  liquidity.  The AMPS
Committee was formed to monitor  issues  arising from recent market  turmoil and
oversee  efforts to address the effects of reduced  AMPS  liquidity on each Fund
and to evaluate the  liquidity  considerations  of the AMPS  holders,  each in a
manner  consistent  with  each  Fund&#146;s  and  its  shareholders&#146;   best
interests and investment strategies. As of the date of this Proxy Statement, the
AMPS Committee has met 18 times in the last calendar year and 51 times since its
formation. As of the date of this Proxy Statement, the total amount of announced
redemptions of auction market  preferred  shares across the Closed-End  Complex,
including the Funds, equaled $5.57 billion, which represents approximately 56.7%
of all auction market preferred shares outstanding for the Closed-End Complex as
of  February  2008.  The  Funds are  currently  exploring  alternative  forms of
leverage  in order to provide  liquidity  to holders of AMPS,  including,  among
other things,  the issuance of variable rate demand preferred shares (&#147;VRDP
Shares&#148;),  a  relatively  new form of preferred  stock that  includes a put
feature, which makes the securities eligible for purchase by money market funds.
Thus far, 12  BlackRock  Closed-End  Funds have issued VRDP Shares and  redeemed
their AMPS.  The Funds  continue to explore  the use of  additional  alternative
forms of leverage such as tender option bonds and alternative forms of preferred
stock (including VRDP Shares) which have been  successfully used in some form by
certain BlackRock Closed-End Funds.</P>

<P style="TEXT-ALIGN: center">E-3</P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Audit Committee, each Governance Committee, each Compliance Committee, each Performance Oversight Committee, each Executive Committee and each AMPS Committee met the following number of times for each Fund&#146;s most recent fiscal year:</P>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">









  <tr valign=bottom>

    <td align=center>
      <div align="left"><font size="1"><b>Fund </b></font>

      </div>
      <hr size="1" noshade width="90%" align="left">
      </td>
    <td align=center><font size="1"><b>Fiscal </b><br>

<b>Year End </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number </b><br>

<b>of Audit </b><br>

<b>Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number of </b><br>

<b>Governance <br>
      </b></font><font size="1"><b>and Nominating </b></font><font size="1"><b><br>
      Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number of </b></font><font size="1"><b><br>
      Compliance </b></font><font size="1"></font><font size="1"><b><br>
      Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number of </b><br>

<b>Performance </b><br>

<b>Oversight </b><br>

<b>Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number of </b><br>

<b>Executive </b><br>

<b>Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
    <td align=center><font size="1"><b>Number of </b></font><font size="1"><b><br>
      Ad</b></font><font size="1"><b>-Hoc </b></font><font size="1"><b><br>
      AMPS </b><br>

<b>Committee </b><br>

<b>Meetings </b></font>
      <hr size="1" noshade width="90%">
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BAF</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">2</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBF</td>
    <td align=center>31-Jul</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">13</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBK</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BHV</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BIE</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">2</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BJZ</td>
    <td align=center>31-Dec</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">7</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">7</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">18</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BLJ</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPK</td>
    <td align=center>31-Dec</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">7</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">7</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">18</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPS</td>
    <td align=center>30-Apr</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">10</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">7</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">17</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BQH</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">2</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BZM</td>
    <td align=center>31-Aug</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">3</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">14</font>
      </center>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>RFA</td>
    <td align=center>31-Jul</td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">5</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">6</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">4</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">1</font>
      </center>
    </td>
    <td align=center>
      <center>
        <font style="WIDTH: 12pt; TEXT-ALIGN: right">13</font>
      </center>
    </td>
  </tr>
</table>


<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Joint Product Pricing
Committee.  </I></B>The Boards of the Equity-Liquidity  Complex, the Equity-Bond
Complex and the Closed-End  Complex  established the <I>ad hoc </I>Joint Product
Pricing Committee composed of nine members drawn from the members serving on the
Boards of these BlackRock Fund Complexes. Karen P. Robards and Jerrold B. Harris
currently are members of the Joint Product Pricing  Committee  representing  the
Closed-End Complex.  Five Independent Board Members representing the Equity-Bond
Complex and two  Independent  Board Members  representing  the  Equity-Liquidity
Complex serve on the Joint Product Pricing Committee.  The Joint Product Pricing
Committee is chaired by John F.  O&#146;Brien.  The purpose of the Joint Product
Pricing  Committee  is to review the  components  and pricing  structure  of the
non-money  market  funds in the  BlackRock  Fund  Complexes.  The Joint  Product
Pricing  Committee  was formed on June 4, 2009,  and for the calendar year 2010,
the Joint Product Pricing Committee met 10 times.</P>
<P style="TEXT-ALIGN: center">E-4</P>
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  <P style="TEXT-ALIGN: right"><B><a name="pf1"></a>Appendix F</B></P>

<P style="TEXT-ALIGN: center"><B>Executive Officers of the Funds</B></P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive officers of each Fund, their address, 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 table below.</P>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each executive officer is an &#147;interested person&#148; of the Funds (as defined in the 1940 Act) by virtue of that individual&#146;s position with BlackRock or its affiliates described in the table below.</P>
<P style="TEXT-ALIGN: center"><B>Information Pertaining to the Executive Officers</B></P>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">



  <tr valign=bottom>

    <td style="TEXT-INDENT: 5px" align=center rowspan=2><font size="1"><b>Name, Address</b><br>

<b>and Year of Birth</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td style="TEXT-INDENT: 1px" align=center rowspan=2><font size="1"></font></td>
    <td style="TEXT-INDENT: 1px" align=center rowspan=2><font size="1"><b>Position(s) Held</b><br>

<b>with Fund</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td style="TEXT-INDENT: 1px" align=center rowspan=2><font size="1"></font></td>
    <td style="TEXT-INDENT: 1px" align=center rowspan=2><font size="1"><b>Term of Office</b><br>

<b>and Length of</b><br>

<b>Time Served</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td style="TEXT-INDENT: 20px" align=center rowspan=2><font size="1"></font></td>
    <td style="TEXT-INDENT: 20px" align=center rowspan=2><font size="1"><b>Principal Occupations(s)</b><br>

<b>During Past 5 Years</b>
      </font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr valign=bottom></tr>

  <tr valign=bottom>

    <td align=left><b>John Perlowski</b></td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>President and</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2009; Global</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Chief Executive</td>
    <td align=left>&nbsp;&nbsp;</td>
    <td align=left>2011</td>
    <td align=left>&nbsp;</td>
    <td align=left>Head of BlackRock Fund Administration since 2009;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>Officer</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director and Chief Operating Officer of the</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Global Product Group at Goldman Sachs Asset</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1964</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Management, L.P. from 2003 to 2009; Treasurer of</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Goldman Sachs Mutual Funds from 2003 to 2009 and</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Senior Vice President thereof from 2007; Director of</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Goldman Sachs Offshore Funds from 2002 to 2009.</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Anne Ackerley</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Vice President</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2000;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007</td>
    <td align=left>&nbsp;</td>
    <td align=left>President and Chief Executive Officer of the BlackRock-</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>advised funds from 2009 to 2011; Vice President of the</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock-advised funds from 2007 to 2009; Chief</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1962</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Operating Officer of BlackRock&#146;s Global Client Group</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 2009; Chief Operating Officer of BlackRock&#146;s U.S.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Retail Group from 2006 to 2009; Head of BlackRock&#146;s</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Mutual Fund Group from 2000 to 2006.</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Brendan Kyne</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Vice President</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2010;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2009</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director of BlackRock, Inc. from 2008 to 2009; Head of</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Product Development and Management for BlackRock&#146;s</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>U.S. Retail Group since 2009; Co-head of Product</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1977</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Development and Management for BlackRock&#146;s U.S.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Retail Group from 2007 to 2009; Vice President of</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>BlackRock, Inc. from 2005 to 2008.</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Neal J. Andrews</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Chief Financial</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2006; Senior</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Officer</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007</td>
    <td align=left>&nbsp;</td>
    <td align=left>Vice President and Line of Business Head of Fund</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Accounting and Administration at PNC Global Investment</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Servicing (US) Inc. from 1992 to 2006.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1966</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Jay M. Fife</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Treasurer</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2007;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007</td>
    <td align=left>&nbsp;</td>
    <td align=left>Director of BlackRock, Inc. in 2006; Assistant Treasurer</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>of the Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;)</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Fund Asset Management L.P. advised Funds from</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1970</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2005 to 2006; Director of MLIM Fund Services Group</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>from 2001 to 2006.</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Brian P. Kindelan</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Chief</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>CCO of the BlackRock-advised Funds since 2007;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>Compliance</td>
    <td align=left>&nbsp;</td>
    <td align=left>2007</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director and Senior Counsel of BlackRock, Inc.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>Officer (&#147;CCO&#148;)</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>since 2005.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>and Anti-Money</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1959</td>
    <td align=left>&nbsp;</td>
    <td align=left>Laundering</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Officer</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td align=left><b>Ira P. Shapiro</b></td>
    <td align=left>&nbsp;</td>
    <td align=left>Secretary</td>
    <td align=left>&nbsp;</td>
    <td align=left>Annual; Since</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director of BlackRock, Inc. since 2009;</td>
  </tr>

  <tr valign=bottom>

    <td align=left>55 East 52nd Street</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>2010</td>
    <td align=left>&nbsp;</td>
    <td align=left>Managing Director and Associate General Counsel of</td>
  </tr>

  <tr valign=bottom>

    <td align=left>New York, NY 10055</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>Barclay&#146;s Global Investors from 2008 to 2009; Principal</td>
  </tr>

  <tr valign=bottom>

    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>thereof from 2004 to 2008.</td>
  </tr>

  <tr valign=bottom>

    <td align=left>1963</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
</table>

<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the exception of the CCO, executive officers receive no compensation from the Funds. The Funds compensate the CCO for his services as their CCO.</P>
<P style="TEXT-ALIGN: center">F-1</P>
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<BR>

  <P style="TEXT-ALIGN: right"><B><a name="pg1"></a>Appendix G</B></P>

<P style="TEXT-ALIGN: center"><B>Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees</B><BR>
<B>to Independent Registered Public Accountants</B><BR>
<BR>
<B>Audit Fees and Audit-Related Fees</B></P>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

  <tr valign=bottom>

    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"></font></td>
    <td align=center colspan=4><font size="1"><b>Audit Fees</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td align=center><font size="1">&nbsp;</font></td>
    <td align=center colspan=3><font size="1"><b>Audit-Related Fees</b>
      </font>
      <hr size="1" noshade>
    </td>
  </tr>









  <tr valign=bottom>

    <td align=center>
      <div align="left"><font size="1"><b>Fund</b>
      </font></div>
      <hr size="1" noshade align="left">
      </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Fiscal</b><br>

<b>Year End</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Most Recent</b><br>

<b>Fiscal Year ($)</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Most Recent</b><br>

<b>Fiscal Year ($)</b>
      </font>
      <hr size="1" noshade>
    </td>
    <td align=center><font size="1"></font></td>
    <td align=center><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
      <hr size="1" noshade>
    </td>
  </tr>

  <tr valign=bottom>

    <td align=left>BAF*</td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">31,784</font></td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,900</font></td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBF</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Jul</td>
    <td align=center>&nbsp;&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,300</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,300</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BBK*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">32,977</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,900</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BHV*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">18,250</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">17,700</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BIE*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">29,432</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,300</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BJZ</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Dec</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">27,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">27,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BLJ*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,972</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPK</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Dec</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BPS</td>
    <td align=center>&nbsp;</td>
    <td align=center>30-Apr</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">21,100</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BQH*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">29,150</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

    <td align=left>BZM*</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Aug</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,886</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">28,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>

  <tr valign=bottom>

      <td align=left>RFA</td>
    <td align=center>&nbsp;</td>
    <td align=center>31-Jul</td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">18,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">18,200</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">3,500</font></td>
  </tr>
</table>
<hr size="1" noshade align="left" width="75">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0>

  <tr>

    <td valign=top nowrap width="2%"><font size="1">*&nbsp; &nbsp; &nbsp; </font></td>
      <td width="98%"><font size="1">After the filing with the SEC of the Annual Shareholder Report for each of BAF, BBK, BHV, BIE, BLJ, BQH and BZM additional fees were incurred with respect to the completion of such Fund&#146;s audit for its 2010 fiscal year. These funds were responsible for only a portion of the additional audit fees, and BlackRock and the accounting agent, State Street Bank and Trust Company, paid the remaining balance, all as set forth below </font></td>
  </tr>


</table>

<p style="TEXT-ALIGN: center"><b>August 2010 Audit Overages for certain BlackRock Closed-End Funds</b></p>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





    <tr valign=bottom>

      <td align=center>
        <div align="left"><font size="1"><b>Fund</b>
      </font></div>
        <hr size="1" noshade align="left">
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1">&nbsp;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center width="10%"><font size="1"><b>Total</b><br>

<b>by Fund ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center width="10%"><font size="1"><b>Additional</b><br>

<b>Fee Billed</b><br>

<b>to Fund ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center width="10%"><font size="1"><b>Paid by</b><br>

<b>Accounting</b><br>

<b>Agent ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center width="10%"><font size="1"><b>Paid by</b><br>

<b>BlackRock ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">2,884</font></td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,627</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">942</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">315</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">4,077</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,966</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,138</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">973</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">550</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">310</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">180</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">60</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,132</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">639</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">370</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">124</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">772</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">436</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">252</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">84</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">950</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">536</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">310</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">104</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">686</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">387</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">224</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">75</font></td>
    </tr>



    <tr>

      <td colspan=11>&nbsp;</td>
    </tr>
  </table>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=center colspan=11><b>Tax Fees and All Other Fees</b></td>
    </tr>

    <tr>

      <td colspan=11>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left><font size="1"></font></td>
      <td align=left><font size="1"></font></td>
      <td align=left><font size="1"></font></td>
      <td align=center>&nbsp;
    </td>
      <td align=center colspan=3><font size="1"><b>Audit Fees</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=3><font size="1"><b>Audit-Related Fees</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
    </tr>









    <tr valign=bottom>
      <td align=left><font size="1"></font><font size="1"></font><font size="1"></font><font size="1"></font><font size="1"><b>Fund</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=left><font size="1"></font></td>
      <td align=left width="10%">
        <center>
        <font size="1"></font><font size="1"></font><font size="1"></font><font size="1"><b>Fiscal<br>
      </b></font><font size="1"><b>Year End</b>
      </font>
        </center>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center><font size="1"></font><font size="1"></font><font size="1"></font><font size="1"><b>Most Recent<br>
      </b></font><font size="1"><b>Fiscal Year ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal Year<br>
      </b></font><font size="1"><b>Prior to Most<br>
      </b></font><font size="1"><b>Recent<br>
      </b></font><font size="1"><b>Fiscal Year<br>
      </b></font><font size="1"><b>End ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font><font size="1"></font><font size="1"></font><font size="1"><b>Most Recent<br>
      </b></font><font size="1"><b>Fiscal Year ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal Year<br>
      </b></font><font size="1"><b>Prior to Most<br>
      </b></font><font size="1"><b>Recent<br>
      </b></font><font size="1"><b>Fiscal Year<br>
      </b></font><font size="1"><b>End ($)</b>
      </font>
        <hr size="1" noshade align="left">
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td style="TEXT-INDENT: 1px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=left>
        <center>
        31-Jul
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BJZ</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Dec
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPK</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Dec
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td style="TEXT-INDENT: 1px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=left>
        <center>
        30-Apr
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,800</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <center>
        31-Aug
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>RFA</td>
      <td style="TEXT-INDENT: 1px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=left>
        <center>
        31-Jul
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">6,100</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 26pt; TEXT-ALIGN: right">1,028</font></td>
    </tr>
  </table>
<BR>
<P style="TEXT-ALIGN: center">G-1</P>
<HR align=center width="100%" noshade SIZE=5>
<!-- *************************************************************************** -->
<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
<!-- -->
<BR>

  <P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Fees for non-audit services provided to each Fund&#146;s Affiliated Service Providers for which pre-approval by the Audit Committee was required:</I></B></P>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;
    </td>
      <td align=center colspan=3><font size="1"><b>Audit-Related Fees<sup>(1)</sup> </b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1">&nbsp;</font></td>
      <td align=center colspan="3">


        <center>
        <font size="1"><b>Tax Fees</b>
      </font>
        </center>
        <hr size="1" noshade align="center">
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
      <td align=center colspan=3><font size="1"><b>All Other Fees</b>
      </font>
        <hr size="1" noshade>
    </td>
    </tr>









    <tr valign=bottom>

      <td align=center>
        <div align="left"><font size="1"><b>Fund</b>
        </font>

      </div>
        <hr size="1" noshade>
      </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal</b><br>

<b>Year End</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Most</b><br>

<b>Recent</b><br>

<b>Fiscal</b><br>

<b>Year ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Most</b><br>

<b>Recent</b><br>

<b>Fiscal</b><br>

<b>Year ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center><font size="1"><b>Most</b><br>

<b>Recent</b><br>

<b>Fiscal</b><br>

<b>Year ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Jul</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BJZ</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Dec</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPK</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Dec</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=center>&nbsp;</td>
      <td align=center>30-Apr</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">0</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>RFA</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Jul</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,777</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">402,500</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
      <td align=center>&nbsp;</td>
      <td align=center>
        <center>
        <font style="WIDTH: 6pt; TEXT-ALIGN: right">0</font>
        </center>
      </td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
    </tr>
  </table>


  <hr size="1" noshade width="75" align="left">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="top">
      <td width="4%"><font face="Arial, Helvetica, sans-serif" size="1">(1)</font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">The significant decrease in fees in the most recent fiscal year is due to the fact that the services rendered in the preceding fiscal year for a review of compliance policies and procedures were not performed by the Funds&#146; independent registered public accountants in the most recent fiscal year so no pre-approval was required by the Audit Committee.</font></td>
    </tr>


  </table>
  <p style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Aggregate non-audit fees for services provided to each Fund and its Affiliated Service Providers, regardless of whether pre-approval was required:</i></b></p>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=3 width="25%"><font size="1"><b>Aggregate Non-Audit Fees<sup>(1)</sup> </b>
      </font>
        <hr size="1" noshade>
    </td>
    </tr>









    <tr valign=bottom>

      <td align=center>
        <div align="left"><font size="1"><b>Fund</b>
        </font>

      </div>
        <hr size="1" noshade width="75" align="left">
      </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center width="10%"><font size="1"><b>Fiscal Year End</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center width="10%"><font size="1"><b>Most Recent</b><br>

<b>Fiscal Year ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center width="10%"><font size="1"><b>Fiscal Year</b><br>

<b>Prior to Most</b><br>

<b>Recent</b><br>

<b>Fiscal Year</b><br>

<b>End ($)</b>
      </font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Jul</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BJZ</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Dec</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPK</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Dec</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=center>&nbsp;</td>
      <td align=center>30-Apr</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">10,300</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">20,377</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Aug</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

    <tr valign=bottom>

      <td align=left>RFA</td>
      <td align=center>&nbsp;</td>
      <td align=center>31-Jul</td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 31pt; TEXT-ALIGN: right">20,377</font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font style="WIDTH: 37pt; TEXT-ALIGN: right">413,128</font></td>
    </tr>

  </table>
  <hr size="1" noshade width="75" align="left">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="top">
      <td width="4%"><font face="Arial, Helvetica, sans-serif" size="1">(1)</font></td>
      <td><font face="Arial, Helvetica, sans-serif" size="1">The significant decrease in fees in the most recent fiscal year is due to the fact that the services rendered in the preceding fiscal year for a review of compliance policies and procedures were not performed by the Funds&#146; independent registered public accountants in the most recent fiscal year so no pre-approval was required by the Audit Committee.</font></td>
    </tr>


  </table>

<BR>


  <P style="TEXT-ALIGN: center">G-2</P>
<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
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<BR>


  <P style="TEXT-ALIGN: right"><B><a name="ph1"></a>Appendix H</B></P>
<P style="TEXT-ALIGN: center"><B>5% Beneficial Share Ownership</B></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 23, 2011, to the best knowledge of each Fund, the following persons beneficially owned more than 5% of the outstanding shares of the class of the Funds indicated:</P>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Fund</b></font>
        <hr noshade size="1">
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"><b>Investor</b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 14px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 14px" align=center><font size="1"><b>Address</b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 2px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=center><font size="1"><b>Common </b><br>

<b>Shares Held </b></font>
        <hr noshade size="1">
    </td>
      <td style="TEXT-INDENT: 1px" align=center>&nbsp;
    </td>
      <td style="TEXT-INDENT: 1px" align=center colspan=2><font size="1"><b>Common </b><br>

<b>Shares % </b> <br>

<b>Held </b></font>
        <hr noshade size="1">
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"><b>AMPS </b><br>

<b>Held </b></font>
        <hr noshade size="1">
    </td>
      <td align=center><font size="1">&nbsp;</font></td>
      <td align=center colspan=2><font size="1"><b>AMPS % </b><br>

<b>Held </b></font>
        <hr noshade size="1">
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BJZ</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right">&nbsp;&nbsp;</div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>881</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>39.67</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(1)</sup> </td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America,</td>
      <td align=left>&nbsp;</td>
      <td align=left>101 South Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>

      <td align=left>N.A.<sup>(1)</sup> </td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=left>&nbsp;</td>
      <td align=left>214 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>

      <td align=left>Investments, LLC<sup>(1)</sup> </td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>First Trust</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">1,019,236</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">11.70</div>
      </td>
      <td align=left>%</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>&#151;</td>
      <td align=left>
        <div align="right"></div>
      </td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Portfolios L.P.<sup>(2)</sup> </td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>First Trust</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Advisors L.P.<sup>(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>The Charger</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>921</td>
      <td align=right>&nbsp;</td>
      <td align=right>54.46</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>265</td>
      <td align=right>&nbsp;</td>
      <td align=right>15.67</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BAF</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bahnhofstrasse 45</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>280</td>
      <td align=right>&nbsp;</td>
      <td align=right>16.56</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>PO Box CH-8021</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Zurich, Switzerland</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>RFA</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>71</td>
      <td align=right>&nbsp;</td>
      <td align=right>38.80</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>RFA</td>
      <td align=left>&nbsp;</td>
      <td align=left>Morgan Stanley<sup>(4)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>1585 Broadway</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>59</td>
      <td align=right>&nbsp;</td>
      <td align=right>32.24</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10036</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Morgan Stanley</td>
      <td align=left>&nbsp;</td>
      <td align=left>1585 Broadway</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&amp; Co.</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10036</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Incorporated<sup>(4)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>420</td>
      <td align=right>&nbsp;</td>
      <td align=right>65.63</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>57</td>
      <td align=right>&nbsp;</td>
      <td align=right>8.91</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(5)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
  </table>

<BR>
<P style="TEXT-ALIGN: center">H-1</P>
<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
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<BR>

  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Fund</b></font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Investor</b></font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>Address</b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 2px" align=center><font size="1"></font></td>
      <td style="TEXT-INDENT: 2px" align=center><font size="1"><b>Common </b><br>

<b>Shares Held </b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 1px" align=center><font size="1"></font></td>
      <td style="TEXT-INDENT: 1px" align=center><font size="1"><b>Common </b><br>

<b>Shares % </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"><b>AMPS </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1"></font></td>
      <td align=center colspan=2><font size="1"><b>AMPS % </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Merrill Lynch,</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>
        <div align="left">Bank of America Corporate Center</div>
      </td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pierce, Fenner &amp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">100 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Smith, Inc.<sup>(5)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">214 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(5)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BZM</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">183 Sully&#146;s Trail Rd</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>110</td>
      <td align=right>&nbsp;</td>
      <td align=right>17.19</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Pittsford, New York 14534</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPK</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Bank of America Corporate Center</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>2,115</td>
      <td align=right>&nbsp;</td>
      <td align=right>39.50</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(6)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">100 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America,</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">101 South Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>N.A.<sup>(6)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Merrill Lynch,</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Bank of America Corporate Center</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pierce, Fenner &amp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">100 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Smith, Inc.<sup>(6)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">214 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(6)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPK</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Bahnhofstrasse 45</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>465</td>
      <td align=right>&nbsp;</td>
      <td align=right>8.69</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">PO Box CH-8021</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Zurich, Switzerland</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Bank of America Corporate Center</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>53</td>
      <td align=right>&nbsp;</td>
      <td align=right>7.42</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(7)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">100 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">214 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(7)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">183 Sully&#146;s Trail Rd</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>276</td>
      <td align=right>&nbsp;</td>
      <td align=right>38.66</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Pittsford, New York 14534</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BIE</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>310</td>
      <td align=right>&nbsp;</td>
      <td align=right>43.42</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">CitiGroup Financial </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">399 Park Avenue</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10043</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>714</td>
      <td align=right>&nbsp;</td>
      <td align=right>22.34</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">CitiGroup Financial </div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">388 Greenwich Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10013</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="left"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">399 Park Avenue</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">New York, NY 10043</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Bank of America Corporate Center</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>567</td>
      <td align=right>&nbsp;</td>
      <td align=right>17.74</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(1)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">100 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America,</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">101 South Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>N.A.<sup>(1)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">214 North Tryon Street</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(1)</sup></td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Charlotte, North Carolina 28255</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBK</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">183 Sully&#146;s Trail Rd</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>690</td>
      <td align=right>&nbsp;</td>
      <td align=right>21.59</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=right>&nbsp;</td>
      <td align=right>
        <div align="left">Pittsford, New York 14534</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
  </table>

<BR>
<P style="TEXT-ALIGN: center">H-2</P>
<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
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<BR>


  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">





    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Fund</b></font>
        <hr size="1" noshade>
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"><b>Investor</b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 14px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 14px" align=center><font size="1"><b>Address</b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 2px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=center><font size="1"><b>Common </b><br>

<b>Shares Held </b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 1px" align=center colspan=3><font size="1"><b>Common </b><br>

<b>Shares % </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"><b>AMPS </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center><font size="1">&nbsp;&nbsp;</font></td>
      <td align=center colspan=2><font size="1"><b>AMPS % </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right">&nbsp;&nbsp;</div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>198</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>14.45</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>461</td>
      <td align=right>&nbsp;</td>
      <td align=right>33.65</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(1)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America,</td>
      <td align=left>&nbsp;</td>
      <td align=left>101 South Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>N.A.<sup>(1)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=left>&nbsp;</td>
      <td align=left>214 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(1)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>306</td>
      <td align=right>&nbsp;</td>
      <td align=right>22.34</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BBF</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bahnhofstrasse 45</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>224</td>
      <td align=right>&nbsp;</td>
      <td align=right>16.35</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>PO Box CH-8021</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Zurich, Switzerland</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>First Trust</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">150,506</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>6.50</td>
      <td align=left>%</td>
      <td style="TEXT-INDENT: 2px" align=left>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=left>&#151;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&#151;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Portfolios L.P.<sup>(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>First Trust</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Advisors L.P.<sup>(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>The Charger</td>
      <td align=left>&nbsp;</td>
      <td align=left>120 East Liberty Drive, Suite 400</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(2)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Wheaton, Illinois 60187</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>133</td>
      <td align=right>&nbsp;</td>
      <td align=right>17.71</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>192</td>
      <td align=right>&nbsp;</td>
      <td align=right>25.57</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=left>&nbsp;</td>
      <td align=left>214 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bahnhofstrasse 45</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>94</td>
      <td align=right>&nbsp;</td>
      <td align=right>12.52</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>PO Box CH-8021</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Zurich, Switzerland</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BLJ</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>226</td>
      <td align=right>&nbsp;</td>
      <td align=right>30.09</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=15>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bulldog Investors,</td>
      <td align=left>&nbsp;</td>
      <td align=left>250 Pehle Avenue, Suite 708</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>
        <div align="right"></div>
      </td>
      <td align=right>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>200</td>
      <td align=right>&nbsp;</td>
      <td align=right>22.60</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Brooklyn Capital</td>
      <td align=left>&nbsp;</td>
      <td align=left>Saddle Brook, NJ 07663</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management,</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Phillip Goldstein</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
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    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>and Andrew</td>
      <td align=left>&nbsp;</td>
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      <td align=left>&nbsp;</td>
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      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Dakos</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
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    </tr>
  </table>

<BR>
<P style="TEXT-ALIGN: center">H-3</P>
<HR align=center width="100%" noshade SIZE=5>
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  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellpadding=0 border=0 width="100%">

    <tr valign=bottom>

      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td style="TEXT-INDENT: 1px" align=center rowspan=3>&nbsp;</td>
      <td style="TEXT-INDENT: 1px" align=center rowspan=3><font size="1"><b>Common</b><br>

<b>Shares %</b><br>

<b>Held</b></font>
        <hr size="1" noshade>
    </td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td align=center><font size="1"></font></td>
    </tr>

    <tr valign=bottom>

      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="1"></font></td>
      <td style="TEXT-INDENT: 2px" align=center rowspan=2>&nbsp;</td>
      <td style="TEXT-INDENT: 2px" align=center rowspan=2><font size="1"><b>Common </b><br>

<b>Shares Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center rowspan=2>&nbsp;</td>
      <td align=center rowspan=2><font size="1"><b>AMPS </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
      <td align=center rowspan=2>&nbsp;
    </td>
      <td align=center colspan=2 rowspan=2><font size="1"><b>AMPS % </b><br>

<b>Held </b></font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td style="TEXT-INDENT: 3px" align=center><font size="1"><b>Fund </b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 3px" align=center>&nbsp;</td>
      <td align=center><font size="1"><b>Investor </b></font>
        <hr size="1" noshade>
    </td>
      <td style="TEXT-INDENT: 14px" align=center>&nbsp;</td>
      <td style="TEXT-INDENT: 14px" align=center><font size="1"><b>Address </b></font>
        <hr size="1" noshade>
    </td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>RiverNorth Capital</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>325 North LaSalle Street,</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>123</td>
      <td align=right>&nbsp;&nbsp;</td>
      <td align=right>13.90</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management,</td>
      <td align=left>&nbsp;</td>
      <td align=left>Suite 645</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>LLC</td>
      <td align=left>&nbsp;</td>
      <td align=left>Chicago, IL 60654</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>244</td>
      <td align=right>&nbsp;</td>
      <td align=right>27.57</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BQH</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>113</td>
      <td align=right>&nbsp;</td>
      <td align=right>12.77</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=left>&nbsp;</td>
      <td align=left>214 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>146</td>
      <td align=right>&nbsp;</td>
      <td align=right>31.26</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bahnhofstrasse 45</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>36</td>
      <td align=right>&nbsp;</td>
      <td align=right>7.71</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>PO Box CH-8021</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Zurich, Switzerland</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BHV</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>191</td>
      <td align=right>&nbsp;</td>
      <td align=right>40.90</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>197</td>
      <td align=right>&nbsp;</td>
      <td align=right>30.17</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Financial</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Products Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Global</td>
      <td align=left>&nbsp;</td>
      <td align=left>388 Greenwich Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Markets Holdings</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10013</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>CitiGroup Inc.<sup>(3)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>399 Park Avenue</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>New York, NY 10043</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr>

      <td colspan=14>&nbsp;&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bank of America Corporate Center</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>109</td>
      <td align=right>&nbsp;</td>
      <td align=right>16.69</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Corporation<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>100 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Blue Ridge</td>
      <td align=left>&nbsp;</td>
      <td align=left>214 North Tryon Street</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Investments, LLC<sup>(7)</sup></td>
      <td align=left>&nbsp;</td>
      <td align=left>Charlotte, North Carolina 28255</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>


    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=left>&nbsp;</td>
      <td align=left>UBS AG</td>
      <td align=left>&nbsp;</td>
      <td align=left>Bahnhofstrasse 45</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>109</td>
      <td align=right>&nbsp;</td>
      <td align=right>16.69</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>PO Box CH-8021</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Zurich, Switzerland</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right"></div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=right>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>

    <tr valign=bottom>

      <td align=left>BPS</td>
      <td align=left>&nbsp;</td>
      <td align=left>Karpus</td>
      <td align=left>&nbsp;</td>
      <td align=left>183 Sully&#146;s Trail Rd</td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=left>&nbsp;</td>
      <td align=left>
        <div align="right">&#151;</div>
      </td>
      <td align=right>&nbsp;</td>
      <td align=right>152</td>
      <td align=right>&nbsp;</td>
      <td align=right>23.28</td>
      <td align=left>%</td>
    </tr>

    <tr valign=bottom>

      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>Management, Inc</td>
      <td align=left>&nbsp;</td>
      <td align=left>Pittsford, New York 14534</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
  </table>


<P style="TEXT-ALIGN: right"><I>(footnotes on following page)</I></P>
<P style="TEXT-ALIGN: center">H-4</P>
<HR align=center width="100%" noshade SIZE=5>
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<div align="left"><BR>

</div>
<hr noshade size="1" width="75" align="left">

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 cellpadding=0 border=0 width="100%">
  <TR vAlign=top>
    <TD width="4%"><font size="1">(1)</font></TD>
    <TD colSpan=0><font size="1">Bank of America Corporation, Bank of America, N.A. and Blue Ridge Investments, LLC filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1">(2) </font></TD>
    <TD colSpan=0><font size="1">First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1">(3) </font></TD>
    <TD colSpan=0><font size="1">CitiGroup Global Markets Inc., CitiGroup Financial Products Inc., CitiGroup Global Markets Holdings Inc. and CitiGroup Inc. filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1">(4)</font></TD>
    <TD colSpan=0><font size="1">Morgan Stanley and Morgan Stanley &amp; Co. Incorporated filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1">(5) </font></TD>
    <TD colSpan=0><font size="1">Bank of America Corporation, Merrill Lynch, Pierce, Fenner &amp; Smith, Inc. and Blue Ridge Investments, LLC filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1">(6) </font></TD>
    <TD colSpan=0><font size="1">Bank of America Corporation, Bank of America, N.A. and Merrill Lynch, Pierce, Fenner &amp; Smith, Inc. and Blue Ridge Investments, LLC filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
  <TR vAlign=top>
    <TD><font size="1"></font></TD>
    <TD colSpan=0><font size="1">&nbsp;</font></TD>
  </TR>

  <TR vAlign=top>

    <TD>
      <P><font size="1">(7) </font></P>
    </TD>
    <TD colSpan=0><font size="1">Bank of America Corporation and Blue Ridge Investments, LLC filed their schedule 13G jointly and did not differentiate holdings as to each entity.</font></TD>
  </TR>
</TABLE>

<BR>
<P style="TEXT-ALIGN: center">H-5</P>
<HR align=center width="100%" noshade SIZE=5>
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  <!-- -->
  <p>&nbsp;</p>
  <p>&nbsp;</p>
  <p>

  <font size="1">BLK12-0611</font></p>



<HR align=center width="100%" noshade SIZE=5>





















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<BR>



<P style="TEXT-ALIGN: center"><B>[FORM OF PROXY CARD FOR COMMON SHAREHOLDERS]</B></P>
<P style="TEXT-ALIGN: center"><B><font size="3">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT </font></B></P>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 border=0 width="100%" cellpadding="0">

  <tr>
    <td width="62%"></td>
    <td width="8%"></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td colspan="2">
      <p><b><font size="3">EASY VOTING OPTIONS:</font></b></p>
    </td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>

  <tr valign=top>
    <td width="62%">&nbsp;&nbsp;&nbsp;</td>
    <td width="8%">
      <p><img src="rider615x1x1.jpg" border=0></p>
    </td>
    <td colspan=0 align="center" width=30%>

      <p><b>VOTE ON THE INTERNET</b>
      <br>
        Log on to: <b><u><font color=#0000ff><br>
        www.proxy-direct.com <br>
        </font></u></b>Follow the on-screen instructions <br>
        available 24 hours
</p>
    </td>
  </tr>



  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%"><img src="rider615x1x2.jpg" border=0></td>
    <td colspan=0 align="center" width=30%><b>VOTE BY TELEPHONE <br>
        </b>Call 1-800-337-3503 <br>
        Follow the recorded instructions <br>
        available 24 hours </td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%"><img src="rider615x1x3.jpg" border=0></td>
    <td colspan=0 align="center" width=30%><b>VOTE BY MAIL <br>
        </b>Vote, sign and date your <br>
        Proxy Card and return it in the <br>
        postage-paid envelope</td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%><b>THANK YOU FOR VOTING</b></td>
  </tr>
</table>

<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">Please detach at perforation before mailing.</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0 width="100%" cellpadding="0">

  <TR vAlign=top>

    <TD align=left><B>PROXY </B></TD>
    <TD align=center><B>[NAME OF FUND] <br>
      ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 28, 2011 <br>
      PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES
      </B></TD>
    <TD align=right><B>PROXY</B></TD>
  </TR>



</TABLE>

<P style="TEXT-ALIGN: left"><B>COMMON SHARES</B></P>
  <P style="TEXT-ALIGN: left">The undersigned hereby appoints John Perlowski, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on May 31, 2011 at the Annual Meeting of Shareholders of the Fund to be held on July 28, 2011 or at any adjournments, postponements or delays thereof. The validity of this proxy is governed by [Delaware/Massachusetts] law. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Annual Meeting of Shareholders.</P>
<P style="TEXT-ALIGN: left"><B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.</B></P>
<P style="TEXT-ALIGN: left"><B>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT </B><B>THE ANNUAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF</B></P>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 border=0 width="100%" cellpadding="0">

  <tr>
    <td></td>
    <td></td>
  </tr>

  <tr valign=bottom>
    <td align=left width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left>
      <p><b>VOTE VIA THE INTERNET: www.proxy-direct.com <br>
      VOTE VIA THE TELEPHONE: 1-800-337-3503
</b></p>
      <p style="TEXT-ALIGN: left"><img src="rider615x1x4.jpg" border=0></p>
      <p style="TEXT-ALIGN: left"><b>Note</b>: Please sign exactly as your name(s) appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.</p>
      <hr size="1" noshade align="left">
      Signature<br>
      <br>
      <hr size="1" noshade align="left">
      Signature of joint owner, if any<br>
      <br>
      <hr size="1" noshade align="left">
      Date</td>
  </tr>


</table>


<HR align=center width="100%" noshade SIZE=5>
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<BR>


<P style="TEXT-ALIGN: center"><B><font size="3">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT!</font></B></P>
<P style="TEXT-ALIGN: center"><B>Important Notice Regarding the Availability of Proxy Materials for [Name(s) of Fund(s)]  <br>
  Term Trust Annual Meeting of Shareholders to Be Held on July 28, 2011. <br>
  </B><B>The Proxy Statement for this meeting is available at: </B><B><U><FONT color=#0000ff>https://www.proxy-direct.com/22652 </FONT></U></B></P>
<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">Please detach at perforation before mailing.</P>
<P style="TEXT-ALIGN: left"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" EACH BOARD MEMBER NOMINEE. </B></P>
<P style="TEXT-ALIGN: left"><b>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:</b> <font face="Webdings">g</font></P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0 width="100%" cellpadding="0">



    <TR vAlign=bottom>

      <TD align=left width="3%">1. </TD>
      <TD align=left colspan="3">To Elect Board Member Nominees:</TD>
      <TD align=center width="10%">FOR <br>
      ALL
    </TD>
      <TD align=center width="10%">WITHHOLD <br>
      ALL
    </TD>
      <TD align=center width="10%">FOR ALL <br>
      EXCEPT
    </TD>
    </TR>

    <TR vAlign=bottom>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=center><font face="Wingdings">o</font></TD>
      <TD align=center><font face="Wingdings">o</font></TD>
      <TD align=center><font face="Wingdings">o</font></TD>
    </TR>

    <TR vAlign=bottom>
      <TD align=left>&nbsp;</TD>
      <TD align=left>01. Paul L. Audet</TD>
      <TD>02. Michael J. Castellano</TD>
      <TD>03. R. Glenn Hubbard</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left height="2">&nbsp;</TD>
      <TD align=left height="2">&nbsp;</TD>
      <TD height="2">&nbsp;</TD>
      <TD height="2">&nbsp;</TD>
      <TD align=left height="2">&nbsp;</TD>
      <TD align=left height="2">&nbsp;</TD>
      <TD align=left height="2">&nbsp;</TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left>&nbsp;</TD>
      <TD align=left colspan="6"><b><u>INSTRUCTIONS: </u></b>To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided below.
<br>
      <br>

        <hr noshade align="left" size="1">
    </TD>
    </TR>
  </TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><B>THE PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING </B><B>OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.</B>
</p>


<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
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<BR>


<P style="TEXT-ALIGN: center"><B>[FORM OF PROXY CARD FOR PREFERRED SHAREHOLDERS]</B></P>
<P style="TEXT-ALIGN: center"><B><font size="3">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT</font></B></P>
<B></B>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 border=0 width="100%" cellpadding="0">

  <tr>
    <td width="62%"></td>
    <td width="8%"></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td colspan="2">
      <p><b><font size="3">EASY VOTING OPTIONS:</font></b></p>
    </td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>

  <tr valign=top>
    <td width="62%">&nbsp;&nbsp;&nbsp;</td>
    <td width="8%">
      <p><img src="rider615x1x1.jpg" border=0></p>
    </td>
    <td colspan=0 align="center" width=30%>

      <p><b>VOTE ON THE INTERNET <br>
        </b>Log on to: <b><u><font color=#0000ff><br>
        www.proxy-direct.com  <br>
        </font></u></b>Follow the on-screen instructions <br>
        available 24 hours </p>
    </td>
  </tr>



  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%"><img src="rider615x1x2.jpg" border=0></td>
    <td colspan=0 align="center" width=30%><b>VOTE BY TELEPHONE <br>
        </b>Call 1-800-337-3503 <br>
        Follow the recorded instructions <br>
        available 24 hours </td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%"><img src="rider615x1x3.jpg" border=0></td>
    <td colspan=0 align="center" width=30%><b>VOTE BY MAIL <br>
        </b>Vote, sign and date your <br>
        Proxy Card and return it in the <br>
        postage-paid envelope </td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%></td>
  </tr>
  <tr valign=top>
    <td width="62%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td colspan=0 align="center" width=30%><b>THANK YOU FOR VOTING</b></td>
  </tr>
</table>

<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">Please detach at perforation before mailing.</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0 width="100%" cellpadding="0">

  <TR vAlign=top>

    <TD align=left><B>PROXY</B></TD>
    <TD align=center><B>[NAME OF FUND] <br>
      ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 28, 2011 <br>
      PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES
      </B></TD>
    <TD align=right><B>PROXY</B></TD>
  </TR>





</TABLE>
<p><b>PREFERRED SHARES</b><BR>

</p>
  <P style="TEXT-ALIGN: left">The undersigned hereby appoints John Perlowski, Brendan Kyne and Jay Fife, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the shares of the above named fund held of record by the undersigned on May 31, 2011 at the Annual Meeting of Shareholders of the Fund to be held on July 28, 2011 or at any adjournments, postponements or delays thereof. The validity of this proxy is governed by  [Delaware/Massachusetts] law. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Annual Meeting of Shareholders.</P>
<P style="TEXT-ALIGN: left"><B>THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.</B></P>
<P style="TEXT-ALIGN: left"><B>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT </B><B>THE ANNUAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF</B></P>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 border=0 width="100%" cellpadding="0">

  <tr>
    <td></td>
    <td></td>
  </tr>

  <tr valign=bottom>
    <td align=left width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=left>
      <p><b>VOTE VIA THE INTERNET: www.proxy-direct.com <br>
      VOTE VIA THE TELEPHONE: </b><b>1-800-337-3503</b></p>
      <p style="TEXT-ALIGN: left"><img src="rider615x1x4.jpg" border=0></p>
      <p style="TEXT-ALIGN: left"><b>Note</b>: Please sign exactly as your name(s) appear(s) on this Proxy Card. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.</p>
      <hr size="1" noshade align="left">
      Signature<br>
      <br>
      <hr size="1" noshade align="left">
      Signature of joint owner, if any<br>
      <br>
      <hr size="1" noshade align="left">
      Date</td>
  </tr>


</table>


<HR align=center width="100%" noshade SIZE=5>
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<DIV title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px"></DIV>
<!-- -->
<BR>


  <P style="text-align: center;"> <B><font size="3">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT!</font></B></P>

  <p align="center"><B>Important Notice Regarding the Availability of Proxy Materials for the [Name(s) of Fund(s)] <br>
     Term Trust Annual Meeting of Shareholders to Be Held on July 28, 2011.</B>
 <br>
    <B>The Proxy Statement for this meeting is available at: </B><B><U><FONT color="#0000ff">https://www.proxy-direct.com/22652 </FONT></U></B></p>
  <P style="text-align: center;">&nbsp; </P>
  <P style="text-align: center;">&nbsp;</P>
  <P style="text-align: center;">Please detach at perforation before mailing.</P>
<P style="text-align: left;"> <B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" EACH BOARD MEMBER NOMINEE. </B></P>
<P style="text-align: left;"><b>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:</b> <font face="Webdings">g</font></P>
  <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 border=0 width="100%" cellpadding="0">



    <tr valign=bottom>

      <td align=left width="3%">2. </td>
      <td align=left colspan="3">To Elect Board Member Nominees:</td>
      <td align=center width="10%">FOR <br>
      ALL     </td>
      <td align=center width="10%">WITHHOLD <br>
      ALL      </td>
      <td align=center width="10%">FOR ALL <br>
      EXCEPT     </td>
    </tr>

    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=center><font face="Wingdings">o</font></td>
      <td align=center><font face="Wingdings">o</font></td>
      <td align=center><font face="Wingdings">o</font></td>
    </tr>

    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td>01. Paul L. Audet</td>
      <td>02. Michael J. Castellano</td>
      <td>03. R. Glenn Hubbard</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">04. W. Carl Kester</td>
      <td height="2">&nbsp;</td>
      <td height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
      <td height="2">&nbsp;</td>
      <td height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
      <td align=left height="2">&nbsp;</td>
    </tr>
    <tr valign=bottom>
      <td align=left>&nbsp;</td>
      <td align=left colspan="6"><b><u>INSTRUCTIONS: </u></b>To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided below.<br>
      <br>

        <hr noshade align="left" size="1">
    </td>
    </tr>
  </table>

<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center"><B>THE PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING </B><B>OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.</B>
</p>


<HR noshade align="center" width="100%" size="5">

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