BlackRock Debt Strategies Fund : 2021 Important Tax Information for Closed-end Funds

www.blackrock.com

2021

Important Tax Information for Closed-End Funds

This booklet is a summary of useful tax information for certain BlackRock Closed-End mutual funds. It will assist you, as an investor,

in the preparation of your 2021 Federal and state income tax returns.

We recommend consulting with your tax preparer for assistance with how this information will impact your specific tax situation.

BlackRock does not provide tax advice. Investors should be aware that tax treatment is subject to change, and investors are strongly urged to consult their tax adviser regarding their personal tax situation.

For more information: http://www.blackrock.com/investing/resources/tax-informationor contact BlackRock at [phone].

BLKTAX2021

1

MUNICIPAL FUNDS

BlackRock California Municipal Income Trust (BFZ)	BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock Investment Quality Municipal Trust (BKN)	BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock Long-Term Municipal Advantage Trust (BTA)	BlackRock MuniVest Fund, Inc. (MVF)
BlackRock Maryland Municipal Bond Trust (BZM)	BlackRock MuniYield Arizona Fund, Inc. (MZA)
BlackRock Massachusetts Tax-Exempt Trust (MHE)	BlackRock MuniYield California Fund, Inc. (MYC)
BlackRock MuniAssets Fund, Inc. (MUA)	BlackRock MuniYield California Quality Fund, Inc. (MCA)
BlackRock Municipal 2030 Target Term Trust (BTT)	BlackRock MuniYield Fund, Inc. (MYD)
BlackRock Municipal Bond Trust (BBK)	BlackRock MuniYield Investment Fund (MYF)
BlackRock Municipal Income Fund, Inc. (MUI)1	BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock Municipal Income Investment Quality Trust (BAF)	BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
BlackRock Municipal Income Investment Trust (BBF)	BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
BlackRock Municipal Income Quality Trust (BYM)	BlackRock MuniYield New York Quality Fund, Inc. (MYN)
BlackRock Municipal Income Trust (BFK)	BlackRock MuniYield Pennsylvania Quality Fund (MPA)
BlackRock Municipal Income Trust II (BLE)	BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniEnhanced Fund, Inc. (MEN)	BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock MuniHoldings California Quality Fund, Inc. (MUC)	BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings Fund II, Inc. (MUH)	BlackRock New York Municipal Income Quality Trust (BSE)
BlackRock MuniHoldings Fund, Inc. (MHD)	BlackRock New York Municipal Income Trust (BNY)
BlackRock MuniHoldings Investment Quality Fund (MFL)	BlackRock New York Municipal Income Trust II (BFY)
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)	BlackRock Strategic Municipal Trust (BSD)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)	BlackRock Virginia Municipal Bond Trust (BHV)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

TAXABLE FIXED INCOME FUNDS	EQUITY FUNDS
BlackRock 2022 Global Income Opportunity Trust (BGIO)	BlackRock Energy and Resources Trust (BGR)
BlackRock Core Bond Trust (BHK)	BlackRock Enhanced Capital and Income Fund, Inc. (CII)
BlackRock Corporate High Yield Fund, Inc. (HYT)	BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Credit Allocation Income Trust (BTZ)	BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Credit Strategies Fund (CREDX, CRDAX)	BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Debt Strategies Fund, Inc. (DSU)	BlackRock Health Sciences Trust (BME)
BlackRock Enhanced Government Fund, Inc. (EGF)	BlackRock Health Sciences Trust II (BMEZ)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)	BlackRock Innovation and Growth Trust (BIGZ)
BlackRock Floating Rate Income Trust (BGT)	BlackRock Resources & Commodities Strategy Trust (BCX)
BlackRock Income Trust, Inc. (BKT)	BlackRock Science and Technology Trust (BST)
BlackRock Limited Duration Income Trust (BLW)	BlackRock Science and Technology Trust II (BSTZ)
BlackRock Multi-Sector Income Trust (BIT)	BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
BlackRock Multi-Sector Opportunities Trust (XMSOX)
BlackRock Multi-Sector Opportunities Trust II (XMSAX)
BlackRock Taxable Municipal Bond Trust (BBN)
BALANCED FUNDS
BlackRock Capital Allocation Trust (BCAT)
BlackRock ESG Capital Allocation Trust (ECAT)

1 Renamed from "BlackRock Muni Intermediate Duration Fund, Inc." on October 1, 2021

2

Single State Municipal Funds

The information below summarizes the percentage of exempt interest income received by various BlackRock Closed-End Funds on a state-by-state basis. These percentages may be useful in completing your state tax return. In addition, the percentage of income that represents a tax preference item (relating to tax-exempt interest income from certain private activity bonds) for Federal Alternative Minimum Tax ("AMT") purposes is included for each Fund. Your portion of the exempt-interest income has been included on your Form 1099-DIV.

Shareholders are urged to consult their tax advisor concerning the application of this information.

				U.S.
			Primary	Territories &
Fund Name	Ticker	Primary State	State	Possessions	Other States	AMT
BlackRock California Municipal Income Trust 1	BFZ	California	94.60	5.40	-	16.95
BlackRock Maryland Municipal Bond Trust	BZM	Maryland	93.65	4.87	1.48	6.46
BlackRock Massachusetts Tax-Exempt Trust	MHE	Massachusetts	92.42	5.99	1.59	11.29
BlackRock MuniHoldings California Quality Fund, Inc. 1	MUC	California	96.17	3.83	-	10.24
BlackRock MuniHoldings New Jersey Quality Fund, Inc.	MUJ	New Jersey	96.57	3.43	-	15.46
BlackRock MuniHoldings New York Quality Fund, Inc.	MHN	New York	96.37	3.63	-	8.18
BlackRock MuniYield Arizona Fund, Inc.	MZA	Arizona	94.95	5.05	-	12.56
BlackRock MuniYield California Fund, Inc. 1	MYC	California	94.98	5.02	-	15.07
BlackRock MuniYield California Quality Fund, Inc. 1	MCA	California	96.44	3.56	-	13.89
BlackRock MuniYield Michigan Quality Fund, Inc.	MIY	Michigan	96.77	3.23	-	10.47
BlackRock MuniYield New Jersey Fund, Inc.	MYJ	New Jersey	94.96	5.04	-	22.32
BlackRock MuniYield New York Quality Fund, Inc.	MYN	New York	96.38	3.62	-	7.79
BlackRock MuniYield Pennsylvania Quality Fund	MPA	Pennsylvania	96.36	3.64	-	7.50
BlackRock New York Municipal Income Quality Trust	BSE	New York	96.61	3.39	-	0.00
BlackRock New York Municipal Income Trust	BNY	New York	95.25	4.75	-	7.17
BlackRock New York Municipal Income Trust II	BFY	New York	95.36	4.64	-	8.80
BlackRock Virginia Municipal Bond Trust	BHV	Virginia	91.77	5.95	2.28	6.90

• At least 50% of this fund's assets at the end of each quarter consist of California obligations.

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Multi-State Municipal Funds

The information below summarizes the percentage of exempt interest income received by various BlackRock Closed-End Funds on a state-by-state basis. These percentages may be useful in completing your state tax return. In addition, the percentage of income that represents a tax preference item (relating to tax-exempt interest income from certain private activity bonds) for Federal Alternative Minimum Tax ("AMT") purposes is included for each Fund. Your portion of the exempt-interest income has been included on your Form 1099-DIV. Some states require a minimum percentage of home state bonds to permit the state tax exemption.

Shareholders are urged to consult their tax advisor concerning the application of this information.

	BlackRock	BlackRock Long-	BlackRock	BlackRock	BlackRock	BlackRock	BlackRock
	Investment Quality	Term Municipal	Municipal	Municipal Income	Municipal Income
State	MuniAssets Fund,	Municipal Bond
Municipal Trust,	Advantage Trust	Income Fund,	Investment Quality	Investment Trust
	Inc. (BKN)	(BTA)	Inc. (MUI)	Inc. (MUA)	Trust (BBK)	Trust (BAF)	(BBF)
Alabama	0.05	1.85	0.20	1.73	0.35	0.65	0.87
Alaska	0.00	0.22	0.00	0.31	0.00	0.00	0.00
Arizona	3.95	2.49	2.51	3.44	5.26	1.62	1.24
Arkansas	1.63	1.82	0.36	1.64	1.79	0.00	0.00
California1	9.45	3.36	6.56	4.95	11.53	11.45	8.51
Colorado	0.66	2.34	1.11	2.12	0.80	3.28	2.01
Connecticut	1.16	0.62	1.87	1.24	1.34	0.45	0.00
Delaware	0.00	0.00	0.54	0.00	0.84	0.00	0.00
Dist of Columbia	1.05	0.77	0.00	0.80	0.85	0.70	2.23
Florida	6.07	5.93	5.41	9.61	2.22	8.71	5.86
Georgia	0.71	2.01	3.63	0.90	0.36	2.68	2.68
Guam	0.00	0.00	0.02	0.08	0.00	0.00	0.00
Hawaii	0.83	0.00	0.00	0.00	0.19	0.00	0.00
Idaho	0.73	0.58	0.02	0.16	0.19	0.97	0.71
Illinois	4.96	6.00	10.77	6.90	6.76	14.81	12.52
Indiana	0.00	3.61	1.24	2.30	0.00	0.00	0.28
Iowa	0.62	1.52	0.94	0.91	0.12	0.60	1.60
Kansas	0.42	0.00	0.70	0.10	0.27	0.00	0.27
Kentucky	4.98	0.49	0.34	0.91	2.70	0.00	0.00
Louisiana	0.81	1.07	1.98	2.48	0.77	0.00	0.00
Maine	0.12	0.23	0.27	0.41	0.00	0.00	0.53
Maryland	0.71	1.27	0.79	1.27	0.24	0.21	0.42
Massachusetts	2.00	3.69	2.16	0.34	2.21	0.71	1.70
Michigan	3.32	2.20	1.97	1.19	5.46	1.82	2.34
Minnesota1	2.01	1.12	1.27	0.38	1.63	1.86	2.54
Mississippi	0.18	0.00	0.00	0.00	0.61	1.15	0.00
Missouri	1.90	0.62	0.35	0.26	1.57	0.00	0.02
Montana	0.00	0.00	0.06	0.00	0.00	0.00	0.08
Nebraska	1.24	0.12	0.46	0.00	0.71	0.00	0.00
Nevada	0.85	0.00	0.82	0.20	0.61	2.23	0.00
New Hampshire	0.20	0.63	0.19	0.68	0.18	0.08	0.00
New Jersey	6.10	6.46	15.20	4.63	9.13	4.98	8.19
New Mexico	0.16	0.00	0.72	0.65	0.17	0.05	0.00
New York	8.96	14.57	12.11	15.99	10.12	11.91	15.96
North Carolina	0.15	0.69	0.19	0.14	0.00	1.36	0.51
North Dakota	0.09	0.00	0.02	0.00	0.20	0.00	0.00
Ohio	3.13	2.79	1.54	2.51	3.22	1.59	2.07
Oklahoma	0.54	2.61	0.76	2.25	0.54	0.00	0.78
Oregon	0.83	0.12	0.75	0.52	0.81	0.25	0.14
Pennsylvania	6.33	2.56	4.51	2.12	2.51	3.41	4.83
Puerto Rico	4.48	4.62	2.98	6.88	4.48	3.23	4.62
Rhode Island	2.40	2.30	1.00	1.93	2.18	1.35	2.44
South Carolina	1.24	1.80	1.71	0.06	0.90	4.94	3.55
South Dakota	0.00	0.00	0.00	0.00	0.28	0.27	0.27
Tennessee	2.42	1.11	0.66	0.43	1.91	1.15	0.44
Texas	8.50	8.18	6.00	7.05	8.33	6.82	3.17
US Virgin Islands	0.00	0.00	0.50	0.00	0.00	0.00	0.00
Utah	0.36	0.07	0.70	0.09	0.50	0.14	0.00
Vermont	0.08	0.21	0.62	0.03	0.31	0.00	0.00
Virginia	1.55	2.66	0.05	2.08	2.56	1.31	2.74
Washington	1.02	0.74	2.16	1.53	0.92	0.51	0.80
West Virginia	0.19	0.59	0.15	0.00	0.49	0.66	1.02
Wisconsin	0.86	3.36	1.13	5.80	0.88	2.09	2.06
Wyoming	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AMT	11.69%	15.39%	19.52%	11.29%	8.52%	0.00%	0.00%

• Certain states require funds meet investment thresholds before a shareholder can exempt distributions attributable to his or her home state. In 2021, none of the funds listed above satisfied the thresholds imposed by California or Minnesota.

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Multi-State Municipal Funds (continued)

The information below summarizes the percentage of exempt interest income received by various BlackRock Closed-End Funds on a state-by-state basis. These percentages may be useful in completing your state tax return. In addition, the percentage of income that represents a tax preference item (relating to tax-exempt interest income from certain private activity bonds) for Federal Alternative Minimum Tax ("AMT") purposes is included for each Fund. Your portion of the exempt-interest income has been included on your Form 1099-DIV. Some states require a minimum percentage of home state bonds to permit the state tax exemption.

Shareholders are urged to consult their tax advisor concerning the application of this information.

	BlackRock	BlackRock	BlackRock	BlackRock	BlackRock	BlackRock	BlackRock
	Municipal Income	Municipal	Municipal 2030
State	Municipal Income	MuniEnhanced	MuniHoldings Fund,	MuniHoldings
	Quality Trust	Trust (BFK)	Income Trust II	Target Term Trust	Fund, Inc. (MEN)	Inc. (MHD)	Fund II, Inc. (MUH)
	(BYM)		(BLE)	(BTT)
Alabama	0.00	2.04	1.56	1.84	0.18	1.00	1.12
Alaska	0.17	0.04	0.00	0.02	0.22	0.05	0.00
Arizona	1.00	2.84	1.82	1.48	1.52	2.28	1.35
Arkansas	0.00	0.58	0.36	0.00	0.32	0.73	0.60
California1	8.80	4.40	6.18	5.33	9.87	7.82	3.85
Colorado	1.04	1.31	1.71	5.16	1.30	2.21	2.01
Connecticut	0.61	0.19	0.40	0.53	0.34	0.71	0.00
Delaware	0.53	0.23	0.19	0.38	0.00	0.41	0.61
Dist of Columbia	2.79	5.95	3.80	0.23	0.87	2.38	2.83
Florida	4.09	2.05	4.30	8.61	9.33	5.61	5.63
Georgia	0.68	2.15	2.26	0.93	3.15	1.86	3.02
Guam	0.00	0.00	0.00	0.03	0.00	0.00	0.00
Hawaii	0.00	0.00	0.18	0.00	0.00	0.23	0.00
Idaho	0.00	0.15	0.44	0.01	0.00	0.46	1.27
Illinois	14.34	7.75	7.84	10.17	9.40	8.27	6.81
Indiana	0.17	2.38	2.29	1.91	0.56	1.50	2.54
Iowa	0.65	1.07	1.21	3.33	0.00	0.78	1.17
Kansas	0.86	0.00	0.04	0.06	0.84	0.05	0.00
Kentucky	0.00	0.88	0.94	0.38	0.00	0.84	0.63
Louisiana	0.00	0.95	0.79	2.00	1.27	1.22	2.24
Maine	0.00	0.00	0.03	0.08	0.03	0.02	0.13
Maryland	1.54	0.26	0.06	1.24	1.28	1.49	2.65
Massachusetts	4.24	1.68	1.58	1.01	1.77	2.51	4.59
Michigan	6.17	1.87	2.23	1.18	5.61	3.07	4.16
Minnesota1	0.24	0.72	1.26	0.24	0.00	0.82	0.00
Mississippi	0.00	0.00	0.14	0.89	0.00	0.67	0.00
Missouri	0.00	0.68	0.60	0.49	0.38	0.66	0.28
Montana	0.00	0.00	0.06	0.24	0.00	0.01	0.00
Nebraska	1.32	0.58	0.41	0.48	1.48	0.20	0.24
Nevada	1.05	0.00	0.06	0.63	0.93	0.90	0.67
New Hampshire	0.09	0.58	0.47	0.31	0.00	0.42	0.85
New Jersey	6.38	10.50	9.23	11.23	7.90	7.89	7.53
New Mexico	0.11	0.00	0.01	0.99	0.04	0.05	0.00
New York	8.17	17.06	15.06	2.75	6.74	11.31	11.46
North Carolina	0.60	1.01	0.82	0.02	0.00	0.76	0.79
North Dakota	0.00	0.24	0.14	0.00	0.00	0.09	0.00
Ohio	2.84	2.12	2.08	0.72	3.07	2.44	2.25
Oklahoma	0.00	1.08	0.88	0.48	0.10	0.53	0.40
Oregon	0.28	0.54	0.32	0.31	0.46	0.52	0.37
Pennsylvania	4.07	2.12	3.30	13.02	7.34	4.23	4.30
Puerto Rico	3.49	4.61	4.49	3.14	3.14	4.32	4.71
Rhode Island	1.15	1.91	2.05	0.92	0.85	1.59	2.29
South Carolina	3.38	3.52	3.57	0.56	3.55	3.08	3.41
South Dakota	0.31	0.00	0.08	0.00	0.74	0.10	0.00
Tennessee	0.01	0.58	1.48	0.44	0.40	1.07	0.67
Texas	12.61	8.79	7.01	13.00	11.31	6.95	7.27
US Virgin Islands	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Utah	0.51	0.56	0.34	0.20	0.45	0.33	0.09
Vermont	0.00	0.00	0.28	0.00	0.00	0.15	0.00
Virginia	1.42	2.29	2.36	0.54	0.74	2.09	1.40
Washington	1.20	1.18	1.90	1.18	0.79	1.53	1.49
West Virginia	0.57	0.08	0.35	0.14	0.13	0.41	0.64
Wisconsin	2.52	0.48	1.04	1.17	1.60	1.36	1.68
Wyoming	0.00	0.00	0.00	0.00	0.00	0.02	0.00
AMT	0.00%	8.10%	10.30%	14.24%	17.06%	10.69%	13.42%

• Certain states require funds meet investment thresholds before a shareholder can exempt distributions attributable to his or her home state. In 2021, none of the funds listed above satisfied the thresholds imposed by California or Minnesota.

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