BlackRock Broad Investment Grade 2009 Term Trust (BCT)

 
8-K

 
Other

  • NSAR-A (Jun 29, 2010)
  • N-8F ORDR (Mar 16, 2010)
  • N-8F NTC (Feb 4, 2010)
  • N-8F (Jan 5, 2010)
  • NSAR-B (Dec 28, 2009)
  • 25-NSE (Oct 13, 2009)
BlackRock Broad Investment Grade 2009 Term Trust DEF 14A 2006

Documents found in this filing:

  1. Def 14A
  2. Graphic
  3. Graphic
  4. Graphic
  5. Graphic
  6. Graphic

                                  SCHEDULE 14A

                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION

                Proxy Statement Pursuant to Section 14(a) of the
               Securities Exchange Act of 1934 (Amendment No.   )

Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]

Check the appropriate box:

[_]  Preliminary Proxy Statement          [_]  Soliciting Material Under Rule
[_]  Confidential, For Use of the              14a-12
     Commission Only (as permitted
     by Rule 14a-6(e)(2))
[X]  Definitive Proxy Statement
[_]  Definitive Additional Materials


THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. (“BKN”) 
THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC. (“BRM”) 
THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC. (“BFC”) 
THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST (“BRF”) 
THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC. (“BLN”) 
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC. (“BCT”) 
THE BLACKROCK INCOME TRUST INC. (“BKT”)
THE BLACKROCK HIGH YIELD TRUST (“BHY”)
THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC. (“BMN”)
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC. (“RAA”) 
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (“RFA”) 
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC. (“RNJ”) 
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC. (“RNY”) 
THE BLACKROCK INCOME OPPORTUNITY TRUST INC. (‘”BNA”)
THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. (“BMT”)
THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST (“BPS”) 
THE BLACKROCK STRATEGIC MUNICIPAL TRUST (“BSD”)
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (“BBF”)
BLACKROCK MUNICIPAL INCOME TRUST (“BFK”)
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (“BFZ”)
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (“BNJ”)
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (“BNY”)
BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST (“BJZ”)
BLACKROCK MUNICIPAL 2018 TERM TRUST (“BPK “)
BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST (“BLH”)
BLACKROCK CORE BOND TRUST (“BHK”)
BLACKROCK STRATEGIC BOND TRUST (“BHD”)
BLACKROCK MUNICIPAL BOND TRUST (“BBK”)
BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST (“BZA”)
BLACKROCK FLORIDA MUNICIPAL BOND TRUST (“BIE”)
BLACKROCK MARYLAND MUNICIPAL BOND TRUST (“BZM”)
BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST (“BLJ”)
BLACKROCK NEW YORK MUNICIPAL BOND TRUST (“BQH”)
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST (“BHV”)
BLACKROCK MUNICIPAL INCOME TRUST II (“BLE”)
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II (“BCL”)
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II (“BFY”)
BLACKROCK INSURED MUNICIPAL INCOME TRUST (“BYM”)
BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST (“BCK”) 
BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST (“BAF”)
BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST (“BSE”) 
BLACKROCK PREFERRED OPPORTUNITY TRUST (“BPP”)
BLACKROCK LIMITED DURATION INCOME TRUST (“BLW”)
BLACKROCK MUNICIPAL 2020 TERM TRUST (“BKK”)
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST (“BFO”)
BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST (“BDV”)
BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST (“BDT”)
BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST (“BQY”) 
BLACKROCK GLOBAL FLOATING RATE INCOME TRUST (“BGT”)
BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST (“BGR”)
BLACKROCK HEALTH SCIENCES TRUST (“BME”)
BLACKROCK HIGH INCOME SHARES (“HIS”)
BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST (“BOE”)
BLACKROCK ENHANCED DIVIDEND ACHIEVERS (TM) TRUST (“BDJ”)
BLACKROCK WORLD INVESTMENT TRUST (“BWC”)
BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST (“BTA”) 
 
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BLACKROCK CLOSED-END FUNDS
100 BELLEVUE PARKWAY
WILMINGTON, DELAWARE 19809


NOTICE OF JOINT ANNUAL MEETING OF
STOCKHOLDERS/SHAREHOLDERS
TO BE HELD ON MAY 23, 2006


          Notice is hereby given to the Stockholders/Shareholders of each of the BlackRock Closed-End Funds listed on Appendix A to the Proxy Statement accompanying this notice (collectively, the “Trusts”) that:

          The Joint Annual Meeting of Stockholders/Shareholders of the Trusts (the “Annual Meeting”) will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on Tuesday, May 23, 2006, at 10:00 a.m. (New York City time). For the sake of convenience and clarity, individual Trusts are identified throughout this notice and the attached Proxy Statement by their trading symbols. A list of the Trusts setting forth each Trust’s full name and trading symbol is attached to the Proxy Statement accompanying this notice as Appendix A. The Annual Meeting is being held for the following purposes:

 

 

1.

For shareholders of all Trusts, to elect nominees for the Board of Directors of each Trust in which they own shares.

 

 

2.

For each of the following Trusts, to amend its respective Declaration of Trust to expand the authority of the executive committee of the Board of Directors:


 

 

 

 

 

BHY

BPS

BSD


 

 

3.

For each of the following Trusts, to amend its respective Certificate of Designation or Statement of Preferences, as appropriate, to revise the language regarding preferred shares to allow the Trusts to follow the most recent guidelines of Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and/or Fitch Ratings (“Fitch”), as appropriate, for credit rating criteria in effect from time to time to maintain a “AAA” rating on preferred shares:


 

 

 

 

 

RAA

BFC

BMT

 

RFA

BRM

 

 

RNJ

BLN

 

 

RNY

BSD

 

 

BKN

BRF

 

 

 

 

 


 

 

4.

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

THE BOARD OF DIRECTORS (THE “BOARD”) OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE PROPOSALS.

          We encourage you to contact BlackRock toll free at (800) 882-0052 from 9:00 a.m. to 6:00 p.m. EST if you have any questions.


          The Board of each Trust has fixed the close of business on February 28, 2006 as the record date for the determination of Stockholders/Shareholders entitled to notice of, and to vote at, the Annual Meeting. We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or record your voting instructions via telephone or the internet (for those Trusts that permit voting by telephone or internet) so you will be represented at the Annual Meeting.

 

By order of the

Board of each Trust

 

Vincent B. Tritto, Secretary of each Trust






New York, New York
April 19, 2006


IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN PERSON OR BY PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE VOTE BY TELEPHONE, INTERNET OR MAIL. (NOT EVERY TRUST PERMITS VOTING BY INTERNET AND TELEPHONE. PLEASE CHECK YOUR PROXY CARD.) IF VOTING BY MAIL PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. IF YOU ATTEND THE ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU WILL BE ABLE TO DO SO AND YOUR VOTE AT THE ANNUAL MEETING WILL REVOKE ANY PROXY YOU MAY HAVE SUBMITTED. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN, PLEASE SEND IN YOUR PROXY CARD TODAY.

2


BLACKROCK CLOSED-END FUNDS
PROXY STATEMENT
FOR
JOINT ANNUAL MEETING OF STOCKHOLDERS/SHAREHOLDERS
TO BE HELD ON MAY 23, 2006

          This document will give you the information you need to vote on the matters listed on the accompanying Notice of Joint Annual Meeting of Stockholders/Shareholders (“Notice of Annual Meeting”). Much of the information in this joint proxy statement (“Proxy Statement”) is required under rules of the Securities and Exchange Commission (“SEC”); some of it is technical. If there is anything you don’t understand, please contact us at our toll-free number, (800) 882-0052.

          This Proxy Statement is furnished in connection with the solicitation by the respective Board of Directors or Trustees, as the case may be (the “Board”), of each of the Trusts (as defined in the Notice of Annual Meeting) of proxies to be voted at the Joint Annual Meeting of Stockholders/Shareholders of the Trusts to be held on Tuesday, May 23, 2006, and any adjournment or postponement thereof (the “Annual Meeting”). The Annual Meeting will be held at the New York East Side Marriott, 525 Lexington Avenue, New York, New York, on May 23, 2006, at 10:00 a.m. (New York City time). As used in the Notice of Annual Meeting and as used herein, the term “Board of Directors” shall include Board of Trustees, “Directors” shall include Trustees, the term “shareholders” shall include stockholders and the term “share” shall include stock where the use of the terms “Board of Trustees” or “Trustees” or “stockholders” or “stock” would otherwise be appropriate. This Proxy Statement, the Notice of Annual Meeting and the enclosed proxy card are first being sent to the Trusts’ shareholders on or about April 19, 2006.

*     WHY IS A SHAREHOLDER MEETING BEING HELD?

          Because the common shares of each Trust are listed on a nationally recognized stock exchange that requires each Trust to hold an annual meeting of shareholders.

*     WHAT PROPOSALS WILL BE VOTED ON?

          In the first proposal (the “First Proposal” or “Proposal 1”), shareholders of all Trusts are being asked to elect nominees for the Board of Directors of each Trust in which they own shares.

          In the second proposal (the “Second Proposal” or “Proposal 2”), shareholders of the following Trusts are being asked to approve an amendment to the Declaration of Trust of each such Trust to allow the Trustees to expand the authority of the executive committee of the Board of Directors:

 

 

 

 

 

BHY

BPS

BSD

          In the third proposal (the “Third Proposal” or “Proposal 3”), shareholders of the following Trusts are being asked to approve an amendment to the Certificate of Designation or Statement of Preferences, as appropriate, to revise the language regarding preferred shares to allow the Trusts to follow the most recent guidelines of Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and/or Fitch Ratings (“Fitch”), as appropriate, for credit rating criteria in effect from time to time to maintain a AAA rating on preferred shares:

 

 

 

 

 

RAA

BFC

BMT

 

RFA

BRM

 

 

RNJ

BLN

 

 

RNY

BSD

 

 

BKN

BRF

 

 

 

 

 


Summary:

 

 

 

 

 

 

 

 

 

PROPOSALS

 

 

TRUST

 

 


 

 


 

 

#1 To elect Directors

 

All Trusts

 

 

 

 

 

 

#2 To amend the Trusts’ Declaration of Trust

 

BHY

BPS

BSD

 

 

 

 

 

 

 

 

 

#3 To amend the Trusts’ Certificate of Designation or Statement of Preferences, as appropriate

 

RAA

BFC

BMT

 

 

 

 

RFA

BRM

 

 

 

 

 

RNJ

BLN

 

 

 

 

 

RNY

BSD

 

 

 

 

 

BKN

BRF

 

 

 

 

 

 

 

 

 

 

 

*

WILL MY VOTE MAKE A DIFFERENCE?

               YES! Your vote is important and will make a difference in the governance of the Trust(s), no matter how many shares you own.

 

 

*

WHO IS ASKING FOR YOUR VOTE?

               The enclosed proxy is solicited by the Board of each Trust for use at the Annual Meeting to be held on Tuesday, May 23, 2006, and, if the Annual Meeting is adjourned or postponed, at any later meetings, for the purposes stated in the Notice of Annual Meeting (see previous pages). The Notice of Annual Meeting, the proxy and this Proxy Statement are being mailed on or about April 19, 2006.

 

 

*

HOW DO THE TRUSTS’ BOARDS RECOMMEND THAT SHAREHOLDERS VOTE ON THE PROPOSALS?

               Each Board unanimously recommends that you vote “FOR” each respective Proposal on which you are entitled to vote.

 

 

*

WHO IS ELIGIBLE TO VOTE?

               Shareholders of record of each Trust at the close of business on February 28, 2006 are entitled to be present and to vote at the Annual Meeting or any adjourned or postponed meeting.

               Each share is entitled to one vote. Shares represented by duly executed proxies will be voted in accordance with your instructions. If you sign the proxy, but don’t fill in a vote, your shares will be voted in accordance with your Board’s recommendation. If any other business is brought before your Trust’s Annual Meeting, your shares will be voted at your Board’s discretion.

 

 

*

HOW MANY SHARES OF EACH TRUST WERE OUTSTANDING AS OF THE RECORD DATE?

               Appendix B sets forth the number of outstanding shares for each Trust at the close of business on February 28, 2006.

 

 

*

WHAT IS A QUORUM FOR PURPOSES OF THE PROPOSALS BEING VOTED ON AT THE MEETING?

               The holders of a majority of outstanding common shares and preferred shares, taken together, present at the Annual Meeting in person or by proxy will constitute a quorum for (i) for the election of directors, other than Kathleen F. Feldstein and Frank J. Fabozzi, and (ii) Proposal 2.

               The holders of a majority of outstanding preferred shares present at the Annual Meeting in person or by proxy will constitute a quorum for (i) the election of Kathleen F. Feldstein and Frank J. Fabozzi as directors elected by the owners of preferred shares, and (ii) Proposal 3.

 

 

*

WHY DOES THIS PROXY STATEMENT LIST SEVERAL CLOSED-END FUNDS?

 

 

               The Trusts have similar proposals and it is cost-efficient to have a joint proxy statement and one annual meeting. In the event that any shareholder present at the Annual Meeting objects to the holding of a joint meeting and moves for an adjournment of his or her Trust’s meeting to a time immediately after the Annual Meeting so that such Trust’s meeting may be held separately, the persons named as proxies will vote in favor of such adjournment. Shareholders of each Trust will vote separately on the respective Proposals relating to their Trust. In any event, an unfavorable vote on any Proposal by the shareholders of one Trust will not affect the implementation of such Proposal by another Trust if the Proposal is approved by the shareholders of that Trust.

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The Proposals

*        FIRST PROPOSAL: TO ELECT DIRECTORS

          WHO ARE THE NOMINEES FOR DIRECTORS?

          The Directors of the Trusts are classified into three classes of Directors: Class I, Class II and Class III. Each class has a term of three years. The term of office of one class of Directors is expiring for each Trust and the Directors of the respective Trust whose terms are expiring are being nominated for election at the Annual Meeting.

          Some of the Trusts have issued preferred shares. As required by the 1940 Act, owners of preferred shares, voting as a separate class, are entitled to elect two directors. Historically, Messrs. Cavanagh and Fabozzi have been the directors elected by the owners of preferred shares. The Governance Committee has recommended that Mr. Cavanagh resign from the role of preferred share director because it is anticipated that he will become the lead independent director when Dr. Brimmer retires and the committee believes it is more appropriate for the lead independent director to be elected by all of the shareholders. The Governance Committee has nominated Kathleen F. Feldstein to replace Mr. Cavanagh as the second director elected by owners of preferred shares. Accordingly, the Boards of those Trusts issuing preferred shares here nominated Kathleen F. Feldstein and Frank J. Fabozzi to be elected by the owners of preferred shares.

          Mr. Cavanagh, a Class I Director, and Ms. Feldstein, a Class II Director, will each stand for election to the Board of each Trust schedule to vote for their respective class at the Annual Meeting. In addition, Mr. Cavanagh will stand for election to Board of each other Trust that has preferred shares outstanding, because the common shareholders of those Trusts previously have not had the opportunity to vote for him. Similarly, Ms. Feldstein will stand for election to the Board of each other Trust that has preferred shares outstanding, because the preferred shareholders of those Trusts, voting as a separate class, previously have not had the opportunity to vote for her as a preferred share Director.

          The following table sets forth the class and nominees to be voted on by each Trust. Each nominee’s background is described in further detail below. Unless indicated by an asterisk, each Director will be voted on by holders of common shares and preferred shares voting together as a single class and the holders of any preferred shares will have equal voting rights with the holders of common shares (i.e., one vote per share).

 

 

 

 

 

 

 

TRUST

DIRECTORS
STANDING FOR ELECTION

Class I Directors

Class II Directors

Class III Directors

BPK

BFZ

BJZ

BGT

Richard E. Cavanagh

Frank J. Fabozzi*
Kathleen F. Feldstein*
Ralph L. Schlosstein

__

BBF

BNJ

BLH

 

BFK

BNY

BMT

 

BDT

BQY

BHK

BME

__

Frank J. Fabozzi
Kathleen F. Feldstein
Ralph L. Schlosstein

__

BOE

BDJ

BHD

HIS

BKT

BNA

BWC

 

BGR

BMN

BTA

 

BPS

BPP

BFO

RNJ

Richard E. Cavanagh

Kathleen F. Feldstein*

Andrew F. Brimmer
Kent Dixon
Robert S. Kapito

BSD

BKK

RNY

RAA

RFA

 

 

 

BLW

BDV

BCT

 

__

__

Andrew F. Brimmer
Kent Dixon
Robert S. Kapito

BBK

BKN

BLE

BYM

Richard E. Cavanagh
R. Glenn Hubbard

Kathleen F. Feldstein*

__

BQH

BRF

BCL

BLJ

BZA

BHV

BRM

BSE

BZM

BIE

BFY

BFC

BCK

BAF

BLN

 

BHY

 

 

 

Richard E. Cavanagh
R. Glenn Hubbard

__

__

*          Voted on by preferred shareholders only.

3


          Each Director elected will hold office for three years or until their respective class stands for re-election, whichever is shorter, and until their successors shall have been elected and qualified. The other Directors of the Trusts will continue to serve under their current terms. The other classes will be elected at subsequent annual meetings of shareholders.

          BCT holds substantially all of its assets in its wholly owned subsidiary, BCT Subsidiary Inc. (“BCTS”). The Board of the wholly owned subsidiary is identical to the Board of its parent company. Accordingly, nominees elected as Directors of BCT will be appointed by BCT to serve as Directors of BCTS which has investment objectives and policies identical to BCT.

          Mr. James Clayburn La Force, Jr. and Mr. Walter F. Mondale retired from the Board of Directors on February 23, 2006.

          Certain information concerning the nominees for each of the Trusts is set forth in the table below. All of the nominees are currently Directors of each of the Trusts, including BCTS, and have served in such capacity since each of the Trusts commenced their respective operations, except for the following exceptions:

 

 

Mr. Richard E. Cavanagh has served as Director since his appointment by the Boards of BKN, BRM, BFC, BRF, BLN, BCT, BKT, BMN, RAA, RFA, RNJ, RNY, BNA and BMT on August 11, 1994 to fill a vacancy;

 

 

Mr. Robert S. Kapito was appointed by the Boards on August 22, 2002 to fill a vacancy for each of the Trusts in existence on such date;

 

 

Mr. R. Glenn Hubbard was appointed to the Board of each Trust November 23, 2004 for each of the Trusts in existence on such date; and

 

 

Ms. Kathleen F. Feldstein was appointed as a board member to BKT, BNA, BMN, BMT, BGR, RNY, RNJ, RFA, RAA, BSD, BPS, BCT, BKN, BRM, BFC, BRF, BLN and BHY and an Advisory Board member to the other Trusts then in existence as of January 19, 2005. She was elected as a Director to such other Trusts at the annual meeting of shareholders on May 26, 2005.

          As of February 28, 2006, each Director holds his/her position as to each of the 56 active closed-end funds advised by BlackRock Advisors, Inc. (the “Fund Complex”). As of February 28, 2006, the Fund Complex consisted of 56 active closed-end funds, each with one investment portfolio. Certain information concerning the nominees for each of the Trusts is set forth in the table below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “interested” Directors (as defined in Section 2(a)(19) of the 40 Act) are indicated by an (*). Independent directors are those who are not interested persons of the Trusts or BlackRock Advisors, Inc. for purposes of the Investment Company Act of 1940 and comply with the definition of “independent” (as defined in Rule 10A-3 under the Securities Exchange Act of 1934) (the “Independent Directors”). Unless specified otherwise below, the business address of the Directors and officers of each of the Trusts is 40 East 52nd Street, New York, New York 10022, and the address of BlackRock Advisors, Inc. (the “Advisor”) is 100 Bellevue Parkway, Wilmington, Delaware 19809.

 

 

 

 

 

NAME, ADDRESS AND AGE

 

PRINCIPAL OCCUPATION(S) DURING
PAST 5 YEARS

 

OTHER DIRECTORSHIPS HELD BY DIRECTOR OR NOMINEE FOR DIRECTOR






 

 

 

 

 

INTERESTED DIRECTORS:

 

 

 

 

 

 

 

 

 

Ralph L. Schlosstein*
Age 55
Class II

 

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles. Chairman of the Board of Anthracite Capital, Inc. since September 2005.

 

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education, the Public Theater in New York City and the James Beard Foundation. Formerly, a director of Pulte Corporation, the nation’s largest homebuilder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

4


 

 

 

 

 

Robert S. Kapito*
Age: 49
Class III

 

Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group of BlackRock, Inc. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

 

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

 

 

 

 

 

INDEPENDENT DIRECTORS:

 

 

 

 

 

 

 

 

 

Andrew F. Brimmer
P.O. Box 4546
New York, NY 10163
Age: 79
Class III

 

President of Brimmer & Company, Inc., a Washington D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts - Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Formerly Chairman, District of Columbia Financial Control Board.

 

Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of AirBorne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).

 

 

 

 

 

Richard E. Cavanagh
P.O. Box 4546
New York, NY 10163
Age: 59
Class I

 

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

 

Trustee of Aircraft Finance Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.

 

 

 

 

 

Kent Dixon
P.O. Box 4546
New York, NY 10163
Age: 68
Class III

 

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

 

Former Director of ISFA (the owner of INVEST, a national securities brokerage service designed for banks and thrift institutions).

 

 

 

 

 

Frank J. Fabozzi
P.O. Box 4546
New York, NY 10163
Age: 57
Class II

 

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton Fellow at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.

 

Director, Guardian Mutual Funds Group (18 portfolios).

5


 

 

 

 

 

Kathleen F. Feldstein
P.O. Box 4546
New York, NY 10163
Age: 65
Class II

 

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

 

Director of BellSouth Inc., Ionics, Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development and member of Partners HealthCare and Sherrill House Inc.; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.

 

 

 

 

 

R. Glenn Hubbard
P.O. Box 4546
New York, NY 10163
Age: 47
Class I

 

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting Professor at the John F. Kennedy School of Government at Harvard University and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001-2003.

 

Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.

DO THE TRUSTS HAVE ANY COMMITTEES?

          Yes. The Trusts’ Directors have determined that the efficient conduct of the Trusts’ affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Boards. The committees meet as often as necessary, either in conjunction with regular meetings of the Directors or otherwise. The Board has created a Governance Committee comprised of all of the Independent Directors. The Governance Committee appoints the members and chairperson of the Compliance Committee, Portfolio Review Committees and the chairperson of the Governance Committee. The Board appoints the members and chairperson of the Audit Committee.

GOVERNANCE COMMITTEE

          Each of the Trusts has a Governance Committee, which also performs the functions normally performed by a nominating committee. The 1940 Act requires that the Trusts have a minimum proportion of directors who are not affiliated in any way with the investment manager, principal underwriter or any broker-dealer of the Trusts. These Independent Directors must vote separately to approve all financial arrangements and other agreements with the Trusts’ investment manager and other affiliated parties. Each Trust’s Independent Directors meet regularly (at least quarterly) as a group in executive session as the Governance Committee. As part of its duties, the Governance Committee makes recommendations to the full Board of each Trust with respect to candidates for the Board and with respect to the compensation of Directors. The Governance Committee will consider director candidates recommended by shareholders. In considering candidates submitted by shareholders, the Governance Committee will take into consideration the needs of the Board and the qualifications of the candidate. The Governance Committee may also take into consideration the number of shares held by the recommending shareholder and the length of time that such shares have been held. To have a candidate considered by the Governance Committee, a shareholder must submit the recommendation in writing and must include:

 

 

 

 

The name of the shareholder and evidence of the person’s ownership of shares of the applicable Trust(s), including the number of shares owned and the length of time of ownership; and

 

 

 

 

The name of the candidate, the candidate’s resume or a listing of his or her qualifications to be a Director of the Trust(s) and the person’s consent to be named as a Director if selected by the Governance Committee and nominated by the Board.

          The shareholder recommendation and information described above must be sent to the Corporate Secretary, c/o BlackRock, P.O. Box 4546, New York, New York 10163, and must be received by the Corporate Secretary not less than 120 days

6


prior to the anniversary date of the Trust’s most recent annual meeting of shareholders (which deadline will be no later than January 23, 2007, for next year’s Annual Meeting). The Governance Committee believes that the minimum qualifications for serving as a Director of the Trust(s) are that a candidate demonstrate, by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board’s oversight of the business and affairs of the Trust(s) and have an impeccable record and reputation for honest and ethical conduct in both his or her professional and personal activities. In addition, the Governance Committee examines a candidate’s specific experiences and skills, time availability in light of other commitments, potential conflicts of interest and independence from management and the Trust(s). The Governance Committee also seeks to have the Board represent a diversity of backgrounds and experience.

          The Joint Governance Committee Charter of the Trusts is available at BlackRock, Inc.’s (“BlackRock ’s”) website at http://www.blackrock.com/indiv/products/closedendfunds/corpgov.html.

AUDIT COMMITTEE

          Each of the Trusts has an Audit Committee, composed of four of the Independent Directors, which is charged with selecting a firm of independent registered public accountants for its respective Trust and reviewing accounting matters with the accountants.

          The Audit Committee of each Trust presents the following report:

          The Audit Committee of each Trust has performed the following functions: (i) the Audit Committee reviewed and discussed the audited financial statements of each Trust with management of each respective Trust, (ii) the Audit Committee discussed with the independent registered public accounting firm the matters required to be discussed by the Statement on Auditing Standards No. 61, (iii) the Audit Committee received the written disclosures and the letter from the independent registered public accounting firm required by ISB Standard No. 1 and has discussed with the independent registered public accounting firm their independence and (iv) the Audit Committee recommended to the Board of Directors of each Trust that the financial statements be included in each Trust’s Annual Report for the past fiscal year.

          The members of the Audit Committee of each Trust are Messrs. Brimmer (Chairman of the Audit Committee), Cavanagh, Dixon and Fabozzi, all of whom are Independent Directors. The Board of each Trust has determined that each Trust has three audit committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, all of whom are independent for the purpose of the definition of audit committee financial expert as applicable to the Trusts. The Audit Committee is governed by a written charter, which was revised on May 26, 2005 and re-approved in February 2006 and is attached hereto as Appendix C.

PORTFOLIO REVIEW COMMITTEES

          In an effort to continue to improve the Board’s oversight and governance of the Trusts, the Governance Committee created two portfolio review committees (the “Portfolio Review Committees”). The purposes of each Portfolio Review Committee are as follows: (1) to support the Independent Directors in acting independently of BlackRock in pursuing the best interests of the Trusts and their shareholders, (2) to review the investment objectives, policies and practices of each Trust under its oversight, (3) to review with respect to each Trust under its oversight: (a) whether such Trust has complied with its investment policies and restrictions as reflected in its prospectus and Statement of Additional Information, (b) appropriate benchmarks and competitive universes, (c) investment performance, (d) unusual or exceptional investment matters and (e) other matter bearing on such Trust’s investment results.

          Each Trust’s Portfolio Review Committee was formed in November of 2005. The Taxable and Municipal Trusts Portfolio Review Committee is chaired by Richard E. Cavanagh, and Frank J. Fabozzi, Kathleen F. Feldstein, and Ralph L. Schlosstein are members. The Equity and High Yield Trusts Portfolio Review Committee is chaired by Kent Dixon, and R. Glenn Hubbard, and Robert S. Kapito are members. Andrew F. Brimmer is an ex officio member of each Portfolio Review Committee.

          The Portfolio Review Committees may meet as a whole or separately and concurrently with each other. Portfolio reviews of particular Trusts will be allocated among the Portfolio Review Committees as determined by the Governance Committee in consultation with BlackRock.

7


COMPLIANCE COMMITTEE

          Each Trust has a Compliance Committee that was formed in November of 2005. All members of the Compliance Committee are Independent Directors. The members and the chair of the Compliance Committee are determined annually by the Governance Committee. Dr. Andrew F. Brimmer is the chair of the Compliance Committee for each of the Trusts. Richard E. Cavanagh, Kathleen F. Feldstein and R. Glenn Hubbard, are members of the Compliance Committee.

          The purposes of the Compliance Committee are to (1) support the Independent Directors in acting independently of the Adviser in pursuing the best interests of the Trusts and their shareholders, (2) receive information on and, where appropriate recommend policies concerning the Trusts compliance with applicable law, and (3) receive reports from and make recommendations in respect of the Trusts’ Chief Compliance Officer.

EXECUTIVE COMMITTEE

          Each Trust has an Executive Committee composed of Messrs. Schlosstein and Kapito, which acts on behalf of the full Board on certain matters in the interval between meetings of the Board.

 

 

*

DO THE TRUSTS HAVE A POLICY WITH RESPECT TO THE ATTENDANCE OF DIRECTORS AT THE ANNUAL MEETING?

          It is the Trusts’ policy to encourage Directors to attend the Annual Meeting. At the Annual Meeting on May 26, 2005, all of the Trusts’ Directors serving at that time were present.

 

 

*

HOW CAN THE TRUSTS’ SHAREHOLDERS SEND COMMUNICATIONS TO THE DIRECTORS?

          Shareholders and other interested parties may contact the Boards or any member of the Boards by mail or electronically. To communicate with the Boards or any member of the Boards, correspondence should be addressed to the Board or the Board members with whom you wish to communicate by either name or title. All such correspondence should be sent c/o Secretary of the applicable Trust or Trusts at P.O. Box 4546, New York, New York 10163. Shareholders may communicate with the Boards electronically by sending an email to closedendfundsbod@blackrock.com.

 

 

*

HOW MANY SHARES OF THE TRUSTS DO THE DIRECTORS OWN?

          The chart attached hereto as Appendix D lists the number of shares beneficially owned by the Directors and the number of share equivalents owned by the Directors pursuant to the Directors’ deferred compensation plan.

8


 

 

*

HOW OFTEN DO THE DIRECTORS MEET?

          During each Trust’s last full fiscal year, each Director attended at least 75% of the aggregate of: (i) all regular meetings of the Board of each Trust (held during the period for which the Director served on the Board); and (ii) all meetings of all committees of the Board of each Trust on which the Director served (during the periods that the Director served). The number of meetings held are set forth below.

 

 

 

 

 

Trust

Most Recent Fiscal
Year

Number of Meetings

Full Board

Governance Committee

Audit Committee

BZA, BIE, BZM, BBK,
BLJ, BQH, BHV, BLE,
BCL, BFY, BYM, BCK,
BAF and BSE

September 1, 2004 to
August 31, 2005         

7

4

7

BNA, BHD, BCT, BHY,
BKN, BKT, RAA, RNJ,
RNY, BHK, RFA, BBF,
BFK, BFZ, BNJ, BLW,
BNY, BQY, BDT, BDV
and BGT

November 1, 2004 to
October 31, 2005       

7

4

7

BMN, BFC, BLN, BMT,
BRM, BPS, BRF, BSD,
BJZ, BLH, BKK, BFO,
BPP and BPK

January 1, 2005 to  
December 31, 2005

7

4

7

          Annual meeting information and Directors’ attendance for BGR, BOE, BDJ, BME, BWC and BTA have not been provided because such Trusts have not been in operation for a full fiscal year. HIS joined the BlackRock Closed-End Fund complex on March 1, 2005. Annual meeting information and Directors’ attendance for HIS is not included because HIS did not operate for one full fiscal year as part of the BlackRock Closed-End Fund complex.

 

 

*

WHAT ARE THE DIRECTORS PAID FOR THEIR SERVICES?

          The following table sets forth certain information regarding the compensation of the Trusts’ Independent Directors (the Trusts’ interested Directors do not receive a salary from the Trusts).

 

 

 

 

NAME OF DIRECTOR

 

TOTAL COMPENSATION FROM THE FUND
COMPLEX PAID TO DIRECTORS(1)


 


 

 

 

 

Andrew F. Brimmer

 

 

$290,000 (2)(3)(4)

Richard E. Cavanagh

 

 

$210,000 (2)(4)

Kent Dixon

 

 

$210,000 (2)(4)

Frank J. Fabozzi

 

 

$210,000 (2)(4)

Kathleen F. Feldstein

 

 

$190,000 (2)

R. Glenn Hubbard

 

 

$190,000 (2)


 

 

(1)

Represents the total compensation earned by such persons during the calendar year ended December 31, 2005, from the fund complex.

 

 

(2)

Represents the aggregate compensation earned by such persons during the calendar year ended December 31, 2005. Of this amount, Dr. Brimmer, Mr. Cavanagh, Mr. Dixon, Mr. Fabozzi, Ms. Feldstein and Mr. Hubbard deferred $50,000, $50,000, $50,000, $50,000, $30,000 and $190,000, respectively, pursuant to the Fund Complex’s deferred compensation plan (described below).

 

 

(3)

Dr. Brimmer serves as “lead independent director” for each Board in the Fund Complex. For his services as lead independent director, Dr. Brimmer was compensated in the amount of $50,000 per annum by the Fund Complex allocated among the

9


 

 

 

Trusts in the Fund Complex based on each Trust’s relative net assets. Dr. Brimmer received an additional $30,000 per annum from the Fund Complex for his service as the Audit Committee Chairman of the Fund Complex.

 

 

(4)

Messrs. Brimmer, Cavanagh, Dixon and Fabozzi serve on the Audit Committee of the Fund Complex and for their service received an additional $20,000 per annum, allocated among the Trusts in the Fund Complex based on their relative net assets.

          During the last fiscal year, each Independent Director received an annual fee calculated as follows: (i) $6,000 from each Trust in the Fund Complex and (ii) $1,000 for each meeting of each Board in the Fund Complex attended by such Independent Director. The total annual aggregate compensation for each Independent Director was capped at $190,000 per annum, except that Dr. Brimmer received an additional $50,000 per annum from the Fund Complex for acting as the lead independent director for each Board in the Fund Complex and an additional $30,000 per annum from the Fund Complex for acting as the Audit Committee Chairman of the Fund Complex and Messrs. Brimmer, Cavanagh, Dixon and Fabozzi received an additional $20,000 per annum, from the Fund Complex for their service on the Audit Committee of the Fund Complex. This additional compensation to Messrs. Brimmer, Cavanagh, Dixon and Fabozzi was allocated among the Trusts in the Fund Complex based on their relative net assets. In the event that the $190,000 cap was met with respect to an Independent Director, the amount of the Independent Director’s fee borne by each Trust in the Fund Complex was reduced by reference to the net assets of the Trust relative to the other Trusts in the Fund Complex. In addition, the attendance fees of each Independent Director of the Trusts were reduced proportionately, based on each respective Trust’s net assets, so that the aggregate per meeting fee for all meetings of the Boards of the Trusts (excluding the per annum Audit Committee fee) held on a single day did not exceed $15,834 for any Independent Director.

          The following Directors’ fees were accrued by the following Trusts during their last fiscal year from January 1, 2005 to December 31, 2005. These amounts include fees accrued by Messrs. La Force and Mondale, who were members of the Board in 2005 and retired on February 23, 2006.

 

 

 

 

 

 

BRM

$73,000

BGT

$56,700

BLH

$12,800

BLN

$27,700

BPS

$12,400

BPP

$54,500

BFC

$25,900

BSD

$15,300

BKK

$40,200

BRF

$20,800

BMT

$39,700

HIS

$27,000

BFO

$13,100

BJZ

$13,500

BTA(1)

BMN

$67,700

BPK

$33,200

 

 


 

 

(1)

BTA was not yet formed during this time period.

          The following Directors’ fees were accrued by the following Trusts during their last fiscal year from November 1, 2004 to October 31, 2005:

 

 

 

 

 

 

BHY

$12,500

RNY

$12,200

BHK

$58,000

BCT

$12,700

BKN

$36,600

BHD

$13,900

RAA

$12,200

BNA

$59,600

BFK

$79,600

RFA

$12,200

BBF

$14,200

BNJ

$15,700

BFZ

$30,700

BNY

$26,600

BLW

$79,900

RNJ

$12,200

BKT

$58,100

BDV

$88,300

BDT

$57,800

BQY

$15,000

BDJ(1)

$23,500

BGR(1)

$75,600

BOE(1)

$13,100

BME(1)

$14,100

 

 

 

 

BWC(1)

$  1,000


 

 


(1)

BGR, BOE, BDJ, BME and BWC accruals do not represent a full fiscal year because these Trusts were formed during the fiscal period.

          The following Directors’ fees were accrued by the following Trusts during their last fiscal year from September 1, 2004 to August 31, 2005:

 

 

 

 

 

 

BBK

$21,200

BHV

$12,400

BYM

$54,400

BZA

$12,800

BLE

$45,300

BCK

$13,100

10


 

 

 

 

 

 

BIE

$12,800

BCL

$16,100

BAF

$18,300

BZM

$12,400

BLJ

$12,400

BSE

$13,500

BQH

$12,800

BFY

$13,100

 

 

          None of the Directors received any pension or retirement benefits. Under the deferred compensation plan (the “Plan”) approved by each Trust’s Board, Independent Directors may elect to defer receipt of all or a portion of their annual compensation. As of January 1, 2003, the Board elected to require its Independent Directors to defer a portion of their annual compensation pursuant to the Plan. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain BlackRock closed-end Trusts selected by the Directors. This has approximately the same economic effect for the Directors as if the Directors had invested the deferred amounts in such Trusts. The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Directors in order to match its deferred compensation obligations.

          The Independent Directors deferred at least $30,000 of their $190,000 base fee pursuant to the Plan. Also, members of the Audit Committee of the Fund Complex deferred all of the $20,000 per annum fee they received for their services on the Audit Committee pursuant to the Plan.

          None of the officers of the Trusts received any compensation, including pension or retirement benefits, from the Trusts for such period. Messrs. Schlosstein, Kapito, Gabbay, Klingert, Kong, Gary, Tritto, Battista, Kindelan and Ms. Ackerley, officers of the Trusts, are also affiliated with the Advisor or its affiliates, as such, they receive compensation from the Advisor or one of its affiliates. Under the terms of the investment advisory agreements a portion of Mr. Battista’s compensation was reimbursed by the Trusts to the extent of his working time as chief compliance officer of the Trusts.

          The Directors have adopted a new compensation structure for 2006. Under the new compensation structure, the Trusts anticipate that each Director will be compensated as follows:

 

 

 

New Fee

Annual Board Retainer Fee (continue mandatory deferral of $30,000)

$190,000

Anuual Board Meeting Fee (6 meetings including 2 telephonic)

0

              Sub Total Annual Board Retainer and Meeting Fees

190,000

Annual Audit Committee Meeting Fee (6 meetings including 4 telephonic, which may or may not occur in conjunction with regularly scheduled board meetings) (continue mandatory deferral of $20,000)

30,000

Annual Audit Committee Chair Fee

30,000

Annual Lead Director Fee

60,000

Each Board/Audit Committee Meeting Fee in excess of the 6 scheduled meetings (either in-person or telephonic, including organizational meetings for new funds other than meetings held in conjunction with regularly scheduled meetings)

3,000


 

 

*

HOW LARGE A STAKE DO THE DIRECTORS HAVE IN THE TRUSTS?

          The Directors believe each Director should have a beneficial investment in the BlackRock closed-end Trusts. The Directors allocate their investments among the 56 active BlackRock closed-end Trusts based on their own investment needs. The table attached at Appendix E to this Proxy Statement sets forth the dollar range of equity securities beneficially owned and share equivalents held by each Director in all of the BlackRock closed-end Trusts represented in this Proxy Statement as of February 28, 2006.

11


*     WHAT VOTE IS REQUIRED TO APPROVE THIS PROPOSAL?

          The affirmative vote of a plurality of the shares present for each Trust at the Annual Meeting at which a quorum is present and entitled to vote on a Director is necessary to approve the respective Director nominated under Proposal 1 for each respective Trust.

*     HOW DO THE DIRECTORS RECOMMEND I VOTE ON THIS PROPOSAL?

          THE BOARD OF EACH TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO SHAREHOLDERS OF EACH TRUST. THE BOARD OF EACH TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE DIRECTORS NOMINATED UNDER THIS PROPOSAL.

* * * * *

*     SECOND PROPOSAL: FOR EACH OF BHY, BPS AND BSD, TO AMEND ITS DECLARATION OF TRUST TO EXPAND THE AUTHORITY OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES

          The Declaration of Trust of each of BHY, BPS and BSD (the “Proposal 2 Trusts”) currently permits the following: “The Trustees may designate an executive committee which shall have all the authority of the entire Board of Trustees except such committee cannot declare dividends and cannot authorize removal of a trustee or any merger, consolidation or sale of substantially all of the assets of the Trust.”

          The Directors believe that consistency among the Declarations of Trust for the Trusts organized as Delaware statutory trusts generally enhances efficiency in administering the various Trusts. To this end, the Directors believe that creating a uniform provision regarding delegation and committees for all of the Delaware statutory trusts is in the best interests of the shareholders of the Trusts, including the Proposal 2 Trusts. In order to achieve uniformity in the BlackRock closed-end Trusts family, it is necessary for each Proposal 2 Trust to revise the provision to allow as follows: “The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time, except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.” The Directors believe that this amendment would increase the efficiency of the operation of the Proposal 2 Trusts, primarily by permitting the Executive Committee to declare dividends.

          The affirmative vote of a majority of the outstanding shares of a Proposal 2 Trust is necessary to approve Proposal 2 for the respective Trust. Holders of common shares and preferred shares vote together as a single class with respect to this proposal.

          THE BOARD OF EACH PROPOSAL 2 TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO SHAREHOLDERS OF THE RESPECTIVE PROPOSAL 2 TRUST. THE BOARD OF EACH PROPOSAL 2 TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THIS PROPOSAL.

* * * * *

*     THIRD PROPOSAL: FOR EACH OF THE PROPOSAL 3 TRUSTS, TO AMEND ITS RESPECTIVE CERTIFICATE OF DESIGNATION OR STATEMENT OF PREFERENCES, AS APPROPRIATE, TO REVISE THE LANGUAGE REGARDING PREFERRED SHARES TO ALLOW THE TRUSTS TO FOLLOW THE MOST RECENT GUIDELINES OF S&P, MOODY’S AND/OR FITCH, AS APPROPRIATE, FOR CREDIT RATING CRITERIA IN EFFECT FROM TIME TO TIME TO MAINTAIN A “AAA” RATING ON PREFERRED SHARES

          The Certificate of Designation or Statement of Preferences, as appropriate, of each of RAA, RFA, RNJ, RNY, BKN, BFC, BRM, BLN, BSD, BRF and BMT (the “Proposal 3 Trusts”) currently imposes credit rating standards that were in effect for S&P, Moody’s and/or Fitch, as appropriate, at the time the preferred shares were initially offered. In order to keep current the credit rating standards applicable to Proposal 3 Trusts, it is necessary to allow the Proposal 3 Trusts to follow the most recent credit rating criteria of S&P, Moody’s and/or Fitch required to maintain a “AAA” rating on preferred shares. Revising such language will allow the Proposal 3 Trusts to follow the preferred share testing standards as the standards change over time. If the Third Proposal is approved by the shareholders of a Proposal 3 Trust, the Certificate of Designation or Statement of Preferences, as appropriate, of such Trust will be amended, accordingly.

12


          The affirmative vote of the holders of a majority of the outstanding preferred shares of a Proposal 3 Trust is necessary to approve Proposal 3 for the respective Trust.

          THE BOARD OF EACH PROPOSAL 3 TRUST HAS APPROVED SUBMITTING THIS PROPOSAL TO SHAREHOLDERS OF THE RESPECTIVE PROPOSAL 3 TRUST. THE BOARD OF EACH PROPOSAL 3 TRUST, INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THIS PROPOSAL.

* * * * *

FURTHER INFORMATION ABOUT VOTING AND THE ANNUAL MEETING

          The cost of soliciting proxies will be borne by each Trust in proportion to the amount of proxies solicited on behalf of a Trust bears to the total proxies solicited on behalf of all of the Trusts. In addition, certain officers, directors and employees of each of the Trusts and the Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809 (none of whom will receive additional compensation therefor) may solicit proxies by telephone or mail. Also, certain of the Trusts may employ The Altman Group, Inc. pursuant to its standard contract as proxy solicitor, the cost of which will be borne proportionately by each of the Trusts and is estimated to be approximately $2,500 per Trust.

          Abstentions will be counted as shares present at the Annual Meeting and will not affect the result of the vote on Proposal 1. Abstentions on Proposals 2 and 3 will have the same effect as a negative vote.

          All properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Shareholders may revoke their proxies at any time prior to the time they are voted by giving written notice to the Secretary of the Trust by delivering a subsequently dated proxy or by attending and voting at the Annual Meeting.

          The Board of each Trust has fixed the close of business on February 28, 2006 as the record date for the determination of shareholders of each Trust entitled to notice of, and to vote at, the Annual Meeting. Shareholders of each Trust on that date will be entitled to one vote on each matter to be voted on by that Trust for each share held and a fractional vote with respect to each fractional share held with no cumulative voting rights.

ADDITIONAL INFORMATION

EXECUTIVE OFFICERS

          In addition to Messrs. Schlosstein and Kapito, the following executive officers hold the same position with each of the Trusts.

 

 

 

 

 

NAME AND AGE

 

TITLE

 

OTHER PRINCIPAL OCCUPATIONS IN
PAST 5 YEARS


 


 


 

 

 

 

 

Anne Ackerley
Age: 44

 

Vice President

 

Managing Director of BlackRock since 2000. Formerly First Vice President and Chief Operating Officer, Mergers and Acquisitions Group at Merrill Lynch & Co. from 1997 to 2000; First Vice President and Chief Operating Officer, Public Finance Group at Merrill Lynch & Co. from 1995 to 1997; First Vice President, Emerging Markets Fixed Income Research at Merrill Lynch & Co. prior thereto.

 

 

 

 

 

Bartholomew Battista
Age: 47

 

Chief Compliance Officer

 

Chief Compliance Officer and Anti-Money Laundering Compliance Officer of BlackRock since 2004. Chief Com­pliance Officer and Anti-Money Laundering Compliance Officer of BlackRock Funds since 2004. Managing Director (since 2003), and Director (2000-2002) of BlackRock

13


 

 

 

 

 

 

 

 

 

Compliance Officer at Moore Capital Manage­ment from 1995-1998.

 

 

 

 

 

Henry Gabbay
Age: 58

 

Treasurer

 

Managing Director of BlackRock and its predecessor entities.

 

 

 

 

 

Jeff Gary
Age: 43

 

Vice President

 

Managing Director of BlackRock since 2003. Formerly, Managing Director and high yield portfolio manager with AIG (American General) Investment Group.

 

 

 

 

 

Brian P. Kindelan
Age: 46

 

Assistant Secretary

 

Managing Director and Senior Counsel (since January 2005), Director and Senior Counsel (2001-2004) and Vice President and Senior Counsel (1998-2000), BlackRock; Senior Counsel, PNC Bank Corp. from May 1995 to April 1998; Associate, Stradley, Ronon, Stevens & Young, LLP from March 1990 to May 1995.

 

 

 

 

 

Kevin Klingert
Age: 43

 

Vice President

 

Managing Director of BlackRock and its predecessor entities.

 

 

 

 

 

James Kong
Age: 45

 

Assistant Treasurer

 

Managing Director of BlackRock and its predecessor entities.

 

 

 

 

 

Vincent B. Tritto
Age: 44

 

Secretary

 

Managing Director, Senior Counsel and Assistant Secretary of BlackRock (since January 2005) and Director, Senior Counsel and Assistant Secretary (2002-2004) of BlackRock. Formerly, Executive Director (2000-2002) and Vice President (1998-2000), Morgan Stanley & Co. Incorporated and Morgan Stanley Asset Management Inc. and officer of various Morgan Stanley-sponsored investment vehicles; Counsel (1998) and associate (1988-1997), Rogers & Wells LLP, New York, NY; Foreign Associate (1992-1994), Asahi Law Offices/Masuda & Ejiri, Tokyo, Japan.

INVESTMENT ADVISOR

          The Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly owned subsidiary of BlackRock, which is one of the largest publicly traded investment management firms in the United States, with approximately $452.7 billion of assets under management as of December 31, 2005. BlackRock manages assets on behalf of institutions and individual investors worldwide, through a variety of equity, fixed income, liquidity and alternative investment separate accounts and mutual funds, including the BlackRock Funds and BlackRock Liquidity Funds. In addition, BlackRock provides risk management and investment system services to a growing number of institutional investors under the BlackRock Solutions(R) name. Clients are served from BlackRock’s headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, Morristown, San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock is a member of The PNC Financial Services Group, Inc. (NYSE: PNC), one of the largest diversified financial services organizations in the United States, and is majority owned by PNC and by BlackRock employees. The Advisor also acts as the administrator of the Trusts.

          BlackRock, Inc. and Merrill Lynch & Co., Inc. (“Merrill Lynch”) announced on February 15, 2006 that they had reached an agreement to merge Merrill Lynch’s investment management business, Merrill Lynch Investment Managers, with BlackRock to create a new independent company. Merrill Lynch will have a 49.8% economic interest and a 45% voting interest in the combined company and PNC, which currently holds a majority interest in BlackRock, will have approximately a 34% economic and voting interest. The new company will operate under the BlackRock name and be governed by a board of directors with a

14


majority of independent members. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board in order to assure its independence. Completion of the transaction is subject to various regulatory approvals, client consents, approval by BlackRock shareholders and customary conditions.

          The executive officers of the Advisor are:

 

 

 

 

 

NAME

 

POSITION


 

 


 

 

 

 

Laurence D. Fink

 

Chief Executive Officer

 

 

 

Ralph L. Schlosstein

 

President

 

 

 

Robert S. Kapito

 

Vice Chairman

 

 

 

Robert P. Connolly

 

General Counsel and Secretary

 

 

 

Bartholomew Battista

 

Chief Compliance Officer

          Mr. Schlosstein is a Director of the Trusts, Mr. Kapito is an officer and Director of the Trusts and Mr. Battista is an officer of the Trusts.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

          Deloitte & Touche LLP (“D&T”) has been selected as the independent registered public accounting firm by the Audit Committee of each Trust and ratified by a majority of each Trust’s Board, including a majority of the Independent Directors, by vote cast in person, to audit the accounts of each Trust for and during each Trust’s fiscal year ending in 2006. None of the Trusts knows of any direct or indirect financial interest of D&T in the Trusts.

          Representatives of D&T will attend the Annual Meeting, will have the opportunity to make a statement if they desire to do so and will be available to answer questions.

AUDIT FEES

          The aggregate fees billed to each Trust by D&T for professional services rendered for the audit of each Trust’s annual financial statements for the most recent fiscal year (or period) were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

29,500

 

 

BLJ

 

$

25,300

 

 

BFC

 

$

22,000

 

 

BHY

 

$

27,500

 

BCT

 

$

30,900

 

 

BKT

 

$

69,900

 

 

BLE

 

$

32,700

 

 

BHV

 

$

10,600

 

BQH

 

$

25,500

 

 

RAA

 

$

10,100

 

 

RFA

 

$

10,200

 

 

BMN

 

$

40,100

 

RNJ

 

$

10,100

 

 

BCL

 

$

27,300

 

 

BSD

 

$

23,400

 

 

BMT

 

$

31,300

 

BFY

 

$

26,200

 

 

RNY

 

$

10,200

 

 

BCK

 

$

26,800

 

 

BYM

 

$

34,400

 

BPS

 

$

15,800

 

 

BBF

 

$

26,000

 

 

BFK

 

$

31,100

 

 

BNA

 

$

88,300

 

BFZ

 

$

27,100

 

 

BAF

 

$

28,100

 

 

BPK

 

$

27,500

 

 

BNY

 

$

26,800

 

BSE

 

$

27,300

 

 

BNJ

 

$

26,100

 

 

BLW

 

$

39,100

 

 

BPP

 

$

34,200

 

BJZ

 

$

26,200

 

 

BHK

 

$

43,500

 

 

BHD

 

$

34,700

 

 

BLH

 

$

25,700

 

BBK

 

$

28,300

 

 

BKK

 

$

27,700

 

 

BIE

 

$

25,700

 

 

BZA

 

$

25,700

 

BFO

 

$

25,000

 

 

BRF

 

$

21,600

 

 

BGT

 

$

40,500

 

 

BDV

 

$

30,400

 

BDT

 

$

39,100

 

 

BQY

 

$

39,400

 

 

BRM

 

$

32,300

 

 

BGR(1)

 

$

29,100

 

BLN

 

$

22,200

 

 

BZM

 

$

25,200

 

 

HIS

 

$

28,700

 

 

BME(1)

 

$

28,900

 

BOE(1)

 

$

42,200

 

 

BDJ(1)

 

$

33,300

 

 

BWC(1)

 

$

47,800

 

 

BTA(1,2)

 

$

5,000

 


 

 


(1)

BGR, BME, BOE, BDJ, BWC and BTA have not completed a full fiscal year. However BGR, BME, BOE, BDJ and BWC have nonetheless paid to D&T fees for professional services rendered for the audit of their annual financial statements.

 

 

(2)

Initial seed audit fee.

15


          The aggregate fees billed to each Trust(1) by D&T for professional services rendered for the audit of each Trust’s annual financial statements for the fiscal year preceding the most recent one were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

29,100

 

 

BLJ

 

$

25,100

 

 

BFC

 

$

22,100

 

 

BHY

 

$

28,600

 

BCT

 

$

34,300

 

 

BKT

 

$

60,800

 

 

BLE

 

$

30,400

 

 

BHV

 

$

10,400

 

BQH

 

$

25,200

 

 

RAA

 

$

7,500

 

 

RFA

 

$

7,500

 

 

BMN

 

$

39,700

 

RNJ

 

$

7,500

 

 

BCL

 

$

26,500

 

 

BSD

 

$

23,400

 

 

BMT

 

$

31,400

 

BFY

 

$

25,800

 

 

RNY

 

$

7,600

 

 

BCK

 

$

26,300

 

 

BYM

 

$

31,900

 

BPS

 

$

11,400

 

 

BBF

 

$

25,800

 

 

BFK

 

$

29,900

 

 

BNA

 

$

74,100

 

BFZ

 

$

26,800

 

 

BAF

 

$

27,200

 

 

BPK

 

$

27,500

 

 

BNY

 

$

26,500

 

BSE

 

$

26,600

 

 

BNJ

 

$

25,900

 

 

BLW

 

$

38,100

 

 

BPP

 

$

29,700

 

BJZ

 

$

26,200

 

 

BHK

 

$

41,000

 

 

BHD

 

$

34,100

 

 

BLH

 

$

25,700

 

BBK

 

$

27,200

 

 

BKK

 

$

27,600

 

 

BIE

 

$

25,400

 

 

BZA

 

$

25,400

 

BFO

 

$

25,000

 

 

BRF

 

$

21,700

 

 

BGT (1)

 

$

41,600

 

 

BDV(1)

 

$

35,600

 

BDT(1)

 

$

32,400

 

 

BQY(1)

 

$

28,800

 

 

BRM

 

$

32,500

 

 

 

 

 

 

 

BLN

 

$

22,200

 

 

BZM

 

$

25,100

 

 

HIS(2)

 

$

42,600

 

 

 

 

 

 

 


 

 


(1)

BDV, BDT, BQY and BGT had not completed a full fiscal year. However BDV, BDT, BQY and BGT had nonetheless paid to D&T fees for professional services rendered for the audit of their annual financial statements. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above chart because such Trusts had either not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one.

 

 

(2)

HIS joined the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the annual audit of the financial statements was performed by PricewaterhouseCoopers, LLP.

AUDIT-RELATED FEES

          The aggregate fees billed in the most recent fiscal year (or period) to each Trust(1) by D&T for assurance and related services reasonably related to the performance of the audit of each Trust’s annual financial statements are as listed below. The nature of these services was attest services not required by statute or regulation and out-of-pocket expenses. The fees for each Trust were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

2,400

 

 

BLJ

 

$

1,900

 

 

BFC

 

$

2,100

 

 

BHY

 

$

0

 

BCT

 

$

0

 

 

BKT

 

$

0

 

 

BLE

 

$

2,500

 

 

BHV

 

$

1,900

 

BQH

 

$

2,000

 

 

RAA

 

$

1,900

 

 

RFA

 

$

1,900

 

 

BMN

 

$

2,400

 

RNJ

 

$

1,900

 

 

BCL

 

$

2,100

 

 

BSD

 

$

2,000

 

 

BMT

 

$

2,200

 

BFY

 

$

2,000

 

 

RNY

 

$

1,900

 

 

BCK

 

$

2,000

 

 

BYM

 

$

2,600

 

BPS

 

$

1,900

 

 

BBF

 

$

2,100

 

 

BFK

 

$

2,400

 

 

BNA

 

$

0

 

BFZ

 

$

2,400

 

 

BAF

 

$

2,100

 

 

BPK

 

$

2,200

 

 

BNY

 

$

2,300

 

BSE

 

$

2,100

 

 

BNJ

 

$

2,100

 

 

BLW

 

$

0

 

 

BPP

 

$

2,400

 

BJZ

 

$

2,000

 

 

BHK

 

$

0

 

 

BHD

 

$

0

 

 

BLH

 

$

1,900

 

BBK

 

$

2,200

 

 

BKK

 

$

2,300

 

 

BIE

 

$

2,000

 

 

BZA

 

$

2,000

 

BFO

 

$

2,000

 

 

BRF

 

$

2,000

 

 

BGT

 

$

600

 

 

BDV

 

$

0

 

BDT

 

$

0

 

 

BQY

 

$

0

 

 

BRM

 

$

2,400

 

 

BGR(1)

 

$

0

 

BLN

 

$

2,100

 

 

BZM

 

$

1,900

 

 

HIS

 

$

5,200

 

 

BME(1)

 

$

0

 

BOE(1)

 

$

0

 

 

BDJ(1)

 

$

0

 

 

BWC(1)

 

$

0

 

 

BTA(1)

 

$

0

 


 

 


(1)

BGR, BME, BOE, BDJ, BWC and BTA have not completed a full fiscal year.

          The aggregate fees billed in the fiscal year preceding the most recent to each Trust(1) by D&T for assurance and related services reasonably related to the performance of the audit of each Trust’s annual financial statements were in the amounts listed below. The nature of these services was attest services not required by statute or regulation and out-of-pocket expenses. The fees for each Trust were in the following amounts:

16



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

5,400

 

 

BLJ

 

$

2,000

 

 

BFC

 

$

4,100

 

 

BHY

 

$

4,900

 

BCT

 

$

0

 

 

BKT

 

$

0

 

 

BLE

 

$

3,300

 

 

BHV

 

$

1,900

 

BQH

 

$

2,000

 

 

RAA

 

$

1,800

 

 

RFA

 

$

0

 

 

BMN

 

$

4,800

 

RNJ

 

$

1,800

 

 

BCL

 

$

2,300

 

 

BSD

 

$

2,100

 

 

BMT

 

$

4,300

 

BFY

 

$

2,100

 

 

RNY

 

$

1,800

 

 

BCK

 

$

2,200

 

 

BYM

 

$

3,500

 

BPS

 

$

1,900

 

 

BBF

 

$

2,200

 

 

BFK

 

$

4,000

 

 

BNA

 

$

0

 

BFZ

 

$

2,600

 

 

BAF

 

$

2,400

 

 

BPK

 

$

2,400

 

 

BNY

 

$

2,500

 

BSE

 

$

2,200

 

 

BNJ

 

$

2,200

 

 

BLW

 

$

0

 

 

BPP

 

$

5,300

 

BJZ

 

$

2,100

 

 

BHK

 

$

0

 

 

BHD

 

$

0

 

 

BLH

 

$

2,000

 

BBK

 

$

2,500

 

 

BKK

 

$

2,600

 

 

BIE

 

$

2,100

 

 

BZA

 

$

2,000

 

BFO

 

$

2,000

 

 

BRF

 

$

2,100

 

 

BGT(1)

 

$

0

 

 

BDV(1)

 

$

0

 

BDT(1)

 

$

0

 

 

BQY(1)

 

$

0

 

 

BRM

 

$

4,800

 

 

 

 

 

 

 

BLN

 

$

4,100

 

 

BZM

 

$

2,000

 

 

HIS(2)

 

$

12,300

 

 

 

 

 

 

 


 

 


(1)

BDV, BDT, BQY and BGT had not completed a full fiscal year. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above chart because such Trusts had either not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one.

 

 

(2)

HIS joined the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the Trust paid PricewaterhouseCoopers, LLP for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements.

TAX FEES

          The aggregate fees billed in the most recent fiscal year (or period) to each Trust(1) by D&T for professional services rendered for tax compliance, tax advice and tax planning are as listed below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO’s, and miscellaneous tax advice. The fees for each Trust are in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

7,700

 

 

BLJ

 

$

7,700

 

 

BFC

 

$

7,700

 

 

BHY

 

$

7,500

 

BCT

 

$

15,000

 

 

BKT

 

$

7,500

 

 

BLE

 

$

7,700

 

 

BHV

 

$

7,700

 

BQH

 

$

7,700

 

 

RAA

 

$

7,700

 

 

RFA

 

$

7,700

 

 

BMN

 

$

7,700

 

RNJ

 

$

7,700

 

 

BCL

 

$

7,700

 

 

BSD

 

$

7,700

 

 

BMT

 

$

7,700

 

BFY

 

$

7,700

 

 

RNY

 

$

7,700

 

 

BCK

 

$

7,700

 

 

BYM

 

$

7,700

 

BPS

 

$

7,700

 

 

BBF

 

$

7,700

 

 

BFK

 

$

7,700

 

 

BNA

 

$

7,500

 

BFZ

 

$

7,700

 

 

BAF

 

$

7,700

 

 

BPK

 

$

7,700

 

 

BNY

 

$

7,700

 

BSE

 

$

7,700

 

 

BNJ

 

$

7,700

 

 

BLW

 

$

7,500

 

 

BPP

 

$

7,500

 

BJZ

 

$

7,700

 

 

BHK

 

$

7,500

 

 

BHD

 

$

7,500

 

 

BLH

 

$

7,700

 

BBK

 

$

7,700

 

 

BKK

 

$

7,700

 

 

BIE

 

$

7,700

 

 

BZA

 

$

7,700

 

BFO

 

$

7,700

 

 

BRF

 

$

7,700

 

 

BGT

 

$

7,500

 

 

BDV

 

$

7,500

 

BDT

 

$

7,500

 

 

BQY

 

$

7,500

 

 

BRM

 

$

7,700

 

 

BGR(1)

 

$

4,500

 

BLN

 

$

7,700

 

 

BZM

 

$

7,700

 

 

HIS

 

$

4,500

 

 

BME(1)

 

$

3,000

 

BOE(1)

 

$

3,000

 

 

BDJ(1)

 

$

3,000

 

 

BWC(1)

 

$

0

 

 

BTA(1)

 

$

0

 


 

 


(1)

BGR, BME, BOE, BDJ, BWC and BTA have not completed a full fiscal year. However BGR, BME, BOE and BDJ have nonetheless paid to D&T fees for professional services rendered for tax compliance, tax advice and tax planning.

          The aggregate fees billed in the fiscal year preceding the most recent one to each Trust(1) by D&T for tax compliance, tax advice and tax planning were as listed below. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning, determination of taxable income for CMO’s, and miscellaneous tax advice. The fees for each Trust were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

11,800

 

 

BLJ

 

$

8,000

 

 

BFC

 

$

7,000

 

 

BHY

 

$

10,500

 

BCT

 

$

21,000

 

 

BKT

 

$

10,500

 

 

BLE

 

$

12,000

 

 

BHV

 

$

8,000

 

BQH

 

$

8,100

 

 

RAA

 

$

11,000

 

 

RFA

 

$

11,000

 

 

BMN

 

$

8,100

 

RNJ

 

$

11,000

 

 

BCL

 

$

11,300

 

 

BSD

 

$

3,800

 

 

BMT

 

$

7,400

 

17



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BFY

 

$

11,200

 

 

RNY

 

$

11,000

 

 

BCK

 

$

8,200

 

 

BYM

 

$

9,200

 

BPS

 

$

3,500

 

 

BBF

 

$

11,300

 

 

BFK

 

$

13,000

 

 

BNA

 

$

10,500

 

BFZ

 

$

11,700

 

 

BAF

 

$

8,300

 

 

BPK

 

$

7,300

 

 

BNY

 

$

8,600

 

BSE

 

$

8,200

 

 

BNJ

 

$

11,300

 

 

BLW

 

$

10,500

 

 

BPP

 

$

6,200

 

BJZ

 

$

6,700

 

 

BHK

 

$

7,500

 

 

BHD

 

$

10,500

 

 

BLH

 

$

6,600

 

BBK

 

$

8,400

 

 

BKK

 

$

4,400

 

 

BIE

 

$

8,100

 

 

BZA

 

$

8,100

 

BFO

 

$

3,700

 

 

BRF

 

$

6,900

 

 

BGT(1)

 

$

0

 

 

BDV(1)

 

$

6,000

 

BDT(1)

 

$

6,000

 

 

BQY(1)

 

$

0

 

 

BRM

 

$

8,000

 

 

 

 

 

 

 

BLN

 

$

7,100

 

 

BZM

 

$

8,000

 

 

HIS(2)

 

$

6,200

 

 

 

 

 

 

 


 

 


(1)

BDV, BDT, BQY and BGT had not completed a full fiscal year. However BDV and BDT had nonetheless paid to D&T fees for professional services rendered for tax compliance, tax advice and tax planning. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above chart because such Trusts had either not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one.

 

 

 

 

(2)

HIS joined the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the Trust paid PricewaterhouseCoopers, LLP for professional services rendered for tax compliance, tax advice and tax planning.

ALL OTHER FEES

          The Trusts hired D&T to conduct a complete review of their compliance procedures and provide an attestation regarding such review.

          The aggregate amount billed in the most recent fiscal year (or period) by D&T for services rendered to the Trusts for this compliance procedures review and attestation were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

1,800

 

 

BLJ

 

$

200

 

 

BFC

 

$

1,300

 

 

BHY

 

$

300

 

BCT

 

$

300

 

 

BKT

 

$

2,900

 

 

BLE

 

$

2,300

 

 

BHV

 

$

200

 

BQH

 

$

300

 

 

RAA

 

$

100

 

 

RFA

 

$

100

 

 

BMN

 

$

3,500

 

RNJ

 

$

100

 

 

BCL

 

$

800

 

 

BSD

 

$

900

 

 

BMT

 

$

2,100

 

BFY

 

$

500

 

 

RNY

 

$

100

 

 

BCK

 

$

500

 

 

BYM

 

$

2,700

 

BPS

 

$

200

 

 

BBF

 

$

700

 

 

BFK

 

$

4,300

 

 

BNA

 

$

2,700

 

BFZ

 

$

1,500

 

 

BAF

 

$

900

 

 

BPK

 

$

1,900

 

 

BNY

 

$

1,300

 

BSE

 

$

600

 

 

BNJ

 

$

800

 

 

BLW

 

$

4,700

 

 

BPP

 

$

3,500

 

BJZ

 

$

700

 

 

BHK

 

$

2,600

 

 

BHD

 

$

700

 

 

BLH

 

$

400

 

BBK

 

$

1,100

 

 

BKK

 

$

2,300

 

 

BIE

 

$

400

 

 

BZA

 

$

400

 

BFO

 

$

600

 

 

BRF

 

$

1,000

 

 

BGT

 

$

3,400

 

 

BDV

 

$

5,300

 

BDT

 

$

2,600

 

 

BQY

 

$

600

 

 

BRM

 

$

3,300

 

 

BGR

 

$

5,000

 

BLN

 

$

1,400

 

 

BZM

 

$

200

 

 

HIS

 

$

1,100

 

 

BME

 

$

1,200

 

BOE

 

$

400

 

 

BDJ

 

$

1,400

 

 

BWC

 

$

1,000

 

 

 

 

 

 

 

          No Trust paid D&T fees for other services other than those described above during the fiscal year (or period) preceding the most recent one.

AGGREGATE NON-AUDIT FEES

          The aggregate non-audit fees billed in the most recent fiscal year (or period) by D&T for services rendered to the Trusts are in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

11,900

 

 

BLJ

 

$

9,800

 

 

BFC

 

$

11,100

 

 

BHY

 

$

7,800

 

BCT

 

$

15,300

 

 

BKT

 

$

10,400

 

 

BLE

 

$

12,500

 

 

BHV

 

$

9,800

 

BQH

 

$

10,000

 

 

RAA

 

$

9,700

 

 

RFA

 

$

9,700

 

 

BMN

 

$

13,600

 

RNJ

 

$

9,700

 

 

BCL

 

$

10,600

 

 

BSD

 

$

10,600

 

 

BMT

 

$

12,000

 

BFY

 

$

10,200

 

 

RNY

 

$

9,700

 

 

BCK

 

$

10,200

 

 

BYM

 

$

13,000

 

BPS

 

$

9,800

 

 

BBF

 

$

10,500

 

 

BFK

 

$

14,400

 

 

BNA

 

$

10,200

 

BFZ

 

$

11,600

 

 

BAF

 

$

10,700

 

 

BPK

 

$

11,800

 

 

BNY

 

$

11,300

 

18



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BSE

 

$

10,400

 

 

BNJ

 

$

10,600

 

 

BLW

 

$

12,200

 

 

BPP

 

$

13,400

 

BJZ

 

$

10,400

 

 

BHK

 

$

10,100

 

 

BHD

 

$

8,200

 

 

BLH

 

$

10,000

 

BBK

 

$

11,000

 

 

BKK

 

$

12,300

 

 

BIE

 

$

10,100

 

 

BZA

 

$

10,100

 

BFO

 

$

10,300

 

 

BRF

 

$

10,700

 

 

BGT

 

$

11,500

 

 

BDV

 

$

12,800

 

BDT

 

$

10,100

 

 

BQY

 

$

8,100

 

 

BRM

 

$

13,400

 

 

BGR

 

$

9,500

 

BLN

 

$

11,200

 

 

BZM

 

$

9,800

 

 

HIS

 

$

10,800

 

 

BME

 

$

4,200

 

BOE

 

$

3,400

 

 

BDJ

 

$

4,400

 

 

BWC

 

$

1,000

 

 

BTA

 

$

0

 

          The aggregate non-audit fees billed in the fiscal year preceding the most recent one by D&T for services rendered to the Trusts(1)were in the following amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BKN

 

$

17,200

 

 

BLJ

 

$

10,000

 

 

BFC

 

$

11,100

 

 

BHY

 

$

15,400

 

BCT

 

$

21,000

 

 

BKT

 

$

10,500

 

 

BLE

 

$

15,300

 

 

BHV

 

$

9,900

 

BQH

 

$

10,100

 

 

RAA

 

$

12,800

 

 

RFA

 

$

11,000

 

 

BMN

 

$

12,900

 

RNJ

 

$

12,800

 

 

BCL

 

$

13,600

 

 

BSD

 

$

5,900

 

 

BMT

 

$

11,700

 

BFY

 

$

13,300

 

 

RNY

 

$

12,800

 

 

BCK

 

$

10,400

 

 

BYM

 

$

12,700

 

BPS

 

$

5,400

 

 

BBF

 

$

13,500

 

 

BFK

 

$

17,000

 

 

BNA

 

$

10,500

 

BFZ

 

$

14,300

 

 

BAF

 

$

10,700

 

 

BPK

 

$

9,700

 

 

BNY

 

$

11,100

 

BSE

 

$

10,400

 

 

BNJ

 

$

13,500

 

 

BLW

 

$

10,500

 

 

BPP

 

$

11,500

 

BJZ

 

$

8,800

 

 

BHK

 

$

7,500

 

 

BHD

 

$

10,500

 

 

BLH

 

$

8,600

 

BBK

 

$

10,900

 

 

BKK

 

$

7,000

 

 

BIE

 

$

10,200

 

 

BZA

 

$

10,100

 

BFO

 

$

5,700

 

 

BRF

 

$

9,000

 

 

BGT(1)

 

$

0

 

 

BDV(1)

 

$

6,000

 

BDT(1)

 

$

6,000

 

 

BQY(1)

 

$

0

 

 

BRM

 

$

12,800

 

 

 

 

 

 

 

BLN

 

$

11,200

 

 

BZM

 

$

10,000

 

 

HIS(2)

 

$

18,500

 

 

 

 

 

 

 


 

 


(1)

BDV, BDT, BQY and BGT had not completed a full fiscal year. BGR, BME, BOE, BDJ, BWC and BTA are not included in the above chart because such Trusts had either not completed their initial fiscal year (or period) or had not yet been formed in the fiscal year preceding the most recent one.

 

 

(2)

HIS joined the BlackRock Closed-End Fund complex on March 1, 2005. Prior to this date the aggregate non-audit fees billed in the fiscal year preceding the most recent one for services rendered were paid by the Trust to PricewaterhouseCoopers, LLP.

          In addition, the aggregate non-audit fees billed by D&T for services rendered to the Advisor, or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Trusts were $286,150 for the most recent fiscal year of the Trusts and $0 for the fiscal year preceding the most recent one of the Trusts.

AUDIT COMMITTEE’S PRE-APPROVAL POLICIES AND PROCEDURES

          On May 22, 2003, the Audit Committee of each Trust adopted Pre-Approval Policies and Procedures. Since the adoption of such policies and procedures, the Audit Committee of each Trust has pre-approved all audit and non-audit services provided by D&T for the Trusts, and all non-audit services provided by D&T for the Advisor, or any entity controlling, controlled by, or under common control with the Advisor, that provides ongoing services to the Trusts, which are related to the operations of the Trusts.

          The Advisor and affiliates of the Advisor performing services for one or more Trusts paid no fees to D&T in any Trust’s most recent fiscal year for services other than those described above or for any other services, including for information systems design and implementation.

PRINCIPAL EXECUTIVE OFFICES

          The principal executive office of each Trust is located at 100 Bellevue Parkway, Wilmington, Delaware 19809.

19


PRINCIPAL SHAREHOLDERS

          As of February 28, 2006, to the knowledge of each Trust, no person beneficially owned more than 5% of any Trust, except as set forth in the following table:


 

 

 

 

 

 

 

TRUST

 

NAME & ADDRESS OF BENEFICIAL
OWNER

 

AMOUNT OF
BENEFICIAL
OWNERSHIP

 

PERCENT OF CLASS


 


 


 


 

 

 

 

 

 

 

BCT

 

Karpus Management, Inc.
14 Tobey Village Office Park
Pittsford, New York 14534

 

149,225

 

5.1

 

 

 

 

 

 

 

BLN

 

Karpus Management, Inc.
14 Tobey Village Office Park
Pittsford, New York 14534

 

1,183,232

 

10.5

 

 

 

 

 

 

 

BMN

 

Karpus Management, Inc.
14 Tobey Village Office Park
Pittsford, New York 14534

 

3,850,875

 

8.5

 

 

 

 

 

 

 

BRM

 

Karpus Management, Inc.
14 Tobey Village Office Park
Pittsford, New York 14534

 

1,541,728

 

5.7

 

 

 

 

 

 

 

BCK

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

344,973

 

6.5

 

 

 

 

 

 

 

BFK

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

959,752

 

6.4

 

 

 

 

 

 

 

BCL

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

627,245

 

7.9

 

 

 

 

 

 

 

BQH

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

147,145

 

5.4

 

 

 

 

 

 

 

BLE

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

1,266,792

 

5.6

 

 

 

 

 

 

 

BHK

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

1,598,569

 

5.9

 

 

 

 

 

 

 

BZA

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

188,601

 

5.6

 

 

 

 

 

 

 

BHD

 

First Trust Portfolios L.P.
1001 Warrenville Road
Lisle, Illinois 60532

 

4,465,848

 

8.3

 

 

 

 

 

 

 

RAA

 

M.H. Whittier Corp. James E. Greene,
Arlo G. Sorensen,
Michael J. Casey and Whittier
Trust Co. (Jointly Held)

 

242,400

 

24.1

20


          With respect to the above chart, all shares are common shares.

FINANCIAL STATEMENTS AND OTHER INFORMATION

          EACH TRUST WILL FURNISH, WITHOUT CHARGE, A COPY OF SUCH TRUST’S MOST RECENT ANNUAL REPORT AND THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF ANY, TO ANY SHAREHOLDER UPON REQUEST. REQUESTS SHOULD BE DIRECTED TO BLACKROCK ADVISORS, INC., 100 BELLEVUE PARKWAY, WILMINGTON, DELAWARE 19809 (TELEPHONE NUMBER (800) 882-0052).

          Performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors to access information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website into this Proxy Statement.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

          Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the 1940 Act require each Trust’s officers and Directors, officers and directors of the Trusts’ investment advisor, affiliated persons of the investment advisor, and persons who beneficially own more than 10% of the Trusts’ shares to file certain reports of ownership (“Section 16 filings”) with the SEC and the New York Stock Exchange or the American Stock Exchange (as applicable) and each of the Trusts. Due to administrative oversight Form 4 reports were filed late on behalf of Messrs. Hubbard (BWC) and Dixon (BWC, BDJ).

PRIVACY PRINCIPLES OF THE TRUSTS

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how the Trusts protect that information and why, in certain cases, the Trusts may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

          The Trusts restrict access to non-public personal information about the shareholders to employees of the Advisor with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.

DEADLINE FOR SHAREHOLDER PROPOSALS

          Shareholder proposals intended for inclusion in the Trusts’ proxy statement in connection with the Trusts’ 2007 annual meeting of shareholders pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 must be received by a Trust at such Trust’s principal executive offices by December 20, 2006. In order for proposals made outside of Rule 14a-8 under the

21


Exchange Act to be considered “timely” within the meaning of Rule 14a-4(c) under the Exchange Act, such proposals must be received by a Trust at the Trust’s principal executive offices not later than March 5, 2007.

OTHER MATTERS

          The management of the Trusts knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters.

 

 

 

Very truly yours,

 

 

 

RALPH L. SCHLOSSTEIN

 

Chairman

 

 

 

ROBERT S. KAPITO

 

President

April 19, 2006

 

22


APPENDIX A

A list of the Trusts setting forth each Trust’s full name and trading symbol is set forth below:

 

 

 

NAME

 

TRADING
SYMBOL


 


THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.

 

BKN

THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC.

 

BRM

THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.

 

BFC

THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST

 

BRF

THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.

 

BLN

THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.

 

BCT

THE BLACKROCK INCOME TRUST INC.

 

BKT

THE BLACKROCK HIGH YIELD TRUST

 

BHY

THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC.

 

BMN

THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.

 

RAA

THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST

 

RFA

THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.

 

RNJ

THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.

 

RNY

THE BLACKROCK INCOME OPPORTUNITY TRUST INC.

 

BNA

THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC.

 

BMT

THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST

 

BPS

THE BLACKROCK STRATEGIC MUNICIPAL TRUST

 

BSD

BLACKROCK FLORIDA MUNICIPAL INCOME TRUST

 

BBF

BLACKROCK MUNICIPAL INCOME TRUST

 

BFK

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

 

BFZ

BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST

 

BNJ

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

 

BNY

BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST

 

BJZ

BLACKROCK MUNICIPAL 2018 TERM TRUST

 

BPK

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST

 

BLH

BLACKROCK CORE BOND TRUST

 

BHK

BLACKROCK STRATEGIC BOND TRUST

 

BHD

BLACKROCK MUNICIPAL BOND TRUST

 

BBK

BLACKROCK CALIFORNIA MUNICIPAL BOND TRUST

 

BZA

BLACKROCK FLORIDA MUNICIPAL BOND TRUST

 

BIE

BLACKROCK MARYLAND MUNICIPAL BOND TRUST

 

BZM

BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST

 

BLJ

BLACKROCK NEW YORK MUNICIPAL BOND TRUST

 

BQH

BLACKROCK VIRGINIA MUNICIPAL BOND TRUST

 

BHV

BLACKROCK MUNICIPAL INCOME TRUST II

 

BLE

BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST II

 

BCL

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II

 

BFY

BLACKROCK INSURED MUNICIPAL INCOME TRUST

 

BYM

BLACKROCK CALIFORNIA INSURED MUNICIPAL INCOME TRUST

 

BCK

BLACKROCK FLORIDA INSURED MUNICIPAL INCOME TRUST

 

BAF

BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST

 

BSE

BLACKROCK PREFERRED OPPORTUNITY TRUST

 

BPP

BLACKROCK LIMITED DURATION INCOME TRUST

 

BLW

BLACKROCK MUNICIPAL 2020 TERM TRUST

 

BKK

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

 

BFO

BLACKROCK DIVIDEND ACHIEVERS(TM) TRUST

 

BDV

BLACKROCK STRATEGIC DIVIDEND ACHIEVERS(TM) TRUST

 

BDT

BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST

 

BQY

BLACKROCK GLOBAL FLOATING RATE INCOME TRUST

 

BGT

BLACKROCK GLOBAL ENERGY AND RESOURCES TRUST

 

BGR

BLACKROCK HEALTH SCIENCES TRUST

 

BME

BLACKROCK HIGH INCOME SHARES

 

HIS

BLACKROCK GLOBAL OPPORTUNITIES EQUITY TRUST

 

BOE

BLACKROCK ENHANCED DIVIDEND ACHIEVERS (TM) TRUST

 

BDJ

BLACKROCK WORLD INVESTMENT TRUST

 

BWC

BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST

 

BTA

A-1


APPENDIX B
OUTSTANDING SHARES

          The following table sets forth the number of outstanding shares for each Trust at the close of business on February 28, 2006:

 

 

 

 

 

 

 

 

TRUST

 

OUTSTANDING SHARES OF COMMON STOCK

 

OUTSTANDING SHARES OF PREFERRED STOCK

 


 


 


 

BKN

 

16,707,093

 

 

5,862

 

 

BRM

 

27,207,093

 

 

10,840

 

 

BFC

 

10,407,093

 

 

4,182

 

 

BRF

 

8,707,093

 

 

3,366

 

 

BLN

 

11,257,093

 

 

4,382

 

 

BCT

 

2,957,093

 

 

 

 

BKT

 

63,942,536

 

 

 

 

BHY

 

6,411,693

 

 

 

 

BMN

 

45,410,639

 

 

 

 

RAA

 

1,007,093

 

 

300

 

 

RFA

 

1,127,093

 

 

340

 

 

RNJ

 

1,007,093

 

 

300

 

 

RNY

 

1,307,093

 

 

392

 

 

BNA

 

34,449,693

 

 

 

 

BMT

 

25,885,639

 

 

6,816

 

 

BPS

 

2,017,100

 

 

700

 

 

BSD

 

7,253,492

 

 

2,480

 

 

BBF

 

6,651,878

 

 

2,302

 

 

BFK

 

43,720,672

 

 

15,005

 

 

BFZ

 

14,993,678

 

 

5,278

 

 

BNJ

 

7,432,894

 

 

2,552

 

 

BNY

 

12,540,168

 

 

4,390

 

 

BJZ

 

6,433,028

 

 

2,221

 

 

BPK

 

15,908,028

 

 

5,504

 

 

BLH

 

3,633,028

 

 

1,256

 

 

BHK

 

27,018,774

 

 

 

 

BHD

 

7,058,402

 

 

 

 

BBK

 

10,167,170

 

 

3,620

 

 

BZA

 

3,356,422

 

 

1,199

 

 

BIE

 

3,312,785

 

 

1,191

 

 

BZM

 

2,019,870

 

 

720

 

 

BLJ

 

2,274,620

 

 

809

 

 

BQH

 

2,706,216

 

 

968

 

 

BHV

 

1,531,266

 

 

541

 

 

BLE

 

22,856,544

 

 

8,222

 

 

BCL

 

7,984,696

 

 

2,878

 

 

BFY

 

4,937,652

 

 

1,786

 

 

BYM

 

26,203,900

 

 

9,159

 

 

BCK

 

5,276,156

 

 

1,860

 

 

BAF

 

8,734,048

 

 

3,040

 

 

BSE

 

6,469,766

 

 

2,240

 

 

BPP

 

18,309,937

 

 

8,832

 

 

BLW

 

36,768,498

 

 

 

 

BKK

 

20,236,628

 

 

7,104

 

 

BFO

 

5,562,128

 

 

1,956

 

 

BDV

 

54,518,315

 

 

 

 

BDT

 

26,908,028

 

 

 

 

BQY

 

6,033,028

 

 

 

 

BGT

 

23,481,021

 

 

9,738

 

 

BGR

 

29,766,217

 

 

 

 

BME

 

7,504,817

 

 

 

 

HIS

 

54,493,341

 

 

 

 

BOE

 

12,376,932

 

 

 

 

BDJ

 

69,088,582

 

 

 

 

BWC

 

51,919,893

 

 

 

 

BTA

 

13,049,704

 

 

 

 

          For each Trust in the above table, the class or classes of shares listed above are the only authorized class or classes of shares.

B-1


APPENDIX C

JOINT AUDIT COMMITTEE CHARTER
OF
THE BLACKROCK CLOSED-END FUNDS
(the “Fund” or “Funds”)

AS APPROVED BY THE BOARDS OF TRUSTEES/DIRECTORS
FEBRUARY, 20061

I. THE MEMBERS OF THE COMMITTEE

          Each Trust shall have an audit committee (the “Committee”) of its Board of Directors/Trustees (the “Board”). The Committee will be composed of at least three members of the Board, each of whom is independent (i.e. not an “interested person” of the Fund, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940). No member of the Committee shall directly or indirectly receive any compensation from the Fund, or any subsidiary thereof, if applicable, except compensation for services as a member of the Fund’s Board or a committee of the Board.2 Members shall have no relationships with the Fund or its investment adviser, administrator or custodian that may interfere with the exercise of their independence from management of the Fund. The members and the Committee chair shall be elected by the full Board.

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

          In the event a member simultaneously serves on the audit committees of more than three public companies, the Board shall determine whether such simultaneous service would impair the ability of such member to effectively serve on the Fund’s audit committee. The Board has determined that simultaneous service on the Committee of each Fund shall be deemed to be equivalent to service on the audit committee of a single public company for purposes of this requirement and that such service does not impair the ability of a member to effectively serve on the Committee of any single Fund.

II. PURPOSE OF THE COMMITTEE

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

 

 

the integrity of the Fund’s financial statements;

the Fund’s compliance with legal and regulatory requirements;

the qualifications and independence of the Fund’s independent auditors;

the performance of the Fund’s internal audit function provided by its investment advisor, administrator, pricing agent and other service providers; and

preparing for each Fund the report required to be included in its annual proxy statement, if any, by the rules of the Securities and Exchange Commission.


 

 

 

 

 


 

1

This Joint Audit Committee Charter, if adopted, supercedes and replaces all prior versions that may have been adopted from time to time.

 

 

2

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

C-1


III. DUTIES AND RESPONSIBILITIES

 

 

 

 

 

The Committee shall have the following duties and responsibilities:

A. Approval of Auditors and Services

 

 

 

 

1.

approve the selection, retention, termination and compensation of the independent registered public accounting firm (the “independent accountants”) and in connection therewith;

 

 

 

 

2.

pre-approve all audit and permissible non-audit services to be provided by the independent accountants to the Fund, to its investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Fund (“Covered Services Provider”), if the engagement relates directly to the operations and financial reporting of the Fund; the Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the chair of the Committee, pursuant to the pre-approval policies and procedures adopted by the Committee;

B. Independence of Accountants

 

 

 

 

1.

evaluate the independence of the accountants and actively engage in a dialogue with them regarding matters that might reasonably be expected to affect their independence; in this connection, the Committee shall ensure receipt from the independent accountants at least annually of a formal written statement delineating all the relationships between them and the Fund, consistent with Independence Standards Board Standard No. 1;

 

 

 

 

2.

set clear hiring policies for employees or former employees of the independent accountants.

C. Oversight

 

 

 

 

1.

meet with the Fund’s independent accountants, at least twice a year and more often if required, to review the conduct and results of each audit and discuss the Fund’s audited and unaudited financial statements; and in this connection discuss the matters stated in SAS 61 “Communications with Audit Committees,” as amended, and any other communications required to be discussed with the Committee pursuant to applicable laws and regulations;

 

 

 

 

2.

discuss policies with respect to risk assessment and risk management;

 

 

 

 

3.

meet periodically with the Fund’s independent accountants, the Fund’s principal executive officer and the Fund’ principal financial officer (the person responsible for the internal audit function) in separate executive sessions as the Committee deems necessary or advisable;

 

 

 

 

4.

review and evaluate any issues raised by the independent accountants 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’s response; evaluate the independent auditor’s qualifications and performance (including the performance of the lead partner); resolve disagreements between management and the independent accountants regarding financial reporting;

 

 

 

 

5.

establish procedures for the receipt, retention and treatment of complaints received by the Fund relating to accounting, internal accounting controls, or auditing matters, and the confidential, anonymous submission by employees of the Fund and its affiliates and service providers of concerns about accounting or auditing matters pertaining to the Fund, and to address reports from attorneys or auditors of possible violations of federal or state law or fiduciary duty;

 

 

 

 

6.

authorize and oversee investigations into any matters within the Committee’s scope of responsibilities or as specifically delegated to the Committee by the Board;

 

 

 

 

7.

generally discuss the Fund’s earnings press releases, as applicable, and financial information and earnings guidance provided to analysts and ratings agencies;

C-2


D. Reports

 

 

 

 

 

1.

at least annually, obtain and review a report by the independent accountant describing:

 

 

 

 

 

all critical accounting policies and practices used;

 

 

 

 

 

 

all alternative treatments of financial information discussed with management, the ramifications of the alternatives and the independent accountant’s preferred treatment;

 

 

 

 

 

 

material written communications between the independent accountants and management;

 

 

 

 

 

 

all fees for audited and non-audit services provided to the Fund’s investment adviser and any entity controlling, controlled by or under common control with the Fund’s investment advisor;

 

 

 

 

 

 

the firm’s internal quality-control procedures;

 

 

 

 

 

 

any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and

 

 

 

 

 

2.

As noted above, the Committee shall ensure receipt from the independent accountants at least annually of a formal written statement delineating all the relationships between them and the Fund, consistent with Independence Standards Board Standard No. 1;

 

 

 

 

3.

As noted above, the Committee shall ensure receipt of the communications required by SAS 61, as amended;

 

 

 

 

4.

prepare and approve the audit committee report required by Item 306 of Regulation S-K for proxy statements relating to the election of directors/trustees; and

 

 

 

 

5.

report to the Board on a regular and timely basis; and

E. Other

 

 

 

 

1.

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

IV. RESOURCES

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

 

 

 

 

for payment of compensation to the Fund’s independent accountants or any other public accounting firm providing audit, review or attest services for the Fund;

 

 

 

 

for payment of compensation to any special counsel and other advisors employed by the Committee;

 

 

 

 

for the ordinary administrative expenses of the Committee; and

 

 

 

 

for continuing education programs to enable Committee members to keep abreast of industry and regulatory development and to gain continuing insights to best practices of audit committees.

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

C-3


V. ANNUAL REVIEW

          On an annual basis, the Committee shall review and reassess the adequacy of this charter and recommend to the full Board any changes the Committee deems appropriate. In addition, on an annual basis, the Committee shall evaluate its performance as a whole and that of its individual members to assess whether it is functioning effectively. The independence of Committee members and satisfaction of the requirements to serve on the Committee shall be affirmed annually.

C-4


APPENDIX D

DIRECTORS’ SHARE HOLDINGS

          The following chart lists the number of shares beneficially owned and the number of share equivalents owned by the Directors pursuant to the Directors’ deferred compensation plan as of February 28, 2006. If a Trust is not listed, the Director does not own any shares or share equivalents of the Trust.

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


INTERESTED DIRECTORS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ralph L. Schlosstein

 

BKT

 

1,000

 

 

 

 

(2)

 

 

BMN

 

100

 

 

 

 

 

 

 

BMT

 

100

 

 

 

 

 

 

 

BRM

 

100

 

 

 

 

 

 

 

BKN

 

100

 

 

 

 

 

 

 

BCT

 

100

 

 

 

 

 

 

 

BSD

 

100

 

 

 

 

 

 

 

BHY

 

1,000

 

 

 

 

 

 

 

BNA

 

1,500

 

 

 

 

 

 

 

BFK

 

100

 

 

 

 

 

 

 

BPK

 

100

 

 

 

 

 

 

 

BHK

 

100

 

 

 

 

 

 

 

RNJ

 

100

 

 

 

 

 

 

 

BLN

 

100

 

 

 

 

 

 

 

BNY

 

100

 

 

 

 

 

 

 

BLH

 

100

 

 

 

 

 

 

 

BHD

 

100

 

 

 

 

 

 

 

BBK

 

100

 

 

 

 

 

 

 

BLE

 

100

 

 

 

 

 

 

 

BYM

 

100

 

 

 

 

 

 

 

BQH

 

100

 

 

 

 

 

 

 

BFY

 

100

 

 

 

 

 

 

 

BSE

 

100

 

 

 

 

 

 

 

BPP

 

121

 

 

 

 

 

 

 

BLW

 

119

 

 

 

 

 

 

 

BKK

 

114

 

 

 

 

 

 

 

BDV

 

113

 

 

 

 

 

 

 

BDT

 

110

 

 

 

 

 

 

 

BQY

 

109

 

 

 

 

 

 

 

BGT

 

100

 

 

 

 

 

D-1


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BGR

 

108

 

 

 

 

 

 

 

BME

 

105

 

 

 

 

 

 

 

HIS

 

100

 

 

 

 

 

 

 

BOE

 

105

 

 

 

 

 

 

 

BDJ

 

100

 

 

 

 

 

 

 

BWC

 

100

 

 

 

 

 

Robert S. Kapito

 

BKT

 

1,880

 

 

 

 

(2)

 

 

BMN

 

10

 

 

 

 

 

 

 

BMT

 

10

 

 

 

 

 

 

 

BRM

 

10

 

 

 

 

 

 

 

BKN

 

20,610

 

 

 

 

 

 

 

BCT

 

10

 

 

 

 

 

 

 

BSD

 

10,010

 

 

 

 

 

 

 

BHY

 

10

 

 

 

 

 

 

 

BNA

 

10

 

 

 

 

 

 

 

BFK

 

10,010

 

 

 

 

 

 

 

BPK

 

25,010

 

 

 

 

 

 

 

BHK

 

10

 

 

 

 

 

 

 

RNJ

 

1,000

 

 

 

 

 

 

 

BNJ

 

45,000

 

 

 

 

 

 

 

BHD

 

1,000

 

 

 

 

 

 

 

BBK

 

6,000

 

 

 

 

 

 

 

BLE

 

36,000

 

 

 

 

 

 

 

BYM

 

100

 

 

 

 

 

 

 

BLJ

 

1,000

 

 

 

 

 

 

 

BPP

 

1,000

 

 

 

 

 

 

 

BLW

 

1,000

 

 

 

 

 

 

 

BKK

 

1,000

 

 

 

 

 

 

 

BDV

 

1,000

 

 

 

 

 

 

 

BDT

 

500

 

 

 

 

 

 

 

BQY

 

500

 

 

 

 

 

 

 

BGT

 

1,000

 

 

 

 

 

 

 

BGR

 

1,000

 

 

 

 

 

 

 

BME

 

100

 

 

 

 

 

 

 

HIS

 

1,000

 

 

 

 

 

 

 

BOE

 

1,000

 

 

 

 

 

D-2


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BDJ

 

1,000

 

 

 

 

 

 

 

BWC

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDEPENDENT DIRECTORS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew F. Brimmer

 

BKT

 

150

 

 

6,379

 

 

(2)

 

 

BMN

 

10

 

 

 

 

 

 

 

BMT

 

10

 

 

 

 

 

 

 

BRM

 

10

 

 

 

 

 

 

 

BKN

 

10

 

 

 

 

 

 

 

BCT

 

20

 

 

2,923

 

 

 

 

 

BSD

 

25

 

 

 

 

 

 

 

BHY

 

200

 

 

4,504

 

 

 

 

 

BNA

 

10

 

 

4,203

 

 

 

 

 

BFK

 

100

 

 

 

 

 

 

 

BPK

 

25

 

 

 

 

 

 

 

BHK

 

25

 

 

2,204

 

 

 

 

 

BHD

 

25

 

 

2,104

 

 

 

 

 

BBK

 

25

 

 

 

 

 

 

 

BLE

 

50

 

 

 

 

 

 

 

BYM

 

50

 

 

 

 

 

 

 

BPP

 

10

 

 

 

 

 

 

 

BLW

 

10

 

 

 

 

 

 

 

BKK

 

10

 

 

 

 

 

 

 

BDV

 

30

 

 

 

 

 

 

 

BDT

 

25

 

 

 

 

 

 

 

BQY

 

25

 

 

 

 

 

 

 

BGT

 

25

 

 

 

 

 

 

 

BGR

 

10

 

 

 

 

 

 

 

BME

 

10

 

 

 

 

 

 

 

HIS

 

10

 

 

 

 

 

 

 

BOE

 

10

 

 

 

 

 

 

 

BDJ

 

25

 

 

 

 

 

 

 

BWC

 

25

 

 

 

 

 

Richard E. Cavanagh

 

BKT

 

500

 

 

10,094

 

 

(2)

 

 

BMN

 

100

 

 

 

 

 

 

 

BMT

 

100

 

 

 

 

 

 

 

BRM

 

100

 

 

 

 

 

D-3


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BKN

 

500

 

 

 

 

 

 

 

BCT

 

100

 

 

1,635

 

 

 

 

 

BSD

 

500

 

 

 

 

 

 

 

BHY

 

200

 

 

7,211

 

 

 

 

 

BNA

 

100

 

 

2,550

 

 

 

 

 

BFK

 

300

 

 

 

 

 

 

 

BPK

 

300

 

 

 

 

 

 

 

BHK

 

500

 

 

1,914

 

 

 

 

 

BLN

 

100

 

 

 

 

 

 

 

RNY

 

100

 

 

 

 

 

 

 

BNY

 

300

 

 

 

 

 

 

 

BLH

 

100

 

 

 

 

 

 

 

BHD

 

300

 

 

1,820

 

 

 

 

 

BBK

 

100

 

 

 

 

 

 

 

BLE

 

100

 

 

 

 

 

 

 

BYM

 

200

 

 

 

 

 

 

 

BQH

 

100

 

 

 

 

 

 

 

BFY

 

100

 

 

 

 

 

 

 

BSE

 

200

 

 

 

 

 

 

 

BPP

 

100

 

 

 

 

 

 

 

BLW

 

100

 

 

 

 

 

 

 

BKK

 

100

 

 

 

 

 

 

 

BDV

 

100

 

 

 

 

 

 

 

BDT

 

100

 

 

 

 

 

 

 

BQY

 

100

 

 

 

 

 

 

 

BGT

 

200

 

 

 

 

 

 

 

BGR

 

100

 

 

 

 

 

 

 

BME

 

100

 

 

 

 

 

 

 

HIS

 

100

 

 

 

 

 

 

 

BOE

 

100

 

 

 

 

 

 

 

BDJ

 

100

 

 

 

 

 

 

 

BWC

 

100

 

 

 

 

 

Kent Dixon

 

BKT

 

100

 

 

3,810

 

 

(2)

 

 

BMN

 

100

 

 

 

 

 

 

 

BMT

 

100

 

 

 

 

 

 

 

BRM

 

100

 

 

 

 

 

D-4


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BKN

 

100

 

 

 

 

 

 

 

BCT

 

100

 

 

1,653

 

 

 

 

 

BSD

 

100

 

 

 

 

 

 

 

BHY

 

5,000

 

 

2,900

 

 

 

 

 

BNA

 

100

 

 

2,422

 

 

 

 

 

BFK

 

5,100

 

 

 

 

 

 

 

BPK

 

100

 

 

 

 

 

 

 

BHK

 

100

 

 

1,919

 

 

 

 

 

BRF

 

100

 

 

 

 

 

 

 

RFA

 

100

 

 

 

 

 

 

 

BBF

 

2,100

 

 

 

 

 

 

 

BHD

 

100

 

 

1,808

 

 

 

 

 

BBK

 

5,000

 

 

 

 

 

 

 

BLE

 

100

 

 

 

 

 

 

 

BYM

 

5,100

 

 

 

 

 

 

 

BIE

 

100

 

 

 

 

 

 

 

BAF

 

100

 

 

 

 

 

 

 

BPP

 

100

 

 

 

 

 

 

 

BLW

 

1,000

 

 

 

 

 

 

 

BKK

 

100

 

 

 

 

 

 

 

BFO

 

100

 

 

 

 

 

 

 

BDV

 

2,000

 

 

 

 

 

 

 

BDT

 

100

 

 

 

 

 

 

 

BQY

 

100

 

 

 

 

 

 

 

BGT

 

500

 

 

 

 

 

 

 

BGR

 

500

 

 

 

 

 

 

 

BME

 

100

 

 

 

 

 

 

 

HIS

 

500

 

 

 

 

 

 

 

BOE

 

500

 

 

 

 

 

 

 

BDJ

 

1,000

 

 

 

 

 

 

 

BWC

 

1,000

 

 

 

 

 

Frank J. Fabozzi

 

BKT

 

2,010

 

 

3,132

 

 

(2)

 

 

BMN

 

10

 

 

 

 

 

 

 

BMT

 

10

 

 

 

 

 

 

 

BRM

 

10

 

 

 

 

 

 

 

BKN

 

10

 

 

 

 

 

D-5


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BCT

 

10

 

 

1,345

 

 

 

 

 

BSD

 

100

 

 

 

 

 

 

 

BHY

 

10

 

 

2,326

 

 

 

 

 

BNA

 

10

 

 

2,009

 

 

 

 

 

BFK

 

20

 

 

 

 

 

 

 

BPK

 

20

 

 

 

 

 

 

 

BHK

 

20

 

 

1,563

 

 

 

 

 

BPS

 

100

 

 

 

 

 

 

 

BHD

 

100

 

 

1,475

 

 

 

 

 

BBK

 

20

 

 

 

 

 

 

 

BLE

 

10

 

 

 

 

 

 

 

BYM

 

10

 

 

 

 

 

 

 

BPP

 

100

 

 

 

 

 

 

 

BLW

 

100

 

 

 

 

 

 

 

BKK

 

100

 

 

 

 

 

 

 

BDV

 

300

 

 

 

 

 

 

 

BDT

 

100

 

 

 

 

 

 

 

BQY

 

100

 

 

 

 

 

 

 

BGT

 

100

 

 

 

 

 

 

 

BGR

 

100

 

 

 

 

 

 

 

BME

 

100

 

 

 

 

 

 

 

HIS

 

100

 

 

 

 

 

 

 

BOE

 

100

 

 

 

 

 

 

 

BDJ

 

100

 

 

 

 

 

 

 

BWC

 

100

 

 

 

 

 

Kathleen F. Feldstein

 

BKT

 

54

 

 

768

 

 

(2)

 

 

BMN

 

52

 

 

 

 

 

 

 

BMT

 

53

 

 

 

 

 

 

 

BRM

 

53

 

 

 

 

 

 

 

BKN

 

53

 

 

 

 

 

 

 

BCT

 

54

 

 

323

 

 

 

 

 

BSD

 

54

 

 

 

 

 

 

 

BHY

 

55

 

 

574

 

 

 

 

 

BNA

 

55

 

 

454

 

 

 

 

 

BFK

 

54

 

 

 

 

 

 

 

BPK

 

53

 

 

 

 

 

D-6


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BHK

 

56

 

 

358

 

 

 

 

 

BHD

 

55

 

 

369

 

 

 

 

 

BBK

 

54

 

 

 

 

 

 

 

BLE

 

54

 

 

 

 

 

 

 

BYM

 

53

 

 

 

 

 

 

 

BPP

 

55

 

 

 

 

 

 

 

BLW

 

55

 

 

 

 

 

 

 

BKK

 

53

 

 

 

 

 

 

 

BDV

 

53

 

 

 

 

 

 

 

BDT

 

53

 

 

 

 

 

 

 

BQY

 

53

 

 

 

 

 

 

 

BGT

 

54

 

 

 

 

 

 

 

BGR

 

50

 

 

 

 

 

 

 

BME

 

105

 

 

 

 

 

 

 

HIS

 

106

 

 

 

 

 

 

 

BOE

 

100

 

 

 

 

 

 

 

BDJ

 

101

 

 

 

 

 

 

 

BWC

 

101

 

 

 

 

 

R. Glenn Hubbard

 

BKT

 

108

 

 

5,227

 

 

(2)

 

 

BMN

 

105

 

 

 

 

 

 

 

BMT

 

106

 

 

 

 

 

 

 

BRM

 

106

 

 

 

 

 

 

 

BKN

 

107

 

 

 

 

 

 

 

BCT

 

109

 

 

2,203

 

 

 

 

 

BSD

 

107

 

 

 

 

 

 

 

BHY

 

110

 

 

3,782

 

 

 

 

 

BNA

 

110

 

 

3,153

 

 

 

 

 

BFK

 

107

 

 

 

 

 

 

 

BPK

 

106

 

 

 

 

 

 

 

BHK

 

112

 

 

2,525

 

 

 

 

 

BLN

 

105

 

 

 

 

 

 

 

RNY

 

107

 

 

 

 

 

 

 

BNY

 

107

 

 

 

 

 

 

 

BLH

 

105

 

 

 

 

 

 

 

BHD

 

110

 

 

2,372

 

 

 

 

 

BBK

 

107

 

 

 

 

 

D-7


 

 

 

 

 

 

 

 

 

 

 

DIRECTOR

 

TRUST

 

TRUST
SHARES
OWNED

 

SHARE
EQUIVALENTS(1)

 

% OF SHARES
OUTSTANDING


 


 


 


 


 

 

BLE

 

107

 

 

 

 

 

 

 

BYM

 

106

 

 

 

 

 

 

 

BQH

 

107

 

 

 

 

 

 

 

BFY

 

106

 

 

 

 

 

 

 

BSE

 

106

 

 

 

 

 

 

 

BPP

 

111

 

 

 

 

 

 

 

BLW

 

109

 

 

 

 

 

 

 

BKK

 

106

 

 

 

 

 

 

 

BDV

 

107

 

 

 

 

 

 

 

BDT

 

106

 

 

 

 

 

 

 

BQY

 

107

 

 

 

 

 

 

 

BGT

 

108

 

 

 

 

 

 

 

BGR

 

108

 

 

 

 

 

 

 

BME

 

105

 

 

 

 

 

 

 

HIS

 

107

 

 

 

 

 

 

 

BOE

 

104

 

 

 

 

 

 

 

BDJ

 

101

 

 

 

 

 

 

 

BWC

 

101

 

 

 

 

 



 

 

(1)

Represents, as of February 28, 2006, the approximate number of share equivalents owned under the deferred compensation plan in each Trust by the Independent Directors of the Trusts who have participated in the deferred compensation plan. Share equivalents are held in cash accounts by each Trust on behalf of the Independent Directors in connection with the deferred compensation plan. Under the deferred compensation plan, BCT, BHY, BKT, BNA, BHD and BHK are eligible investments. Messrs. Schlosstein and Kapito are not eligible to participate in the deferred compensation plan.

 

 

(2)

Less than 1% of each Trust listed.

D-8


APPENDIX E

          The following table sets forth the dollar range of equity securities beneficially owned and share equivalents held by each Director as of February 28, 2006. If a Trust is not listed, the Director does not own any shares of the Trust.

 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

 

 

 

 

 

 

INTERESTED DIRECTORS:

 

 

 

 

 

Ralph L. Schlosstein

BKT

$1-$10,000

$50,001-$100,000

BKT

$50,001-$100,000 (1)

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

 

 

BNA

$10,001-$50,000

 

BNA

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

 

 

RNJ

$1-$10,000

 

RNJ

 

 

BLN

$1-$10,000

 

BLN

 

 

BNY

$1-$10,000

 

BNY

 

 

BLH

$1-$10,000

 

BLH

 

 

BHD

$1-$10,000

 

BHD

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BQH

$1-$10,000

 

BQH

 

 

BFY

$1-$10,000

 

BFY

 

 

BSE

$1-$10,000

 

BSE

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

E-1



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 

Robert S. Kapito

BKT

$10,001-$50,000

Over $100,000

BKT

Over $100,000(1)

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

Over $100,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

 

 

BSD

Over $100,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

 

 

BNA

$1-$10,000

 

BNA

 

 

BFK

Over $100,000

 

BFK

 

 

BPK

Over $100,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

 

 

RNJ

$10,001-$50,000

 

RNJ

 

 

BNJ

Over $100,000

 

BNJ

 

 

BHD

$10,001-$50,000

 

BHD

 

 

BBK

Over $100,000

 

BBK

 

 

BLE

Over $100,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BLJ

$10,001-$50,000

 

BLJ

 

 

BPP

$10,001-$50,000

 

BPP

 

 

BLW

$10,001-$50,000

 

BLW

 

 

BKK

$10,001-$50,000

 

BKK

 

 

BDV

$10,001-$50,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$10,001-$50,000

 

BGT

 

 

BGR

$10,001-$50,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$10,001-$50,000

 

BOE

 

 

BDJ

$10,001-$50,000

 

BDJ

 

 

BWC

$10,001-$50,000

 

BWC

 

INDEPENDENT DIRECTORS:

 

 

 

 

Andrew F. Brimmer

BKT

$1-$10,000

$10,001-$50,000

BKT

$10,001-$50,000

Over $100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

E-2



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BCT

$1-$10,000

 

BCT

$10,001-$50,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

$10,001-$50,000

 

 

BNA

$1-$10,000

 

BNA

$10,001-$50,000

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$10,001-$50,000

 

 

BHD

$1-$10,000

 

BHD

$10,001-$50,000

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 

Richard E. Cavanagh

BKT

$1-$10,000

$50,001-$100,000

BKT

$50,001-$100,000

Over $100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

$10,001-$50,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

$50,001-$100,000

 

 

BNA

$1-$10,000

 

BNA

$10,001-$50,000

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$10,001-$50,000

 

 

BLN

$1-$10,000

 

BLN

 

 

RNY

$1-$10,000

 

RNY

 

 

BNY

$1-$10,000

 

BNY

 

 

BLH

$1-$10,000

 

BLH

 

E-3



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BHD

$1-$10,000

 

BHD

$10,001-$50,000

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BQH

$1-$10,000

 

BQH

 

 

BFY

$1-$10,000

 

BFY

 

 

BSE

$1-$10,000

 

BSE

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 

Kent Dixon

BKT

$1- $10,000

Over $100,000

BKT

$10,001 - $50,000

Over $100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

$10,001 - $50,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$10,001-$50,000

 

BHY

$10,001 - $50,000

 

 

BNA

$1-$10,000

 

BNA

$10,001 - $50,000

 

 

BFK

$50,001-$100,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$10,001 - $50,000

 

 

BRF

$1-$10,000

 

BRF

 

 

RFA

$1-$10,000

 

RFA

 

 

BBF

$10,001-$50,000

 

BBF

 

 

BHD

$1-$10,000

 

BHD

$10,001 - $50,000

 

 

BBK

$50,001-$100,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$50,001-$100,000

 

BYM

 

 

BIE

$1-$10,000

 

BIE

 

E-4



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BAF

$1-$10,000

 

BAF

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$10,001-$50,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BFO

$1-$10,000

 

BFO

 

 

BDV

$10,001-$50,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$10,001-$50,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$10,001-$50,000

 

BOE

 

 

BDJ

$10,001-$50,000

 

BDJ

 

 

BWC

$10,001-$50,000

 

BWC

 

Frank J. Fabozzi

BKT

$10,001-$50,000

$10,001-$50,000

BKT

$10,001-$50,000

Over $100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

$10,001-$50,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

$10,001-$50,000

 

 

BNA

$1-$10,000

 

BNA

$10,001-$50,000

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$10,001-$50,000

 

 

BPS

$1-$10,000

 

BPS

 

 

BHD

$1-$10,000

 

BHD

$10,001-$50,000

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

E-5



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 

Kathleen F. Feldstein

BKT

$1-$10,000

$10,001-$50,000

BKT

$1-$10,000

$50,001-$100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

 

BCT

$1-$10,000

 

BCT

$1-$10,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

$1-$10,000

 

 

BNA

$1-$10,000

 

BNA

$1-$10,000

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$1-$10,000

 

 

BHD

$1-$10,000

 

BHD

$1-$10,000

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 

R. Glenn Hubbard

BKT

$1-$10,000

$50,001-$100,000

BKT

$10,001-$50,000

Over $100,000

 

BMN

$1-$10,000

 

BMN

 

 

BMT

$1-$10,000

 

BMT

 

 

BRM

$1-$10,000

 

BRM

 

 

BKN

$1-$10,000

 

BKN

 

E-6



 

 

 

 

 

 

 

 

DOLLAR RANGE OF EQUITY
SECURITIES IN EACH TRUST(1)

AGGREGATE
DOLLAR RANGE OF
EQUITY SECURITIES
OF ALL TRUSTS(1)

DOLLAR RANGE OF
SHARE EQUIVALENTS IN
EACH TRUST(1)

AGGREGATE DOLLAR
RANGE OF EQUITY
SECURITIES AND
SHARE EQUIVALENTS
OF ALL TRUSTS(1)

 





NAME

TRUST

DOLLAR RANGE

 

TRUST

DOLLAR RANGE

 




 



 

 

BCT

$1-$10,000

 

BCT

$10,001-$50,000

 

 

BSD

$1-$10,000

 

BSD

 

 

BHY

$1-$10,000

 

BHY

$10,001-$50,000

 

 

BNA

$1-$10,000

 

BNA

$10,001-$50,000

 

 

BFK

$1-$10,000

 

BFK

 

 

BPK

$1-$10,000

 

BPK

 

 

BHK

$1-$10,000

 

BHK

$10,001-$50,000

 

 

BLN

$1-$10,000

 

BLN

 

 

RNY

$1-$10,000

 

RNY

 

 

BNY

$1-$10,000

 

BNY

 

 

BLH

$1-$10,000

 

BLH

 

 

BHD

$1-$10,000

 

BHD

$10,001-$50,000

 

 

BBK

$1-$10,000

 

BBK

 

 

BLE

$1-$10,000

 

BLE

 

 

BYM

$1-$10,000

 

BYM

 

 

BQH

$1-$10,000

 

BQH

 

 

BFY

$1-$10,000

 

BFY

 

 

BSE

$1-$10,000

 

BSE

 

 

BPP

$1-$10,000

 

BPP

 

 

BLW

$1-$10,000

 

BLW

 

 

BKK

$1-$10,000

 

BKK

 

 

BDV

$1-$10,000

 

BDV

 

 

BDT

$1-$10,000

 

BDT

 

 

BQY

$1-$10,000

 

BQY

 

 

BGT

$1-$10,000

 

BGT

 

 

BGR

$1-$10,000

 

BGR

 

 

BME

$1-$10,000

 

BME

 

 

HIS

$1-$10,000

 

HIS

 

 

BOE

$1-$10,000

 

BOE

 

 

BDJ

$1-$10,000

 

BDJ

 

 

BWC

$1-$10,000

 

BWC

 


 

 


(1)

Messrs. Kapito and Schlosstein and are not eligible to participate in the deferred compensation plan. Therefore, they own the same amount of equity securities without share equivalents as equity securities including share equivalents.

E-7


The BlackRock Investment
Quality Municipal Trust Inc.

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 



Annual Meeting Proxy Card - Common Stock 
     





A  Election of Directors 
PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS. 

1. The Board of Directors recommends a vote FOR the listed nominees. 
 
For Withhold    
   01 - Richard E. Cavanagh 
[  ]
[  ]
   
 
   02 - R. Glenn Hubbard 
[  ]
[  ]
   
 
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
     
         


     
         


     
         


     

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 7 1   
1 U P X 
 
C O Y 

001CD40001 
00JORB 



Proxy - The BlackRock Investment Quality Municipal Trust Inc.

COMMON STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.

 

 

 

Telephone and Internet Voting Instructions

You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!
Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.
         
   To vote using the Telephone (within U.S. and Canada)           To vote using the Internet
 
  • Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on a touch tone telephone. There is NO CHARGE to you for the call.
  • Follow the simple instructions provided by the recorded message.
   
  • Go to the following web site:
    WWW.COMPUTERSHARE.COM/EXPRESSVOTE
  • Enter the information requested on your computer screen and follow the simple instructions.


If you vote by telephone or the Internet, please DO NOT mail back this proxy card.
Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on May 23, 2006.
THANK YOU FOR VOTING


The BlackRock Investment
Quality Municipal Trust Inc.

 

 

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 

Annual Meeting Proxy Card - Preferred Stock

A Election of Directors

1. The Board of Directors recommends a vote FOR the listed nominees.

For Withhold     For Withhold  
   01 - Richard E. Cavanagh 
[  ]
[  ]
     03 - R. Glenn Hubbard
[  ]
[  ]
 
 
   02 - Kathleen F. Feldstein
[  ]
[  ]
         
 
 
B   Issues               
The Board of Directors recommends a vote FOR the following proposal. 
  For Against Abstain        
   2. To amend the Trust’s Certificate of Designation or Statement 
[  ]
[  ]
[  ]
       
      of Preferences, as appropriate.              
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
           
               


           
               


           
               


           

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 7 2   
1 U P X 
 
C O Y 

001CD40001 
00JOSB



Proxy - The BlackRock Investment Quality Municipal Trust Inc.

PREFERRED STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred stock of The BlackRock Investment Quality Municipal Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.


The BlackRock Insured
Municipal 2008 Term Trust Inc.

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 



Annual Meeting Proxy Card - Common Stock 
     





A  Election of Directors 
PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS. 

1. The Board of Directors recommends a vote FOR the listed nominees. 
 
For Withhold    
   01 - Richard E. Cavanagh 
[  ]
[  ]
   
 
   02 - R. Glenn Hubbard 
[  ]
[  ]
   
 
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
     
         


     
         


     
         


     

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 6 1   
1 U P X 
 
C O Y 

001CD40001 
00JOOB 



Proxy - The BlackRock Insured Municipal 2008 Term Trust Inc.

COMMON STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.

 

 

 

Telephone and Internet Voting Instructions

You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!
Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.
         
   To vote using the Telephone (within U.S. and Canada)           To vote using the Internet
 
  • Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on a touch tone telephone. There is NO CHARGE to you for the call.
  • Follow the simple instructions provided by the recorded message.
   
  • Go to the following web site:
    WWW.COMPUTERSHARE.COM/EXPRESSVOTE
  • Enter the information requested on your computer screen and follow the simple instructions.


If you vote by telephone or the Internet, please DO NOT mail back this proxy card.
Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on May 23, 2006.
THANK YOU FOR VOTING


The BlackRock Insured
Municipal 2008 Term Trust Inc.

 

 

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 

Annual Meeting Proxy Card - Preferred Stock

A Election of Directors

1. The Board of Directors recommends a vote FOR the listed nominees.

For Withhold     For Withhold  
   01 - Richard E. Cavanagh 
[  ]
[  ]
     03 - R. Glenn Hubbard
[  ]
[  ]
 
 
   02 - Kathleen F. Feldstein
[  ]
[  ]
         
 
 
B   Issues               
The Board of Directors recommends a vote FOR the following proposal. 
  For Against Abstain        
   2. To amend the Trust’s Certificate of Designation or Statement 
[  ]
[  ]
[  ]
       
      of Preferences, as appropriate.              
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
           
               


           
               


           
               


           

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 6 2   
1 U P X 
 
C O Y 

001CD40001 
00JOPB



Proxy - The BlackRock Insured Municipal 2008 Term Trust Inc.

PREFERRED STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred stock of The BlackRock Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.


The BlackRock California Insured
Municipal 2008 Term Trust Inc.

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 



Annual Meeting Proxy Card - Common Stock 
     





A  Election of Directors 
PLEASE REFER TO THE REVERSE SIDE FOR TELEPHONE AND INTERNET VOTING INSTRUCTIONS. 

1. The Board of Directors recommends a vote FOR the listed nominees. 
 
For Withhold    
   01 - Richard E. Cavanagh 
[  ]
[  ]
   
 
   02 - R. Glenn Hubbard 
[  ]
[  ]
   
 
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
     
         


     
         


     
         


     

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 5 1   
1 U P X 
 
C O Y 

001CD40001 
00JNFB 



Proxy - The BlackRock California Insured Municipal 2008 Term Trust Inc.

COMMON STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the common stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.

 

 

 

Telephone and Internet Voting Instructions

You can vote by telephone OR Internet! Available 24 hours a day 7 days a week!
Instead of mailing your proxy, you may choose one of the two voting methods outlined below to vote your proxy.
         
   To vote using the Telephone (within U.S. and Canada)           To vote using the Internet
 
  • Call toll free 1-800-652-VOTE (8683) in the United States or Canada any time on a touch tone telephone. There is NO CHARGE to you for the call.
  • Follow the simple instructions provided by the recorded message.
   
  • Go to the following web site:
    WWW.COMPUTERSHARE.COM/EXPRESSVOTE
  • Enter the information requested on your computer screen and follow the simple instructions.


If you vote by telephone or the Internet, please DO NOT mail back this proxy card.
Proxies submitted by telephone or the Internet must be received by 1:00 a.m., Central Time, on May 23, 2006.
THANK YOU FOR VOTING


The BlackRock California Insured
Municipal 2008 Term Trust Inc.

 

 

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 

Annual Meeting Proxy Card - Preferred Stock

A Election of Directors

1. The Board of Directors recommends a vote FOR the listed nominees.

For Withhold     For Withhold  
   01 - Richard E. Cavanagh 
[  ]
[  ]
     03 - R. Glenn Hubbard
[  ]
[  ]
 
 
   02 - Kathleen F. Feldstein
[  ]
[  ]
         
 
 
B   Issues               
The Board of Directors recommends a vote FOR the following proposal. 
  For Against Abstain        
   2. To amend the Trust’s Certificate of Designation or Statement 
[  ]
[  ]
[  ]
       
      of Preferences, as appropriate.              
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
           
               


           
               


           
               


           

C Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
         /           /
         

 
 

0 0 8 7 1 5 2   
1 U P X 
 
C O Y 

001CD40001 
00JNJB



Proxy - The BlackRock California Insured Municipal 2008 Term Trust Inc.

PREFERRED STOCK

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Anne F. Ackerley, Henry Gabbay and James Kong, and each of them, as proxies, each with the power to appoint his or her substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all of the preferred stock of The BlackRock California Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the undersigned on February 28, 2006 at the Annual Meeting of Stockholders of the Trust to be held on May 23, 2006 or at any adjournments or postponements thereof.

THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSALS. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED TO THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS THEREOF.

PLEASE MARK BOXES IN BLUE OR BLACK INK.

SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE.


The BlackRock Florida Insured
Municipal 2008 Term Trust

           
       
[  ]     
Mark this box with an X if you have made 
        changes to your name or address details above. 



Annual Meeting Proxy Card - Common Shares 
     





A  Election of Trustees 
 

1. The Board of Trustees recommends a vote FOR the listed nominees. 
 
For Withhold    
   01 - Richard E. Cavanagh 
[  ]
[  ]
   
 
   02 - R. Glenn Hubbard 
[  ]
[  ]
   
 
 
 
 
   Mark this box with an X if you have made comments below 
[  ]
     
         


     
         


     
         


     

B Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.

Please be sure to sign and date this proxy. Please sign exactly as your name appears on this proxy. 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 president or other authorized officer. If a partnership, please sign in partnership name by authorized person.

Signature 1 - Please keep signature within the box 
 
Signature 2 - Please keep signature within the box 
 
Date (mm/dd/yyyy) 

 
 
         
    &n