This excerpt taken from the BHV DEF 14A filed Apr 19, 2006.
PORTFOLIO REVIEW COMMITTEES
In an effort to continue to improve the Boards 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 Trusts investment results.
Each Trusts 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.