|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (continued)
|
Board Considerations in Approving the Agreements
The Approval Process:
Prior to the April 8, 2010 meeting, the Boards
requested and received materials specifically relating to the Agreements. The
Boards are engaged in a process with BlackRock to periodically review the
nature and scope of the information provided to better assist their
deliberations. The materials provided in connection with the April meeting
included: (a) information independently compiled and prepared by Lipper, Inc.
(Lipper) on Fund fees and expenses, and the investment performance of each
Fund as compared with a peer group of funds as determined by Lipper
(collectively, Peers); (b) information on the profitability of the Agreements
to BlackRock and a discussion of fall-out benefits to BlackRock and its
affiliates and significant shareholders; (c) a general analysis provided by
BlackRock concerning investment advisory fees charged to other clients, such as
institutional clients and open-end funds, under similar investment mandates;
(d) the impact of economies of scale; (e) a summary of aggregate amounts paid
by each Fund to BlackRock; and (f) if applicable, a comparison of management
fees to similar BlackRock closed-end funds, as classified by Lipper.
At an in-person meeting held
on April 8, 2010, the Boards reviewed materials relating to their consideration
of the Agreements. As a result of the discussions that occurred during the
April 8, 2010 meeting, the Boards presented BlackRock with questions and
requests for additional information and BlackRock responded to these requests
with additional written information in advance of the May 13 14, 2010 Board
meeting.
At an in-person meeting held
on May 13 14, 2010, each Funds Board, including the Independent Board
Members, unanimously approved the continuation of the Advisory Agreement
between the Manager and each of BJZ, BPK and BLH for a one year term ending
June 30, 2011 and between the Manager and BMT for a term ending upon the
termination of BMT, which is scheduled to occur on or about December 31, 2010.
The Boards of BJZ, BPK and BLH unanimously approved the continuation of the
Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to
each Fund, each for a one-year term ending June 30, 2011. In approving the
continuation of the Agreements, the Boards considered: (a) the nature, extent
and quality of the services provided by BlackRock; (b) the investment
performance of each Fund and BlackRock; (c) the advisory fee and the cost of
the services and profits to be realized by BlackRock and its affiliates from
their relationship with each Fund; (d) economies of scale; and (e) other
factors deemed relevant by the Board Members.
The Boards also considered
other matters they deemed important to the approval process, such as services
related to the valuation and pricing of each Funds portfolio holdings, direct
and indirect benefits to BlackRock and its affiliates and significant
shareholders from their relationship with each Fund and advice from independent
legal counsel with respect to the review process and materials submitted for
the Boards review. The Boards noted the willingness of BlackRock personnel to
engage in open, candid discussions with the Boards. The Boards did not identify
any particular information as controlling, and each Board Member may have
attributed different weights to the various items considered.
A. Nature, Extent and Quality of the Services Provided by
BlackRock:
The Boards,
including the Independent Board Members, reviewed the nature, extent and
quality of services provided by BlackRock, including the investment advisory
services and the resulting performance of each Fund. Throughout the year, the
Boards compared each Funds performance to the performance of a comparable
group of closed-end funds, and the performance of a relevant benchmark, if
any. The Boards met with BlackRocks senior management personnel responsible for
investment operations, including the senior investment officers. The Boards also
reviewed the materials provided by each Funds portfolio management team
discussing each Funds performance and each Funds investment objective,
strategies and outlook.
The Boards considered, among
other factors, the number, education and experience of BlackRocks investment
personnel generally and each Funds portfolio management team, investments by
portfolio managers in the funds they manage, BlackRocks portfolio trading
capabilities, BlackRocks use of technology, BlackRocks commitment to
compliance and BlackRocks approach to training and retaining portfolio
managers and other research, advisory and management personnel. The Boards also
reviewed a general description of BlackRocks compensation structure with
respect to each Funds portfolio management team and BlackRocks ability to
attract and retain high-quality talent.
In addition to advisory
services, the Boards considered the quality of the administrative and
non-investment advisory services provided to each Fund. BlackRock and its
affiliates and significant shareholders provide each Fund with certain
administrative and other services (in addition to any such services provided to
each Fund by third parties) and officers and other personnel as are necessary
for the operations of each Fund. In addition to investment advisory services,
BlackRock and its affiliates provide each Fund with other services, including:
(i) preparing disclosure documents, such as the prospectus and the statement of
additional information in connection with the initial public offering and
periodic shareholder reports; (ii) preparing communications with analysts to
support secondary market trading of each Fund; (iii) assisting with daily
accounting and pricing; (iv) preparing periodic filings with regulators and
stock exchanges; (v) overseeing and coordinating the activities of other
service providers; (vi) organizing Board meetings and preparing the materials
for such Board meetings; (vii) providing legal and compliance support; and
(viii) performing other administrative functions necessary for the operation of
each Fund, such as tax reporting, fulfilling regulatory filing requirements,
and call center services. The Boards reviewed the structure and duties of
BlackRocks fund administration, accounting, legal and compliance departments and
considered BlackRocks policies and procedures for assuring compliance with
applicable laws and regulations.
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|
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34
|
SEMI-ANNUAL REPORT
|
JUNE 30, 2010
|
|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (continued)
|
B. The Investment Performance of the Funds and BlackRock:
The Boards, including the Independent Board
Members, also reviewed and considered the performance history of each Fund. In
preparation for the April 8, 2010 meeting, the Boards were provided with reports,
independently prepared by Lipper, which included a comprehensive analysis of
each Funds performance. The Boards also reviewed a narrative and statistical
analysis of the Lipper data that was prepared by BlackRock, which analyzed
various factors that affect Lippers rankings. In connection with their review,
the Boards received and reviewed information regarding the investment
performance of each Fund as compared to a representative group of similar funds
as determined by Lipper and to all funds in each Funds applicable Lipper
category. The Boards were provided with a description of the methodology used
by Lipper to select peer funds. The Boards regularly review the performance of
each Fund throughout the year.
The Board of BPK noted that,
in general, BPK performed better than its Peers in that BPKs performance was
at or above the median of its Lipper Performance Composite in each of the one-,
three- and five-year periods reported.
The Board of each of BJZ and
BLH noted that, in general, BJZ and BLH performed better than their respective
Peers in that the performance of each of BJZ and BLH was at or above the median
of their respective Lipper Performance Composite in two of the one-, three- and
five-year periods reported.
The Board of BMT noted that BMT
performed below the median of its Lipper Performance Composite in each of the
one-, three- and five-year periods reported. The Board of BMT and BlackRock
reviewed the reasons for BMTs underperformance during these periods compared
with its Peers. The Board of BMT was informed that, among other things, BMT has
a targeted maturity, and as such is managed to achieve the specific maturity
goal.
The Board noted that
BlackRock has made changes to the organization of the overall fixed income
group management structure designed to result in a strengthened leadership team
with clearer accountability.
C. Consideration of the Advisory Fees and the Cost of the
Services and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds:
The Boards, including the Independent Board Members, reviewed each
Funds contractual advisory fee rates compared with the other funds in its
Lipper category. The Boards also compared each Funds total expenses, as well
as actual management fees, to those of other funds in its Lipper category. The
Boards considered the services provided and the fees charged by BlackRock to
other types of clients with similar investment mandates, including separately
managed institutional accounts.
The Boards received and reviewed
statements relating to BlackRocks financial condition and profitability with
respect to the services it provided each Fund. The Boards were also provided
with a profitability analysis that detailed the revenues earned and the
expenses incurred by BlackRock for services provided to each Fund. The Boards
reviewed BlackRocks profitability with respect to each Fund and other funds
the Boards currently oversee for the year ended December 31, 2009 compared to
available aggregate profitability data provided for the year ended December 31,
2008. The Boards reviewed BlackRocks profitability with respect to other fund
complexes managed by the Manager and/or its affiliates. The Boards reviewed
BlackRocks assumptions and methodology of allocating expenses in the
profitability analysis, noting the inherent limitations in allocating costs
among various advisory products. The Boards recognized that profitability may
be affected by numerous factors including, among other things, fee waivers and
expense reimbursements by the Manager, the types of funds managed, expense
allocations and business mix, and the difficulty of comparing profitability as
a result of those factors.
The Boards noted that, in
general, individual fund or product line profitability of other advisors is not
publicly available. Nevertheless, to the extent such information was available,
the Boards considered BlackRocks overall operating margin, in general,
compared to the operating margin for leading investment management firms whose
operations include advising closed-end funds, among other product types. That
data indicates that operating margins for BlackRock with respect to its
registered funds are generally consistent with margins earned by similarly
situated publicly traded competitors. In addition, the Boards considered, among
other things, certain third party data comparing BlackRocks operating margin
with that of other publicly traded asset management firms. That third party
data indicates that larger asset bases do not, in themselves, translate to
higher profit margins.
In addition, the Boards
considered the cost of the services provided to each Fund by BlackRock, and
BlackRocks and its affiliates profits relating to the management and
distribution of each Fund and the other funds advised by BlackRock and its
affiliates. As part of their analysis, the Boards reviewed BlackRocks
methodology in allocating its costs to the management of each Fund. The Boards
also considered whether BlackRock has the financial resources necessary to
attract and retain high-quality investment management personnel to perform its
obligations under the Agreements and to continue to provide the high quality of
services that is expected by the Boards.
The Board of each of BJZ, BPK
and BLH noted that the contractual management fee rate was lower than or equal
to the median contractual management fee rate paid by their respective Peers,
in each case, before taking into account any expense reimbursements or fee
waivers.
|
|
|
|
|
|
SEMI-ANNUAL
REPORT
|
JUNE
30, 2010
|
35
|
|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (concluded)
|
The Board of BMT noted that
BMTs contractual management fee rate was above the median contractual
management fee rate paid by BMTs Peers, in each case, before taking into
account any expense reimbursements or fee waivers. The Board of BMT also noted,
however, that BMTs actual management fee rate, after giving effect to any
expense reimbursements or fee waivers by BlackRock, was lower than or equal to
the median actual management fee rate paid by BMTs Peers, after giving effect
to any expense reimbursements or fee waivers.
D. Economies of Scale:
The Boards, including the Independent Board
Members, considered the extent to which economies of scale might be realized as
the assets of each Fund increase. The Boards also considered the extent to
which each Fund benefits from such economies and whether there should be
changes in the advisory fee rate or structure in order to enable each Fund to
participate in these economies of scale, for example through the use of
breakpoints in the advisory fee based upon the asset level of each Fund.
The Boards noted that most
closed-end fund complexes do not have fund level breakpoints because closed-end
funds generally do not experience substantial growth after the initial public
offering and each fund is managed independently consistent with its own
investment objectives. The Boards noted that only one closed-end fund in the
Fund Complex has breakpoints in its fee structure. Information provided by
Lipper also revealed that only one closed-end fund complex with total
closed-end fund net assets exceeding $10 billion, as of December 31, 2009, used
a complex level breakpoint structure.
E. Other Factors Deemed Relevant by the Board Members:
The Boards, including the Independent Board
Members, also took into account other ancillary or fall-out benefits that
BlackRock or its affiliates and significant shareholders may derive from their
respective relationships with the Funds, both tangible and intangible, such as
BlackRocks ability to leverage its investment professionals who manage other
portfolios, an increase in BlackRocks profile in the investment advisory
community, and the engagement of BlackRocks affiliates and significant shareholders
as service providers to each Fund, including for administrative and
distribution services. The Boards also considered BlackRocks overall
operations and its efforts to expand the scale of, and improve the quality of,
its operations. The Boards also noted that BlackRock may use and benefit from
third party research obtained by soft dollars generated by certain mutual fund
transactions to assist in managing all or a number of its other client
accounts. The Boards further noted that BlackRock completed the acquisition of
a complex of exchange-traded funds (ETFs) on December 1, 2009, and that
BlackRocks funds may invest in such ETFs without any offset against the
management fees payable by the funds to BlackRock.
In connection with its
consideration of the Agreements, the Boards also received information regarding
BlackRocks brokerage and soft dollar practices. The Boards received reports
from BlackRock which included information on brokerage commissions and trade
execution practices throughout the year.
The Boards noted the
competitive nature of the closed-end fund marketplace, and that shareholders
are able to sell their respective Funds shares in the secondary market if they
believe that the Funds fees and expenses are too high or if they are dissatisfied
with the performance of the Fund.
Conclusion
The Boards, including the
Independent Board Members, unanimously approved the continuation of the
Advisory Agreement between the Manager and each of BJZ, BPK and BLH for a one
year term ending June 30, 2011 and between the Manager and BMT for a term
ending upon the termination of BMT, which is scheduled to occur on or about
December 31, 2010. The Boards of BJZ, BPK and BLH unanimously approved the
continuation of the Sub-Advisory Agreement between the Manager and the
Sub-Advisor with respect to each Fund, each for a one-year term ending June 30,
2011. As part of its approval, the Boards considered the detailed review of
BlackRocks fee structure, as it applies to its respective Fund, being
conducted by the
ad hoc
Joint
Product Pricing Committee. Based upon its evaluation of all of the
aforementioned factors in their totality, the Boards, including the Independent
Board Members, were satisfied that the terms of the Agreements were fair and
reasonable and in the best interest of each Fund and its shareholders. In
arriving at a decision to approve the Agreements, the Boards did not identify
any single factor or group of factors as all-important or controlling, but
considered all factors together, and different Board Members may have
attributed different weights to the various factors considered. The Independent
Board Members were also assisted by the advice of independent legal counsel in
making this determination. The contractual fee arrangements for each Fund reflect
the results of several years of review by the Board Members and predecessor
Board Members, and discussions between such Board Members (and predecessor
Board Members) and BlackRock. Certain aspects of the arrangements may be the
subject of more attention in some years than in others, and the Board Members
conclusions may be based in part on their consideration of these arrangements
in prior years.
|
|
|
|
|
|
36
|
SEMI-ANNUAL REPORT
|
JUNE 30, 2010
|
|
|
|
O
fficers and Trustees
|
|
Richard E. Cavanagh,
Chairman of the Board and Trustee
|
Karen P. Robards, Vice
Chair of the Board, Chair of the Audit Committee and Trustee
|
Richard S. Davis, Trustee
|
Frank J. Fabozzi, Trustee
and Member of the Audit Committee
|
Kathleen F. Feldstein,
Trustee
|
James T. Flynn, Trustee and
Member of the Audit Committee
|
Henry Gabbay, Trustee
|
Jerold B. Harris, Trustee
|
R. Glenn Hubbard, Trustee
|
W. Carl Kester, Trustee and
Member of the Audit Committee
|
Anne Ackerley, President
and Chief Executive Officer
|
Brendan Kyne, Vice
President
|
Neal Andrews, Chief
Financial Officer
|
Jay Fife, Treasurer
|
Brian Kindelan, Chief
Compliance Officer of the Trust
|
Howard Surloff, Secretary
|
|
Investment
Advisor
|
BlackRock Advisors, LLC
|
Wilmington, DE 19809
|
|
Sub-Advisor
1
|
BlackRock Financial
Management, Inc.
|
New York, NY 10055
|
|
Custodian
|
State Street Bank and Trust
Company
|
Boston, MA 02111
|
|
Transfer
Agent
|
Common
Shares
|
Computershare Trust
Company, N.A.
|
Canton, MA 02021
|
|
Transfer
Agent
1
|
Preferred
Shares
|
BNY Mellon Shareowner
Services
|
Jersey City, NJ 07310
|
|
Accounting
Agent
|
State Street Bank and Trust
Company
|
Princeton, NJ 08540
|
|
Legal
Counsel
|
Skadden, Arps, Slate,
Meagher & Flom LLP
|
New York, NY 10036
|
|
Independent
Registered Public Accounting Firm
|
Deloitte & Touche LLP
|
Princeton, NJ 08540
|
|
Address of
the Trusts
|
100 Bellevue Parkway
|
Wilmington, DE 19809
|
|
1
For the 2018 Trusts.
|
|
Effective January 1, 2010,
Kent Dixon, a Trustee of the Trusts, retired.
|
|
Effective March 31, 2010,
G. Nicholas Beckwith, III, a Trustee of the Trusts, resigned.
|
|
The Trusts Board of
Trustees extends its best wishes to both Mr. Dixon and Mr. Beckwith.
|
|
|
|
|
|
|
SEMI-ANNUAL
REPORT
|
JUNE
30, 2010
|
37
|
On August 11, 2010, BlackRock
Advisors, LLC, the Trusts investment advisor (the Manager), announced that
BMT received a demand letter from a law firm on behalf of BMTs common
shareholders. The demand letter alleges that the Manager and BMTs officers and
Board of Directors (the Board) breached their fiduciary duties related to the
redemption at par of certain of the BMTs Preferred Shares. The independent
Directors are currently evaluating the demand letter for BMT.
The Trusts do not make
available copies of their Statements of Additional Information because the
Trusts shares are not continuously offered, which means that the Statement of
Additional Information of each Trust has not been updated after completion of
the respective Trusts offerings and the information contained in each Trusts
Statement of Additional Information may have become outdated.
During the period, there were
no material changes in the Trusts investment objectives or policies or to the
Trusts charters or by-laws that were not approved by the shareholders or in
the principal risk factors associated with investment in the Trusts. There have
been no changes in the persons who are primarily responsible for the day-to-day
management of the Trusts portfolio.
Quarterly performance,
semi-annual and annual reports and other information regarding the Trusts may
be found on BlackRocks website, which can be accessed at
http://www.blackrock.com. This reference to BlackRocks website is intended to
allow investors public access to information regarding the Trusts and does not,
and is not intended to, incorporate BlackRocks website into this report.
Electronic Delivery
Electronic copies of most
financial reports are available on the Trusts websites or shareholders can
sign up for e-mail notifications of quarterly statements, annual and
semi-annual reports by enrolling in the Trusts electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages:
Please contact your financial
advisor to enroll. Please note that not all investment advisors, banks or
brokerages may offer this service.
Householding
The Trusts will mail only one
copy of shareholder documents, including annual and semi-annual reports and
proxy statements, to shareholders with multiple accounts at the same address.
This practice is commonly called householding and is intended to reduce
expenses and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please call (800) 441-7762.
Availability of Quarterly Portfolio Schedule of Investments
Each Trust files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (the
SEC) for the first and third quarters of each fiscal year on Form N-Q. The
Trusts Forms N-Q are available on the SECs website at http://www.sec.gov and
may also be reviewed and copied at the SECs Public Reference Room in
Washington, DC. Information on the operation of the Public Reference Room may
be obtained by calling (800) SEC-0330. Each Trusts Forms N-Q may also be
obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies
and procedures that the Trusts use to determine how to vote proxies relating to
portfolio securities is available (1) without charge, upon request, by calling
(800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SECs website
at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the
Trusts voted proxies relating to securities held in the Trusts portfolios
during the most recent 12-month period ended June 30 is available upon request
and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762
and (2) on the SECs website at http://www.sec.gov.
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|
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38
|
SEMI-ANNUAL REPORT
|
JUNE 30, 2010
|
|
|
|
Additional Information (concluded)
|
|
|
BlackRock Privacy Principles
|
|
BlackRock is committed to
maintaining the privacy of its current and former fund investors and individual
clients (collectively, Clients) and to safeguarding their non-public personal
information. The following information is provided to help you understand what
personal information BlackRock collects, how we protect that information and
why in certain cases we share such information with select parties.
If you are located in a
jurisdiction where specific laws, rules or regulations require BlackRock to
provide you with additional or different privacy-related rights beyond what is
set forth below, then BlackRock will comply with those specific laws, rules or
regulations.
BlackRock obtains or verifies
personal non-public information from and about you from different sources,
including the following: (i) information we receive from you or, if applicable,
your financial intermediary, on applications, forms or other documents; (ii)
information about your transactions with us, our affiliates, or others; (iii)
information we receive from a consumer reporting agency; and (iv) from visits
to our websites.
BlackRock does not sell or
disclose to non-affiliated third parties any non-public personal information
about its Clients, except as permitted by law or as is necessary to respond to
regulatory requests or to service Client accounts. These non-affiliated third
parties are required to protect the confidentiality and security of this
information and to use it only for its intended purpose.
We may share information with
our affiliates to service your account or to provide you with information about
other BlackRock products or services that may be of interest to you. In
addition, BlackRock restricts access to non-public personal information about
its Clients to those BlackRock employees with a legitimate business need for
the information. BlackRock maintains physical, electronic and procedural
safeguards that are designed to protect the non-public personal information of
its Clients, including procedures relating to the proper storage and disposal
of such information.
|
|
|
|
|
|
SEMI-ANNUAL
REPORT
|
JUNE
30, 2010
|
39
|
This report is transmitted to
shareholders only. It is not a Prospectus. Past performance results shown in
this report should not be considered a representation of future performance.
BPK, BJZ and BLH leverage their Common Shares, which creates risks for Common
Shareholders, including the likelihood of greater volatility of net asset value
and market price of the Common Shares and the risk that fluctuations in the
short-term dividend rates of the Preferred Shares, currently set at the maximum
reset rate as a result of failed auctions, may reduce the Common Shares yield.
Statements and other information herein are as dated and are subject to change.
# CEF-BK4-0610
Item 2 –
|
Code of Ethics – Not Applicable to this semi-annual report
|
|
|
Item 3 –
|
Audit Committee Financial Expert – Not Applicable to this semi-annual report
|
|
|
Item 4 –
|
Principal Accountant Fees and Services – Not Applicable to this semi-annual report
|
|
|
Item 5 –
|
Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
|
|
|
Item 6 –
|
Investments
|
|
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
|
|
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
|
|
|
Item 7 –
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
|
|
|
Item 8 –
|
Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report
|
|
|
Item 9 –
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
|
|
|
Item 10 –
|
Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the
proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
|
|
|
Item 11 –
|
Controls and Procedures
|
|
|
11(a) –
|
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report
based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
|
|
|
11(b) –
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial
reporting.
|
|
|
Item 12 –
|
Exhibits attached hereto
|
|
|
12(a)(1) –
|
Code of Ethics – Not Applicable to this semi-annual report
|
|
|
12(a)(2) –
|
Certifications – Attached hereto
|
|
|
12(a)(3) –
|
Not Applicable
|
|
|
12(b) –
|
Certifications – Attached hereto
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
The BlackRock Insured Municipal Term Trust Inc.
|
|
|
|
By:
|
/s/ Anne F. Ackerley
|
|
|
|
Anne F. Ackerley
|
|
|
Chief Executive Officer of
|
|
|
The BlackRock Insured Municipal Term Trust Inc.
|
|
|
|
Date: September 2, 2010
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
By:
|
/s/ Anne F. Ackerley
|
|
|
|
Anne F. Ackerley
|
|
|
Chief Executive Officer (principal executive officer) of
|
|
|
The BlackRock Insured Municipal Term Trust Inc.
|
|
|
|
Date: September 2, 2010
|
|
|
|
By:
|
/s/ Neal J. Andrews
|
|
|
|
Neal J. Andrews
|
|
|
Chief Financial Officer (principal financial officer) of
|
|
|
The BlackRock Insured Municipal Term Trust Inc.
|
|
|
|
Date: September 2, 2010
|
Blackrock Insured Municipal Term Trust Inc. (The) (NYSE:BMT)
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