JOINT CODE OF ETHICS
FOR
CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS
OF
THE BLACKROCK CLOSED-END FUNDS
AS ADOPTED BY THE BOARDS OF TRUSTEES/DIRECTORS
MAY 2003
Each BlackRock Closed-End Fund (each a "TRUST" and, collectively, the
"TRUSTS")1 is committed to conducting business in accordance with applicable
laws, rules and regulations and the highest standards of business ethics, and to
full and accurate disclosure -- financial and otherwise -- in compliance with
applicable law. This Code of Ethics, applicable to the Trust's Chief Executive
Officer, President, Chief Financial Officer and Treasurer (or persons performing
similar functions) (together, "SENIOR OFFICERS"), sets forth policies to guide
you in the performance of your duties.
As a Senior Officer, you must comply with applicable law. You also have
a responsibility to conduct yourself in an honest and ethical manner. You have
leadership responsibilities that include creating a culture of high ethical
standards and a commitment to compliance, maintaining a work environment that
encourages the internal reporting of compliance concerns and promptly addressing
compliance concerns.
This Code of Ethics recognizes that the Senior Officers are subject to
certain conflicts of interest inherent in the operation of investment companies,
because the Senior Officers currently or may in the future serve as Senior
Officers of each of the Trusts, as officers or employees of the Trust's
investment advisor (the "ADVISOR") and/or affiliates of the Trust's investment
advisor (collectively with the Advisor, "BLACKROCK") and as officers or
trustees/directors of other registered investment companies and unregistered
investment funds advised by BlackRock. This Code of Ethics also recognizes that
certain laws and regulations applicable to, and certain policies and procedures
adopted by, the Trust or BlackRock govern your conduct in connection with many
of the conflict of interest situations that arise in connection with the
operations of the Trust, including:
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1 This Joint Code of Ethics for Chief Executive and Senior Financial
Officers has been adopted by the Board of Trustees/Directors for each
Trust. Solely for the sake of clarity and simplicity, this Joint Code
of Ethics has been drafted as if there is a single Trust, a single
Governance Committee and a single Board of Trustees/Directors. The
terms "Trustees," "Independent Trustees" and "Governance Committee"
mean the Trustees, the Independent Trustees and the Governance
Committee of each Trust, respectively, unless the context otherwise
requires. The Trustees, the Independent Trustees and the Governance
Committee of each Trust, however, shall act separately and in the best
interests of its respective Trust.
o the Investment Company Act of 1940, and the rules and
regulation promulgated thereunder by the Securities and
Exchange Commission (the "1940 ACT");
o the Investment Advisers Act of 1940, and the rules and
regulations promulgated thereunder by the Securities and
Exchange Commission (the "ADVISERS ACT");
o the Code of Ethics adopted by the Trust and the other Trusts
pursuant to Rule 17j-1(c) under the 1940 Act (collectively,
the "TRUST'S 1940 ACT CODE OF ETHICS");
o one or more codes of ethics adopted by BlackRock that have
been reviewed and approved by those trustees/directors (the
"TRUSTEES") of the Trust that are not "interested persons" of
the Trust (the "INDEPENDENT TRUSTEES") within the meaning of
the 1940 Act (the "BLACKROCK'S 1940 ACT CODE OF ETHICS" and,
together with the Trust's 1940 Act Code of Ethics, the "1940
ACT CODES OF ETHICS");
o the policies and procedures adopted by the Trust and the other
Trusts to address conflict of interest situations, such as
procedures under Rule 10f-3 and Rule 17a-7 under the 1940 Act
(collectively, the "TRUST POLICIES"); and
o BlackRock's general policies and procedures to address, among
other things, conflict of interest situations and related
matters (collectively, the "BLACKROCK POLICIES").
The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics,
the Trust Policies and the BlackRock Policies are referred to herein
collectively as the "ADDITIONAL CONFLICT RULES".
This Code of Ethics is different from, and is intended to supplement,
the Additional Conflict Rules. Accordingly, a violation of the Additional
Conflict Rules by a Senior Officer is hereby deemed not to be a violation of
this Code of Ethics, unless and until the Governance Committee of the Trustees
(the "GOVERNANCE COMMITTEE") shall determine that any such violation of the
Additional Conflict Rules is also a violation of this Code of Ethics.
SENIOR OFFICERS SHOULD ACT HONESTLY AND CANDIDLY
Each Senior Officer has a responsibility to the Trust to act with
integrity. Integrity requires, among other things, being honest and candid.
Deceit and subordination of principle are inconsistent with integrity.
Each Senior Officer must:
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o act with integrity, including being honest and candid while
still maintaining the confidentiality of information where
required by law or the Additional Conflict Rules;
o comply with the laws, rules and regulations that govern the
conduct of the Trust's operations and report any suspected
violations thereof in accordance with the section below
entitled "Compliance With Code Of Ethics"; and
o adhere to a high standard of business ethics.
CONFLICTS OF INTEREST
A conflict of interest for the purpose of this Code of Ethics occurs
when your private interests interfere in any way, or even appear to interfere,
with the interests of the Trust.
Senior Officers are expected to use objective and unbiased standards
when making decisions that affect the Trust, keeping in mind that Senior
Officers are subject to certain inherent conflicts of interest because Senior
Officers of a Trust also are or may be officers of other Trusts, BlackRock and
other funds advised or serviced by BlackRock (as a result of which it is
incumbent upon you to be familiar with and to seek to comply with the Additional
Conflict Rules).
You are required to conduct the business of the Trust in an honest and
ethical manner, including the ethical handling of actual or apparent conflicts
of interest between personal and business relationships. When making any
investment, accepting any position or benefits, participating in any transaction
or business arrangement or otherwise acting in a manner that creates or appears
to create a conflict of interest with respect to the Trust where you are
receiving a personal benefit, you should act in accordance with the letter and
spirit of this Code of Ethics.
If you are in doubt as to the application or interpretation of this
Code of Ethics to you as a Senior Officer of the Trust, you should make full
disclosure of all relevant facts and circumstances to the general counsel of
BlackRock (the "GENERAL COUNSEL") and obtain the approval of the General Counsel
prior to taking action.
Some conflict of interest situations that should always be approved by
the General Counsel, if material, include the following:
o the receipt of any entertainment or non-nominal gift by the
Senior Officer, or a member of his or her family, from any
company with which the Trust has current or prospective
business dealings (other than BlackRock), unless such
entertainment or gift is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to
raise any question of impropriety;
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o any ownership interest in, or any consulting or employment
relationship with, any of the Trust's service providers, other
than BlackRock; or
o a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Trust for effecting
portfolio transactions or for selling or redeeming shares
other than an interest arising from the Senior Officer's
employment by BlackRock, such as compensation or equity
ownership.
DISCLOSURES
It is the policy of the Trust to make full, fair, accurate, timely and
understandable disclosure in compliance with all applicable laws and regulations
in all reports and documents that the Trust files with, or submits to, the
Securities and Exchange Commission or a national securities exchange and in all
other public communications made by the Trust. As a Senior Officer, you are
required to promote compliance with this policy and to abide by the Trust's
standards, policies and procedures designed to promote compliance with this
policy.
Each Senior Officer must:
o familiarize himself or herself with the disclosure
requirements applicable to the Trust as well as the business
and financial operations of the Trust; and
o not knowingly misrepresent, or cause others to misrepresent,
facts about the Trust to others, including to the Trustees,
the Trust's independent auditors, the Trust's counsel, counsel
to the Independent Trustees, governmental regulators or
self-regulatory organizations.
COMPLIANCE WITH CODE OF ETHICS
If you know of or suspect a violation of this Code of Ethics or other
laws, regulations, policies or procedures applicable to the Trust, you must
report that information on a timely basis to the General Counsel or report it
anonymously by following the "whistle blower" policies adopted by BlackRock from
time to time. NO ONE WILL BE SUBJECT TO RETALIATION BECAUSE OF A GOOD FAITH
REPORT OF A SUSPECTED VIOLATION.
The Trust will follow these procedures in investigating and enforcing
this Code of Ethics, and in reporting on this Code of Ethics:
o the General Counsel will take all appropriate action to
investigate any actual or potential violations reported to him
or her;
o violations and potential violations will be reported to the
Governance Committee after such investigation;
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o if the Governance Committee determines that a violation has
occurred, it will take all appropriate disciplinary or
preventive action; and
o appropriate disciplinary or preventive action may include a
letter of censure, suspension, dismissal or, in the event of
criminal or other serious violations of law, notification of
the Securities and Exchange Commission or other appropriate
law enforcement authorities.
WAIVERS OF CODE OF ETHICS
Except as otherwise provided in this Code of Ethics, the General
Counsel is responsible for applying this Code of Ethics to specific situations
in which questions are presented to the General Counsel and has the authority to
interpret this Code of Ethics in any particular situation. The General Counsel
shall take all action he or she considers appropriate to investigate any actual
or potential violations reported under this Code of Ethics.
The General Counsel is authorized to consult, as appropriate, with the
chair of the Governance Committee and with counsel to the Trust, BlackRock or
the Independent Trustees, and is encouraged to do so.
The Governance Committee is responsible for granting waivers of this
Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics
will, to the extent required, be disclosed on Form N-CSR, or otherwise, as
provided by Securities and Exchange Commission rules.
RECORDKEEPING
The Trust will maintain and preserve for a period of not less than six
(6) years from the date an action is taken, the first two (2) years in an easily
accessible place, a copy of the information or materials supplied to the
Governance Committee:
o that provided the basis for any amendment or waiver to this
Code of Ethics; and
o relating to any violation of this Code of Ethics and sanctions
imposed for such violation, together with a written record of
the approval or action taken by the Governance Committee.
CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code of
Ethics shall be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code of Ethics, such
matters shall not be disclosed to anyone other than the Independent Trustees and
their counsel, the Trust and its counsel, BlackRock and its counsel and any
other advisors, consultants or counsel retained by the Trustees, the Independent
Trustees or any committee of the Trustees.
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AMENDMENTS
This Code of Ethics may not be amended except in written form,
which is specifically approved by a majority vote of the Trustees, including a
majority of the Independent Trustees.
NO RIGHTS CREATED
This Code of Ethics is a statement of certain fundamental
principles, policies and procedures that govern each of the Senior Officers in
the conduct of the Trust's business. It is not intended to and does not create
any rights in any employee, investor, supplier, competitor, shareholder or any
other person or entity.
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ACKNOWLEDGMENT FORM
I have received and read the Joint Code of Ethics for Chief Executive and Senior
Financial Officers, and I understand its contents. I agree to comply fully with
the standards contained in the Code of Ethics and the Company's related policies
and procedures. I understand that I have an obligation to report any suspected
violations of the Code of Ethics on a timely basis to the General Counsel or
report it anonymously by following the "whistle blower" policies adopted by
BlackRock from time to time.
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Printed Name
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Signature
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Date
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