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SIGNATURE JOHN F. KERNAN
TITLE ASSISTANT VICE PRES.
INDEPENDENT AUDITORS REPORT
The Board of Directors
BlackRock MQE Investors
In planning and performing our audit of the financial
statements of BlackRock MQE Investors (the Fund) for
the year ended December 31, 1997 (on which we have
issued our report dated February 23, 1998), we
considered its internal control, including control
activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, and not
to provide assurance on the Funds internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entitys objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may be
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the Funds internal control would
not necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or operation of one or
more of the internal control components does not
reduce to a relatively low level the risk that errors
or fraud in amounts that would be material in relation
to the financial statements being audited may occur
and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the Funds internal control and its
operation, including controls for safeguarding
securities, that we consider to be material weaknesses
as defined above as of December 31, 1997.
This report is intended solely for the information and
use of management, the Board of Directors of BlackRock
MQE Investors, and the Securities and Exchange
Commission.
DELOITTE & TOUCHE LLP
New York, New York
February 23, 1998
