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
Filed by the registrant |X|
Filed by a party other than the registrant |_|
Check the appropriate box:
|_| Preliminary proxy statement
|X| Definitive proxy statement
|_| Definitive additional materials
|_| Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
The BlackRock California Insured Municipal 2008 Term Trust Inc.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified in Its Charter)
Not Applicable
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement)
Payment of filing fee (Check the appropriate box):
|X| No fee required.
|_| Fee computed on table below per Exchange Act Rules 14a-(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
Common Stock, par value $0.01 per share and
Auction Rate Municipal Preferred Stock,
liquidation preference $25,000 per share.
- --------------------------------------------------------------------------------
(2) Aggregate number of securities to which transactions applies:
10,407,093 shares of Common Stock, par value $0.01 per share and
3,120 shares of Auction Rate Municipal Preferred Stock,
liquidation preference $25,000 per share.
- --------------------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
N/A
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(4) Proposed maximum aggregate value of transaction:
N/A
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(5) Total fee paid:
N/A
- --------------------------------------------------------------------------------
|_| Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the form or schedule and the date of its filing.
(1) Amount previously paid:
- --------------------------------------------------------------------------------
(2) Form, schedule or registration statement no.:
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(3) Filing party:
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(4) Date filed:
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[GRAPHIC OMITTED]
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")
800 SCUDDERS MILL ROAD
PLAINSBORO, NEW JERSEY 08536
THE BLACKROCK INCOME TRUST INC. ("BKT")
THE BLACKROCK HIGH YIELD TRUST ("BHY")
THE BLACKROCK TARGET TERM TRUST INC. ("BTT")
THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC. ("BQT")
THE BLACKROCK ADVANTAGE TERM TRUST INC. ("BAT")
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")
GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102
THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC. ("BMT")
THE BLACKROCK 2001 TERM TRUST INC. ("BTM"-PREVIOUSLY "BLK")
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019
THE BLACKROCK STRATEGIC TERM TRUST INC. ("BGT")
TWO WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST ("BPS")
THE BLACKROCK STRATEGIC MUNICIPAL TRUST ("BSD")
400 BELLEVUE PARKWAY
WILMINGTON, DE 19809
----------------
NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS
----------------
TO BE HELD ON MAY 18, 2000
<PAGE>
To the Stockholders of BKN, BRM, BFC, BRF, BLN, BCT, BKT, BHY, BTT, BQT, BAT,
BMN, RAA, RFA, RNJ, RNY, BMT, BTM, BGT, BPS and BSD (collectively, the
"Trusts"):
The Joint Annual Meeting of Stockholders of the Trusts will be held at One
Seaport Plaza, New York, New York on May 18, 2000 at 10:00 a.m. (New York Time)
for the following purposes:
1. With respect to BHY, BKN, BRM, BFC, BRF, BLN, BTT and BTM, to elect
two Directors (Trustees for BRF) and with respect to BCT, BKT, BQT,
BAT, BMN, RAA, RFA, RNJ, RNY, BMT and BGT, to elect three Directors
(Trustees for RFA) and each to hold office for the term indicated
until his successor shall have been elected and qualified; with
respect to BPS and BSD to elect eight Trustees, each to hold office
for the term indicated and until his successor shall have been elected
and qualified;
2. To consider and act upon the ratification of the selection of Deloitte
& Touche LLP as independent auditors of each of the Trusts for the
fiscal year ending June 30, 2000 with respect to BTM, for the fiscal
year ending October 31, 2000 with respect to BKN, BCT, RAA, RFA, RNJ,
RNY, BHY and BKT for the fiscal year ending December 31, 2000 with
respect to BRM, BLN, BFC, BRF, BTT, BAT, BGT, BMN, BQT, BPS, BSD and
BMT;
3. To transact such other business as may properly come before the
meeting or any adjournments thereof.
THE BOARD OF DIRECTORS OR TRUSTEES (THE "BOARD") OF EACH TRUST RECOMMENDS
THAT YOU VOTE "FOR" PROPOSALS ONE AND TWO.
We encourage you to contact BlackRock at (800) 227-7BFM (7236) if you have
any questions.
The stock transfer books will not be closed, but in lieu thereof, the
respective Board of Directors or Trustees have fixed the close of business on
February 29, 2000 as the record date for the determination of stockholders
entitled to notice of, and to vote at, the meeting.
By order of the respective
Board of Directors or Trustees
Karen H. Sabath, Secretary
New York, New York
March 31, 2000
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IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING IN PERSON OR BY
PROXY; IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN
AND RETURN THE APPROPRIATE ENCLOSED PROXY OR PROXIES IN THE ACCOMPANYING
ENVELOPE PROVIDED FOR YOUR CONVENIENCE, WHICH REQUIRES NO POSTAGE IF MAILED IN
THE UNITED STATES.
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<PAGE>
THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.
THE BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST INC.
THE BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.
THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
THE BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST INC.
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
800 SCUDDERS MILL ROAD
PLAINSBORO, NEW JERSEY 08536
THE BLACKROCK INCOME TRUST INC.
THE BLACKROCK HIGH YIELD TRUST
THE BLACKROCK TARGET TERM TRUST INC.
THE BLACKROCK INVESTMENT QUALITY TERM TRUST INC.
THE BLACKROCK ADVANTAGE TERM TRUST INC.
THE BLACKROCK MUNICIPAL TARGET TERM TRUST INC.
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
THE BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST INC.
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102
THE BLACKROCK INSURED MUNICIPAL TERM TRUST INC.
THE BLACKROCK 2001 TERM TRUST INC.
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019
THE BLACKROCK STRATEGIC TERM TRUST INC.
TWO WORLD TRADE CENTER
NEW YORK, NEW YORK 10048
THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST
THE BLACKROCK STRATEGIC MUNICIPAL TRUST
400 BELLEVUE PARKWAY
WILMINGTON, DE 19809
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JOINT PROXY STATEMENT
----------------
FOR THE ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON MAY 18, 2000
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INTRODUCTION
This joint 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 of proxies to be voted at the Joint Annual
Meeting of Stockholders or Shareholders, as the case may be, (the "Meeting") of
the Trusts to be held at One Seaport Plaza, New York, New York, on May 18, 2000
at 10:00 a.m. (New York Time), and at any adjournments thereof, for the purposes
set forth in the accompanying Notice of Joint Annual Meeting of Stockholders.
Any such adjournment will require the affirmative vote of a majority of the
shares present in person or by proxy to be voted at the Meeting. The persons
named as proxies will vote in favor of any such adjournment those proxies which
instruct them to vote in favor of any of the proposals. Conversely, they will
vote against any such adjournment any proxies which instruct them to vote
against the proposals. As used in the Notice of Joint Annual Meeting of
Stockholders and as used herein, the term "Directors" shall include Trustees and
the term "Stockholders" shall include Shareholders where the use of the terms
"Trustees" or "Shareholders" would otherwise be appropriate.
The Meeting is scheduled as a joint meeting of the respective stockholders
of the Trusts because the stockholders of all the Trusts are expected to
consider and vote on similar matters. The Board of each Trust has determined
that the use of a joint Proxy Statement for the Meeting is in the best interest
of each Trust's stockholders. In the event that any stockholder present at the
Meeting objects to the holding of a joint meeting and moves for an adjournment
of his Trust's meeting to a time immediately after the Meeting so that his
Trust's meeting may be held separately, the persons named as proxies will vote
in favor of such adjournment. Stockholders of each Trust will vote separately on
each of the Proposals relating to their Trust, and an unfavorable vote on a
Proposal by the stockholders of one Trust will not affect the implementation of
such a Proposal by another Trust if the Proposal is approved by the stockholders
of that Trust.
The cost of soliciting proxies will be borne by each of the Trusts in
proportion to the amount of proxies solicited on behalf of each Trust. In
addition, certain officers, directors and employees of each of the Trusts, Dean
Witter InterCapital Inc., Prudential Investments Fund Management LLC, Princeton
Administrators L.P. (formerly Middlesex Administrators L.P.,), Mitchell Hutchins
Asset Management Inc., BlackRock Advisors, Inc., (the "Advisor") (none of whom
will receive additional compensation therefor) may solicit proxies by telephone
or mail. In addition, certain of the Trusts may employ Georgeson Shareholder
Communications 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 $3,500 per Trust. The Advisor is located at 400
Bellevue Parkway, Wilmington, Delaware 19809.
All properly executed proxies received prior to the Meeting will be voted
at the Meeting in accordance with the instructions marked thereon or otherwise
as provided therein. Abstentions will be counted as present but not voting with
respect to those proposals from which a stockholder abstains. Broker non-votes
will be treated as shares that are present for purposes of determining whether a
quorum is present and may be voted on Proposals 1 and 2. Unless instructions to
the contrary are marked, shares represented by all properly executed proxies
will be voted "FOR" Proposals one and two. Any proxy may be revoked at any time
prior to the exercise thereof by submitting another proxy bearing a later date
or by giving written notice to the Secretary of the applicable Trusts at the
applicable address indicated above or by voting in person at the Meeting.
Some proposals require more votes than others to be approved. With respect
to each of the Trusts an affirmative vote of a simple majority of the shares
present and voting at the meeting at which a quorum is
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<PAGE>
present is necessary to ratify the selection of independent auditors. The
affirmative vote of a plurality of the shares present at the meeting at which a
quorum is present is necessary to elect the Director nominees.
The Board of each Trust knows of no business other than that specifically
mentioned in the Notice of Meeting which will be presented for consideration at
the Meeting. If any other matters are properly presented, it is the intention of
the persons named in the enclosed proxy to vote thereon in accordance with their
best judgment.
The Board of each Trust has fixed the close of business on February 29,
2000, as the record date for the determination of stockholders of each Trust
entitled to notice of and to vote at the Meeting or any adjournment thereof.
Stockholders 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 fractional shares with no cumulative voting rights.
The holders of any Trust's Auction Rate Municipal Preferred Stock will have
equal voting rights with the holders of that Trust's common stock (i.e., one
vote per share), and will vote together with the holders of common stock as a
single class on the proposals to elect Directors and ratify the independent
accountants, except that the holders of Auction Rate Municipal Preferred Stock
of each Trust which is electing Class I or II directors at this meeting, voting
separately as a class, will elect two Directors. The two Directors that have
been designated as representing the holders of each respective Trust's Auction
Rate Municipal Preferred Stock are Richard E. Cavanagh and Frank J. Fabozzi (see
"Proposal No. 1-Election of Directors," below).
Pursuant to the rules promulgated by the Securities and Exchange Commission
the following table sets forth the proposal to be voted on by each Trust with
auditors to be voted on by all Trusts.
VOTE ON DIRECTORS
FUND OF CLASS NUMBER
---------------------------------
BRM I
BFC I
BRF I
BLN I
BKN I
BCT III
BMN II
BHY I
BTT I
BAT III
RAA III
RFA III
RNJ III
RNY III
BKT II
BMT II
BGT III
BQT II
BTM I
BPS All
BSD All
3
<PAGE>
At the close of business on February 29, 2000, BRM had outstanding
27,207,093 shares of Common Stock, par value $0.01 per share and 8,240 shares of
Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per
share, BLN had outstanding 11,257,093 shares of Common Stock, par value $0.01
per share and 3,420 shares of Auction Rate Municipal Preferred Stock,
liquidation preference $25,000 per share, BFC had outstanding 10,407,093 shares
of Common Stock, par value $0.01 per share and 3,120 shares of Auction Rate
Municipal Preferred Stock, liquidation preference $25,000 per share, BRF had
outstanding 8,707,093 common shares of beneficial interest, par value $0.01 per
share and 2,640 Auction Rate Municipal Preferred Shares of beneficial interest,
liquidation preference $25,000 per share, BKN had outstanding 16,707,093 shares
of Common Stock, par value $0.01 per share and 5,200 shares of Auction Rate
Municipal Preferred Stock, liquidation preference $25,000 per share, BCT had
outstanding 2,957,093 shares of Common Stock, par value $0.01 per share, BMN had
outstanding 45,410,639 shares of Common Stock, par value $0.01 per share and
9,000 shares of Auction Rate Municipal Preferred Stock, liquidation preference
$25,000 per share, BHY had outstanding 6,306,667 common shares of beneficial
interest, par value $0.01 per share, BTT had outstanding 95,460,639 shares of
Common Stock, par value $0.01 per share, BAT had outstanding 9,510,667 shares of
Common Stock, par value $0.01 per share, RAA had outstanding 1,007,093 shares of
Common Stock, par value $0.01 per share and 300 shares of Auction Rate Municipal
Preferred Stock, liquidation preference $25,000 per share, RFA had outstanding
1,127,093 common shares of beneficial interest, par value $0.01 per share and
340 Auction Rate Municipal Preferred Shares of beneficial interest, liquidation
preference $25,000 per share, RNJ had outstanding 1,007,093 shares of Common
Stock, par value $0.01 per share and 300 shares of Auction Rate Municipal
Preferred Stock, liquidation preference $25,000 per share, RNY had outstanding
1,307,093 shares of Common Stock, par value $0.01 per share and 392 shares of
Auction Rate Municipal Preferred Stock, liquidation preference $25,000 per
share, BMT had outstanding 25,885,639 shares of Common Stock, par value $0.01
per share and 5,200 shares of Auction Rate Municipal Preferred Stock,
liquidation preference $25,000 per share, BKT had outstanding 62,849,878 shares
of Common Stock, par value $0.01 per share, BGT had outstanding 57,510,639
shares of Common Stock, par value $0.01 per share, BQT had outstanding
36,810,640 shares of Common Stock, par value $0.01 per share, BTM had
outstanding 142,010,583 shares of Common Stock, par value $0.01 per share, BPS
had outstanding 2,015,492 common shares of beneficial interest, par value $.001
per share and 700 shares of Auction Rate Municipal Preferred shares of
beneficial interest, liquidation preference $25,000 per share and BSD had
outstanding 7,241,931 common shares of beneficial interest, par value $.001 per
share and 2,480 shares of Auction Rate Municipal Preferred shares of beneficial
interest, liquidation preference $25,000 per share. For each Trust, the class or
classes of stock listed above are the only authorized class or classes of stock.
The principal executive offices of BRM, BLN, BFC, BRF, BCT and BKN are
located at 800 Scudders Mill Road, Plainsboro, New Jersey 08536, the principal
executive offices of BMN, BHY, BTT, BAT, RAA, RFA, RNJ, RNY, BKT and BQT are
located at Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102,
the principal executive offices of BGT are located at Two World Trade Center,
New York, New York 10048, the principal executive offices of BMT and BTM are
located at 1285 Avenue of the Americas, New York, New York 10019 and the
principal executive offices of BPS and BSD are located at 400 Bellevue Parkway,
Wilmington, DE 19809. The enclosed proxy or proxies and this proxy statement are
first being sent to the Trusts' stockholders on or about March 31, 2000.
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 stockholder upon request, provided such Annual or
Semi-Annual Report is not enclosed herein. Requests should be directed to 400
Bellevue Parkway, Wilmington, DE 19809 (telephone number (800) 227-7BFM(7236)).
4
<PAGE>
As of February 29, 2000, to the knowledge of each Trust, no person
beneficially owned more than 5% of any Trust, except that 5,533,200 of the
outstanding common shares of BTT (or 5.8% of the outstanding common shares) are
held by Credit Suisse First Boston, which is located at Uetlibergstrasse 231,
P.O. Box 900, CH-8045 Zurich, Switzerland, 17,967,200 of the outstanding common
shares of BTM (or 12.7% of the outstanding common shares) are held by The
Progressive Corporation, which is located at 6300 Wilson Mills Road, Mayfield
Village, OH 44143, 242,400 of the outstanding common shares of RAA (or 24.07% of
the outstanding common shares) are jointly held by M.H. Whittier Corporation,
James E. Greene, Arlo G. Sorensen, Michael J. Casey and Whittier Trust Company,
all of whom are located at 1600 Huntington Drive, South Pasadena, California
91030, 178,300 of the outstanding common shares of BCT (or 6.03% of the
outstanding common shares) and 945,472 of the outstanding common shares of BAT
(or 9.94% of the outstanding common shares) are held by Karpus Management, Inc.
which is located at 14 Tobey Village Office Park, Pittsford, New York 14534,
3,526,800 of the outstanding common shares of BGT (or 6.1% of the outstanding
common shares) and 11,254,600 of the outstanding common shares of BTM (or 7.9%
of the outstanding common shares) are held by the Federal Home Loan Mortgage
Corporation which is located at 8200 Jones Branch Drive, Mclean, Virginia 22102,
13,291,500 of the outstanding common shares of BTM (or 9.4% of the outstanding
common shares) are held by Tattersall Advisory Group, Inc. which is located at
6802 Paragon Place, Suite 200, Richmond, Virginia 23230-1655 and 8,034,880 of
the outstanding common shares of BGT (or 14.0% of the outstanding common shares)
are held by First Union Corporation (formerly Tattersall Advisory Group, Inc.),
which is located at One First Union Center, Charlotte, North Carolina
28288-0137.
PROPOSAL NO. 1.
ELECTION OF DIRECTORS
With respect to BHY, BKN, BRM, BFC, BRF, BLN, BTT and BTM at the Meeting,
Class I Directors will be elected to serve for a term of three years and until
their successors are elected and qualify. With respect to BKT, BQT, BMN and BMT
and at the Meeting, Class II Directors will be elected to serve for a term of
three years and until their successors are elected and qualify. With respect to
BCT, BAT, RAA, RFA, RNJ, RNY and BGT, at the Meeting, Class III Directors will
be elected to serve for a term of three years and until their successors are
elected and qualify. There are only two or three nominees with respect to each
of the Trusts because each Trust's Board is classified into three classes and
only one class is being elected at the Meeting. The other classes will be
elected at subsequent annual meetings of stockholders. With respect to BPS and
BSD, at the Meeting, eight Directors will be elected to serve for varying terms
of one, two or three years as indicated below by Classes I, II or III,
respectively, and until their successors are elected and qualified. In addition,
with respect to BTM, BAT, BCT and BGT, respectively, nominees elected as
Directors of BTM, BAT, BCT and BGT, respectively, will be appointed by BTM, BAT,
BCT and BGT, respectively, to serve as Directors of their respective
wholly-owned subsidiaries, BLK Subsidiary Inc. ("BTMS"), BAT Subsidiary Inc.
("BATS"), BCT Subsidiary Inc. ("BCTS") and BGT Subsidiary Inc. ("BGTS"), each of
which has identical investment objectives and policies to BTM, BAT, BCT and BGT,
respectively. For each of the Trusts, the affirmative vote of a plurality of the
shares present at the Meeting at which a quorum is present is required to elect
the nominees representing the common stock and for each Trust with a class of
Auction Rate Municipal Preferred Stock, the affirmative vote of a plurality of
the Auction Rate Municipal Preferred Stock shares of each Trust electing Class I
or II directors at this meeting present at the Meeting is required to elect any
nominees
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<PAGE>
representing the Auction Rate Municipal Preferred Stock. It is the intention of
the persons named in the enclosed proxy to vote in favor of the election of the
persons listed below. The Board of Directors of each Trust recommends that you
vote "FOR" the nominees.
The respective Boards of Directors of the Trusts know of no reason why any
of the nominees listed below will be unable to serve, but in the event of any
such unavailability, the proxies received will be voted for such substitute
nominees as the respective Boards of Directors may recommend.
Certain information concerning the nominees for each of the Trusts is set
forth below. All of the nominees are currently Directors of each of the Trusts,
including BTMS, BATS, BCTS and BGTS, and have served in such capacity since each
of the Trusts commenced their respective operations except that Richard E.
Cavanagh has served as Director since his appointment by the Boards (of BKN,
BRM, BFC, BRF, BLN, BCT, BKT, BTT, BQT, BAT, BMN, RAA, RFA, RNJ, RNY, BMT, BTM
and BGT) on August 11, 1994 to fill a vacancy and, with respect to BKT, BQT,
BTT, BAT, BGT, BMN and BMT, James Clayburn LaForce, Jr. has served as Director
since his election at the Trusts' annual meeting of stockholders on June 19,
1992 and Walter F. Mondale, who was previously a Director of BKN, BRM, BFC, BLN,
BCT, BKT, BTT, BQT, BAT, BMN, BMT, BTM, BGT and Trustee of BRF from inception to
August 12, 1993, has served as Director since his election at the Trusts' annual
meeting of stockholders on April 15, 1997. Each of the directors also serves as
a director of The BlackRock North American Government Income Trust Inc. ("BNA"),
a closed-end registered investment company advised by the Advisor. In addition,
Mr. Fink serves as a director of Anthracite Capital, Inc. and he serves on the
Board of Advisory Directors for Magnetite Asset Investors L.L.C. 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 by
Section 2(a)(19) of the Investment Company Act of 1940) are indicated by an
asterisk(*). Unless specified otherwise below, the business address of the
Directors and officers of each of the Trusts and the Advisor is 345 Park Avenue,
New York, New York 10154 and 400 Bellevue Parkway, Wilmington, Delaware 19809,
respectively.
TRUST % OF
SHARES SHARES
PRINCIPAL OCCUPATIONS OR OWNED OUT
NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING
- -------------------- ----------------------------------- ------ --------
Andrew F. Brimmer President of Brimmer & Company, BKT 110 (1)
4400 MacArthur Blvd Inc., a Washington, D.C.-based BTT 10
N.W. Suite 302 economic and financial consulting BAT 10
Washington, DC 20007 firm. Director of CarrAmerica BGT 10
Age: 73 Realty Corporation and Borg-Warner BMN 10
Class III (**) Automotive. Formerly member of the BMT 10
Board of Governors of the Federal BRM 10
Reserve System. Formerly Director BKN 10
of AirBorne Express, BankAmerica BCT 20
Corporation (Bank of America), Bell BQT 10
South Corporation, College BTM 10
Retirement Equities Fund (Trustee), BSD 25
Commodity Exchange, Inc. (Public BHY 200
Governor), Connecticut Mutual Life
Insurance Company. E.I. dupont de
Nemours & Company, Equitable Life
Assurance Society of the United
States, Gannett Company
(publishing), MNC Financial
Corporation (American Security
Bank), NMC Capital Management,
Navistar International Corporation
(truck manufacturing), and UAL
Corporation (United Airlines).
6
<PAGE>
TRUST % OF
SHARES SHARES
PRINCIPAL OCCUPATIONS OR OWNED OUT
NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING
- -------------------- ----------------------------------- ------ --------
Richard E. Cavanagh President and Chief Executive BKN 500 (1)
845 Third Avenue Officer of The Conference Board, BKT 500
New York, NY 10022 Inc., a leading global business BTT 100
Age: 53 membership organization, from BAT 100
Class I (**) 1995-present. Former Executive Dean BGT 100
of the John F. Kennedy School of BMN 100
Government at Harvard University BMT 100
from 1988-1995. Acting Director, BRM 100
Harvard Center for Business and BLN 100
Government (1991-1993). Formerly RNY 100
Partner (principal) of McKinsey & BCT 100
Company, Inc. (1980-1988). Former BQT 100
Executive Director of Federal Cash BTM 100
Management, White House Office of BSD 500
Management and Budget (1977-1979). BHY 200
Co-author, THE WINNING PERFORMANCE
(best selling management book
published in 13 national editions.)
Trustee, Wesleyan University,
Drucker Foundation, Airplanes
Group, Aircraft Finance Trust (AFT)
and Educational Testing Service
(ETS). Director, Arch Chemicals
(chemicals), Fremont Group
(investments) and The Guardian Life
Insurance Company of America
(insurance).
Kent Dixon Consultant/Investor. Former BKT 24,000 (1)
9495 Blind Pass Road President and Chief Executive BTT 1,000
Unit #602 Officer of Empire Federal Savings BAT 100
St. Petersburg, Bank of America and Banc PLUS
FL 33706 Savings Association, former BGT 100
Age: 62 Chairman of the Board, President BMN 100
Class III (**) and Chief Executive Officer of BMT 100
Northeast Savings. Former Director BRM 100
of ISFA (the owner of INVEST, a BRF 100
national securities brokerage BKN 100
service designed for banks and RFA 100
thrift institutions). BCT 100
BQT 100
BTM 100
BSD 100
BHY 5,000
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<PAGE>
TRUST % OF
SHARES SHARES
PRINCIPAL OCCUPATIONS OR OWNED OUT
NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING
- -------------------- ----------------------------------- ------ --------
Frank J. Fabozzi Consultant. Editor of THE JOURNAL BKT 10 (1)
858 Tower View Circle OF PORTFOLIO MANAGEMENT and BTT 10
New Hope, PA 18938 Adjunct Professor of Finance at BAT 10
Age: 51 the School of Management at Yale BGT 10
Class II (**) University. Director, Guardian BMN 10
Mutual Funds Group. Author and BMT 10
editor of several books on fixed BRM 10
income portfolio management. BKN 10
Visiting Professor of Finance and BCT 10
Accounting at the Sloan School of BQT 10
Management, Massachusetts BTM 10
Institute of Technology from 1986 BSD 100
to August 1992. BPS 100
BHY 10
Laurence D. Fink* Chairman and Chief Executive BKT 16,680 (1)
Age: 47 Officer of BlackRock Financial BTT 15,777
Class III (**) Management, Inc., BlackRock BAT 10
Advisors, Inc. and BlackRock, BGT 10
Inc. Formerly, a Managing BMN 10
Director of The First Boston BMT 10
Corporation, member of its BRM 10
Management Committee, co-head of RNJ 10
its Taxable Fixed Income Division BCT 10
and head of its Mortgage and Real BQT 10
Estate Products Group. Currently, BTM 10
Chairman of the Board and BKN 10
Director of each of BlackRock's BSD 10
Trusts, and Anthracite Capital, BHY 1,000
Inc. Trustee of New York
University Medical Center,
Dwight-Englewood School, National
Outdoor Leadership School and
Phoenix House. A Director of
VIMRx Pharmaceuticals, Inc. and
Innovir Laboratories, Inc.
8
<PAGE>
TRUST % OF
SHARES SHARES
PRINCIPAL OCCUPATIONS OR OWNED OUT
NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING
- ---------------------- --------------------------------- ------ --------
James Clayburn Dean Emeritus of The John E. BKT 10 (1)
LaForce, Jr. Anderson Graduate School of BTT 10
P.O. Box 1595 Management, University of BAT 10
Pauma Valley, CA 92061 California since July 1, 1993. BGT 10
Age: 71 Director, Eli Lilly and Company BMN 10
Class I (**) (pharmaceuticals), Jacobs BMT 10
Engineering Group, Inc., Rockwell BRM 10
International Corporation, Payden BFC 3,410
& Rygel Investment Trust (mutual BKN 10
fund), Provident Investment RAA 10
Counsel Funds (investment BCT 10
companies), Timken Company BQT 10
(roller bearing and steel) and BTM 10
Motor Cargo Industries BSD 750
(transportation). Acting Dean of BHY 100
The School of Business, Hong Kong
University of Science and
Technology 1990-1993. From 1978
to September 1993, Dean of The
John E. Anderson Graduate School
of Management, University of
California.
Walter F. Mondale Partner, Dorsey & Whitney, a law BKT 20 (1)
220 South Sixth Street firm (December 1996-present, BTT 20
Minneapolis, MN 55402 September 1987-August 1993). BAT 20
Age: 71 Formerly, U.S. Ambassador to BGT 20
Class II (**) Japan (1993-1996). Formerly Vice BMN 20
President of the United States, BMT 20
U.S. Senator and Attorney General BQT 20
of the State of Minnesota. 1984 BTM 20
Democratic Nominee for President BRM 20
of the United States. BKN 20
BCT 20
BSD 20
BHY 300
9
<PAGE>
TRUST % OF
SHARES SHARES
PRINCIPAL OCCUPATIONS OR OWNED OUT
NAME AND AGE EMPLOYMENT IN PAST 5 YEARS (*) STANDING
- ---------------------- --------------------------------- ------ --------
Ralph L. Schlosstein* President of BlackRock Financial BKT 6,000 (1)
Age: 49 Management, Inc., BlackRock BTT 1,000
Class II (**) Advisors, Inc. and BlackRock, BAT 100
Inc. Formerly, a Managing BGT 100
Director of Lehman Brothers, Inc. BMN 100
and co-head of its Mortgage and BMT 100
Savings Institutional Group. BRM 100
Currently, President of each of BLN 100
the closed-end funds in which BKN 100
BlackRock Advisors, Inc. acts as RNY 100
investment advisor. Trustee of BCT 100
Denison University and New BQT 100
Visions for Public Education in BTM 100
New York City. A Director of the BSD 100
Pulte Corporation and a member of BHY 1,000
the Visting Board of Overseers of
the John F. Kennedy School of
Government at Harvard University.
- ----
(1) Less than 1%.
(*) If the Trust is not listed the Director does not own any shares of the
Trust.
(**) Only Class I Directors are being elected by BHY, BKN, BRM, BFC, BRF,
BLN, BTT and BTM, only Class II Directors are being elected by BKT, BQT, BMN and
BMT and only Class III Directors are being elected by BCT, BAT, RAA, RFA, RNJ,
RNY and BGT. All three classes are being elected by BPS and BSD. Thus, with
respect to only BPS and BSD, Class I directors will be elected to serve until
the 2001 annual meeting with the position then becoming one for subsequent three
year terms, Class II directors will be elected until the 2002 annual meeting
with the position then becoming one for subsequent three year terms and Class
III directors will be elected for three year terms as of the meeting.
All Directors and officers as a group owned less than 1% of the shares of
each of the Trusts as of February 29, 2000. Each Trust has an executive
committee composed of Messrs. Fink and Schlosstein.
None of the Trusts has a compensation or nominating committee of the Board
of Directors, or committees performing similar functions. Each of the Trusts has
an audit committee composed of all the Directors who are not interested persons
of such Trust or the Advisor (the "Independent Directors") which is charged with
recommending a firm of independent accountants to its respective Trust and
reviewing accounting matters with the accountants. With respect to BTM, there
were two meetings of the audit committee held between July 1, 1998 and June 30,
1999. With respect to BKT, BCT, BKN, RAA, RNJ, RNY and RFA, there were two
meetings of the audit committee held between November 1, 1998 and October 31,
1999. With respect to BHY, there was one meeting of the audit committee held
between the Trust's date of incorporation and October 31, 1999. With respect to
BNN, BTT, BAT, BGT, BRM, BLN, BFC, BRF, BMN, BQT and BMT, there was one meeting
of the audit committee held between January 1, 1999 and December 31, 1999. With
respect to each of the Trusts, all members attended at least 75% of the
meetings.
Four meetings of the Board of Directors of BTM were held between July 1,
1998 and June 30, 1999. Four meetings of the Boards of Directors of BKT, BKN,
RFA, RNJ, RNY, BCT and RAA were held between
10
<PAGE>
November 1, 1998 and October 31, 1999. Five meetings of the Trustees of BHY
were held between the Trust's date of declaration and October 31, 1999. Six
meetings of the Boards of Directors of BRM, BLN, BFC, BRF, BMN and BMT were
held between January 1, 1999 and December 31, 1999. Four meetings of the Boards
of Directors of BAT, BTT, BGT and BQT were held between January 1, 1999 and
December 31, 1999. Two meetings of the Trustees of BPS and BSD were held
between the Trust's date of declaration and December 31, 1999. With respect to
each of the Trusts, all Directors attended at least 75% of the meetings.
In addition to Messrs. Fink and Schlosstein, all the following executive
officers except Messrs. Amero, Schaney, and Klingert, hold the same position
with each of the Trusts. With respect to Mr. Amero, of the Trusts, he is an
officer of BTM, BQT, BCT, BTT, BAT, BGT, BHY and BKT only. With respect to Mr.
Klingert, of the Trusts, he is an officer of BRM, BLN, BFC, BRF, BKN, BMN, RAA,
RFA, RNJ, RNY, BPS, BSD and BMT only. With respect to Mr. Schaney, of the
Trust, he is an officer of BHY only.
OTHER PRINCIPAL OCCUPATIONS
NAME AND AGE TITLE IN PAST 5 YEARS
- -------------------- ---------------- ------------------------------------------
Scott Amero Vice President Managing Director of BlackRock Financial
Age: 36 Management, Inc. From 1985 to 1990, Vice
President at The First Boston Corporation
in the Fixed Income Research Department.
Keith T. Anderson Vice President Managing Director of BlackRock Advisors,
Age: 40 Inc. since February 1998. Managing
Director of BlackRock Financial
Management, Inc. since January 1991.
Director of BlackRock Financial
Management, Inc. from April 1988 to
January 1991. From February 1987 to April
1988, Vice President at The First Boston
Corporation in the Fixed Income Research
Department. Previously Vice President and
Senior Portfolio Manager at Criterion
Investment Management Company (now
Nicholas-Applegate).
Henry Gabbay Treasurer Managing Director of BlackRock Advisors,
Age: 52 Inc. since February 1998. Managing
Director of BlackRock Financial
Management, Inc. since January 1990.
Director of BlackRock Financial
Management, Inc. from February 1989 to
January 1990. From September 1984 to
February 1989, Vice President at The First
Boston Corporation.
Michael C. Huebsch Vice President Managing Director of BlackRock Financial
Age: 41 Management, Inc. since January 1991.
Director of BlackRock Financial
Management, Inc. from January 1989 to
January 1991. From July 1985 to January
1989, Vice President at The First Boston
Corporation in the Fixed Income Research
Department.
11
<PAGE>
OTHER PRINCIPAL OCCUPATIONS
NAME AND AGE TITLE IN PAST 5 YEARS
- -------------------- ---------------- ------------------------------------------
Robert S. Kapito Vice President Vice Chairman of BlackRock Advisors, Inc.
Age: 43 since February 1998. Vice Chairman of
BlackRock Financial Management, Inc. since
March 1988. From December 1985 to March
1988, Vice President at The First Boston
Corporation in the Mortgage Products
Group.
Kevin Klingert Vice President Managing Director of BlackRock Advisors,
Age: 37 Inc. since February 1998. Managing
Director of BlackRock Financial
Management, Inc. since January 1996.
Director of BlackRock Financial
Management, Inc. from January 1994 to
January 1996. Vice President of BlackRock
Financial Management, Inc. from October
1991 to January 1994. From March 1985 to
October 1991, Assistant Vice President at
Merrill Lynch, Pierce, Fenner & Smith in
the Unit Investment Trust Department.
James Kong Assistant Managing Director of BlackRock Financial
Age: 39 Treasurer Management, Inc. since January 1996.
Director of BlackRock Financial
Management, Inc. from January 1993 to
January 1996. Vice President and Associate
of BlackRock Financial Management, Inc.
from January 1991 and April 1989 to
January 1993 and January 1991,
respectively. From April 1987 to April
1989, Assistant Vice President at The
First Boston Corporation in the CMO/ABO
Administration Department. Previously
affiliated with Deloitte, Haskins & Sells
(now Deloitte & Touche LLP).
Karen H. Sabath Secretary Managing Director of BlackRock Advisors,
Age: 34 Inc. since February 1998. Managing
Director of BlackRock Financial
Management, Inc. since January 1993. Vice
President and Associate of BlackRock
Financial Management, Inc. from January
1989 and August 1988 to January 1993 and
January 1989, respectively. From June 1986
to July 1988, Associate at The First
Boston Corporation in the Mortgage Finance
Department.
12
<PAGE>
OTHER PRINCIPAL OCCUPATIONS
NAME AND AGE TITLE IN PAST 5 YEARS
- -------------------- ---------------- ------------------------------------------
Dennis Schaney Vice President Managing Director of BlackRock Financial
Age: 43 Management, Inc. and Head of the High
Yield Team since February 1998. From June
1989 to February 1998, Managing Director
at Merrill Lynch in the Global Fixed
Income Research and Economics Department.
Richard Shea, Esq. Vice President/ Effective January 2000 Managing Director
Age: 40 Tax of BlackRock Financial Management, Inc.
Director of BlackRock Financial
Management, Inc. from January 1996 to
January 2000. Vice President of BlackRock
Financial Management, Inc. from February
1993 to January 1996. From December 1988
to February 1993, Associate Vice President
and Tax Counsel at Prudential Securities,
Inc. From August 1984 to December 1988,
Senior Tax Specialist at Laventhol &
Horwath.
REMUNERATION
The following table sets forth certain information regarding
the compensation of the Fund's directors and officers.
TOTAL COMPENSATION
AGGREGATE FROM THE FUND COMPLEX
COMPENSATION PAID TO DIRECTORS
NAME OF PERSON AND POSITION FROM THE TRUSTS AND OFFICERS*
- ----------------------------------------------------------------------------
Andrew R. Brimmer $148,000 $160,000(23)
Richard E. Cavanagh $148,000 $160,000(23)
Kent Dixon $148,000 $160,000(23)
Frank J. Fabozzi $148,000 $160,000(23)
James Claybourne LaForce, Jr. $148,000 $160,000(23)
Walter F. Mondale $148,000 $160,000(23)
- ----------
* Represents the total compensation paid to such persons during the calendar
year ended December 31, 1999 by investment companies (including the BNA
Trust) from which such person receives compensation that is considered part
of the same fund complex as the Fund because they have common investment
advisers. The number in parentheses represents the number of such investment
companies.
The attendance fees of each Independent Director of the Trusts are reduced
proportionately, based on each respective Trust's net assets, so that the
aggregate per meeting fee for all meetings of the boards of directors of the
Trusts held on a single day does not exceed $20,000 for any Director. The $6,000
per annum fee for serving on each Board is also reduced proportionately, based
on each respective Trust's net assets. For BTM, fees of $73,500 were accrued by
the Trust between July 1, 1998 and June 30, 1999. For BTT, BAT, BGT, BRM, BLN,
BFC, BRF, BMN, BQT, BPS, BSD and BMT fees of $84,000, $25,000, $87,000, $82,500,
$46,500, $44,000, $36,000, $84,000, $84,000, $4,500, $5,500 and $73,000,
respectively, were accrued by each Trust from January 1, 1999 to December 31,
1999 or commencement of operations to December 31, 1999 for BPS and BSD. For
BHY, BCT, RAA, RFA, RNJ, RNY, BKN and BKT fees of $35,000, $14,000,
13
<PAGE>
$14,000, $14,000, $14,000, $14,000, $58,500 and $84,000, respectively, were
accrued from November 1, 1998 to October 31, 1999 or commencement of operations
to October 31, 1999 for BHY. None of the Directors received any pension or
retirement benefits. None of the officers of the Trusts received any
compensation, including pension or retirement benefits, from the Trusts for
such period. Messrs. Fink, Schlosstein, Amero, Anderson, Huebsch, Kapito,
Gabbay, Klingert, Kong, Schaney, Shea and Ms. Sabath, officers and/or Directors
of the Trusts, are also affiliated with the Advisor. They receive compensation
from the Advisor or one of its affiliates although under the terms of the
investment advisory agreements some portion of their compensation could be
reimbursable by a particular Trust to the extent such person's working time is
devoted to that particular Trust's operations.
THE BOARD OF DIRECTORS OF EACH TRUST RECOMMENDS THAT YOU VOTE "FOR" THE
NOMINEES. THE AFFIRMATIVE VOTE OF A PLURALITY OF THE SHARES PRESENT IS
NECESSARY TO ELECT THE DIRECTOR NOMINEES.
PROPOSAL NO. 2.
RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS
Deloitte & Touche LLP ("D&T") has been selected as the independent auditors
by a majority of each of the Trusts' Board of Directors, including a majority of
the Independent Directors, by vote cast in person subject to ratification by the
stockholders at the Meeting to audit the accounts of each of the Trusts for and
during each Trust's fiscal year ending in 2000. In addition, with respect to
BTM, BAT, BCT and BGT ratification of the selection of D&T as independent
auditors for these Trusts will cause these Trusts to ratify the selection of D&T
as the independent auditors of their wholly-owned subsidiaries BTMS, BATS, BCTS
and BGTS respectively. 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 Meeting, will have the opportunity
to make a statement if they desire to do so and will be available to answer
questions.
The affirmative vote of a simple majority of shares present and voting at
the meeting at which a quorum is present is required to ratify the selection of
D&T.
THE BOARD OF DIRECTORS OF EACH TRUST RECOMMENDS THAT YOU VOTE "FOR" THE
RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS. AN AFFIRMATIVE VOTE OF A
SIMPLE MAJORITY OF THE SHARES AT THE MEETING AT WHICH A QUORUM IS PRESENT AND
VOTING IS NECESSARY TO RATIFY THE SELECTION OF INDEPENDENT AUDITORS.
ADDITIONAL INFORMATION
INVESTMENT ADVISOR
BlackRock was formed in 1988 to provide investment advisory services for
individual and institutional investors. The Trusts have investment advisory
agreements with BlackRock Advisors, Inc. BlackRock Advisors, Inc. is a
wholly-owned subsidiary of BlackRock, Inc. In February 1995, BlackRock was
acquired by PNC Bank, N.A. and became a wholly-owned subsidiary of PNC Asset
Management Group. In January 1998, 20% of BlackRock was purchased by the
managing directors of BlackRock such that PNC Asset Management Group owned 80%
of BlackRock. In early 1998, the five investment management firms that comprised
the PNC Asset Management Group consolidated under BlackRock, resulting in a $100
billion money management firm offering established investment expertise in
domestic and international equity, global fixed income, cash management as well
as risk management technology. On October 1, 1999
14
<PAGE>
BlackRock, Inc. completed an initial public offering of 9 million shares of
Class A common stock at $14 per share. Subsequent to the initial public
offering, approximately 14% of BlackRock, Inc. is publicly owned, approximately
70% is owned by PNC Bank and approximately 16% is owned by BlackRock employees.
BlackRock, Inc. is one of the largest publicly traded investment management
firms in the country with assets under management of approximately $165 billion
as of December 31, 1999.
The executive officers of the Advisor are:
NAME POSITION
- --------------------------- -------------------------------------------------
Laurence D. Fink Director, Chairman and Chief Executive Officer
Ralph L. Schlosstein Director and President
Robert S. Kapito Director and Vice Chairman
Robert P. Connolly Managing Director, General Counsel and Secretary
Henry Gabbay Managing Director
Messrs. Fink and Schlosstein are officers and Directors, and Messrs. Gabbay and
Kapito are officers of the Trusts.
FINANCIAL STATEMENTS
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 stockholder upon request, provided such Annual or
Semi-Annual Report is not enclosed herein. Requests should be directed to 400
Bellevue Parkway, Wilmington, DE 19809 (telephone number (800) 227-7BFM(7236)).
DEADLINE FOR STOCKHOLDER PROPOSALS
Stockholder proposals intended to be presented at the 2001 Annual Meeting
of the Stockholders of each of the Trusts must be received by December 2, 2000
to be included in the proxy statement and the form of proxy relating to that
meeting as the Trust expects that the 2001 Annual Meeting will be held in May of
2001.
OTHER MATTERS
The management knows of no other matters which are to be brought before the
Meeting. However, if any other matters not now known or determined properly come
before the 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.
All proxies received will be voted in favor of all the proposals, unless
otherwise directed therein.
Very truly yours,
LAURENCE D. FINK
Chairman and Chief Executive Officer
RALPH L. SCHLOSSTEIN
President
March 31, 2000
15
<PAGE>
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 Karen H. Sabath, Robert S. Kapito and Henry
Gabbay 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 the shares of beneficial interest of The BlackRock California
Insured Municipal 2008 term Trust Inc. (the "Trust") held of record by the
undersigned on February 29, 2000 at the Annual Meeting of Stockholders of the
Trust to be held on May 18, 2000 or at any adjournments 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 PROPOSALS 1 AND 2.
- --------------------------------------------------------------------------------
PLEASE MARK BOXES IN BLUE OR BLACK INK.
SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY
USING THE ENCLOSED POSTAGE PAID ENVELOPE.
- --------------------------------------------------------------------------------
HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
- --------------------------------------- ---------------------------------------
- --------------------------------------- ---------------------------------------
- --------------------------------------- ---------------------------------------
<PAGE>
----
|
|
[X] PLEASE MARK VOTES AS IN THIS EXAMPLE
- --------------------------------------------------------------------------------
THE BLACKROCK
CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.
- --------------------------------------------------------------------------------
COMMON STOCK
------------------------------------
Please be sure to sign and date this Proxy. | Date
- --------------------------------------------------------------------------------
- ---Stockholder sign here-----------------------Co-owner sign here---------------
1. Election of Director. For All With-
Nominee hold
JAMES CLAYBURN LAFORCE, JR. [_] [_]
2. To consider and act upon the ratification of the For Against Abstain
selection of Deloitte & Touche LLP as auditors [_] [_] [_]
of the Trust for the Trust's fiscal year ending
October 31, 2000.
3. To transact such other business as may properly For Against Abstain
come before the meeting or any adjournments [_] [_] [_]
thereof.
Mark box at right if any address change or comment has been [_]
noted on the reverse side of this card.
<PAGE>
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 Karen H. Sabath, Robert S. Kapito and Henry
Gabbay 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 the shares of preferred stock of The BlackRock California
Insured Municipal 2008 Term Trust Inc. (the "Trust") held of record by the
undersigned on February 29, 2000 at the Annual Meeting of Stockholders of the
Trust to be held on May 18, 2000 or at any adjournments 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 PROPOSALS 1 AND 2.
- --------------------------------------------------------------------------------
PLEASE MARK BOXES IN BLUE OR BLACK INK.
SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY
USING THE ENCLOSED POSTAGE PAID ENVELOPE.
- --------------------------------------------------------------------------------
HAS YOUR ADDRESS CHANGED? DO YOU HAVE ANY COMMENTS?
- --------------------------------------- ---------------------------------------
- --------------------------------------- ---------------------------------------
- --------------------------------------- ---------------------------------------
<PAGE>
----
|
|
[X] PLEASE MARK VOTES AS IN THIS EXAMPLE
- --------------------------------------------------------------------------------
THE BLACKROCK
CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST INC.
- --------------------------------------------------------------------------------
PREFERRED STOCK
------------------------------------
Please be sure to sign and date this Proxy. | Date
- --------------------------------------------------------------------------------
- ---Stockholder sign here-----------------------Co-owner sign here---------------
1. Election of Directors. For All With- For All
RICHARD E. CAVANAGH Nominees hold Except
JAMES CLAYBURN LAFORCE, JR. [_] [_] [_]
Instruction: To withhold authority to vote "For" any individual nominee, mark
the "For All Except" box and strike a line through the nominee's name in the
list above.
2. To consider and act upon the ratification of the For Against Abstain
selection of Deloitte & Touche LLP as auditors [_] [_] [_]
of the Trust for the Trust's fiscal year ending
October 31, 2000.
3. To transact such other business as may properly For Against Abstain
come before the meeting or any adjournments [_] [_] [_]
thereof.
Mark box at right if any address change or comment has been [_]
noted on the reverse side of this card.
