0000844779-17-000146.txt : 20170425
0000844779-17-000146.hdr.sgml : 20170425
20170425142158
ACCESSION NUMBER: 0000844779-17-000146
CONFORMED SUBMISSION TYPE: NSAR-A
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20170228
FILED AS OF DATE: 20170425
DATE AS OF CHANGE: 20170425
EFFECTIVENESS DATE: 20170425
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BlackRock Defined Opportunity Credit Trust
CENTRAL INDEX KEY: 0001412914
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: NSAR-A
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-22126
FILM NUMBER: 17780734
BUSINESS ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
BUSINESS PHONE: 800-882-0052
MAIL ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
FORMER COMPANY:
FORMER CONFORMED NAME: BlackRock Strategic Income Opportunities Trust
DATE OF NAME CHANGE: 20070921
FORMER COMPANY:
FORMER CONFORMED NAME: BlackRock Fixed Income Opportunities Trust
DATE OF NAME CHANGE: 20070920
NSAR-A
1
bhl.fil
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PAGE 7
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PAGE 9
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77O RULE 10F-3
2
77o13.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES EDGE U.S. FIXED INCOME BALANCED RISK ETF (ISHFIBR)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Floating Rate Income Trust (BGT2)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Defined Opportunity Credit Trust (BHL)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Limited Duration Income Trust - Bank Loans (BLW-LOAN)
BlackRock Floating Rate Income Portfolio (BR-FRI)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
-------------------------------------
Date of 10-06-2016
Offering Commencement:
------------------------ -----------
Security Type: BND/CORP
-------------------------------------
-------------------------------------------------------------------------------
Issuer Gulfport Energy Corporation. (2024)
--------------------------- --------------------------------------------------
Selling Underwriter Credit Suisse Securities (USA) LLC
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Credit Suisse Securities (USA) LLC., Scotia
Capital (USA) Inc., Barclays Capital Inc, KeyBanc
Capital Markets Inc,Wells Fargo
Securities,LLC,BNP Paribas Securities Corp,BBVA
Securities Inc,PNC Capital Markets LLC,U.S.
Bancorp Investments,Inc,IBERIA Capital Partners
L.L.C,Samuel A. Ramirez & Company,Inc.
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TRANSACTION DETAILS
-------------------------------
Date of Purchase 10-06-2016
-------------------------------
-------------------------------------------------------------------------------
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.43625%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $ 35,000,000
----------------------------------------------------------------- ------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 17,753,000
----------------------------------------------------------------- ------------
b. Other BlackRock Clients $ 17,247,000
----------------------------------------------------------------- ------------
2. Aggregate Principal Amount of Offering $650,000,000
----------------------------------------------------------------- ------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.05385
-------------------------------------------------------------------------------
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public [Issuer must have 3 years of continuous
Offering...................... operations]
[X] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Municipal Securities
[_] Eligible Foreign Offering..... [Issuer must have 3 years of continuous
operations]
[_] Government Securities [Issuer must have 3 years of continuous
Offering...................... operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase
all of the securities being offered, except those purchased by
others pursuant to a rights offering, if the underwriters purchased
any of the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 10-13-2016
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-13-2016
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
DEFINITIONS
TERM DEFINITION
Fund Ratio Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in such
country by a "foreign financial regulatory
authority," as defined in Section 2(a)(50) of
the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to
all purchasers in the offering (except for any
rights to purchase securities that are required
by law to be granted to existing security
holders of the issuer);
(c)financial statements, prepared and audited as
required or permitted by the appropriate foreign
financial regulatory authority in such country,
for the two years prior to the offering, were
made available to the public and prospective
purchasers in connection with the offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national of
any foreign country, or a corporation or other
organization incorporated or organized under the
laws of any foreign country, it (1) has a class
of securities registered pursuant to section
12(b) or 12(g) of the Securities Exchange Act of
1934 or is required to file reports pursuant to
section 15(d) of that act, and (2) has filed all
the material required to be filed pursuant to
section 13(a) or 15(d) of that act for a period
of at least 12 months immediately preceding the
sale of securities (or for such shorter period
that the issuer was required to file such
material)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest by,
a State or any political subdivision
thereof, or any agency or instrumentality
of a State or any political subdivision
thereof, or any municipal corporate
instrumentality of one or more States, or
any security which is an industrial
development bond (as defined in section
103(c)(2) of Title 26) the interest on
which is excludable from gross income under
certain provisions of the Internal Revenue
Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c)either
(1)are subject to no greater than moderate
credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying the
revenues or other payments from which
the issue is to be paid, has been in
continuous operation for less than
three years, including the operation of
any predecessors, the securities are
subject to a minimal or low amount of
credit risk.
Also, purchases of municipal securities may
not be designated as group sales or otherwise
allocated to the account of any prohibited
seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering The securities are sold in an offering where
(a)the securities are offered or sold in
transactions exempt from registration under
Section 4(2) of the Securities Act of 1933,
Rule 144A thereunder, or Rules 501-508
thereunder;
(b)the securities were sold to persons that
the seller and any person acting on behalf
of the seller reasonably believe to include
qualified institutional buyers, as defined
in Rule 144A ("QIBs"); and
(c)the seller and any person acting on behalf
of the seller reasonably believe that the
securities are eligible for resale to other
QIBs pursuant to Rule 144A.
Government Securities Offering The security is issued or guaranteed as to
principal or interest by the United States, or
by a person controlled or supervised by and
acting as an instrumentality of the Government
of the United States pursuant to authority
granted by the Congress of the United States;
or any certificate of deposit for any of the
foregoing.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
EX-99.77O RULE 10F-3
3
77o14.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Floating Rate Income Trust (BGT2)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Defined Opportunity Credit Trust (BHL)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Limited Duration Income Trust - Bank Loans (BLW-LOAN)
BlackRock Floating Rate Income Portfolio (BR-FRI)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
-------------------------------------
Date of 12-15-2016
Offering Commencement:
------------------------ -----------
Security Type: BND/CORP
-------------------------------------
-------------------------------------------------------------------------------
Issuer Gulfport Energy Corporation (2025)
--------------------------- --------------------------------------------------
Selling Underwriter Credit Suisse Securities (USA) LLC
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Credit Suisse Securities (USA) LLC, Scotia
Capital (USA) Inc., Barclays Capital Inc, KeyBanc
Capital Markets Inc., PNC Capital Markets LLC,
Wells Fargo Securities, LLC, Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, BBVA Securities Inc., U.S.
Bancorp Investments, Inc., IBERIA Capital
Partners L.L.C., Samuel A. Ramirez & Company,
Inc., BOK Financial Securities, Inc.
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TRANSACTION DETAILS
-------------------------------
Date of Purchase 12-15-2016
-------------------------------
----------------------------------------------------------------------------
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.440%
----------------------------------------------------------------------------
-----------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $ 50,000,000
--------------------------------------------------------------- ------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 28,362,000
--------------------------------------------------------------- ------------
b. Other BlackRock Clients $ 21,638,000
--------------------------------------------------------------- ------------
2. Aggregate Principal Amount of Offering $600,000,000
--------------------------------------------------------------- ------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.08333
-----------------------------------------------------------------------------
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public [Issuer must have 3 years of continuous
Offering...................... operations]
[X] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Municipal Securities
[_] Eligible Foreign Offering..... [Issuer must have 3 years of continuous
operations]
[_] Government Securities [Issuer must have 3 years of continuous
Offering...................... operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase
all of the securities being offered, except those purchased by
others pursuant to a rights offering, if the underwriters purchased
any of the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 12-21-2016
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 12-21-2016
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
DEFINITIONS
TERM DEFINITION
Fund Ratio Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in such
country by a "foreign financial regulatory
authority," as defined in Section 2(a)(50) of
the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to
all purchasers in the offering (except for any
rights to purchase securities that are required
by law to be granted to existing security
holders of the issuer);
(c)financial statements, prepared and audited as
required or permitted by the appropriate foreign
financial regulatory authority in such country,
for the two years prior to the offering, were
made available to the public and prospective
purchasers in connection with the offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national of
any foreign country, or a corporation or other
organization incorporated or organized under the
laws of any foreign country, it (1) has a class
of securities registered pursuant to section
12(b) or 12(g) of the Securities Exchange Act of
1934 or is required to file reports pursuant to
section 15(d) of that act, and (2) has filed all
the material required to be filed pursuant to
section 13(a) or 15(d) of that act for a period
of at least 12 months immediately preceding the
sale of securities (or for such shorter period
that the issuer was required to file such
material)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest by,
a State or any political subdivision
thereof, or any agency or instrumentality
of a State or any political subdivision
thereof, or any municipal corporate
instrumentality of one or more States, or
any security which is an industrial
development bond (as defined in section
103(c)(2) of Title 26) the interest on
which is excludable from gross income under
certain provisions of the Internal Revenue
Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c)either
(1)are subject to no greater than moderate
credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying the
revenues or other payments from which
the issue is to be paid, has been in
continuous operation for less than
three years, including the operation of
any predecessors, the securities are
subject to a minimal or low amount of
credit risk.
Also, purchases of municipal securities may
not be designated as group sales or otherwise
allocated to the account of any prohibited
seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering The securities are sold in an offering where
(a)the securities are offered or sold in
transactions exempt from registration under
Section 4(2) of the Securities Act of 1933,
Rule 144A thereunder, or Rules 501-508
thereunder;
(b)the securities were sold to persons that
the seller and any person acting on behalf
of the seller reasonably believe to include
qualified institutional buyers, as defined
in Rule 144A ("QIBs"); and
(c)the seller and any person acting on behalf
of the seller reasonably believe that the
securities are eligible for resale to other
QIBs pursuant to Rule 144A.
Government Securities Offering The security is issued or guaranteed as to
principal or interest by the United States, or
by a person controlled or supervised by and
acting as an instrumentality of the Government
of the United States pursuant to authority
granted by the Congress of the United States;
or any certificate of deposit for any of the
foregoing.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
EX-99.77Q1 OTHR EXHB
4
77qbhl.txt
BlackRock Defined Opportunity Credit Trust
File No. 811-22126
Sub-Item No. 77Q1(e) (Investment Advisory Contracts) -- Attachment
Attached please find an exhibit to Sub-Item 77Q1(e) of Form N-SAR, a copy of the
Closed-End Fund Master Advisory Fee Waiver Agreement between BlackRock Defined
Opportunity Credit Trust and BlackRock Advisors, LLC.
Exhibit 77Q1(e)
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
----------------------------------------------------
This MASTER ADVISORY FEE WAIVER AGREEMENT (this "Agreement") is made as of
---------
the 2nd day of December, 2016, by and among BlackRock Advisors, LLC (the
"Adviser") an "Adviser") and each investment company listed on SCHEDULE A
------- -------
attached hereto (each, a "Fund").
----
WHEREAS, each Fund is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as a closed-end management company, and is
--------
organized as a statutory trust under the laws of the State of Delaware, a
limited liability company under the laws of the State of Delaware, a business
trust under the laws of the Commonwealth of Massachusetts or a corporation under
the laws of the State of Maryland;
WHEREAS, the Adviser and each Fund are parties to investment advisory
agreements (the "Advisory Agreements"), pursuant to which the Adviser provides
-------------------
investment advisory services to each Fund in consideration of compensation as
set forth in each Advisory Agreement (the "Advisory Fee"); and
------------
WHEREAS, the Adviser has determined that it is appropriate and in the best
interests of each Fund and its interestholders to waive part of each Fund's
Advisory Fee as set forth in SCHEDULE B attached hereto (the "Fee Waiver"). Each
----------
Fund and the Adviser, therefore, have entered into this Agreement in order to
effect the Fee Waiver for each Fund at the level specified in SCHEDULE B
attached hereto on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:
1. Contractual Fee Waiver. During the Term (as defined in Section 3 below), the
----------------------
Adviser shall waive a portion of its Advisory Fee with respect to each Fund as
set forth in SCHEDULE B attached hereto.
2. Voluntary Fee Waiver/Expense Reimbursement. Nothing herein shall preclude an
------------------------------------------
Adviser from contractually waiving other fees and/or reimbursing expenses of any
Fund, voluntarily waiving Advisory Fees it is entitled to from any Fund or
voluntarily reimbursing expenses of any Fund as the Adviser, in its discretion,
deems reasonable or appropriate. Any such voluntary waiver or voluntary expense
reimbursement may be modified or terminated by the Adviser at any time in its
sole and absolute discretion without the approval of the Fund's Board of
Trustees or Board of Directors, as the case may be.
3. Term; Termination.
-----------------
3.1 Term. The term ("Term") of the Fee Waiver with respect to a Fund shall
---- ----
begin on December 2, 2016 (or such other date as agreed to in writing between
the Adviser and the Fund) and end with respect to a Fund after the close of
business on the date set forth on SCHEDULE A (or such other date as agreed to in
writing between the Adviser and the Fund) unless the Fee Waiver is earlier
terminated in accordance with Section 3.2. The Term of the Fee Waiver with
respect to a Fund may be continued from year to year thereafter provided that
each such continuance is specifically approved by the Adviser and the Fund
(including with respect to the Fund, a
- 1 -
majority of the Fund's Trustees or Directors, as the case may be, who are not
"interested persons," as defined in the 1940 Act, of the Advisers (the
"Non-Interested Directors")). Neither the Adviser nor a Fund shall be obligated
to extend the Fee Waiver with respect to the Fund.
3.2 Termination. This Agreement may be terminated prior to expiration by
-----------
any Fund with respect to such Fund without payment of any penalty, upon 90 days'
prior written notice to the Adviser at its principal place of business (or at an
earlier date as may be agreed to by both parties); provided that, such action
shall be authorized by resolution of a majority of the Non-Interested Directors
of such Fund or by a vote of a majority of the outstanding voting securities of
such Fund.
4. Miscellaneous.
-------------
4.1 Captions. The captions in this Agreement are included for convenience
--------
of reference only and in no other way define or delineate any of the provisions
hereof or otherwise affect their construction or effect.
4.2 Interpretation. Nothing herein contained shall be deemed to require a
--------------
Fund to take any action contrary to the Fund's Declaration of Trust or Articles
of Incorporation, as the case may be, or Bylaws, or any applicable statutory or
regulatory requirement to which it is subject or by which it is bound, or to
relieve or deprive the Fund's Board of Trustees or Board of Directors, as the
case may be, of its responsibility for and control of the conduct of the affairs
of the Fund.
4.3 Limitation of Liability. The obligations and expenses incurred,
-----------------------
contracted for or otherwise existing with respect to a Fund shall be enforced
against the assets of such Fund and not against the assets of any other Fund.
4.4 Definitions. Any question of interpretation of any term or provision of
-----------
this Agreement, including but not limited to the computations of average daily
net assets or of any Advisory Fee, and the allocation of expenses, having a
counterpart in or otherwise derived from the terms and provisions of the
relevant Advisory Agreement between the Adviser and the Fund or the 1940 Act,
shall have the same meaning as and be resolved by reference to such Advisory
Agreement or the 1940 Act, as applicable, and to interpretations thereof, if
any, by the United States Courts or in the absence of any controlling decision
of any such Court, by rules, regulations or orders of the Securities and
Exchange Commission ("SEC") issued pursuant to the 1940 Act. In addition, if the
---
effect of a requirement of the 1940 Act reflected in any provision of this
Agreement is revised by rule, regulation or order of the SEC, that provision
will be deemed to incorporate the effect of that rule, regulation or order.
Otherwise the provisions of this Agreement will be interpreted in accordance
with the substantive laws of the State of New York.
- 2 -
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by
their respective officers as of the day and year first above written.
EACH OF THE FUNDS LISTED ON SCHEDULE A
ATTACHED HERETO
By: /s/ Neal J. Andrews
----------------------------------
Name: Neal J. Andrews
Title: Chief Financial Officer
BLACKROCK ADVISORS, LLC
By: /s/ Neal J. Andrews
----------------------------------
Name: Neal J. Andrews
Title: Managing Director
[SIGNATURE PAGE TO CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT]
- 3 -
SCHEDULE A
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
(DATED AS OF MARCH 2, 2017)
EXPIRATION
TICKER FUND DATE
------ -------------------------------------------------------- -----------------
1 BBN BlackRock Taxable Municipal Bond Trust June 30, 2017
2 BJZ BlackRock California Municipal 2018 Term Trust June 30, 2017
3 BFZ BlackRock California Municipal Income Trust June 30, 2017
4 BHK BlackRock Core Bond Trust June 30, 2017
5 HYT BlackRock Corporate High Yield Fund, Inc. June 30, 2017
6 BTZ BlackRock Credit Allocation Income Trust June 30, 2017
7 DSU BlackRock Debt Strategies Fund, Inc. June 30, 2017
8 BHL BlackRock Defined Opportunity Credit Trust June 30, 2017
9 BGR BlackRock Energy and Resources Trust June 30, 2017
10 CII BlackRock Enhanced Capital and Income Fund, Inc. June 30, 2017
11 BDJ BlackRock Enhanced Equity Dividend Trust June 30, 2017
12 EGF BlackRock Enhanced Government Fund, Inc. June 30, 2017
13 FRA BlackRock Floating Rate Income Strategies Fund, Inc. December 31, 2017
14 BGT BlackRock Floating Rate Income Trust June 30, 2017
15 BFO BlackRock Florida Municipal 2020 Term Trust June 30, 2017
16 BOE BlackRock Global Opportunities Equity Trust June 30, 2017
17 BME BlackRock Health Sciences Trust June 30, 2018
18 BKT BlackRock Income Trust, Inc. June 30, 2017
19 BGY BlackRock International Growth and Income Trust June 30, 2017
20 BKN BlackRock Investment Quality Municipal Trust, Inc. June 30, 2017
- 4 -
EXPIRATION
TICKER FUND DATE
------ -------------------------------------------------------- -----------------
21 BLW BlackRock Limited Duration Income Trust June 30, 2017
22 BTA BlackRock Long-Term Municipal Advantage Trust June 30, 2017
23 BZM BlackRock Maryland Municipal Bond Trust June 30, 2017
24 MHE BlackRock Massachusetts Tax-Exempt Trust June 30, 2017
25 BIT BlackRock Multi-Sector Income Trust June 30, 2017
26 MUI BlackRock Muni Intermediate Duration Fund, Inc. June 30, 2017
27 MNE BlackRock Muni New York Intermediate Duration Fund, Inc. June 30, 2017
28 MUA BlackRock MuniAssets Fund, Inc. June 30, 2017
29 BPK BlackRock Municipal 2018 Term Trust June 30, 2017
30 BKK BlackRock Municipal 2020 Term Trust June 30, 2017
31 BBK BlackRock Municipal Bond Trust June 30, 2017
32 BAF BlackRock Municipal Income Investment Quality Trust June 30, 2017
33 BBF BlackRock Municipal Income Investment Trust June 30, 2017
34 BYM BlackRock Municipal Income Quality Trust June 30, 2017
35 BFK BlackRock Municipal Income Trust June 30, 2017
36 BLE BlackRock Municipal Income Trust II June 30, 2017
37 BTT BlackRock Municipal 2030 Target Term Trust June 30, 2017
38 MEN BlackRock MuniEnhanced Fund, Inc. June 30, 2017
39 MUC BlackRock MuniHoldings California Quality Fund, Inc. June 30, 2017
40 MUH BlackRock MuniHoldings Fund II, Inc. June 30, 2017
41 MHD BlackRock MuniHoldings Fund, Inc. June 30, 2017
42 MFL BlackRock MuniHoldings Investment Quality Fund June 30, 2017
43 MUJ BlackRock MuniHoldings New Jersey Quality Fund, Inc. June 30, 2017
- 5 -
EXPIRATION
TICKER FUND DATE
------ -------------------------------------------------------- -----------------
44 MHN BlackRock MuniHoldings New York Quality Fund, Inc. June 30, 2017
45 MUE BlackRock MuniHoldings Quality Fund II, Inc. June 30, 2017
46 MUS BlackRock MuniHoldings Quality Fund, Inc. June 30, 2017
47 MVT BlackRock MuniVest Fund II, Inc. June 30, 2017
48 MVF BlackRock MuniVest Fund, Inc. June 30, 2017
49 MZA BlackRock MuniYield Arizona Fund, Inc. June 30, 2017
50 MYC BlackRock MuniYield California Fund, Inc. June 30, 2017
51 MCA BlackRock MuniYield California Quality Fund, Inc. June 30, 2017
52 MYD BlackRock MuniYield Fund, Inc. June 30, 2017
53 MYF BlackRock MuniYield Investment Fund June 30, 2017
54 MFT BlackRock MuniYield Investment Quality Fund June 30, 2017
55 MIY BlackRock MuniYield Michigan Quality Fund, Inc. June 30, 2017
56 MYJ BlackRock MuniYield New Jersey Fund, Inc. June 30, 2017
57 MYN BlackRock MuniYield New York Quality Fund, Inc. June 30, 2017
58 MPA BlackRock MuniYield Pennsylvania Quality Fund June 30, 2017
59 MQT BlackRock MuniYield Quality Fund II, Inc. June 30, 2017
60 MYI BlackRock MuniYield Quality Fund III, Inc. June 30, 2017
61 MQY BlackRock MuniYield Quality Fund, Inc. June 30, 2017
62 BLJ BlackRock New Jersey Municipal Bond Trust June 30, 2017
63 BNJ BlackRock New Jersey Municipal Income Trust June 30, 2017
64 BLH BlackRock New York Municipal 2018 Term Trust June 30, 2017
65 BQH BlackRock New York Municipal Bond Trust June 30, 2017
66 BSE BlackRock New York Municipal Income Quality Trust June 30, 2017
- 6 -
EXPIRATION
TICKER FUND DATE
------ -------------------------------------------------------- -----------------
67 BNY BlackRock New York Municipal Income Trust June 30, 2017
68 BFY BlackRock New York Municipal Income Trust II June 30, 2017
69 -- BlackRock Preferred Partners LLC July 31, 2017
70 BCX BlackRock Resources & Commodities Strategy Trust June 30, 2017
71 BST BlackRock Science and Technology Trust June 30, 2017
72 BUI BlackRock Utility and Infrastructure Trust June 30, 2017
73 BHV BlackRock Virginia Municipal Bond Trust June 30, 2017
74 BSD The BlackRock Strategic Municipal Trust June 30, 2017
75 BGIO BlackRock 2022 Global Income Opportunity Trust/1/ June 30, 2018
----------
/1/ This Agreement was effective with respect to BlackRock 2022 Global Income
Opportunity Trust as of February 16, 2017.
- 7 -
SCHEDULE B
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
(DATED AS OF DECEMBER 2, 2016)
BlackRock Advisors, LLC will waive the management fee with respect to
any portion of the Fund's assets estimated to be attributable to investments in
other equity and fixed-income mutual funds and exchange-traded funds managed by
BlackRock Advisors, LLC or its affiliates.
- 8 -