0000844779-17-000197.txt : 20170627
0000844779-17-000197.hdr.sgml : 20170627
20170627103406
ACCESSION NUMBER: 0000844779-17-000197
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 6
CONFORMED PERIOD OF REPORT: 20170430
FILED AS OF DATE: 20170627
DATE AS OF CHANGE: 20170627
EFFECTIVENESS DATE: 20170627
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.
CENTRAL INDEX KEY: 0000894242
IRS NUMBER: 133690436
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07354
FILM NUMBER: 17931407
BUSINESS ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
STREET 2: MUTUAL FUND DEPARTMENT
CITY: WILMINGTON
STATE: DE
ZIP: 19809
BUSINESS PHONE: 888-825-2257
MAIL ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
STREET 2: MUTUAL FUND DEPARTMENT
CITY: WILMINGTON
STATE: DE
ZIP: 19809
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.
DATE OF NAME CHANGE: 20120921
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC
DATE OF NAME CHANGE: 19930328
NSAR-B
1
answer.fil
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014 A000003 HARRIS WILLIAMS LLC
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014 A000004 PNC CAPITAL MARKETS, INC.
014 B000004 8-32493
PAGE 2
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022 C000004 20917
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022 C000005 14154
022 D000005 6447
022 A000006 WELLS FARGO BANK NA
022 B000006 94-1347393
022 C000006 12784
022 D000006 7320
022 A000007 PIPER JAFFRAY & CO
022 B000007 41-0953246
022 C000007 10446
022 D000007 6646
022 A000008 OPPENHEIMER & CO. INC.
022 B000008 13-5657518
022 C000008 0
022 D000008 16318
022 A000009 JANNEY MONTGOMERY SCOTT LLC
PAGE 3
022 B000009 23-0731260
022 C000009 9281
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022 C000010 6005
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PAGE 8
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77B ACCT LTTR
2
77bMUNI5.txt
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF BLACKROCK INVESTMENT QUALITY
MUNICIPAL TRUST INC., BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST, BLACKROCK
MUNICIPAL 2020 TERM TRUST, BLACKROCK MUNICIPAL INCOME TRUST, AND BLACKROCK
STRATEGIC MUNICIPAL TRUST:
In planning and performing our audits of the financial statements of the
BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term
Municipal Advantage Trust, BlackRock Municipal 2020 Term Trust, BlackRock
Municipal Income Trust, and BlackRock Strategic Municipal Trust (collectively,
the "Trusts"), as of and for the year ended April 30, 2017, in accordance with
the standards of the Public Company Accounting Oversight Board (United States),
we considered the Trusts' internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, but not for the
purpose of expressing an opinion on the effectiveness of the Trusts' internal
control over financial reporting. Accordingly, we express no such opinion.
The management of the Trusts are responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A trust's internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A trust's internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Trust;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the trust
are being made only in accordance with authorizations of management and
trustees of the Trust; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a trust's assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions or that the degree of
compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Trusts' annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Trusts' internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no deficiencies
in the Trusts' internal control over financial reporting and their operations,
including controls for safeguarding securities that we consider to be a
material weakness, as defined above, as of April 30, 2017.
This report is intended solely for the information and use of management and
the Board of Trustees of BlackRock Investment Quality Municipal Trust Inc.,
BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal 2020 Term
Trust, BlackRock Municipal Income Trust, and BlackRock Strategic Municipal
Trust and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 22, 2017
EX-99.77O RULE 10F-3
3
77o11.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):
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
-------------------------------------
Date of 08-11-2016
Offering Commencement:
------------------------ -----------
Security Type: BND/MUNI
-------------------------------------
-------------------------------------------------------------------------------
Issuer City of Durham, North Carolina Utility System
Revenue Refunding Bonds, Series 2016
--------------------------- --------------------------------------------------
Selling Underwriter Wells Fargo Securities, LLC
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Wells Fargo Securities, LLC, PNC Capital Markets
LLC
-------------------------------------------------------------------------------
TRANSACTION DETAILS
-------------------------------
Date of Purchase 08-11-2016
-------------------------------
-------------------------------------------------------------------------------
Purchase Price/Share
(PER SHARE / % OF PAR) $101.107 Total Commission, Spread or Profit 0.418%
-------------------------------------------------------------------------------
------------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $3,180,000
----------------------------------------------------------------- -----------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 2,000,000
----------------------------------------------------------------- -----------
b. Other BlackRock Clients $ 1,180,000
----------------------------------------------------------------- -----------
2. Aggregate Principal Amount of Offering $46,715,000
----------------------------------------------------------------- -----------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.06807
------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions
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]
[_] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[X] 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: 08-22-2016
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date:08-22-2016
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
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
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
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
4
77o23.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):
BlackRock Municipal 2030 Target Term Trust (BTT2)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock New Jersey Municipal Bond Trust (BLJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock New Jersey Municipal Bond Fund of BlackRock Multi-State Municipal
(BR-NJMUNI)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
---------------------------------------------
Date of Offering Commencement: 10-21-2016
-------------------------------- -----------
Security Type: BND/MUNI
---------------------------------------------
-------------------------------------------------------------------------------
Issuer New Jersey Health Care Facilities Financing
Authority Revenue and Refunding Bonds RWJ
Barnabas Health Obligated Group Issue, Series
2016A
--------------------------- --------------------------------------------------
Selling Underwriter Citigroup Global Markets Inc
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Citigroup Global Markets Inc.,
Duncan-Williams,Inc, Estrada Hinojosa & Company,
Estrada Hinojosa & Company, J.P. Morgan
Securities LLC, PNC Capital Markets LLC, Wells
Fargo Securities, LLC
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions
TRANSACTION DETAILS
-------------------------------
Date of Purchase 10-21-2016
-------------------------------
------------------------------------------------------------------------------
Purchase Price/Share
(PER SHARE / % OF PAR) $117.584 Total Commission, Spread or Profit 0.523%
$113.875
$102.578
------------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $ 64,725,000
----------------------------------------------------------------- ------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 53,745,000
----------------------------------------------------------------- ------------
b. Other BlackRock Clients $ 10,980,000
----------------------------------------------------------------- ------------
2. Aggregate Principal Amount of Offering $679,135,000
----------------------------------------------------------------- ------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.09531
-------------------------------------------------------------------------------
Rule 10f-3 Report - Definitions
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]
[_] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[X] 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: 11-07-2016
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-07-2016
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
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
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
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
5
77o24.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 NATIONAL MUNI BOND ETF (ISHMUNI)
ISHARES NEW YORK MUNI BOND ETF (ISHNY)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
---------------------------------------------
Date of Offering Commencement: 08-03-2016
-------------------------------- -----------
Security Type: BND/MUNI
---------------------------------------------
-------------------------------------------------------------------------------
Issuer The City of New York General Obligation Bonds,
Series 2017-A-1
--------------------------- --------------------------------------------------
Selling Underwriter GOLDMAN SACHS & CO.
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Goldman Sachs & Co, Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Citigroup Global Markets
Inc., Jefferies & Company, Inc., J.P. Morgan
Securities LLC, Loop Capital Markets, LLC,
Ramirez & Co.,Inc, RBC Capital Markets, Siebert
Brandford Shank & Co., L.L.C., Wells Fargo
Securities, LLC, Barclays Bank PLC, BNY Mellon
Capital Markets, LLC, Drexel Hamilton, LLC,
Fidelity Capital Markets, Janney Montgomery Scott
LLC, Mizuho Securities USA Inc, Morgan Stanley &
Co. LLC, Oppenheimer & Co, Raymond James &
Associates, Inc., Roosevelt & Cross, Inc, Stifel,
Nicolaus & Company, Inc., TD Securities (USA)
LLC, U.S. Bancorp Investments,Inc, Academy
Securities, Inc., Blaylock Beal Van, LLC, FTN
Financial Securities Corp., Hilltop Securities,
PNC Capital Markets LLC, Rice Financial Products
Company, Stern Brothers & Co., The Williams
Capital Group, L.P
-------------------------------------------------------------------------------
TRANSACTION DETAILS
-------------------------------
Date of Purchase 08-03-2016
-------------------------------
-------------------------------------------------------------------------------
Purchase Price/Share
(PER SHARE / % OF PAR) $122.202 Total Commission, Spread or Profit 0.441%
(2.47)
$111.370
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions
-------------------------------------------------------------------------------
(2.69)
-------------------------------------------------------------------------------
------------
1. Aggregate Principal Amount Purchased (a+b) $ 24,485,000
----------------------------------------------------------------- ------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 17,320,000
----------------------------------------------------------------- ------------
b. Other BlackRock Clients $ 7,165,000
----------------------------------------------------------------- ------------
2. Aggregate Principal Amount of Offering $800,000,000
----------------------------------------------------------------- ------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.03061
-------------------------------------------------------------------------------
Rule 10f-3 Report - Definitions
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]
[_] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[X] 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: 08-09-2016
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 08-09-2016
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
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
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
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
6
BKN77q1.txt
BlackRock Investment Quality Municipal Trust, Inc.
File No. 811-07354
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
Investment Quality Municipal Trust, Inc. 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 BlackRock Floating Rate Income Strategies Fund, December 31,
FRA Inc. 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 BlackRock Muni New York Intermediate Duration June 30, 2017
MNE Fund, Inc.
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 BlackRock Municipal Income Investment Quality June 30, 2017
BAF Trust
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 BlackRock MuniHoldings California Quality Fund, June 30, 2017
MUC Inc.
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 BlackRock MuniHoldings New Jersey Quality Fund, June 30, 2017
MUJ Inc.
- 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 -