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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors/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, 2015, 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, 2015.

This report is intended solely for the information and use of management and the Board of Directors/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, 2015

 
 
 

EX-99.77O RULE 10F-3 3 njtran77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
 
BlackRock Municipal 2020 Term Trust (BKK)
BlackRock Municipal 2018 Term Trust (BPK)
BlackRock New Jersey Municipal Bond Fund of BlackRock Multi-State Municipal (BR-NJMUNI)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Bond Trust (BBK)
BlackRock Municipal Income Trust (BFK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Municipal Income Trust II (BLE)
BlackRock High Yield Municipal Fund (BR-HYMUNI)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock Municipal Bond Investment Trust (BIE)
BlackRock New Jersey Municipal Bond Trust (BLJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
iShares National AMT-Free Muni Bond ETF (ISHMUNI)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
BlackRock Municipal Target Term Trust (BTT2)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
11-14-2014
Security Type:
BND/MUNI

Issuer
NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY-TRANSPORTATION PROGRAM BONDS 2014 Series AA
Selling Underwriter
MERRILL LYNCH, PIERCE, FENNER & SMITH
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:
List of Underwriter(s)
Bank of America Merrill Lynch, Barclays Capital Inc.,  Janney Montgomery Scott LLC,FTN Financial Capital Markets, Mesirow Financial Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Ramirez & Co.,Inc., Raymond James & Associates, Inc., RBC Capital Markets, Stern Brothers & Co.
 
 
Transaction Details
Date of Purchase
11-14-2014

Purchase Price/Share
(per share / % of par)
$95.1480
(4.55)
$105.2750
(4.32)
$105.9980
(4.23)
$111.8520
(1.56)
$113.6690
(2.36)
$112.7840
(3.42)
Total Commission, Spread or Profit
0.425151

1. Aggregate Principal Amount Purchased (a+b)
$132,775,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$129,775,000
b.Other BlackRock Clients
$3,000,000
 
2. Aggregate Principal Amount of Offering
 
$764,055,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
 
0.1737



 
 Page  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 Offering[Issuer must have 3 years of continuous operations]
 
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 Offering[Issuer must have 3 years of continuous operations]
 
Timing and Price (check ONE or BOTH)
 
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)
  YES
  NO
The securities were offered pursuant to an underwriting or similar 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)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Dillip Behera
Date:
11-20-2014
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
11-20-2014
 
Global Syndicate Team Member
 
 
    

 

 
 

 


 

 
 
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)
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.
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.