0001752724-19-002687.txt : 20190125 0001752724-19-002687.hdr.sgml : 20190125 20190125114602 ACCESSION NUMBER: 0001752724-19-002687 CONFORMED SUBMISSION TYPE: N-CEN/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180731 FILED AS OF DATE: 20190125 DATE AS OF CHANGE: 20190125 EFFECTIVENESS DATE: 20190125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND CENTRAL INDEX KEY: 0000891188 IRS NUMBER: 223196058 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-07156 FILM NUMBER: 19541815 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD INSURED INVESTMENT FUND DATE OF NAME CHANGE: 20080926 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD FLORIDA INSURED FUND DATE OF NAME CHANGE: 20070611 FORMER COMPANY: FORMER CONFORMED NAME: MUNIYIELD FLORIDA INSURED FUND /NJ/ DATE OF NAME CHANGE: 19921217 N-CEN/A 1 primary_doc.xml X0101 N-CEN/A 0001752724-18-001015 LIVE 0000891188 XXXXXXXX 811-07156 N-2 BlackRock MuniYield Investment Quality Fund 811-07156 0000891188 ICZ91C3VF6PCJ4UJH692 100 Bellevue Parkway Wilmington 19809 US-DE US 800-441-7762 BlackRock Investments, LLC 40 East 52nd St New York 10022 609-282-3046 Records related to its functions as distributor State Street Bank and Trust Company 1 Lincoln Street Boston 02111 617-786-3000 Records related to its functions as Custodian, Accounting agent, and Sub-Administrator BlackRock Advisors, LLC 100 Bellevue Parkway Wilmington 19809 302-797-2000 Records related to its functions as advisor and administrator Computershare Trust Company, National Association 250 Royall Street Canton 02021 N-A Records related to its functions as transfer agent Y N N-2 Y Cynthia L. Egan 000000000 N Frank J. Fabozzi 000000000 N Karen P. Robards 000000000 N Catherine A. Lynch 000000000 N R. Glenn Hubbard 000000000 N John M. Perlowski 000000000 Y Michael J. Castellano 000000000 N W. Carl Kester 000000000 N Robert Fairbairn 004992372 Y Richard E. Cavanagh 000000000 N Charles Park 000000000 55 East 52nd Street New York 10055 XXXXXX N N N N N BlackRock Investments, LLC 8-48436 000038642 0000000000 Y N Deloitte & Touche LLP 34 0000000000 N N N N N N N BlackRock MuniYield Investment Quality Fund ICZ91C3VF6PCJ4UJH692 Y 2 0 0 N/A N N Y N BlackRock Investment Management, LLC 5493006MRTEZZ4S4CQ20 Y N Cash collateral reinvestment fee Revenue sharing split Other Rebates paid to borrowers N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 10f-3 (17 CFR 270.10f-3) Rule 17a-6 (17 CFR 270.17a-6) Rule 17e-1 (17 CFR 270.17e-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-1 (17 CFR 270.12d1-1) Y Y N N BlackRock Advisors, LLC 801-47710 000106614 5493001LN9MRM6A35J74 N Computershare Trust Company, National Association 85-113400 2549001YYB62BVMSAO13 N N N IHS Markit Ltd. 549300HLPTRASHS0E726 GB N Ice Data Services, Inc. <null> N Bloomberg L.P. 549300B56MD0ZC402L06 N Standard & Poor's Financial Services LLC 549300U4VWNITEKO2881 N Thomson Reuters Corporation 549300561UZND4C7B569 CA N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Merrill Lynch, Pierce, Fenner & Smith Incorporated 8NAV47T0Y26Q87Y0QP81 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) Morgan Stanley & Co. LLC 9R7GPTSO7KV3UQJZQ078 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) Citigroup Global Markets Inc. MBNUM2BPBDO7JBLYG310 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) Credit Suisse Securities (USA) LLC 1V8Y6QCX6YMJ2OELII46 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) Barclays Capital Inc. AC28XWWI3WIBK2824319 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) Goldman Sachs & Co. LLC FOR8UP27PHTHYVLBNG30 N Y Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6) N Computershare Trust Company, National Association 2549001YYB62BVMSAO13 N N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N Y BlackRock Advisors, LLC 5493001LN9MRM6A35J74 Y N N PNC Investments LLC 8-66195 000129052 00000000000000000000 0.00000000 BlackRock Investments, LLC 8-48436 000038642 0000000000 0.00000000 Blackrock Execution Services 8-48719 000039438 549300HFCRQ0NT5KY652 0.00000000 PNC Capital Markets, Inc. 8-32493 000015647 7OGNSSLOQJ8U3B9Y5F18 0.00000000 Harris Williams LLC 8-53380 000113930 00000000000000000000 0.00000000 Trout Capital LLC 8-66474 000131489 00000000000000000000 0.00000000 Solebury Capital, LLC 8-67548 000143299 5493000RFBRZED82XQ81 0.00000000 0.00000000 BLACKROCK LIQUIDITY FUNDS, MUNICASH N/A 000000000 549300RWBJ885673DL84 49755543.21000000 Stifel, Nicolaus & Company, Incorporated 8-1447 000000793 5WUVMA08EYG4KEUPW589 3790053.40000000 Weeden & Co. L.P. 8-37267 000016835 549300OYBLKSN8M8EW67 11082747.80000000 Goldman Sachs & Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 10068683.35000000 Raymond James Financial, Inc. 8-17983 000006694 RGUZHJ05YTITL6D76949 5936029.80000000 Bank Of America Merrill Lynch Securities Inc 8-33359 000016139 0000000000 26543767.15000000 Pershing LLC 8-17574 000007560 ZI8Q1A8EI8LQFJNM0D94 15614549.60000000 Citigroup Global Markets Inc. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 19587028.85000000 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 11087579.75000000 Morgan Stanley & Co. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 4751046.90000000 170837891.61000000 N 120737445 Preferred stock Variable Rate Muni Term Preferred Shares Common stock Common Shares N N N N N N 0.004997263 0.0247 13.03000000 13.90000000 true false false true INTERNAL CONTROL RPT 2 NCEN_4166536104735518.txt REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors of BlackRock MuniHoldings California Quality Fund, Inc., BlackRock MuniHoldings New Jersey Quality Fund, Inc., BlackRock MuniYield Investment Quality Fund, BlackRock MuniYield Michigan Quality Fund, Inc., and BlackRock MuniYield Pennsylvania Quality Fund: In planning and performing our audits of the financial statements of BlackRock MuniHoldings California Quality Fund, Inc., BlackRock MuniHoldings New Jersey Quality Fund, Inc., BlackRock MuniYield Investment Quality Fund, BlackRock MuniYield Michigan Quality Fund, Inc., and BlackRock MuniYield Pennsylvania Quality Fund (the "Funds"), as of and for the year ended July 31, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' 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-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Funds is 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 company'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 company'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 company; (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 company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company'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 fund's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds' 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 PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of July 31, 2018. This report is intended solely for the information and use of management and the Board of Directors of the Funds 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 September 20, 2018 ADVISORY CONTRACTS 3 811-07156_G1BIII.htm Form 8-K

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND (the “Fund”)

File No.    811-07156

Item G.1.b.iii: New or amended investment advisory contracts

Attached please find a copy of the Closed-End Fund Master Advisory Fee Waiver Agreement between the Fund and BlackRock Advisors, LLC.

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 June 7, 2018)

 

    

TICKER

   

FUND

   

EXPIRATION
DATE

1.    BBN    BlackRock Taxable Municipal Bond Trust    June 30, 2019
2.    BJZ    BlackRock California Municipal 2018 Term Trust    June 30, 2019
3.    BFZ    BlackRock California Municipal Income Trust    June 30, 2019
4.    BHK    BlackRock Core Bond Trust    June 30, 2019
5.    HYT    BlackRock Corporate High Yield Fund, Inc.    June 30, 2019
6.    BTZ    BlackRock Credit Allocation Income Trust    June 30, 2019
7.    DSU    BlackRock Debt Strategies Fund, Inc.    June 30, 2019
8.    BGR    BlackRock Energy and Resources Trust    June 30, 2019
9.    CII    BlackRock Enhanced Capital and Income Fund, Inc.    June 30, 2019
10.    BDJ    BlackRock Enhanced Equity Dividend Trust    June 30, 2019
11.    EGF    BlackRock Enhanced Government Fund, Inc.    June 30, 2019
12.    FRA    BlackRock Floating Rate Income Strategies Fund, Inc.    December 31, 2018
13.    BGT    BlackRock Floating Rate Income Trust    June 30, 2019
14.    BFO    BlackRock Florida Municipal 2020 Term Trust    June 30, 2019
15.    BOE    BlackRock Enhanced Global Dividend Trust    June 30, 2019
16.    BME    BlackRock Health Sciences Trust    June 30, 2019
17.    BKT    BlackRock Income Trust, Inc.    June 30, 2019
18.    BGY    BlackRock Enhanced International Dividend Trust    June 30, 2019

 

4

    

TICKER

   

FUND

   

EXPIRATION
DATE

19.    BKN    BlackRock Investment Quality Municipal Trust, Inc.    June 30, 2019
20.    BLW    BlackRock Limited Duration Income Trust    June 30, 2019
21.    BTA    BlackRock Long-Term Municipal Advantage Trust    June 30, 2019
22.    BZM    BlackRock Maryland Municipal Bond Trust    June 30, 2019
23.    MHE    BlackRock Massachusetts Tax-Exempt Trust    June 30, 2019
24.    BIT    BlackRock Multi-Sector Income Trust    June 30, 2019
25.    MUI    BlackRock Muni Intermediate Duration Fund, Inc.    June 30, 2019
26.    MNE    BlackRock Muni New York Intermediate Duration Fund, Inc.    June 30, 2019
27.    MUA    BlackRock MuniAssets Fund, Inc.    June 30, 2019
28.    BPK    BlackRock Municipal 2018 Term Trust    June 30, 2019
29.    BKK    BlackRock Municipal 2020 Term Trust    June 30, 2019
30.    BBK    BlackRock Municipal Bond Trust    June 30, 2019
31.    BAF    BlackRock Municipal Income Investment Quality Trust    June 30, 2019
32.    BBF    BlackRock Municipal Income Investment Trust    June 30, 2019
33.    BYM    BlackRock Municipal Income Quality Trust    June 30, 2019
34.    BFK    BlackRock Municipal Income Trust    June 30, 2019
35.    BLE    BlackRock Municipal Income Trust II    June 30, 2019
36.    BTT    BlackRock Municipal 2030 Target Term Trust    June 30, 2019
37.    MEN    BlackRock MuniEnhanced Fund, Inc.    June 30, 2019
38.    MUC    BlackRock MuniHoldings California Quality Fund, Inc.    June 30, 2019
39.    MUH    BlackRock MuniHoldings Fund II, Inc.    June 30, 2019
40.    MHD    BlackRock MuniHoldings Fund, Inc.    June 30, 2019

 

5

    

TICKER

   

FUND

   

EXPIRATION
DATE

41.    MFL    BlackRock MuniHoldings Investment Quality Fund    June 30, 2019
42.    MUJ    BlackRock MuniHoldings New Jersey Quality Fund, Inc.    June 30, 2019
43.    MHN    BlackRock MuniHoldings New York Quality Fund, Inc.    June 30, 2019
44.    MUE    BlackRock MuniHoldings Quality Fund II, Inc.    June 30, 2019
45.    MUS    BlackRock MuniHoldings Quality Fund, Inc.    June 30, 2019
46.    MVT    BlackRock MuniVest Fund II, Inc.    June 30, 2019
47.    MVF    BlackRock MuniVest Fund, Inc.    June 30, 2019
48.    MZA    BlackRock MuniYield Arizona Fund, Inc.    June 30, 2019
49.    MYC    BlackRock MuniYield California Fund, Inc.    June 30, 2019
50.    MCA    BlackRock MuniYield California Quality Fund, Inc.    June 30, 2019
51.    MYD    BlackRock MuniYield Fund, Inc.    June 30, 2019
52.    MYF    BlackRock MuniYield Investment Fund    June 30, 2019
53.    MFT    BlackRock MuniYield Investment Quality Fund    June 30, 2019
54.    MIY    BlackRock MuniYield Michigan Quality Fund, Inc.    June 30, 2019
55.    MYJ    BlackRock MuniYield New Jersey Fund, Inc.    June 30, 2019
56.    MYN    BlackRock MuniYield New York Quality Fund, Inc.    June 30, 2019
57.    MPA    BlackRock MuniYield Pennsylvania Quality Fund    June 30, 2019
58.    MQT    BlackRock MuniYield Quality Fund II, Inc.    June 30, 2019
59.    MYI    BlackRock MuniYield Quality Fund III, Inc.    June 30, 2019
60.    MQY    BlackRock MuniYield Quality Fund, Inc.    June 30, 2019
61.    BLJ    BlackRock New Jersey Municipal Bond Trust    June 30, 2019
62.    BNJ    BlackRock New Jersey Municipal Income Trust    June 30, 2019

 

6

    

TICKER

   

FUND

   

EXPIRATION
DATE

63.    BLH    BlackRock New York Municipal 2018 Term Trust    June 30, 2019
64.    BQH    BlackRock New York Municipal Bond Trust    June 30, 2019
65.    BSE    BlackRock New York Municipal Income Quality Trust    June 30, 2019
66.    BNY    BlackRock New York Municipal Income Trust    June 30, 2019
67.    BFY    BlackRock New York Municipal Income Trust II    June 30, 2019
68.    —    BlackRock Preferred Partners LLC    July 31, 2018
69.    BCX    BlackRock Resources & Commodities Strategy Trust    June 30, 2019
70.    BST    BlackRock Science and Technology Trust    June 30, 2019
71.    BUI    BlackRock Utilities, Infrastructure & Power Opportunities Trust    June 30, 2019
72.    BHV    BlackRock Virginia Municipal Bond Trust    June 30, 2019
73.    BSD    The BlackRock Strategic Municipal Trust    June 30, 2019
74.    BGIO    BlackRock 2022 Global Income Opportunity Trust1    June 30, 2019
75.    —    BlackRock Multi-Sector Opportunities Trust2    June 30, 2019

 

1 

This Agreement was effective with respect to BlackRock 2022 Global Income Opportunity Trust as of February 16, 2017.

2 

This Agreement was effective with respect to BlackRock Multi-Sector Opportunities Trust as of February 22, 2018.

 

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