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SIGNATURE NEAL J. ANDREWS TITLE CFO |
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, 2016, 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
directors/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, 2016.
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 23, 2016 |
BlackRock Investment Quality Municipal Trust Inc. File No. 811-07354 Item No. 77I (Terms of New or Amended Securities) -- Attachment
A copy of an amendment to the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).
BlackRock Investment Quality Municipal Trust Inc. File No. 811-07354 Item No. 77Q1(a) (Copies of Material Amendments to Registrant's Charter or By-laws) -- Attachment
Attached please find as an exhibit under Sub-Item 77Q1(a) of Form N-SAR, a copy of BlackRock Investment Quality Municipal Trust Inc.'s Articles of Amendment Amending the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares filed with the State Department of Assessments and Taxation of Maryland on April 13, 2016.
Exhibit 77Q1(a)
THE BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.
ARTICLES OF AMENDMENT
AMENDING THE ARTICLES SUPPLEMENTARY ESTABLISHING
AND FIXING THE RIGHTS AND PREFERENCES OF
VARIABLE RATE MUNI TERM PREFERRED SHARES
This is to certify that
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, The BlackRock Investment Quality Municipal Trust Inc. has caused these Articles of Amendment to be signed as of April 13, 2016 in its name and on its behalf by the person named below who acknowledges that these Articles of Amendment are the act of the Corporation and, to the best of such person's knowledge, information and belief and under penalties for perjury, all matters and facts contained in these Articles of Amendment are true in all material respects.
THE BLACKROCK INVESTMENT QUALITY
MUNICIPAL TRUST INC.
By: /s/ Jonathan Diorio
------------------------------
Name: Jonathan Diorio
Title: Vice President
ATTEST:
/s/ Janey Ahn
----------------------------------
Name: Janey Ahn
Title: Secretary
|
APPENDIX A
ELIGIBLE ASSETS
On the Date of Original Issue and at all times thereafter that the VMTP Preferred Shares are Outstanding:
1. "Eligible Assets" are defined to consist only of assets that conform to the following requirements as of the time of investment:
A. Debt obligations. The following debt obligations which are not in payment default at the time of investment:
i. "Municipal securities," defined as obligations of a State, the District of Columbia, a U.S. territory, or a political subdivision thereof and including general obligations, limited obligation bonds, revenue bonds, and obligations that satisfy the requirements of section 142(b)(1) of the Internal Revenue Code of 1986 issued by or on behalf of any State, the District of Columbia, any U.S. territory or any political subdivision thereof, including any municipal corporate instrumentality of 1 or more States, or any public agency or authority of any State, the District of Columbia, any U.S. territory or any political subdivision thereof. The purchase of any municipal security will be based upon the Investment Adviser's assessment of an asset's relative value in terms of current yield, price, credit quality, and future prospects; and the Investment Adviser will monitor the creditworthiness of the Corporation's portfolio investments and analyze economic, political and demographic trends affecting the markets for such assets.
ii.Debt obligations of the United States.
iii.Debt obligations issued, insured, or guaranteed by a department or an agency of the U.S. Government, if the obligation, insurance, or guarantee commits the full faith and credit of the United States for the repayment of the obligation.
iv.Debt obligations of the Washington Metropolitan Area Transit
Authority guaranteed by the Secretary of Transportation under
Section 9 of the National Capital Transportation Act of 1969.
v. Debt obligations of the Federal Home Loan Banks.
vi.Debt obligations, participations or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association.
vii.Debt obligations which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to sections 305 or 306 of the Federal Home Loan Mortgage Corporation Act.
viii.Debt obligations of any agency named in 12 U.S.C. (S) 24(Seventh) as eligible to issue obligations that a national bank may underwrite, deal in, purchase and sell for the bank's own account, including qualified Canadian government obligations.
ix.Debt obligations of issuers other than those specified in (i) through
(viii) above that are rated in one of the three highest rating
categories by two or more NRSROs, or by one NRSRO if the security has
been rated by only one NRSRO, and which have been determined by the
Corporation, based on the Corporation's internal credit due
diligence, to be securities where the issuer has adequate capacity to
meet financial commitments under the security for the projected life
of the security such that the lack of default on the security such
that the risk of default on the security is low, and the full and
timely repayment of principal and interest is expected, and that are
"marketable". For these purposes, an obligation is "marketable" if:
. it is registered under the Securities Act;
. it is offered and sold pursuant to Securities and Exchange Commission Rule 144A; 17 CFR 230.144A; or
. it can be sold with reasonable promptness at a price that corresponds reasonably to its fair value.
x. Certificates or other securities evidencing ownership interests in a municipal bond trust structure (generally referred to as a tender option bond structure) that invests in (a) debt obligations of the types described in (i) above or (b) depository receipts reflecting ownership interests in accounts holding debt obligations of the types described in (i) above.
An asset shall not fail to qualify as an Eligible Asset solely by virtue of the fact that:
. it provides for repayment of principal and interest in any form including fixed and floating rate, zero interest, capital appreciation, discount, leases, and payment in kind; or
. it is for long-term or short-term financing purposes.
B. Derivatives
i. Interest rate derivatives; or
ii.Swaps, credit default swaps, futures, forwards, structured notes, options and swaptions related to Eligible Assets or on an index related to Eligible Assets.
C. Other Assets
i. (A) Shares of other investment companies registered under Section 8 of the Investment Company Act of 1940 (open- or closed-end funds and ETFs) the assets of which consist entirely of Eligible Assets based on the Investment Adviser's assessment of the assets of each such investment company taking into account the investment company's most recent publicly available schedule of investments and publicly disclosed investment policies.
(B) Notwithstanding Paragraph C.i.(A) above, the Trust shall be permitted, subject to Applicable Law, to invest up to five percent (5%) of the Trust's Managed Assets as of the time of investment in securities issued by a money-market fund (each, an "Eligible Money-Market Fund") that is (a) registered under the Investment Company Act of 1940, and (b) affiliated with the Investment Adviser; provided that if the Investment Advisor represents that the Eligible Money-Market Fund meets the requirements of Paragraph C.i.(A) above, the amount of such Managed Assets invested in any such Eligible Money-Market Fund meeting the requirements of Paragraph C.i.(A) above shall be excluded from the foregoing five percent (5%) limitation.
ii.Cash.
iii.Repurchase agreements on assets described in A above.
iv.Taxable fixed-income securities issued by an issuer described in Paragraph 1(A) (a "Permitted Issuer") that are not in default at the time of acquisition, acquired for the purpose of influencing control over such Permitted Issuer or creditor group of municipal bonds of such Permitted Issuer (a) the Corporation already owns and (b) which have deteriorated or are expected shortly to deteriorate, with the expectation that such investment should enable the Corporation to better maximize the value of its existing investment in such issuer, provided that the taxable fixed-income securities of such issuer so acquired do not constitute more than 0.5% of the Corporation's Managed Assets as of the time of investment.
2. At any time that VMTP Preferred Shares are outstanding, for any investment company the securities of which are held by the Corporation, the Corporation will provide or make available the following information to the Holders within 10 days after the public quarterly release of such information and on the Date of Original Issue (for the reporting period having ended most recently prior to the closing):
i. the identity of the investment company and the CUSIP Number, the number of shares owned, as of the end of the prior quarter, and the percentage of the investment company's equity represented by the Corporation's investment, as of the end of the prior quarter;
ii.other than in the case of an investment in an Eligible Money-Market Fund, a representation that each such investment company invests solely in "Eligible Assets," which representation may be based upon the affirmative representation of the underlying investment company's investment adviser; and
iii.other than in the case of an investment in an Eligible Money-Market Fund, the information contained in the most recently released financial statements of each such underlying investment company relating to the portfolio holdings of each such investment company.
BlackRock Investment Quality Municipal Trust Inc. File No. 811-07354 Item No. 77Q1(d) (Copies of All Constituent Instruments Referred to in Sub-Item 77I) -- Attachment
A copy of an amendment to the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).