<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000839636
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE BLACKROCK TARGET TERM TRUST INC.
001 B000000 811-5657
001 C000000 9733677530
002 A000000 100 MULBERRY STREET
002 B000000 NEWARK
002 C000000 NJ
002 D010000 07102
002 D020000 4077
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BLACKROCK FINANCIAL MANAGEMENT, INC.
008 B000001 A
008 C000001 801-32183
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10154
010 A000001 PRUDENTIAL INVESTMENTS FUND MANAGEMENT LLC
010 B000001 811-31104
010 C010001 NEWARK
010 C020001 NJ
010 C030001 07102
010 C040001 4077
011 A000001 PRUDENTIAL SECURITIES INCORPORATED
011 B000001 8-27154
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10292
011 A000002 BUTCHER & SINGER INC.
<PAGE> PAGE 2
011 B000002 8-21229
011 C010002 PHILADELPHIA
011 C020002 PA
011 C030002 19105
011 A000003 DREXEL BURNHAM LAMBERT INCORPORATED
011 B000003 8-6151
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10004
011 A000004 KIDDER PEABODY & CO.
011 B000004 8-4831
011 C010004 NEW YORK
011 C020004 NY
011 C030004 10005
012 A000001 STATE STREET BANK & TRUST COMPANY
012 B000001 84-0000000
012 C010001 NORTH QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10281
013 B040001 1434
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 21
019 C000000 BLACKROCK-
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 45
020 A000002 SMITH BARNEY INC.
020 B000002 13-3371860
020 C000002 8
020 A000003 PAINEWEBBER, INCORPORATED
020 B000003 13-2638166
020 C000003 3
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 56
<PAGE> PAGE 3
022 A000001 SMITH BARNEY INC.
022 B000001 13-1912900
022 C000001 5038251
022 D000001 553051
022 A000002 NIKKO SECURITIES CO. INTERNATIONAL, INC.
022 B000002 94-1302123
022 C000002 1029760
022 D000002 45455
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 392138
022 D000003 416772
022 A000004 PAINEWEBBER, INC.
022 B000004 13-2638166
022 C000004 518793
022 D000004 264519
022 A000005 STATE STREET BANK AND TRUST CO.
022 B000005 04-1867445
022 C000005 699568
022 D000005 0
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006 315428
022 D000006 71826
022 A000007 DEUTSCHE MORGAN GRENFELL
022 B000007 13-3224016
022 C000007 194519
022 D000007 58849
022 A000008 MORGAN (J.P.) SECURITIES, INC.
022 B000008 13-2730828
022 C000008 168430
022 D000008 89736
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 78572
022 D000009 101101
022 A000010 SANWA SECURITIES CO.
022 B000010 13-3046258
022 C000010 74546
022 D000010 71638
023 C000000 8760480
023 D000000 1898888
024 000000 Y
025 A000001 SMITH BARNEY INC.
025 B000001 13-1912900
025 C000001 D
025 D000001 8038
025 A000002 SALOMON, INC.
025 B000002 13-3082694
025 C000002 D
025 D000002 29032
<PAGE> PAGE 4
025 A000003 PRUDENTIAL SECURITIES INCORPORATED
025 B000003 22-2347336
025 C000003 D
025 D000003 8066
025 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000004 13-5674085
025 C000004 D
025 D000004 4895
025 A000005 PAINEWEBBER, INC.
025 B000005 13-2638166
025 C000005 D
025 D000005 11801
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
<PAGE> PAGE 5
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.450
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
<PAGE> PAGE 6
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.5
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.8
062 M000000 56.0
062 N000000 53.1
062 O000000 0.0
062 P000000 17.1
062 Q000000 20.2
062 R000000 0.0
063 A000000 0
063 B000000 3.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
<PAGE> PAGE 7
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 1167460
071 B000000 1074852
071 C000000 1335427
071 D000000 80
072 A000000 6
072 B000000 34634
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 2083
072 G000000 422
072 H000000 0
<PAGE> PAGE 8
072 I000000 123
072 J000000 98
072 K000000 0
072 L000000 196
072 M000000 36
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 20
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 123
072 X000000 3118
072 Y000000 0
072 Z000000 31516
072AA000000 12437
072BB000000 20402
072CC010000 0
072CC020000 4208
072DD010000 22870
072DD020000 0
072EE000000 0
073 A010000 0.2396
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 69
074 B000000 0
074 C000000 21090
074 D000000 1368165
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 34
074 K000000 0
074 L000000 4848
074 M000000 0
074 N000000 1394206
074 O000000 45525
074 P000000 413
074 Q000000 0
074 R010000 413106
074 R020000 0
074 R030000 0
074 R040000 1350
074 S000000 0
<PAGE> PAGE 9
074 T000000 933812
074 U010000 95461
074 U020000 0
074 V010000 9.78
074 V020000 0.00
074 W000000 0.0000
074 X000000 9706
074 Y000000 0
075 A000000 0
075 B000000 931226
076 000000 9.13
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000 16950
081 A000000 Y
081 B000000 26
082 A000000 Y
082 B000000 0
087 A010000 COMMON STOCK
087 A020000 092476100
087 A030000 BTT
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE HENRY GABBAY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000839636
<NAME> THE BLACKROCK TARGET TERM TRUST INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUNE-30-1997
<INVESTMENTS-AT-COST> 1,381,322,871
<INVESTMENTS-AT-VALUE> 1,389,255,485
<RECEIVABLES> 4,814,388
<ASSETS-OTHER> 135,855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,394,205,728
<PAYABLE-FOR-SECURITIES> 45,524,592
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 414,869,237
<TOTAL-LIABILITIES> 460,393,829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 893,723,552
<SHARES-COMMON-STOCK> 95,460,639
<SHARES-COMMON-PRIOR> 95,460,639
<ACCUMULATED-NII-CURRENT> 35,125,435
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,036,483)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,999,395
<NET-ASSETS> 933,811,899
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 34,634,215
<OTHER-INCOME> 0
<EXPENSES-NET> 3,118,507
<NET-INVESTMENT-INCOME> 31,515,708
<REALIZED-GAINS-CURRENT> (7,965,325)
<APPREC-INCREASE-CURRENT> (4,207,844)
<NET-CHANGE-FROM-OPS> 19,342,539
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,870,330)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,527,791)
<ACCUMULATED-NII-PRIOR> 26,480,057
<ACCUMULATED-GAINS-PRIOR> 4,928,842
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,083,099
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,118,507
<AVERAGE-NET-ASSETS> 931,226,000
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the semi-annual period ended
June 30, 1997
File number 811-5657
SUB-ITEM 77Q1 Exhibits
(e) Amended Investment
Advisory Contract.
INVESTMENT ADVISORY AGREEMENT
AGREEMENT, dated April 15,
1997, between The BlackRock Target
Term Trust Inc. ("BTT") (the
"Trust"), a corporation, and
BlackRock Financial Management,
Inc. (the "Adviser"), a Delaware
corporation.
In consideration of the mutual
promises and agreement herein
contained and other good and
valuable consideration, the receipt
of which is hereby acknowledged, it
is agreed by and between the
parties hereto as follows:
1. In General
The Adviser agrees, all as
more fully set forth herein, to act
as investment adviser to the Trust
with respect to the investment of
the Trust's assets and to supervise
and arrange the purchase of
securities for and the sale of
securities held in the investment
portfolio of the Trust.
2. Duties and obligations of the
Adviser with respect to investments
of assets of the Trust
(a) Subject to the succeeding
provisions of this section and
subject to the direction and
control of the Trust's Board of
Directors, the Adviser shall (i)
act as investment adviser for and
supervise and manage the investment
and reinvestment of the Trust's
assets and in connection therewith
have complete discretion in
purchasing and selling securities
and other assets for the Trust and
in voting, exercising consents and
exercising all other rights
appertaining to such securities and
other assets on behalf of the
Trust; (ii) supervise continuously
the investment program of the Trust
and the composition of its
investment portfolio; and (iii)
arrange, subject to the provisions
of paragraph 3 hereof, for the
purchase and sale of securities and
other assets held in the investment
portfolio of the Trust.
(b) In the performance of its
duties under this Agreement, the
Adviser shall at all times conform
to, and act in accordance with, any
requirements imposed by (i) the
provisions of the Investment
Company Act of 1940 (the "Act"),
and of any rules or regulations in
force thereunder; (ii) any other
applicable provision of law; (iii)
the provisions of the Articles of
Incorporation and By-Laws of the
Trust, as such documents are
amended from time to time; (iv) the
investment objective and policies
of the Trust as set forth in its
Registration Statement on Form N-2;
and (v) any policies and
determinations of the Board of
Directors of the Trust.
(c) The Adviser will bear all
costs and expenses of its partners
and employees and any overhead
incurred in connection with its
duties hereunder and shall bear the
costs of any salaries or directors
fees of any officers or directors
of the Trust who are affiliated
persons (as defined in the Act) of
the Adviser except that the Board
of Directors of the Trust may
approve reimbursement to the
Adviser of the pro rata portion of
the salaries, bonuses, health
insurance, retirement benefits and
all similar employment costs for
the time spent on Trust operations
(other than the provisions of
investment advice) of all personnel
employed by the Adviser who devote
substantial time to Trust
operations or the operations of
other investment companies advised
by the Adviser.
(d) The Adviser shall give
the Trust the benefit of its best
judgment and effort in rendering
services hereunder, but the Adviser
shall not be liable for any act or
omission or for any loss sustained
by the Trust in connection with the
matters to which this Agreement
relates, except a loss resulting
from willful misfeasance, bad faith
or gross negligence in the
performance of its duties, or by
reason of its reckless disregard of
its obligations and duties under
this Agreement.
(e) Nothing in this Agreement
shall prevent the Adviser or any
partner, officer, employee or other
affiliate thereof from acting as
investment adviser for any other
person, firm or corporation, or
from engaging in any other lawful
activity, and shall not in any way
limit or restrict the Adviser or
any of its partners, officers,
employees or agents from buying,
selling or trading any securities
for its or their own accounts or
for the accounts of others for whom
it or they may be acting, provided,
however that the Adviser will
undertake no activities which, in
its judgment, will adversely affect
the performance of its obligations
under this Agreement.
3. Portfolio Transactions and
Brokerage
The Adviser is authorized, for
the purchase and sale of the
Trust's portfolio securities, to
employ such securities dealers as
may, in the judgment of the
Adviser, implement the policy of
the Trust to obtain the best net
results taking into account such
factors as price, including dealer
spread, the size, type and
difficulty of the transaction
involved, the firm's general
execution and operational
facilities and the firm's risk in
positioning the securities
involved. Consistent with this
policy, the Adviser is authorized
to direct the execution of the
Trust's portfolio transactions to
dealers and brokers furnishing
statistical information or research
deemed by the Adviser to the useful
or valuable to the performance of
its investment advisory functions
for the Trust.
4. Compensation of the Adviser
(a) The Trust agrees to pay
to the Adviser and the Adviser
agrees to accept as full
compensation for all services
rendered by the Adviser as such, a
fee computed and payable monthly in
an amount equal to .45% of the
Trust's average weekly net asset
value on an annualized basis until
termination of the Trust pursuant
to its Articles of Incorporation.
For any period less than a month
during which this Agreement is in
effect, the fee shall be prorated
according to the proportion which
such period bears to a full month
of 28, 29, 30 or 31 days, as the
case may be.
(b) For purposes of this
Agreement, the net assets of the
Trust shall be calculated pursuant
to the procedures adopted by
resolutions of the Directors of the
Trust for calculating the net asset
value of the Trust's shares or
delegating such calculations to
third parties.
5. Indemnity
(a) The Trust hereby agrees
to indemnify the Adviser and each
of the Adviser's partners,
officers, employees, agents,
associates and controlling persons
and the partners, officers,
employees and agents thereof
(including any individual who
serves at the Advisers request as
director, officer, partner, trustee
or the like of another corporation)
(each such person being an
"indemnitee") against any
liabilities and expenses, including
amounts paid in satisfaction of
judgments, in compromise or as
fines and penalties, and counsel
fees (all as provided in accordance
with applicable corporate law)
reasonably incurred by such
indemnitee in connection with the
defense or disposition of any
action, suit or other proceeding,
whether civil or criminal, before
any court or administrative or
investigative body in which he may
be or may have been involved as a
party or otherwise or with which he
may be or may have been threatened,
while acting in any capacity set
forth above in this Section 5 or
thereafter by reason of his having
acted in any such capacity, except
with respect to any matter as to
which he shall have been
adjudicated not to have acted in
good faith in the reasonable belief
that his action was in the best
interest of the Trust and
furthermore, in the case of any
criminal proceeding, so long as he
had no reasonable cause to believe
that the conduct was unlawful,
provided, however, that (1) no
indemnitee shall be indemnified
hereunder against any liability to
the Trust or its shareholders or
any expense of such indemnitee
arising by reason of (i) willful
misfeasance, (ii) bad faith, (iii)
gross negligence or (iv) reckless
disregard of the duties involved in
the conduct of his position (the
conduct referred to in such clauses
(i) through (iv) being sometimes
referred to herein as "disabling
conduct"), (2) as to any matter
disposed of by settlement or a
compromise payment by such
indemnitee, pursuant to a consent
decree or otherwise, no
indemnification either for said
payment or for any other expenses
shall be provided unless there has
been a determination that such
settlement or compromise is in the
best interests of the Trust and
that such indemnitee appears to
have acted in good faith in the
reasonable belief that his action
was in the best interest of the
Trust and did not involve disabling
conduct by such indemnitee and (3)
with respect to any action, suit or
other proceeding voluntarily
prosecuted by any indemnitee as
plaintiff, indemnification shall be
mandatory only if the prosecution
of such action, suit or other
proceeding by such indemnitee was
authorized by a majority of the
full Board of the Trust.
(b) The Trust shall make
advance payments in connection with
the expenses of defending any
action with respect to which
indemnification might be sought
hereunder if the Trust receives a
written affirmation of the
indemnitee's good faith belief that
the standard of conduct necessary
for indemnification has been met
and a written undertaking to
reimburse the Trust unless it is
subsequently determined that he is
entitled to such indemnification
and if the directors of the Trust
determine that the facts then known
to them would not preclude
indemnification. In addition, at
least one of the following
conditions must be met: (A) the
indemnitee shall provide a security
for his undertaking, (B) the Trust
shall be insured against losses
arising by reason of any lawful
advances, or (C) a majority of a
quorum consisting of directors of
the Trust who are neither
"interested persons" of the Trust
(as defined in Section 2(a)(19) of
the Act) nor parties to the
proceeding ("Disinterested Non-
Party Directors") or an
independent legal counsel in a
written opinion, shall determine,
based on a review of readily
available facts (as opposed to a
full trial-type inquiry), that
there is reason to believe that the
indemnitee ultimately will be found
entitled to indemnification.
(c) All determinations with
respect to indemnification
hereunder shall be made (1) by a
final decision on the merits by a
court or other body before whom the
proceeding was brought that such
indemnitee is not liable by reason
of disabling conduct or, (2) in the
absence of such a decision, by (i)
a majority vote of a quorum of the
Disinterested Non-party Directors
of the Trust, or (ii) if such a
quorum is not obtainable or even,
if obtainable, if a majority vote
of such quorum so directs,
independent legal counsel in a
written opinion. All
determinations that advance
payments in connection with the
expense of defending any proceeding
shall be authorized shall be made
in accordance with the immediately
preceding clause (2) above.
The rights accruing to any
indemnitee under these provisions
shall not exclude any other right
to which he may be lawfully
entitled.
6. Duration and Termination
This Agreement shall become
effective on the date it is
approved by the stockholder of the
Trust and shall continue in effect
for a period of two years and
thereafter from year to year, but
only so long as such continuation
is specifically approved at least
annually in accordance with the
requirements of the Act.
This Agreement may be
terminated by the Adviser at any
time without penalty upon giving
the Trust sixty days written notice
(which notice may be waived by the
Trust) and may be terminated by the
Trust at any time without penalty
upon giving the Adviser sixty days
notice (which notice may be waived
by the Adviser), provided that such
termination by the Trust shall be
directed or approved by the vote of
a majority of the Directors of the
Trust in office at the time or by
the vote of the holders of a
"majority" (as defined in the Act)
of the voting securities of the
Trust at the time outstanding and
entitled to vote. This Agreement
shall terminate automatically in
the event of its assignment (as
"assignment" is defined in the
Act).
7. Notices
Any notice under this
Agreement shall be in writing to
the other party at such address as
the other party may designate from
time to time for the receipt of
such notice and shall be deemed to
be received on the earlier of the
date actually received or on the
fourth day after the postmark if
such notice is mailed first class
postage pre-paid.
8. Governing Law
This Agreement shall be
construed in accordance with the
laws of the State of New York for
contracts to be performed entirely
therein without reference to choice
of law principles thereof and in
accordance with the applicable
provisions of the Act.
IN WITNESS WHEREOF, the
parties hereto have caused the
foregoing instrument to be executed
by their duly authorized officers,
all as of the day and the year
first above written.
THE BLACKROCK
TRUSTS
By_________________________________
______
Ralph L.
Schlosstein,
President
BLACKROCK
FINANCIAL MANAGEMENT, INC.
By_________________________________
______
Laurence
D. Fink,
Chairman &
Chief Executive Officer
E:\MATTHEWS\FUNDS\BLCKRCK\BTTNSR.77C
For the semi-annual period ended June 30,
1997
File number 811-5657
SUB-ITEM 77C
Submission of Matters to a Vote of
Security Holders
An Annual Meeting of Shareholders
was held on April 15, 1997. At such
meeting the shareholders approved the
selection of auditors and the election of
directors. Pursuant to Instruction 2 of
this Sub-Item, information as to these
matters has not been included in this
Attachment. In addition, the
Shareholders considered and approved a
proposal to approve a new investment
advisory agreement with BlackRock
Financial Management, Inc. that
eliminates the step-down in the
investment advisory fee schedule. The
number of affirmative votes cast in favor
of this proposal were 35,358,776 and the
number of negative votes cast in
opposition to this proposal were
6,225,412.