FIFTH AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENTExpense Limitation Agreement • September 29th, 2014 • Blackrock Municipal Series Trust • New York
This FIFTH AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (the “Agreement”), dated as of [ ], 2014, by and between each registrant set forth in Annex 1 (each, a “Fund”, and collectively, the “Funds”) and, on behalf of each share class (each a “Share Class”, and collectively, the “Share Classes”) of each Fund, and its portfolios (if applicable) (each a “Portfolio”, and collectively, the “Portfolios”), set forth on the various schedules to this Agreement (collectively, the “Schedules”), and BlackRock Advisors, LLC (“BlackRock”) (as investment adviser to all Funds except for Master Investment Portfolio or as administrator to certain Funds), BlackRock Fund Advisors (“BFA”) (as investment adviser solely with respect to Master Investment Portfolio), and BlackRock Investments, LLC (the “Distributor”) (solely with respect to those Funds set forth in Schedule B), effective with respect each Fund and Portfolio as of the date indicated in Schedules A-1, B-1, C and G of this Agreement, as appli
