CORRESP 1 filename1.htm

 

787 Seventh Avenue

New York, NY 10019-6099

Tel: 212 728 8000

Fax: 212 728 8111

January 29, 2013

 

Via EDGAR

Laura Hatch

Division of Investment Management

Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

 

Re: Comments to Shareholder Reports of the registrants identified on Exhibit A (the “Registrants”)

 

Dear Ms. Hatch:

This letter responds to certain comments provided by the staff of the Division of Investment Management (the “Staff”) of the Securities and Exchange Commission (“SEC”) in telephone conversations on December 17, 2012 and January 18, 2013 regarding the responses of the Registrants contained in the letter to the Staff dated December 7, 2012 (the “Response Letter”).

For your convenience, the substance of the Staff’s comments has been restated below. Each Registrant’s joint or individual responses to each comment, as applicable, are set out immediately under the restated comment.

Comment No. 1.Certain Registrants have made return of capital distributions, which in some cases were significant. In the Response Letter, the Registrants informed the Staff in Response No. 27 that the distribution yields are included in the annual shareholder reports. The formula used to calculate the distribution yield in the Annual Report includes return of capital, however, return of capital should not be included in the calculation of the yield. In future reports, do not include return of capital when calculating the distribution yield. (e.g., BlackRock Enhanced Equity Dividend Trust (BDJ), BlackRock EcoSolutions Investment Trust (BQR), BlackRock Global Opportunities Equity Trust (BOE), BlackRock International Growth and Income Trust (BGY), BlackRock Real Asset Equity Trust (BCF) and BlackRock Resources & Commodities Strategy Trust (BCX).)
Response No. 1:Pursuant to our conversation, the Registrants will revise all future shareholder reports to replace the term “Yield on Closing Market Price” with “Current

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January 29, 2013
Page 2

Distribution Rate on Closing Market Price.” The Registrants also will add footnote disclosure to the “Trust Summary” section of all future shareholder reports to clarify that the Current Distribution Rate consists of income, and, where applicable, net realized capital gains, and/or, tax return of capital. In all future annual reports, when disclosing the Current Distribution Rate, the Registrants will add a cross-reference to the “Financial Highlights” section for the actual sources and character of distributions. In all future semi-annual reports, when disclosing the Current Distribution Rate, the Registrants will add a cross-reference to the “Additional Information–Section 19(a) Notices” section for the estimated character of dividends measured for financial reporting purposes.

Comment No. 2.For BlackRock Debt Strategies Fund, Inc., on the Statement of Operations, income tax is included in the “unrealized appreciation/depreciation on investments” line item. The Registrant informed the Staff in Response No. 25 of the Response Letter that income tax is not being shown as an expense on the Statement of Operations because it was deemed immaterial. The Staff notes that income tax for the Fund for the relevant period was 0.02%. The Staff is of the view that this amount should be included in the expense ratio. Please provide a restatement of the Financial Highlights reflecting the income tax in the expense ratio or explain why a restatement is not appropriate in this situation.
Response No. 2:The suggested change to include income tax expense as a line item in the Statement of Operations and as a component of the expense ratio will be made in all future shareholder reports, effective with the BlackRock Debt Strategies Fund, Inc. annual report for the year ending February 28, 2013. In future shareholder reports, operating expense ratios from prior periods will be restated to reflect income tax expense, where applicable, for comparative purposes.
Comment No. 3.The Staff disagrees with Registrant’s Response No. 31 in the Letter. The Staff believes that net expenses on the Registrant’s website should be calculated inclusive of interest expenses. If the Registrant wants to continue to show the net expenses exclusive of interest expense on its website, it should also include a ratio showing net expenses inclusive of interest expense.
Response No. 3:Each Registrant will add the ratio of net operating expenses, inclusive of interest expense, to its website as soon as practicable.

 

* * * * * * * * * *

The Registrants acknowledge that they are responsible for the adequacy and accuracy of the disclosure in its documents, and acknowledge that the Commission is not foreclosed by its comment process from taking any action with respect to the Registrants’ documents.

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January 29, 2013
Page 3

Should you have any questions concerning the above, please call the undersigned at (212) 728-8294.

Sincerely,

/s/ Maria Gattuso, Esq.

 

 

cc: Ben Archibald, Esq., BlackRock Advisors, LLC

 

 

- 3 -
 

Appendix A: Funds examined:

Registrant File #

Financial

Statement

Date

Prospectus

Date

BBIF Government Securities Fund 811-21197 3/31/2012 7/26/2012
BBIF Tax-Exempt Fund 811-21198 3/31/2012 7/26/2012
BBIF Treasury Fund 811-21199 3/31/2012 7/26/2012
BIF Government Securities Fund 811-03205 3/31/2012 7/26/2012
BIF Money Fund 811-02752 3/31/2012 7/26/2012
BIF Multi-State Municipal Series Trust 811-05011 3/31/2012 7/27/2012
BIF Tax-Exempt Fund 811-03111 3/31/2012 7/26/2012
BIF Treasury Fund 811-06196 3/31/2012 7/26/2012
BlackRock Balanced Capital Fund, Inc. 811-02405 9/30/2011 1/27/2012
BlackRock Basic Value Fund, Inc. 811-02739 6/30/2011 10/28/2011
BlackRock Bond Allocation Target Shares 811-21457 3/31/2012 7/27/2012
BlackRock Bond Fund, Inc. 811-02857    
BlackRock Total Return Fund 811-02857 9/30/2011 2/1/2012
BlackRock California Municipal 2018 Term Trust 811-10499 12/31/2011 NA
BlackRock California Municipal Income Trust 811-10331 7/31/2011 NA
Blackrock California Municipal Series Trust 811-04264    
BlackRock California Municipal Bond 811-04264 5/31/2011 9/28/2011
BlackRock Capital Appreciation Fund, Inc. 811-06669 9/30/2011 1/27/2012
BlackRock Core Bond Trust 811-10543 8/31/2011 NA
BlackRock Corporate High Yield Fund, Inc. 811-07634 2/29/2012 NA
BlackRock Corporate High Yield Fund III, Inc. 811-08497 2/29/2012 NA
BlackRock Corporate High Yield Fund V, Inc. 811-10521 8/31/2011 NA
BlackRock Corporate High Yield Fund VI, Inc. 811-21318 8/31/2011 NA
BlackRock Credit Allocation Income Trust I, Inc. 811-21341 10/31/2011 NA
BlackRock Credit Allocation Income Trust III 811-21280 10/31/2011 NA
BlackRock Credit Allocation Income Trust IV 811-21972 10/31/2011 NA
BlackRock Credit Allocation Income Trust II, Inc. 811-21286 10/31/2011 NA
BlackRock Debt Strategies Fund 811-08603 2/29/2012 NA
BlackRock Defined Opportunity Credit Trust 811-22126 8/31/2011 NA
BlackRock Diversified Income Strategies Fund, Inc. 811-21637 8/31/2011 NA
BlackRock EcoSolutions Investment Trust 811-22082 10/31/2011 NA
BlackRock Emerging Markets Fund, Inc. 811-05723 10/31/2011 2/28/2012
BlackRock Energy and Resources Trust 811-21656 10/31/2011 NA
BlackRock Enhanced Capital and Income Fund, Inc. 811-21506 10/31/2011 NA
BlackRock Enhanced Equity Dividend Trust 811-21784 10/31/2011 NA
BlackRock Enhanced Government Fund, Inc. 811-21793 12/31/2011 NA
BlackRock Equity Dividend Fund 811-05178 7/31/2011 11/28/2011
BlackRock Equity Dividend Trust (N-8F) 811-21443 10/31/2011 NA
BlackRock EuroFund 811-04612 6/30/2011 10/28/2011
BlackRock Financial Institutions Series Trust 811-03189    
BlackRock Summit Cash Reserves 811-03189 4/30/2012 8/28/2012
BlackRock Fixed Income Value Opportunities 811-22252 12/31/2011 NA
BlackRock Floating Rate Income Strategies Fund II, Inc. 811-21464 2/29/2012 NA
BlackRock Floating Rate Income Strategies Fund, Inc. 811-21413 8/31/2011 NA
BlackRock Floating Rate Income Trust 811-21566 10/31/2011 NA
BlackRock Florida Municipal 2020 Term Trust 811-21184 7/31/2011 NA
BlackRock Focus Growth Fund, Inc. 811-09651 8/31/2011 12/28/2011
BlackRock Focus Value Fund, Inc. 811-03450 6/30/2011 NA
BlackRock Focus Value Fund (N-8F) 811-03450 6/30/2011 NA
A-1
 
BlackRock Funds 811-05742    
BlackRock All-Cap Energy & Resources Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Energy & Resources Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Exchange Portfolio 811-05742 12/31/2011 4/27/12
BlackRock Flexible Equity Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Global Opportunities Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Health Sciences Opportunities Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Index Equity Portfolio 811-05742 12/31/2011 4/27/12
BlackRock International Opportunities Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Managed Volatility Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Mid-Cap Growth Equity Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock New Jersey Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock North Carolina Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Ohio Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Pennsylvania Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Science & Technology Opportunities Portfolio 811-05742 9/30/2011 1/30/12
BlackRock Small Cap Growth Equity Portfolio 811-05742 9/30/2011 1/30/12
BlackRock U.S. Opportunities Portfolio 811-05742 9/30/2011 1/30/12
BlackRock U.S. Treasury Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Virginia Municipal Money Market Portfolio 811-05742 3/31/2012 7/27/12
BlackRock Funds II 811-22061    
BlackRock Core Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock Emerging Market Local Debt Portfolio 811-22061 12/31/2011 4/27/12
BlackRock Global Dividend Income Portfolio 811-22061 7/31/2011 11/28/11
BlackRock GNMA Portfolio 811-22061 9/30/2011 1/27/12
BlackRock High Yield Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock Inflation Protected Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock International Bond Portfolio 811-22061 12/31/2011 4/27/12
BlackRock Long Duration Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock Low Duration Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock LifePath Active 2015 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2020 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2025 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2030 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2035 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2040 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2045 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock LifePath Active 2050 Portfolio 811-22061 10/31/2011 2/28/12
BlackRock Strategic Income Opportunities Portfolio 811-22061 12/31/2011 4/27/12
BlackRock U.S. Government Bond Portfolio 811-22061 9/30/2011 1/27/12
BlackRock Funds III 811-07332 12/31/2011 4/30/2012
BlackRock ACWI ex-US Index Fund 811-07332 12/31/2011 4/30/2012
BlackRock Bond Index Fund 811-07332 12/31/2011 4/30/2012
BlackRock Cash Funds: Prime 811-07332 12/31/2011 4/30/2012
BlackRock Cash Funds: Treasury 811-07332 12/31/2011 4/30/2012
BlackRock Cash Funds: Government 811-07332 12/31/2011 4/30/2012
BlackRock Cash Funds: Institutional 811-07332 12/31/2011 4/30/2012
BlackRock CoreAlpha Bond Fund 811-07332 12/31/2011 4/30/2012
BlackRock Russell 1000 Index Fund 811-07332 12/31/2011 4/30/2012
BlackRock S&P 500 Stock Fund 811-07332 12/31/2011 4/30/2012
LifePath 2020 Portfolio 811-07332 12/31/2011 4/30/2012
A-2
 
LifePath 2025 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath 2030 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath 2035 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath 2040 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath 2045 Portfolio 811-07332 12/31/2011 4/30/2012
Lifepath 2050 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath 2055 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Retirement Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2020 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2025 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2030 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2035 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2040 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2045 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2050 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index 2055 Portfolio 811-07332 12/31/2011 4/30/2012
LifePath Index Retirement Portfolio 811-07332 12/31/2011 4/30/2012
BlackRock Global Allocation Fund, Inc. 811-05576 10/31/2011 2/28/2012
BlackRock Global Opportunities Equity Trust 811-21729 10/31/2011 NA
BlackRock Global SmallCap Fund, Inc. 811-07171 6/30/2011 10/28/2011
BlackRock Health Sciences Trust 811-21702 10/31/2011 NA
BlackRock Healthcare Fund, Inc. (N-8F) 811-03595    
BlackRock High Income Shares 811-05495 8/31/2011 NA
BlackRock High Yield Trust 811-08991 8/31/2011 NA
BlackRock Income Opportunity Trust Inc. 811-06443 8/31/2011 NA
BlackRock Income Trust Inc. 811-05542 8/31/2011 NA
BlackRock Index Funds, Inc. 811-07899 12/31/2011 4/27/2012
BlackRock International Growth and Income Trust 811-22032 10/31/2011 NA
BlackRock International Value Trust (N-8F) 811-04182    
BlackRock International Value Fund 811-04182 6/30/2011 NA
BlackRock Investment Quality Municipal Trust, Inc. (BKN) 811-07354 4/30/2012 NA
BlackRock Large Cap Series Funds, Inc. 811-09637 9/30/2011 1/27/2012
BlackRock Latin American Fund, Inc. 811-06349 10/31/2011 2/28/2012
BlackRock Limited Duration Income Trust 811-21349 8/31/2011 NA
BlackRock Liquidity Funds 811-02354 10/31/2011 2/28/2012
BlackRock Long-Horizon Equity Fund 811-21759 10/31/2011 2/28/2012
BlackRock Long-Term Municipal Advantage Trust 811-21835 4/30/2012 NA
BlackRock Maryland Municipal Bond Trust 811-21051 8/31/2011 NA
BlackRock Master LLC 811-09049    
BlackRock Master International Portfolio 811-09049 10/31/2011 2/28/2012
BlackRock Master Small Cap Growth Portfolio 811-09049 5/31/2012 9/28/2011
BlackRock Mid Cap Value Opportunities Series Inc. 811-07177 1/31/2012 5/30/2012
BlackRock Municipal Bond Fund, Inc. 811-02688    
BlackRock High Yield Municipal Fund 811-02688 6/30/2011 10/28/2011
BlackRock Municipal Fund 811-02688 6/30/2011 10/28/2011
BlackRock National Municipal Fund 811-02688 6/30/2011 10/28/2011
BlackRock Short-Term Municipal Fund 811-02688 6/30/2011 10/28/2011
BlackRock Municipal Series Trust 811-04802    
BlackRock Intermediate Municipal Fund 811-04802 5/31/2011 9/28/2011
BlackRock Value Opportunities Fund, Inc. 811-02809 3/31/2012 7/27/2012
BlackRock Natural Resources Trust 811-04282 7/31/2011 11/28/2011
BlackRock Multi-State Municipal Series Trust 811-04375    
BlackRock New Jersey Municipal Bond Fund 811-04375 5/31/2011 9/28/2011
A-3
 
BlackRock New York Municipal Bond Fund 811-04375 6/30/2011 10/28/2011
BlackRock Pennsylvania Municipal Bond Fund 811-04375 5/31/2011 9/28/2011
BlackRock Muni Intermediate Duration Fund, Inc. 811-21348 4/30/2012 NA
BlackRock Muni New York Intermediate Duration Fund, Inc. 811-21346 7/31/2011 NA
BlackRock MuniAssets Fund, Inc. 811-07642 4/30/2012 NA
BlackRock Municipal 2018 Term Trust 811-10501 12/31/2011 NA
BlackRock Municipal 2020 Term Trust 811-21181 4/30/2012 NA
BlackRock Municipal Bond Investment Trust 811-21054 8/31/2011 NA
BlackRock Municipal Bond Trust 811-21036 8/31/2011 NA
BlackRock Municipal Income Investment Quality Trust 811-21180 8/31/2011 NA
BlackRock Municipal Income Investment Trust (BBF) 811-10333 7/31/2011 NA
BlackRock Municipal Income Trust 811-10339 4/30/2012 NA
BlackRock Municipal Income Trust II 811-21126 8/31/2011 NA
BlackRock MuniEnhanced Fund, Inc. 811-05739 4/30/2012 NA
BlackRock MuniHoldings California Quality Fund, Inc. 811-08573 7/31/2011 NA
BlackRock MuniHoldings Fund, Inc. 811-08081 4/30/2012 NA
BlackRock MuniHoldings Fund II, Inc. 811-08215 4/30/2012 NA
Blackrock MuniHoldings Investment Quality Fund 811-08349 8/31/2011 NA
BlackRock MuniHoldings New Jersey Quality Fund, Inc. 811-08217 7/31/2011 NA
BlackRock MuniHoldings New York Quality Fund, Inc. 811-08217 8/31/2011 NA
BlackRock MuniHoldings Quality Fund, Inc. 811-08707 4/30/2012 NA
BlackRock MuniHoldings Quality Fund II, Inc. 811-09191 7/31/2011 NA
BlackRock MuniVest Fund, Inc. 811-05611 8/31/2011 NA
BlackRock MuniVest Fund II, Inc. 811-07478 4/30/2012 NA
BlackRock MuniYield Arizona Fund, Inc. 811-07083 7/31/2011 NA
BlackRock MuniYield California Fund, Inc. 811-06499 7/31/2011 NA
BlackRock MuniYield California Quality Fund, Inc. 811-06692 7/31/2011 NA
BlackRock MuniYield Fund, Inc. 811-06414 4/30/2012 NA
BlackRock MuniYield Investment Fund 811-06502 7/31/2011 NA
BlackRock MuniYield Investment Quality Fund 811-07156 7/31/2011 NA
BlackRock MuniYield Michigan Quality Fund II, Inc. 811-06501 7/31/2011 NA
BlackRock MuniYield Michigan Quality Fund, Inc. 811-07080 7/31/2011 NA
BlackRock MuniYield New Jersey Fund, Inc. 811-06570 7/31/2011 NA
BlackRock MuniYield New Jersey Quality Fund, Inc. 811-07138 7/31/2011 NA
BlackRock MuniYield New York Quality Fund, Inc. 811-06500 7/31/2011 NA
BlackRock MuniYield Pennsylvania Quality Fund 811-07136 7/31/2011 NA
BlackRock MuniYield Quality Fund, Inc. 811-06660    
BlackRock MuniYield Quality Fund 811-06660 4/30/2012 NA
BlackRock MuniYield Quality Fund II 811-06660 4/30/2012 NA
BlackRock MuniYield Quality Fund III, Inc. 811-06540 7/31/2011 NA
BlackRock New Jersey Investment Quality Municipal Trust, Inc. (N-8F) 811-07670 7/31/2011 NA
BlackRock New Jersey Municipal Bond Trust 811-21050 8/31/2011 NA
BlackRock New Jersey Municipal Income Trust 811-10335 7/31/2011 NA
BlackRock New York Investment Quality Municipal 811-07672 7/31/2011 NA
BlackRock New York Municipal 2018 Term Trust 811-10503 12/31/2011 NA
BlackRock New York Municipal Bond Trust 811-21037 8/31/2011 NA
BlackRock New York Municipal Income Quality Trust, Inc. (N-8F) 811-21179 8/31/2011 NA
BlackRock New York Municipal Income Trust 811-10337 7/31/2011 NA
BlackRock New York Municipal Income Trust II 811-21124 8/31/2011 NA
BlackRock Pacific Fund, Inc. 811-02661 12/31/2011 4/26/2012
BlackRock Pennsylvania Strategic Municipal Trust 811-09417 4/30/2012 NA
BlackRock Real Asset Equity Trust 811-21931 10/31/2011 NA
A-4
 
BlackRock Resources & Commodity Strategy Trust 811-22501 10/31/2011 NA
BlackRock Senior High Income Fund 811-07456 2/29/2012 NA
BlackRock Series, Inc. 811-08797    
BlackRock International Fund 811-08797 10/31/2011 2/28/2012
BlackRock Small Cap Growth Fund II 811-08797 5/31/2012 9/28/2011
BlackRock S&P Quality Rankings Global Equity Managed Trust 811-21522 10/31/2011 NA
BlackRock Strategic Bond Trust 811-10635 8/31/2011 NA
BlackRock Strategic Equity Dividend Trust (N-8F) 811-21493 10/31/2011 NA
BlackRock Strategic Municipal Trust 811-09401 4/30/2012 NA
BlackRock Utilities and Telecommunications Fund, Inc. (N-8F) 811-06180 7/31/2011 11/28/2011
BlackRock Virginia Municipal Bond Trust 811-21053 8/31/2011 NA
BlackRock World Income Fund, Inc. 811-05603 12/31/2011 4/27/2012
FDP Series, Inc. 811-21744 5/31/2012 9/28/2011
Master Government Securities LLC 811-21300 3/31/2012 7/26/2012
Master Money LLC 811-21299 3/31/2012 7/26/2012
Master Tax-Exempt LLC 811-21301 3/31/2012 7/26/2012
Master Total Return Portfolio of Master Bond LLC 811-21434 9/30/2011 2/1/2012
Master Treasury LLC 811-21298 3/31/2012 7/26/2012
Master Value Opportunities LLC 811-10095 3/31/2012 7/27/2012
Quantitative Master Series LLC 811-07885 12/31/2011 4/27/2012
Ready Assets U.S. Treasury Money Fund 811-06211 4/30/2012 8/28/2012
Ready Assets U.S.A. Government Money Fund 811-03534 4/30/2012 8/28/2012
A-5