0001287695-13-000511.txt : 20131224 0001287695-13-000511.hdr.sgml : 20131224 20131224141037 ACCESSION NUMBER: 0001287695-13-000511 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20131031 FILED AS OF DATE: 20131224 DATE AS OF CHANGE: 20131224 EFFECTIVENESS DATE: 20131224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIENHANCED FUND, INC. CENTRAL INDEX KEY: 0000844172 IRS NUMBER: 222946695 STATE OF INCORPORATION: MD FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: NSAR-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-05739 FILM NUMBER: 131297445 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 MUNI ENHANCED FUND, INC. DATE OF NAME CHANGE: 20120918 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNI ENHANCED FUND INC DATE OF NAME CHANGE: 20061026 FORMER COMPANY: FORMER CONFORMED NAME: MUNIENHANCED FUND INC DATE OF NAME CHANGE: 19920703 NSAR-A 1 answer.fil PAGE 1 000 A000000 10/31/2013 000 C000000 0000844172 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLACKROCK MUNIENHANCED FUND, INC. 001 B000000 811-05739 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 008 A000002 BLACKROCK INVESTMENT MANAGEMENT, LLC 008 B000002 S 008 C000002 801-56972 008 D010002 PRINCETON 008 D020002 NJ 008 D030002 08540 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. 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V020000 0.00 074 W000000 0.0000 074 X000000 14732 074 Y000000 161264 075 A000000 0 075 B000000 481311 076 000000 10.46 077 A000000 Y 077 B000000 N 077 C000000 N 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 Y 077 P000000 N 077 Q010000 N 077 Q020000 N 077 Q030000 N 078 000000 N 080 C000000 0 081 B000000 0 PAGE 9 082 B000000 0 083 B000000 0 084 B000000 0 086 A010000 21 086 A020000 248 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A020000 09253Y100 087 A030000 MEN 087 B010000 PREFERRED STOCK 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 Y SIGNATURE NEAL J. ANDREWS TITLE CFO EX-99.77O RULE 10F-3 2 ilgo77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock Municipal Bond Investment Trust (BIE)
BlackRock MuniVest Fund, Inc.  (MVF)
BlackRock MuniYield Investment Fund (MYF)
BlackRock Strategic Income Opportunities Portfolio  (BR-SIP)
iShares National AMT-Free Muni Bond ETF  (ISHMUNI)
BlackRock Municipal Income Investment Trust  (BBF)
BlackRock MuniHoldings Investment Quality Fund  (MFL)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock MuniHoldings Quality Fund II, Inc.  (MUE)
BlackRock Municipal Income Investment Quality Trust  (BAF)
iShares Short-Term National AMT-Free Muni Bond ETF  (NATO-5)
 
 
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
06/27/13
Security Type:
Municipal

Issuer
State of Illinois General Obligation Bonds
Selling Underwriter
WELLS FARGO SECURITIES LLC
Affiliated Underwriter(s)
 
 Other:  PNC Capital Markets LLC
List of Underwriter(s)
Wells Fargo Securities, Siebert Brandford Shank & Co, Stifel, Nicolaus & Company, Inc., Cabrera Capital Markets, LLC, George K. Baum & Company, Lebenthal & Company LLC, M.R. Beal & Company, Oppenheimer & Co.,  Piper Jaffray, PNC Capital Markets LLC, William Blair & Company, L.L.C., Janney Montgomery Scott LLC & North South Capital LLC
 
 
 
Transaction Details
Date of Purchase
06/27/13

Purchase Price/Share
(per share / % of par)
 $99.758,
$98.003,
$105.247,
$109.319,
$98.827,
 
Total Commission, Spread or Profit
.500

1. Aggregate Principal Amount Purchased (a+b)
27,625,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
25,625,000
b.Other BlackRock Clients
2,000,000
PI (None)
 
2. Aggregate Principal Amount of Offering
 
1,300,000,000.00
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.02125
 



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Eileen Rodriguez
Date:
07/02/13
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
07/08/13
 
Global Syndicate Team Member
 
 
    

 

 
 

 


 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.


 
 
 

EX-99.77O RULE 10F-3 3 njtransp77o.htm Unassociated Document
 
 
 


 
  Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal Target Term Trust (BTT2)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock New Jersey Municipal Bond Fund of BlackRock Multi-State Municipal (BR-NJMUNI)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
BlackRock MuniYield New Jersey Quality Fund, Inc. (MJI)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniYield Investment Fund (MYF)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock MuniHoldings Investment Quality Fund (MFL)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
BlackRock Municipal Bond Investment Trust (BIE)
BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock New Jersey Municipal Bond Trust (BLJ)
iShares National AMT-Free Muni Bond ETF (ISHMUNI)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
08/21/13
Security Type:
Municipal

Issuer
NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY TRANSPORTATION PROGRAM BONDS, 2013 SERIES AA (NJ)
Selling Underwriter
MERRILL LYNCH, PIERCE, FENNER & SMI
Affiliated Underwriter(s)
PNC Capital Markets LLC                            
 Other:       
List of Underwriter(s)
Bank of America Merrill Lynch, Barclays Capital Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., CastleOak Securities, L.P., D.A. Davidson & Co., J.P. Morgan Securities LLC, Janney Montgomery Scott LLC, Jefferies LLC, Mesirow Financial Inc., PNC Capital Markets LLC, Ramirez & Co., Inc., RBC Capital Markets, Roosevelt & Cross, Inc.
 
 
Transaction Details
Date of Purchase
8/21/2013

Purchase Price/Share
(per share / % of par)
$103.239
$102.611
$101.754
$103.357
$96.639
Total Commission, Spread or Profit
0.264

1. Aggregate Principal Amount Purchased (a+b)
72,130,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
65,500,000
b.Other BlackRock Clients
 
6,630,000 (PI)
 
2. Aggregate Principal Amount of Offering
 
849,200,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.0849



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Eileen Rodriguez
Date:
08/27/13
       
Approved by:
Steven DeLaura
Date:
08/27/13
       

 

 
 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.


 
 
 

EX-99.77O RULE 10F-3 4 ohturnpike77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal Income Investment Quality Trust  (BAF)
BlackRock Municipal Income Investment Trust  (BBF)
BlackRock Municipal Bond Investment Trust  (BIE)
BlackRock MuniHoldings Investment Quality Fund  (MFL)
BlackRock MuniYield Investment Quality Fund  (MFT)
BlackRock MuniHoldings Quality Fund II, Inc.  (MUE)
BlackRock MuniHoldings Quality Fund, Inc.  (MUS)
BlackRock MuniYield Investment Fund  (MYF)
BlackRock Muni Intermediate Duration Fund, Inc.  (MUI)
BlackRock Municipal Income Quality Trust  (BYM)
BlackRock MuniYield Quality Fund II, Inc.  (MQT)
BlackRock MuniYield Quality Fund III, Inc.  (MYI)
iShares National AMT-Free Muni Bond ETF  (ISHMUNI)
BlackRock Intermediate Municipal Fund of BlackRock Municipal Series Trust  (BR-INTMUNI)
BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc.  (BR-NATL)
BlackRock MuniEnhanced Fund, Inc.  (MEN)
BlackRock MuniYield Quality Fund, Inc. (MQY)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
07-31-2013
Security Type:
BND/MUNI

Issuer
The State of Ohio Turnpike Revenue Bonds, 2013 Series A (Series A-1, A-2 & A-3, A-4)
Selling Underwriter
Citigroup Global Markets Inc.
Affiliated Underwriter(s)
 PNC
 Other:
List of Underwriter(s)
Citigroup Global Markets Inc, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, Fidelity Capital Markets, Huntington Investment Company, Jefferies LLC, KeyBanc Capital Markets, Loop Capital Markets, PNC Capital Markets LLC, RBC Capital Markets, Rice Financial Products Company, Stifel, Nicolaus & Company, Inc., Wells Fargo Securities
 
 
 
Transaction Details
Date of Purchase
07-31-2013

Purchase Price/Share
(per share / % of par)
$19.777
$24.252
$58.629
$99.187
$103.169
$104.097
$104.409
$104.957
$105.508
$113.418
Total Commission, Spread or Profit
0.245

1. Aggregate Principal Amount Purchased (a+b)
60,490,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$59,765,000
b.Other BlackRock Clients
(PI) 725,000
 
2. Aggregate Principal Amount of Offering
 
$994,812,816
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.060805



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Dillip Behera
Date:
08-07-2013
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
08-09-13
 
Global Syndicate Team Member
 
 
    

 

 
 

 


 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.