0000844779-18-000182.txt : 20180627
0000844779-18-000182.hdr.sgml : 20180627
20180627111803
ACCESSION NUMBER: 0000844779-18-000182
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 7
CONFORMED PERIOD OF REPORT: 20180430
FILED AS OF DATE: 20180627
DATE AS OF CHANGE: 20180627
EFFECTIVENESS DATE: 20180627
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD FUND, INC.
CENTRAL INDEX KEY: 0000879361
IRS NUMBER: 223136942
STATE OF INCORPORATION: NJ
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06414
FILM NUMBER: 18920849
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 MUNIYIELD FUND INC
DATE OF NAME CHANGE: 20061026
FORMER COMPANY:
FORMER CONFORMED NAME: MUNIYIELD FUND INC
DATE OF NAME CHANGE: 19920717
NSAR-B
1
lcqRanswer.fil
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PAGE 2
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PAGE 3
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77B ACCT LTTR
2
77B_Muni3.txt
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF BLACKROCK MUNIYIELD FUND, INC.,
BLACKROCK MUNIYIELD QUALITY FUND, INC., AND BLACKROCK MUNIYIELD QUALITY
FUND II, INC.:
In planning and performing our audits of the financial statements of BlackRock
MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock
MuniYield Quality Fund II, Inc. (the "Funds"), as of and for the year ended
April 30, 2018, in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB), we considered the Funds'
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 Funds' internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Funds is 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 company'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 company'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 company;
(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
company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a company'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
company's annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Funds' 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 PCAOB. However, we noted
no deficiencies in the Funds' internal control over financial reporting and
their operation, including controls for safeguarding securities, that we
consider to be a material weakness, as defined above, as of April 30, 2018.
This report is intended solely for the information and use of management and
the Board of Directors of the Funds 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 20, 2018
EX-99.77Q1 OTHR EXHB
3
MYD_77Q1e.txt
BlackRock MuniYield Fund, Inc.
File No. 811-06414
Sub-Item No. 77Q1(e) (Investment Advisory Contracts) -- Attachment
Attached please find an exhibit to Sub-Item 77Q1(e) of Form N-SAR, a copy of
the Closed-End Fund Master Advisory Fee Waiver Agreement between BlackRock
MuniYield Fund, Inc. and BlackRock Advisors, LLC.
Exhibit 77Q1(e)
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
----------------------------------------------------
This MASTER ADVISORY FEE WAIVER AGREEMENT (this "Agreement") is made as of
---------
the 2nd day of December, 2016, by and among BlackRock Advisors, LLC (the
"Adviser") an "Adviser") and each investment company listed on SCHEDULE A
------- -------
attached hereto (each, a "Fund").
----
WHEREAS, each Fund is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as a closed-end management company, and is
--------
organized as a statutory trust under the laws of the State of Delaware, a
limited liability company under the laws of the State of Delaware, a business
trust under the laws of the Commonwealth of Massachusetts or a corporation
under the laws of the State of Maryland;
WHEREAS, the Adviser and each Fund are parties to investment advisory
agreements (the "Advisory Agreements"), pursuant to which the Adviser provides
-------------------
investment advisory services to each Fund in consideration of compensation as
set forth in each Advisory Agreement (the "Advisory Fee"); and
------------
WHEREAS, the Adviser has determined that it is appropriate and in the best
interests of each Fund and its interestholders to waive part of each Fund's
Advisory Fee as set forth in SCHEDULE B attached hereto (the "Fee Waiver").
----------
Each Fund and the Adviser, therefore, have entered into this Agreement in order
to effect the Fee Waiver for each Fund at the level specified in SCHEDULE B
attached hereto on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:
1. Contractual Fee Waiver. During the Term (as defined in Section 3 below), the
----------------------
Adviser shall waive a portion of its Advisory Fee with respect to each Fund as
set forth in SCHEDULE B attached hereto.
2. Voluntary Fee Waiver/Expense Reimbursement. Nothing herein shall preclude an
------------------------------------------
Adviser from contractually waiving other fees and/or reimbursing expenses of
any Fund, voluntarily waiving Advisory Fees it is entitled to from any Fund or
voluntarily reimbursing expenses of any Fund as the Adviser, in its discretion,
deems reasonable or appropriate. Any such voluntary waiver or voluntary expense
reimbursement may be modified or terminated by the Adviser at any time in its
sole and absolute discretion without the approval of the Fund's Board of
Trustees or Board of Directors, as the case may be.
3. Term; Termination.
-----------------
3.1 Term. The term ("Term") of the Fee Waiver with respect to a Fund shall
---- ----
begin on December 2, 2016 (or such other date as agreed to in writing between
the Adviser and the Fund) and end with respect to a Fund after the close of
business on the date set forth on SCHEDULE A (or such other date as agreed to
in writing between the Adviser and the Fund) unless the Fee Waiver is earlier
terminated in accordance with Section 3.2. The Term of the Fee Waiver with
respect to a Fund may be continued from year to year thereafter provided that
each such continuance is
- 1 -
specifically approved by the Adviser and the Fund (including with respect to
the Fund, a majority of the Fund's Trustees or Directors, as the case may be,
who are not "interested persons," as defined in the 1940 Act, of the Advisers
(the "Non-Interested Directors")). Neither the Adviser nor a Fund shall be
obligated to extend the Fee Waiver with respect to the Fund.
3.2 Termination. This Agreement may be terminated prior to expiration by any
-----------
Fund with respect to such Fund without payment of any penalty, upon 90 days'
prior written notice to the Adviser at its principal place of business (or at
an earlier date as may be agreed to by both parties); provided that, such
action shall be authorized by resolution of a majority of the Non-Interested
Directors of such Fund or by a vote of a majority of the outstanding voting
securities of such Fund.
4. Miscellaneous.
-------------
4.1 Captions. The captions in this Agreement are included for convenience of
--------
reference only and in no other way define or delineate any of the provisions
hereof or otherwise affect their construction or effect.
4.2 Interpretation. Nothing herein contained shall be deemed to require a
--------------
Fund to take any action contrary to the Fund's Declaration of Trust or Articles
of Incorporation, as the case may be, or Bylaws, or any applicable statutory or
regulatory requirement to which it is subject or by which it is bound, or to
relieve or deprive the Fund's Board of Trustees or Board of Directors, as the
case may be, of its responsibility for and control of the conduct of the
affairs of the Fund.
4.3 Limitation of Liability. The obligations and expenses incurred,
-----------------------
contracted for or otherwise existing with respect to a Fund shall be enforced
against the assets of such Fund and not against the assets of any other Fund.
4.4 Definitions. Any question of interpretation of any term or provision of
-----------
this Agreement, including but not limited to the computations of average daily
net assets or of any Advisory Fee, and the allocation of expenses, having a
counterpart in or otherwise derived from the terms and provisions of the
relevant Advisory Agreement between the Adviser and the Fund or the 1940 Act,
shall have the same meaning as and be resolved by reference to such Advisory
Agreement or the 1940 Act, as applicable, and to interpretations thereof, if
any, by the United States Courts or in the absence of any controlling decision
of any such Court, by rules, regulations or orders of the Securities and
Exchange Commission ("SEC") issued pursuant to the 1940 Act. In addition, if
---
the effect of a requirement of the 1940 Act reflected in any provision of this
Agreement is revised by rule, regulation or order of the SEC, that provision
will be deemed to incorporate the effect of that rule, regulation or order.
Otherwise the provisions of this Agreement will be interpreted in accordance
with the substantive laws of the State of New York.
- 2 -
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by
their respective officers as of the day and year first above written.
EACH OF THE FUNDS LISTED ON
SCHEDULE A ATTACHED HERETO
By: /s/ Neal J. Andrews
------------------------------
Name: Neal J. Andrews
Title: Chief Financial Officer
BLACKROCK ADVISORS, LLC
By: /s/ Neal J. Andrews
------------------------------
Name: Neal J. Andrews
Title: Managing Director
[SIGNATURE PAGE TO CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT]
- 3 -
SCHEDULE A
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
(DATED AS OF JUNE 7, 2018)
EXPIRATION
TICKER FUND DATE
------ ----------------------------------------------------- ------------------
1. BBN BlackRock Taxable Municipal Bond Trust June 30, 2019
2. BJZ BlackRock California Municipal 2018 Term Trust June 30, 2019
3. BFZ BlackRock California Municipal Income Trust June 30, 2019
4. BHK BlackRock Core Bond Trust June 30, 2019
5. HYT BlackRock Corporate High Yield Fund, Inc. June 30, 2019
6. BTZ BlackRock Credit Allocation Income Trust June 30, 2019
7. DSU BlackRock Debt Strategies Fund, Inc. June 30, 2019
8. BGR BlackRock Energy and Resources Trust June 30, 2019
9. CII BlackRock Enhanced Capital and Income Fund, Inc. June 30, 2019
10. BDJ BlackRock Enhanced Equity Dividend Trust June 30, 2019
11. EGF BlackRock Enhanced Government Fund, Inc. June 30, 2019
12. FRA BlackRock Floating Rate Income Strategies Fund, Inc. December 31, 2018
13. BGT BlackRock Floating Rate Income Trust June 30, 2019
14. BFO BlackRock Florida Municipal 2020 Term Trust June 30, 2019
15. BOE BlackRock Enhanced Global Dividend Trust June 30, 2019
16. BME BlackRock Health Sciences Trust June 30, 2019
17. BKT BlackRock Income Trust, Inc. June 30, 2019
18. BGY BlackRock Enhanced International Dividend Trust June 30, 2019
- 4 -
EXPIRATION
TICKER FUND DATE
------ --------------------------------------------------------- --------------
19. BKN BlackRock Investment Quality Municipal Trust, Inc. June 30, 2019
20. BLW BlackRock Limited Duration Income Trust June 30, 2019
21. BTA BlackRock Long-Term Municipal Advantage Trust June 30, 2019
22. BZM BlackRock Maryland Municipal Bond Trust June 30, 2019
23. MHE BlackRock Massachusetts Tax-Exempt Trust June 30, 2019
24. BIT BlackRock Multi-Sector Income Trust June 30, 2019
25. MUI BlackRock Muni Intermediate Duration Fund, Inc. June 30, 2019
26. MNE BlackRock Muni New York Intermediate Duration Fund, Inc. June 30, 2019
27. MUA BlackRock MuniAssets Fund, Inc. June 30, 2019
28. BPK BlackRock Municipal 2018 Term Trust June 30, 2019
29. BKK BlackRock Municipal 2020 Term Trust June 30, 2019
30. BBK BlackRock Municipal Bond Trust June 30, 2019
31. BAF BlackRock Municipal Income Investment Quality Trust June 30, 2019
32. BBF BlackRock Municipal Income Investment Trust June 30, 2019
33. BYM BlackRock Municipal Income Quality Trust June 30, 2019
34. BFK BlackRock Municipal Income Trust June 30, 2019
35. BLE BlackRock Municipal Income Trust II June 30, 2019
36. BTT BlackRock Municipal 2030 Target Term Trust June 30, 2019
37. MEN BlackRock MuniEnhanced Fund, Inc. June 30, 2019
38. MUC BlackRock MuniHoldings California Quality Fund, Inc. June 30, 2019
39. MUH BlackRock MuniHoldings Fund II, Inc. June 30, 2019
- 5 -
EXPIRATION
TICKER FUND DATE
------ ----------------------------------------------------- --------------
40. MHD BlackRock MuniHoldings Fund, Inc. June 30, 2019
41. MFL BlackRock MuniHoldings Investment Quality Fund June 30, 2019
42. MUJ BlackRock MuniHoldings New Jersey Quality Fund, Inc. June 30, 2019
43. MHN BlackRock MuniHoldings New York Quality Fund, Inc. June 30, 2019
44. MUE BlackRock MuniHoldings Quality Fund II, Inc. June 30, 2019
45. MUS BlackRock MuniHoldings Quality Fund, Inc. June 30, 2019
46. MVT BlackRock MuniVest Fund II, Inc. June 30, 2019
47. MVF BlackRock MuniVest Fund, Inc. June 30, 2019
48. MZA BlackRock MuniYield Arizona Fund, Inc. June 30, 2019
49. MYC BlackRock MuniYield California Fund, Inc. June 30, 2019
50. MCA BlackRock MuniYield California Quality Fund, Inc. June 30, 2019
51. MYD BlackRock MuniYield Fund, Inc. June 30, 2019
52. MYF BlackRock MuniYield Investment Fund June 30, 2019
53. MFT BlackRock MuniYield Investment Quality Fund June 30, 2019
54. MIY BlackRock MuniYield Michigan Quality Fund, Inc. June 30, 2019
55. MYJ BlackRock MuniYield New Jersey Fund, Inc. June 30, 2019
56. MYN BlackRock MuniYield New York Quality Fund, Inc. June 30, 2019
57. MPA BlackRock MuniYield Pennsylvania Quality Fund June 30, 2019
58. MQT BlackRock MuniYield Quality Fund II, Inc. June 30, 2019
59. MYI BlackRock MuniYield Quality Fund III, Inc. June 30, 2019
60. MQY BlackRock MuniYield Quality Fund, Inc. June 30, 2019
61. BLJ BlackRock New Jersey Municipal Bond Trust June 30, 2019
- 6 -
EXPIRATION
TICKER FUND DATE
------ ---------------------------------------------------------------- --------------
62. BNJ BlackRock New Jersey Municipal Income Trust June 30, 2019
63. BLH BlackRock New York Municipal 2018 Term Trust June 30, 2019
64. BQH BlackRock New York Municipal Bond Trust June 30, 2019
65. BSE BlackRock New York Municipal Income Quality Trust June 30, 2019
66. BNY BlackRock New York Municipal Income Trust June 30, 2019
67. BFY BlackRock New York Municipal Income Trust II June 30, 2019
68. -- BlackRock Preferred Partners LLC July 31, 2018
69. BCX BlackRock Resources & Commodities Strategy Trust June 30, 2019
70. BST BlackRock Science and Technology Trust June 30, 2019
71. BUI BlackRock Utilities, Infrastructure & Power Opportunities Trust June 30, 2019
72. BHV BlackRock Virginia Municipal Bond Trust June 30, 2019
73. BSD The BlackRock Strategic Municipal Trust June 30, 2019
74. BGIO BlackRock 2022 Global Income Opportunity Trust/1/ June 30, 2019
75. -- BlackRock Multi-Sector Opportunities Trust/2/ June 30, 2019
--------
/1/ This Agreement was effective with respect to BlackRock 2022 Global Income
Opportunity Trust as of February 16, 2017.
/2/ This Agreement was effective with respect to BlackRock Multi-Sector
Opportunities Trust as of February 22, 2018.
- 7 -
SCHEDULE B
CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT
(DATED AS OF DECEMBER 2, 2016)
BlackRock Advisors, LLC will waive the management fee with respect to
any portion of the Fund's assets estimated to be attributable to investments in
other equity and fixed-income mutual funds and exchange-traded funds managed by
BlackRock Advisors, LLC or its affiliates.
- 8 -
EX-99.77O RULE 10F-3
4
77o32.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES NATIONAL MUNI BOND ETF (ISHMUNI)
ISHARES SHORT-TERM NATIONAL MUNI BOND ETF (NAT0-5)
ISHARES NEW YORK MUNI BOND ETF (ISHNY)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust
(BR-SMO-IG)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock MuniYield Investment Fund (MYF)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu
(BR-NYMO)
BlackRock New York Municipal Income Trust II (BFY)
BlackRock New York Municipal Income Trust (BNY)
BlackRock New York Municipal Bond Trust (BQH)
BlackRock New York Municipal Income Quality Trust (BSE)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
BlackRock MuniYield New York Quality Fund, Inc. (MYN)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-24-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer Hudson Yards Infrastructure Corporation econd
Indenture Revenue Bonds 2017 Series A
Selling Underwriter Goldman Sachs & Co.
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Goldman Sachs & Co., Samuel A. Ramirez & Company,
Inc., J.P. Morgan Securities LLC, ,Loop Capital
Markets LLC, ,Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Citigroup Global Markets Inc.,
Barclays Capital Inc., Citigroup Global Markets
Inc., Jefferies LLC, RBC Capital Markets, Raymond
James & Associates, Inc., Siebert Cisneros Shank &
Co., L.L.C., Wells Fargo Securities, LLC, Academy
Securities, Inc., Blaylock Beal Van, LLC, BNY
Mellon Capital Markets, LLC, , Cabrera Capital
Markets, LLC, Drexel Hamilton, LLC, Fidelity
Capital Markets, FTN Financial Capital Markets,
Hilltop Securities Inc., Janney Montgomery Scott
LL, Mesirow Financial Inc, Mischler Financial
Group, Morgan Stanley & Co. LLC, Oppenheimer & Co,
PNC Capital Markets LLC, Roosevelt & Cross, Inc,
Rice Financial Products Company, Stern Brothers &
Co., Stifel Nicolaus & Company, Inc, TD Securities
(USA) LLC, U.S. Bancorp Investments, Inc, The
Williams Capital Group, LP
TRANSACTION DETAILS
Date of Purchase 05-24-2017
Purchase Price/Share $116.943 Total Commission, Spread or Profit 0.461%
(PER SHARE / % OF PAR) $119.318
$123.504
$122.006
$122
$119.712
$118.49
$117.468
$116.915
$116.092
$115.819
$104.668
$115.547
1. Aggregate Principal Amount Purchased (a+b) $ 118,335,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 68,960,000
b. Other BlackRock Clients $ 49,375,000
2. Aggregate Principal Amount of Offering $2,108,465,000
FUND RATIO 0.05612
[Divide Sum of #1 by #2]
Must be less than 0.25
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] 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)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO 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)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 05-30-2017
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 05-30-2017
-------------------------------- ------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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 by the
Funds and other accounts managed by BlackRock
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)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a) 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;
(b) are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c) either
(1) are subject to no greater than moderate
credit risk; or
(2) if the issuer of the municipal
securities, or the entity supplying the
revenues 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, the securities are
subject to a minimal or low amount of
credit risk.
Also, purchases of municipal securities may not
be 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.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
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
5
77o44.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Municipal Income Trust (BFK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock MuniYield Investment Fund (MYF)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of Offering Commencement: 12-07-2017
Security Type: BND/MUNI
Issuer Kentucky Economic Development Finance
Authority, Louisville Arena Project Refunding
Rev Bds, Srs. 2017A, Louisville Arena
Authority, Inc, 2017B Taxable
Selling Underwriter Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Bank of America Merrill Lynch, Siebert
Cisneros Shank & Co., L.L.C., Cabrera Capital
Markets, LLC, Citigroup Global Markets Inc,
Drexel Hamilton, LLC, Goldman Sachs & Co. LLC,
Morgan Stanley & Co. LLC, PNC Capital Markets
LLC, Raymond James & Associates, Inc., RBC
Capital Markets, Stifel, Nicolaus & Company,
Inc., Wells Fargo Securities (trade name for
Wells Fargo Bank N.A.
TRANSACTION DETAILS
Date of Purchase 12-07-2017
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
Purchase Price/Share
(PER SHARE / % OF PAR) $100.651 Total Commission, Spread or Profit 0.521
1. Aggregate Principal Amount Purchased (a+b) $ 1,500,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 1,500,000
b. Other BlackRock Clients NA
2. Aggregate Principal Amount of Offering $202,125,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.00742
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] 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)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO 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)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Alisha Khan Date: 12-11-2017
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 12-11-2017
-------------------------------- ------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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 by the
Funds and other accounts managed by
BlackRock 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)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a) 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;
(b) are sufficiently liquid that they
can be sold at or near their
carrying value within a
reasonably short period of time;
and
(c) either
(1) are subject to no greater
than moderate credit risk; or
(2) if the issuer of the
municipal securities, or the
entity supplying the revenues
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, the
securities are subject to a
minimal or low amount of
credit risk.
Also, purchases of municipal
securities may not be 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.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
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
6
77o47.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock Balanced Capital Portfolio (FI) (BCS_F)
BlackRock Pennsylvania Municipal Bond Fund of BLK Multi-State Municipal
(BR-PAMUNI)
Strategic Income Opportunities Fund (BR-SIP)
BlackRock Total Return V.I. Fund (Ins - Var Ser) (BVA-BF)
BlackRock Total Return Portfolio of BlackRock Series Fund, Inc. (BVA-TR)
Brighthouse Funds Trust II - BlackRock Bond Income Portfolio (MET-BI)
Master Total Return Portfolio of Master Bond LLC (MF-BOND)
BlackRock MuniYield Pennsylvania Quality Fund, Inc. (MPA)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 12-15-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer The City of Philadelphia, Pennsylvania airport
revenue and refunding bonds, Series 2017
Selling Underwriter Merrill Lynch, Pierce, Fenner & Smith Incorporated
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Siebert Cisneros Shank & Co., L.L.C, Jefferies LLC,
Loop Capital Markets, Barclays Capital Inc., BNY
Mellon Capital Markets, PNC Capital Markets LLC,
Raymond James & Associates, Inc., Stern Brothers &
Co., TD Securities (USA) LLC.
TRANSACTION DETAILS
Date of Purchase 12-15-2017
Purchase Price/Share 115.128 Total Commission, Spread or Profit 0.412
(PER SHARE / % OF PAR) 114.95
114.507
1. Aggregate Principal Amount Purchased (a+b) $44,110,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $39,780,000
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
b. Other BlackRock Clients 4,330,000
2. Aggregate Principal Amount of Offering $692,530,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.06369
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] 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)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO 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)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Alisha Khan Date: 12-27-2017
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 12-27-2017
-------------------------------- ------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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 by the Funds
and other accounts managed by BlackRock 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)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a) 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;
(b) are sufficiently liquid that they can be
sold at or near their carrying value
within a reasonably short period of time;
and
(c) either
(1) are subject to no greater than
moderate credit risk; or
(2) if the issuer of the municipal
securities, or the entity supplying
the revenues 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, the
securities are subject to a minimal or
low amount of credit risk.
Also, purchases of municipal securities may
not be 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.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
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
7
77o50.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES SHORT MATURITY MUNICIPAL BOND ETF (ISHMEAR)
BlackRock Short-Term Municipal Fund (BR-STMUNI)
BlackRock Municipal 2030 Target Term Trust (BTT2)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Municipal Bond Trust (BBK)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniYield Investment Fund (MYF)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock New Jersey Municipal Bond Trust (BLJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock High Yield Municipal Fund (BR-HYMUNI)
BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock New Jersey Municipal Bond Fund of BLK Multi-State Municipal
(BR-NJMUNI)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock MuniYield New Jersey Fund, Inc. (MYJ)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 04-05-2018
Offering Commencement:
Security Type: BND/MUNI
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
Issuer NJ Tobacco Settlement-Series 2018A and 2018B
Selling Underwriter Jefferies LLC
Affiliated Underwriter(s) [X] PNC Capital Markets
[_]
List of Underwriter(s) Jefferies LLC, Citigroup Global Markets Inc,
Barclays Capital Inc., Morgan Stanley & Co. LLC,
Ramirez & Co., Inc., Siebert Cisneros Shank & Co.,
L.L.C., Academy Securities, Blaylock Van , LLC,
Drexel Hamilton, LLC, J.P. Morgan Securities LLC,
Loop Capital Markets, NW Capital Markets Inc, PNC
Capital Markets LLC, Powell Capital Markets, Inc.,
RBC Capital Markets, Rice Financial Products
Company, R. Seelaus & Company., Inc., Robert W.
Baird & Co.,Inc., Stern Brothers & Co., Wells Fargo
Securities (trade name for Wells Fargo, Bank N.A.
Municipal Products Group), Williams Capital Group
L.P.
TRANSACTION DETAILS
Date of Purchase 04-05-2018
Purchase Price/Share $103.381 Total Commission, Spread or 0.328%
(PER SHARE / % OF PAR) $108.065 Profit
$112.524
$111.26
$112.433
$109.837
$107.056
$109.979
$100.00
$100.785
1. Aggregate Principal Amount Purchased (a+b) $ 143,500,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 119,085,000
b. Other BlackRock Clients $ 24,415,000
2. Aggregate Principal Amount of Offering $3,216,940,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.044608
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] 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)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO 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)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Alisha Khan Date: 04-06-2018
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven Delaura Date: 04-06-2018
-------------------------------- ------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
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 by the
Funds and other accounts managed by
BlackRock 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)
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
Eligible Municipal Securities The securities:
(a) 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;
(b) are sufficiently liquid that they
can be sold at or near their
carrying value within a
reasonably short period of time;
and
(c) either
(1) are subject to no greater
than moderate credit risk; or
(2) if the issuer of the
municipal securities, or the
entity supplying the revenues
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, the
securities are subject to a
minimal or low amount of
credit risk.
Also, purchases of municipal
securities may not be 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.
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TERM DEFINITION
U.S. Registered Public Offering. The securities offered are registered
under the Securities Act of 1933 that
are being offered to the public.