0001287695-14-000488.txt : 20141224 0001287695-14-000488.hdr.sgml : 20141224 20141224122555 ACCESSION NUMBER: 0001287695-14-000488 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141031 FILED AS OF DATE: 20141224 DATE AS OF CHANGE: 20141224 EFFECTIVENESS DATE: 20141224 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-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-06414 FILM NUMBER: 141309537 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-A 1 mydanswer.fil PAGE 1 000 A000000 10/31/2014 000 C000000 0000879361 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 MUNIYIELD FUND, INC. 001 B000000 811-06414 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 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. 012 B000001 85-11340 012 C010001 CANTON 012 C020001 MA 012 C030001 02021 012 A000002 THE BANK OF NEW YORK MELLON (PREFERRED) 012 B000002 85-05006 012 C010002 NEW YORK 012 C020002 NY 012 C030002 10289 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02116 014 A000001 BLACKROCK EXECUTION SERVICES 014 B000001 8-48719 014 A000002 BLACKROCK INVESTMENTS, LLC 014 B000002 8-48436 014 A000003 HARRIS WILLIAMS LLC 014 B000003 8-53380 014 A000004 PNC CAPITAL MARKETS INC 014 B000004 8-32493 PAGE 2 014 A000005 PNC INVESTMENTS LLC 014 B000005 8-66195 015 A000001 THE BANK OF NEW YORK MELLON 015 B000001 C 015 C010001 NEW YORK 015 C020001 NY 015 C030001 10286 015 E010001 X 018 000000 Y 019 A000000 Y 019 B000000 285 019 C000000 BLKRKADVSR 021 000000 0 022 A000001 FFI INSTITUTIONAL TAX-EXEMPT FUND 022 B000001 22-2509978 022 C000001 73221 022 D000001 38335 022 A000002 MORGAN STANLEY 022 B000002 13-2655998 022 C000002 16475 022 D000002 1147 022 A000003 GOLDMAN SACHS & CO 022 B000003 13-5108880 022 C000003 11790 022 D000003 1647 022 A000004 CITIGROUP GLOBAL MARKETS INC 022 B000004 11-2418191 022 C000004 7752 022 D000004 1709 022 A000005 PERSHING LLC 022 B000005 13-2741729 022 C000005 2909 022 D000005 6507 022 A000006 BARCLAYS CAPITAL INC 022 B000006 13-3297824 022 C000006 8785 022 D000006 0 022 A000007 BANK OF AMERICA CORP 022 B000007 56-0906609 022 C000007 0 022 D000007 6995 022 A000008 BANK OF NEW YORK 022 B000008 13-4941102 022 C000008 0 022 D000008 4260 022 A000009 RAMIREZ, SAMUAL A AND COMPANY 022 B000009 13-2695511 022 C000009 0 022 D000009 3713 022 A000010 FMS BONDS, INC. 022 B000010 59-1842344 PAGE 3 022 C000010 0 022 D000010 1438 023 C000000 122051 023 D000000 66979 024 000000 N 026 A000000 N 026 B000000 N 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 N 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 028 G020000 0 028 G030000 0 028 G040000 0 028 H000000 0 030 A000000 0 030 B000000 0.00 030 C000000 0.00 031 A000000 0 031 B000000 0 032 000000 0 033 000000 0 PAGE 4 035 000000 0 036 B000000 0 038 000000 0 042 A000000 0 042 B000000 0 042 C000000 0 042 D000000 0 042 E000000 0 042 F000000 0 042 G000000 0 042 H000000 0 043 000000 0 044 000000 0 045 000000 Y 046 000000 N 047 000000 Y 048 000000 0.500 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 N 052 000000 N 053 A000000 Y 053 B000000 Y 053 C000000 N 054 A000000 Y 054 B000000 Y 054 C000000 N 054 D000000 N 054 E000000 N PAGE 5 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 N 054 M000000 Y 054 N000000 N 054 O000000 N 055 A000000 N 055 B000000 N 056 000000 Y 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 N 060 B000000 N 061 000000 0 062 A000000 Y 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 5.5 062 M000000 0.0 062 N000000 0.0 062 O000000 154.1 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 23.0 064 A000000 Y 064 B000000 Y 065 000000 N 066 A000000 N 067 000000 N 068 A000000 N 068 B000000 N 069 000000 N 070 A010000 Y 070 A020000 N 070 B010000 N 070 B020000 N PAGE 6 070 C010000 Y 070 C020000 N 070 D010000 N 070 D020000 N 070 E010000 Y 070 E020000 Y 070 F010000 N 070 F020000 N 070 G010000 Y 070 G020000 N 070 H010000 N 070 H020000 N 070 I010000 N 070 I020000 N 070 J010000 N 070 J020000 N 070 K010000 Y 070 K020000 Y 070 L010000 N 070 L020000 N 070 M010000 N 070 M020000 N 070 N010000 Y 070 N020000 N 070 O010000 Y 070 O020000 N 070 P010000 Y 070 P020000 N 070 Q010000 N 070 Q020000 N 070 R010000 N 070 R020000 N 071 A000000 50635 071 B000000 68092 071 C000000 1043738 071 D000000 5 072 A000000 6 072 B000000 26020 072 C000000 0 072 D000000 0 072 E000000 4 072 F000000 2822 072 G000000 67 072 H000000 0 072 I000000 28 072 J000000 22 072 K000000 0 072 L000000 8 072 M000000 22 072 N000000 8 072 O000000 0 PAGE 7 072 P000000 1694 072 Q000000 0 072 R000000 32 072 S000000 47 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 81 072 X000000 4831 072 Y000000 4 072 Z000000 21197 072AA000000 0 072BB000000 1478 072CC010000 34558 072CC020000 0 072DD010000 22526 072DD020000 0 072EE000000 0 073 A010000 0.4830 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 706 074 B000000 0 074 C000000 0 074 D000000 1105904 074 E000000 0 074 F000000 0 074 G000000 0 074 H000000 0 074 I000000 39789 074 J000000 1647 074 K000000 0 074 L000000 16216 074 M000000 435 074 N000000 1164697 074 O000000 27069 074 P000000 481 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 167784 074 S000000 251400 074 T000000 717963 074 U010000 46637 074 U020000 0 074 V010000 15.39 074 V020000 0.00 074 W000000 0.0000 074 X000000 16088 PAGE 8 074 Y000000 347435 075 A000000 0 075 B000000 954294 076 000000 14.50 077 A000000 Y 077 B000000 N 077 C000000 N 077 D000000 N 077 I000000 N 077 O000000 Y 077 Q010000 N 078 000000 N 080 C000000 0 081 B000000 0 082 B000000 0 083 B000000 0 084 B000000 0 086 A010000 0 086 A020000 0 086 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 09253W104 087 A030000 MYD 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 iltol77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares National AMT-Free Muni Bond ETF (ISHMUNI)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock Strategic Municipal Trust (BSD)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
10-30-2014
Security Type:
BND/MUNI

Issuer
The Illinois State Toll Highway Authority,  Toll Highway Senior Revenue Bonds, 2014 Series C
Selling Underwriter
Morgan Stanley & Co. LLC
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:
List of Underwriter(s)
Morgan Stanley & Co. LLC, Wells Fargo Securities, Loop Capital Markets, William Blair & Company, L.L.C., Cabrera Capital Markets, LLC, Mesirow Financial Inc., PNC Capital Markets LLC, Raymond James & Associates, Inc., Williams Capital Group L.P., U.S. Bancorp Investments Inc.
 
 
Transaction Details
Date of Purchase
10-31-2014

Purchase Price/Share
(per share / % of par)
$112.821
$113.276
Total Commission, Spread or Profit
0.285

1. Aggregate Principal Amount Purchased (a+b)
$48,400,000 + (PI-if any)
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$48,400,000
b.Other BlackRock Clients
(PI-if any)
 
2. Aggregate Principal Amount of Offering
 
$400,000,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
 
0.121



 
 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
 
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)
 
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:
11-12-2014
 
Global Syndicate Team Member
 
 
    
Approved by:
  
Date:
     
 
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 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)
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.
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 michig77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares Short-Term National AMT-Free Muni Bond ETF (NAT0-5)
iShares National AMT-Free Muni Bond ETF(ISHMUNI)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock High Yield Municipal Fund (BR-HYMUNI)
BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-HY)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniAssets Fund, Inc. (MUA)
BlackRock MuniHoldings Fund II, Inc. (MUH)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Fund, Inc. (MYD)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Bond Trust (BBK)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock MuniYield Michigan Quality Fund II, Inc. (MYM)
 
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
08-28-2014
Security Type:
BND/MUNI

Issuer
Michigan Finance Authority (Local Government Loan Program Revenue Bonds) Series 2014C
(Detroit Water and Sewerage Department Sewerage Disposal System Revenue and Revenue Refunding Local Project Bonds)
Selling Underwriter
Citigroup Global Markets Inc.
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:
List of Underwriter(s)
Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Loop Capital Markets, PNC Capital Markets LLC, BMO Capital Markets, GKST, Inc., Comerica Securities, Jefferies LLC
 
Transaction Details
Date of Purchase
08-28-2014

Purchase Price/Share
(per share / % of par)
 
$112.564 (1.60)
$100.96
(4.85)
$98.468
(5.10)
$112.907
(3.44)
$105.391
(4.32)
$104.901
(4.38)
$104.575
(4.42)
Total Commission, Spread or Profit
0.3658

1. Aggregate Principal Amount Purchased (a+b)
$32,750,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
$32,750,000
b.Other BlackRock Clients
N/A
 
2. Aggregate Principal Amount of Offering
 
$935,860,000
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.034994



 
 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:
09-04-2014
 
Global Syndicate Team Member
 
 
    
Approved by:
Steven DeLaura
Date:
09-04-2014
 
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.