|
787 Seventh Avenue | |
| New York, NY 10019-6099 Tel: 212 728 8000 Fax: 212 728 8111 |
July 26, 2024
VIA EDGAR
Mr. David Manion
Division of Investment Management
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
| Re: | Response to Staff Comments on the Annual Reports of Funds Listed on Appendix A |
Dear Mr. Manion:
On behalf of the funds set forth in Appendix A (each, a “Fund” and collectively, the “Funds”), this letter responds to comments provided by the staff of the Division of Investment Management (the “Staff”) of the Securities and Exchange Commission (the “Commission”) to the undersigned and Robert Harrington of Willkie Farr & Gallagher LLP by telephone on June 10, 2024 regarding the Annual Reports to Shareholders on Form N-CSR (each, an “Annual Report”) and the Annual Report for Registered Investment Companies on Form N-CEN (each, a “Form N-CEN” and together with the Annual Reports, the “Reports”) of each Fund for the fiscal year ended as of the date specified for such Fund in Appendix A.
For your convenience, the substance of the Staff’s comments has been restated below. We have discussed the Staff’s comments with representatives of the Funds. Each Fund’s joint or individual responses to each comment, as applicable, are set out immediately under the restated comment. Please note that we have not independently verified information provided by the Funds. Unless otherwise indicated, defined terms used herein have the meanings set forth in the relevant Report(s).
Comment No. 1: According to its Annual Report, BlackRock Strategic Income Opportunities Portfolio held a Russian Federation bond denominated in rubles as of December 31, 2023. Given the sanctions levied against the Russian Federation in connection with the ongoing war in Ukraine, please explain supplementally how the bond was valued, as it appears to be classified as Level 2 in the fair value hierarchy in the Annual Report.
BRUSSELS CHICAGO DALLAS FRANKFURT HOUSTON LONDON LOS ANGELES MILAN
MUNICH NEW YORK PALO ALTO PARIS ROME SAN FRANCISCO WASHINGTON
Response No. 1: The Russian Federation bond denominated in rubles with a value of $5,055,957, shown on page 85 of the Annual Report of BlackRock Strategic Income Opportunities Portfolio, was classified as Level 2 on the fair value hierarchy disclosure table starting on Page 151 in the Asset-Foreign Government Obligations line item. The security was valued using a third-party pricing vendor whose price considers information such as observable transactions of the exact and/or similar securities and market observable dealer quotes. Securities fair valued using market observable inputs would be classified as Level 2 by the Fund in accordance with ASC 820.
Comment No. 2: Please confirm whether any Funds have meaningful positions in the equity tranches of any asset-backed securities (“ABS”), collateralized debt obligations (“CDOs”) or similar securities. If so, please consider including disclosures related to accounting for income and disclosures on how the interest and yield rates are determined with respect to such investments.
Response No. 2: The Funds do not hold meaningful positions in the equity tranches of ABS, CDOs or similar securities. If the Funds hold meaningful positions in these securities in the future, BlackRock will consider adding the requested disclosure regarding accounting for income and interest and yield rate calculations in connection with such Funds’ investments in equity tranches of ABS, CDOs and similar securities in future financial statements.
* * * * * * * * *
Please do not hesitate to contact me at (212) 728-8955 if you have comments or if you require additional information regarding the Reports.
Respectfully submitted,
/s/ Bissie K. Bonner
Bissie K. Bonner
| cc: | Janey Ahn, Esq., BlackRock, Inc. |
Jessica Holly Esq., BlackRock, Inc.
Gladys Chang, Esq., BlackRock, Inc.
Bomi Lee, Esq., BlackRock, Inc.
Jesse Kean, Esq. Sidley Austin LLP
Elliot J. Gluck, Esq., Willkie Farr & Gallagher LLP
Robert Harrington, Esq., Willkie Farr & Gallagher LLP
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Appendix A
| Funds | File No. |
Fiscal Year-End of Report
| ||
| BlackRock Bond Fund, Inc. | 811-02857 | |||
| BlackRock Sustainable Total Return Fund |
9/30/2023 | |||
| BlackRock Total Return Fund |
9/30/2023 | |||
| BlackRock California Municipal Income Trust | 811-10331 | 7/31/2023 | ||
| BlackRock Strategic Global Bond Fund, Inc. | 811-05603 | 12/31/2023 | ||
| BlackRock ETF Trust | 811-23402 | |||
| BlackRock Future Climate and Sustainable Economy ETF |
7/31/2023 | |||
| BlackRock Future Financial and Technology ETF |
7/31/2023 | |||
| BlackRock Future Health ETF |
7/31/2023 | |||
| BlackRock Future Tech ETF |
7/31/2023 | |||
| BlackRock Future U.S. Themes ETF |
7/31/2023 | |||
| BlackRock Large Cap Value ETF |
7/31/2023 | |||
| BlackRock U.S. Carbon Transition Readiness ETF |
7/31/2023 | |||
| BlackRock U.S. Equity Factor Rotation ETF |
7/31/2023 | |||
| BlackRock World ex U.S. Carbon Transition Readiness ETF |
7/31/2023 | |||
| BlackRock ETF Trust II | 811-23511 | |||
| BlackRock AAA CLO ETF |
7/31/2023 | |||
| BlackRock Flexible Income ETF |
7/31/2023 | |||
| BlackRock Floating Rate Loan ETF |
7/31/2023 | |||
| BlackRock High Yield Muni Income Bond ETF |
7/31/2023 | |||
| BlackRock Intermediate Muni Income Bond ETF |
7/31/2023 | |||
| BlackRock Short-Term California Muni Bond ETF |
7/31/2023 |
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| Funds | File No. |
Fiscal Year-End of Report
| ||
| BlackRock Funds | 811-05742 | |||
| BlackRock Advantage Small Cap Growth Fund |
9/30/2023 | |||
| iShares Municipal Bond Index Fund |
12/31/2023 | |||
| iShares Short-Term TIPS Bond Index Fund |
12/31/2023 | |||
| BlackRock Funds II | 811-22061 | |||
| BlackRock Managed Income Fund |
12/31/2023 | |||
| BlackRock Funds III | 811-07332 | |||
| BlackRock Cash Funds: Institutional |
12/31/2023 | |||
| BlackRock Cash Funds: Treasury |
12/31/2023 | |||
| BlackRock Diversified Equity Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2025 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2030 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2035 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2040 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2045 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2050 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2055 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2060 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic 2065 Fund |
12/31/2023 | |||
| BlackRock LifePath® Dynamic Retirement Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2025 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2030 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2035 Fund |
12/31/2023 |
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| Funds | File No. |
Fiscal Year-End of Report
| ||
| BlackRock LifePath® Index 2040 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2045 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2050 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2055 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2060 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index 2065 Fund |
12/31/2023 | |||
| BlackRock LifePath® Index Retirement Fund |
12/31/2023 | |||
| iShares MSCI Total International Index Fund |
12/31/2023 | |||
| iShares Russell 1000 Large-Cap Index Fund |
12/31/2023 | |||
| iShares S&P 500 Index Fund |
12/31/2023 | |||
| iShares U.S. Aggregate Bond Index Fund |
12/31/2023 | |||
| BlackRock Funds IV | 811-23341 | |||
| BlackRock Systematic Multi-Strategy Fund |
12/31/2023 | |||
| BlackRock Funds V | 811-23339 | |||
| BlackRock Core Bond Portfolio |
9/30/2023 | |||
| BlackRock GNMA Portfolio |
9/30/2023 | |||
| BlackRock High Yield Bond Portfolio |
9/30/2023 | |||
| BlackRock Impact Mortgage Fund |
9/30/2023 | |||
| BlackRock Income Fund |
9/30/2023 | |||
| BlackRock Inflation Protected Bond Portfolio |
12/31/2023 | |||
| BlackRock Low Duration Bond Portfolio |
9/30/2023 | |||
| BlackRock Strategic Income Opportunities Portfolio |
12/31/2023 | |||
| BlackRock Sustainable High Yield Bond Fund |
9/30/2023 |
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| Funds | File No. |
Fiscal Year-End of Report
| ||
| BlackRock Sustainable Low Duration Bond Fund |
9/30/2023 | |||
| BlackRock Funds VI | 811-23344 | |||
| BlackRock Advantage CoreAlpha Bond Fund |
12/31/2023 | |||
| BlackRock Index Funds, Inc. | 811-07899 | |||
| iShares MSCI EAFE International Index Fund |
12/31/2023 | |||
| iShares Russell 2000 Small-Cap Index Fund |
12/31/2023 | |||
| BlackRock Long-Term Municipal Advantage Trust | 811-21835 | 7/31/2023 | ||
| BlackRock MuniAssets Fund, Inc. | 811-07642 | 7/31/2023 | ||
| BlackRock Municipal 2030 Target Term Trust | 811-22603 | 7/31/2023 | ||
| BlackRock Municipal Income Fund, Inc. | 811-21348 | 7/31/2023 | ||
| BlackRock Municipal Income Trust | 811-10339 | 7/31/2023 | ||
| BlackRock MuniHoldings California Quality Fund, Inc. | 811-08573 | 7/31/2023 | ||
| BlackRock MuniHoldings Fund, Inc. | 811-08081 | 7/31/2023 | ||
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 811-08621 | 7/31/2023 | ||
| BlackRock MuniHoldings Quality Fund II, Inc. | 811-09191 | 7/31/2023 | ||
| BlackRock MuniVest Fund II, Inc. | 811-07478 | 7/31/2023 | ||
| BlackRock MuniYield Fund, Inc. | 811-06414 | 7/31/2023 | ||
| BlackRock MuniYield New York Quality Fund, Inc. | 811-06500 | 7/31/2023 | ||
| BlackRock MuniYield Quality Fund II, Inc. | 811-06660 | 7/31/2023 | ||
| BlackRock MuniYield Quality Fund III, Inc. | 811-06540 | 7/31/2023 | ||
| BlackRock MuniYield Quality Fund, Inc. | 811-06660 | 7/31/2023 | ||
| BlackRock New York Municipal Income Trust | 811-10337 | 7/31/2023 | ||
| Master Bond LLC | 811-21434 |
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| Funds | File No. |
Fiscal Year-End of Report
| ||
| Master Total Return Portfolio |
9/30/2023 | |||
| Master Investment Portfolio | 811-08162 | |||
| Diversified Equity Master Portfolio |
12/31/2023 | |||
| International Tilts Master Portfolio |
12/31/2023 | |||
| Large Cap Index Master Portfolio |
12/31/2023 | |||
| Money Market Master Portfolio |
12/31/2023 | |||
| S&P 500 Index Master Portfolio |
12/31/2023 | |||
| Total International ex U.S. Index Master Portfolio |
12/31/2023 | |||
| Treasury Money Market Master Portfolio |
12/31/2023 | |||
| U.S. Total Bond Index Master Portfolio |
12/31/2023 | |||
| Master Investment Portfolio II | 811-23343 | |||
| Advantage CoreAlpha Bond Master Portfolio |
12/31/2023 | |||
| Quantitative Master Series LLC | 811-07885 | |||
| Master Small Cap Index Series |
12/31/2023 |
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