0000844779-18-000106.txt : 20180327
0000844779-18-000106.hdr.sgml : 20180327
20180327145533
ACCESSION NUMBER: 0000844779-18-000106
CONFORMED SUBMISSION TYPE: NSAR-A
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20180131
FILED AS OF DATE: 20180327
DATE AS OF CHANGE: 20180327
EFFECTIVENESS DATE: 20180327
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND
CENTRAL INDEX KEY: 0000891188
IRS NUMBER: 223196058
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: NSAR-A
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07156
FILM NUMBER: 18715131
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 INSURED INVESTMENT FUND
DATE OF NAME CHANGE: 20080926
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK MUNIYIELD FLORIDA INSURED FUND
DATE OF NAME CHANGE: 20070611
FORMER COMPANY:
FORMER CONFORMED NAME: MUNIYIELD FLORIDA INSURED FUND /NJ/
DATE OF NAME CHANGE: 19921217
NSAR-A
1
LCQSanswer.fil
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77O RULE 10F-3
2
77o1.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 NEW YORK MUNI BOND ETF (ISHNY)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock New York Municipal Income Trust II (BFY)
BlackRock New York Municipal Income Trust (BNY)
BlackRock New York Municipal Bond Trust (BQH)
BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock New York Municipal Opportunities Fund of BLK Multi-State Muni
(BR-NYMO)
BlackRock Strategic Municipal Trust (BSD)
BlackRock New York Municipal Income Quality Trust (BSE)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
BlackRock MuniYield New York Quality Fund, Inc. (MYN)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 11-22-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer Metropolitan Transportation Authority
transportation revenue refunding
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, Citigroup Global
Markets Inc., Goldman Sachs & Co.
LLC, J.P. Morgan Securities LLC,
Williams Capital Group L.P.,PNC
Capital Markets LLC, Drexel Hamilton,
LLC, Jefferies LLC, Loop Capital
Markets, Morgan Stanley & Co. LLC,
RBC Capital Markets, Ramirez & Co.,
Inc., Siebert Cisneros Shank & Co.
L.L.C, Academy Securities, Alamo
Capital WMBE, Barclays Capital
Inc.,Blaylock Van, LLC, BNY Mellon
Capital Markets, Cabrera Capital
Markets, LLC, Fidelity Capital
Markets, FTN Financial Capital
Markets, KeyBanc Capital Markets,
Raymond James & Associates, Inc.,
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
Rice Financial Products Company, Stern Brothers & Co., Stifel, Nicolaus & Company,
Inc. , TD Securities (USA) LLC.
TRANSACTION DETAILS
Date of Purchase 11-22-2017
Purchase Price/Share $106.127 Total Commission, Spread or Profit
(PER SHARE / % OF $46.041
PAR) $118.666
$105.946
$117.399 0.445
$120.005
$122.332
$75.083
$120.261
1. Aggregate Principal Amount Purchased (a+b) $ 123,355,000
a. US Registered Funds
(Appendix attached with individual Fund/Client
purchase) $ 114,115,000
b. Other BlackRock Clients 9,240,000
2. Aggregate Principal Amount of Offering $2,021,461,604.50
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.06102
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: 12-08-2017
--------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 12-08-2017
--------------------------------
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
3
77o4.txt
Rule 10f-3 Transaction Form [LOGO OF BLACKROCK]
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES NATIONAL MUNI BOND ETF (ISHMUNI)
ISHARES NEW YORK MUNI BOND ETF (ISHNY)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 10-19-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer New York City Transitional Finance Authority
Selling Underwriter Goldman Sachs & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Goldman Sachs & Co. LLC, Citigroup Global Markets Inc, Jefferies LLC, J.P. Morgan Securities
LLC, ,Loop Capital Markets, Ramirez & Co.,Inc.,RBC Capital Markets, Roosevelt & Cross, Inc,
Siebert Cisneros Shank & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNY
Mellon Capital Markets, LLC, Drexel Hamilton, LLC, Fidelity Capital Markets, Barclays Capital
Inc., Morgan Stanley & Co. LLC, Janney Montgomery Scott LL, Raymond James & Associates,
Inc., Oppenheimer & Co, TD Securities (USA) LLC, Stifel,Nicolaus & Company, Inc., U.S.
Bancorp Investments Inc., Academy Securities, Blaylock Van, LLC, Wells Fargo Securities, LLC,
PNC Capital Markets LLC, FTN Financial Securities Corp., Hilltop Securities, Rice Financial
Products Company, Williams Capital Group L.P, Stern Brothers & Co.
TRANSACTION DETAILS
Date of Purchase 10-19-2017
Purchase Price/Share $ 122.02 Total Commission, Spread or Profit
(PER SHARE / % OF PAR) $ 120.765 0.465%
$ 107.006
$ 117.648
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
1. Aggregate Principal Amount Purchased (a+b) $ 16,805,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 15,000,000
b. Other BlackRock Clients $ 1,805,000
2. Aggregate Principal Amount of Offering $990,000,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.01697
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: 10-31-2017
--------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-31-2017
--------------------------------
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
4
77o5.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 Investment Quality Municipal Trust (BKN)
BlackRock Strategic Municipal Trust (BSD)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock MuniYield Investment Quality Fund (MFT)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-27-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer Pennsylvania Economic Development Financing
Authority-UPMC Revenue Bonds (Series 2017A)
Selling Underwriter RBC CAPITAL MARKETS, LLC.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_]Other:
List of Underwriter(s) RBC Capital Markets, Wells Fargo Securities (trade
name for Wells Fargo Bank N.A. Municipal Products
Group), PNC Capital Markets LLC, BNYMellon Capital
Markets, Huntington Investment Company
TRANSACTION DETAILS
Date of Purchase 09-28-2017
Purchase Price/Share
(PER SHARE / % OF PAR) $102.251 Total Commission, Spread or Profit 0.575%
1. Aggregate Principal Amount Purchased (a+b) $ 32,135,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 28,000,000
b. Other BlackRock Clients $ 4,135,000
2. Aggregate Principal Amount of Offering $436,745,000
FUND RATIO 0.073578
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
[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: Dillip Behera Date: 10-05-2017
--------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-05-2017
--------------------------------
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.