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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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PAGE 10
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PAGE 11
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-22-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Alcoa Nederland Holding B.V. (2026)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC,
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, J.P. Morgan Securities
LLC, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, ABN AMRO Securities (USA)
LLC, BBVA Securities Inc., BNP Paribas Securities
Corp., Banco Bradesco BBI S.A., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Deutsche Bank
Securities Inc., Goldman, Sachs & Co., MUFG
Securities Americas Inc., SMBC Nikko Securities
America, Inc., SunTrust Robinson Humphrey, Inc.,
ANZ Securities, Inc., BNY Mellon Capital Markets,
LLC, PNC Capital Markets LLC, RBC Capital Markets,
LLC, Scotia Capital (USA) Inc., The Williams
Capital Group, L.P.
TRANSACTION DETAILS
Date of Purchase 09-22-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.750%
----- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 20,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 11,005,000
b. Other BlackRock Clients $ 8,995,000
2. Aggregate Principal Amount of Offering $500,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.04
Must be less than 0.25
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 10-20-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-20-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES CORE U.S. AGGREGATE BOND ETF (ISHAGG)
ISHARES U.S. FIXED INCOME BALANCED RISK ETF (ISHINC)
AZL Enhanced Bond Index Fund (AZ-CORE)
BlackRock Core Bond Trust (BHK)
BlackRock Multi-Sector Income Trust (BIT)
BlackRock Limited Duration Income Trust (BLW)
BlackRock Multi Asset Income - Passive Fixed Income Portfolio (BR-INC-PFI)
U.S. Total Bond Index Master Portfolio (MIP_AGG)
CoreAlpha Bond Master Portfolio (MIP_CORA)
Nationwide Bond Index Fund (NW-BI)
NVIT Bond Index Fund (NW-GBI)
UBS PACE Intermediate Fixed Income Investments Portfolio (UBS-PACE)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 02-23-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Aon plc (2025)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, Deutsche Bank Securities
Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, ANZ Securities, Inc., Aon Securities
Inc., nabSecurities, LLC, PNC Capital Markets LLC,
Scotia Capital (USA) Inc.
TRANSACTION DETAILS
Date of Purchase 02-23-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $99.972 Total Commission, Spread or Profit 0.550%
-------- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 85,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 6,075,000
b. Other BlackRock Clients $ 78,925,000
2. Aggregate Principal Amount of Offering $750,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.11333
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 02-25-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 02-25-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
7PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES EDGE U.S. FIXED INCOME BALANCED RISK ETF (ISHFIBR)
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-16-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Aramark Services, Inc. (2024)
Selling Underwriter Wells Fargo Securities, LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Wells Fargo Securities, LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Barclays Capital Inc.,
Credit Suisse Securities (USA) LLC, J.P. Morgan
Securities LLC, Goldman, Sachs & Co, Morgan Stanley
& Co. LLC, SMBC Nikko Securities America, Inc, Rabo
Securities USA, Inc., TD Securities (USA) LLC, PNC
Capital Markets LLC, Santander Investment
Securities Inc, Comerica Securities, Inc
TRANSACTION DETAILS
Date of Purchase 05-16-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $103.75 Total Commission, Spread or Profit 1.25%
-------- -----
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 35,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 14,861,000
b. Other BlackRock Clients $ 20,139,000
2. Aggregate Principal Amount of Offering $500,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.07
Must be less than 0.25
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 05-20-2016
------------------------------- --------------
Global Syndicate Team Member
Approved by: Betsy Mathews, Steven DeLaura Date: 05-20-2016
------------------------------- --------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 08-02-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Axalta Coating Systems, LLC (2024)
Selling Underwriter Barclays Capital Inc.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Barclays Capital Inc., Deutsche Bank Securities
Inc, Goldman, Sachs & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global
Markets Inc, Credit Suisse Securities (USA) LLC,
J.P. Morgan Securities LLC, PNC Capital Markets
LLC, SunTrust Robinson Humphrey, Inc
TRANSACTION DETAILS
Date of Purchase 08-02-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $99.591 Total Commission, Spread or Profit 1.50%
-------- -----
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 40,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 22,612,000
b. Other BlackRock Clients $ 17,388,000
2. Aggregate Principal Amount of Offering $500,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.08
Must be less than 0.25
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 08-09-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 08-09-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE 1-5 YEAR USD BOND ETF (ISHISTB)
ISHARES 0-5 YEAR HIGH YIELD CORPORATE BOND ETF (ISHSHYG)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
CoreAlpha Bond Master Portfolio (MIP_CORA)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 12-02-2015
Offering Commencement:
Security Type: BND/CORP
Issuer Ball Corporation (2020)
Selling Underwriter Goldman, Sachs & Co.,
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Goldman, Sachs & Co., Deutsche Bank Securities
Inc., Deutsche Bank AG, London Branch, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Merrill
Lynch International, KeyBanc Capital Markets Inc.,
Mizuho Securities USA Inc., Mizuho International
plc, Rabo Securities USA, Inc., Cooperatieve
Centrale Raiffeisen-Boerenleenbank B.A., ANZ
Securities, Inc., BNP Paribas Securities Corp.,
Credit Agricole Securities (USA) Inc., Mitsubishi
UFJ Securities (USA), Inc., Mitsubishi UFJ
Securities International plc, PNC Capital Markets
LLC, Santander Investment Securities Inc., Banco
Santander, S.A., SMBC Nikko Securities Americas,
Inc., SMBC Nikko Capital Markets Limited,
TD Securities (USA) LLC, UniCredit Capital Markets
LLC, UniCredit Bank AG, RB International Markets
(USA) LLC, Raiffeisen Bank International AG,
Barclays Capital Inc., Barclays Bank PLC, The
Williams Capital Group, L.P.
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 12-02-2015
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.250%
-------- ------
1. Aggregate Principal Amount Purchased (a+b) $ 50,000,000
--------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 24,825,000
b.Other BlackRock Clients $ 25,175,000
2. Aggregate Principal Amount of Offering $1,000,000,000
--------------
FUND RATIO
[Divide Sum of #1 by #2] 0.05000
Must be less than 0.25
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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.
LOGO
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 12-08-2015
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 12-08-2015
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
LOGO
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.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 08-16-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Boise Cascade Company (2024)
Selling Underwriter Wells Fargo Securities
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Wells Fargo Securities, LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, J.P. Morgan Securities
LLC, U.S. Bancorp Investments, Inc., Goldman, Sachs
& Co., PNC Capital Markets LLC
TRANSACTION DETAILS
Date of Purchase 08-16-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.375%
-------- ------
1. Aggregate Principal Amount Purchased (a+b) $ 15,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 8,129,000
b. Other BlackRock Clients $ 6,871,000
2. Aggregate Principal Amount of Offering $350,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.04285
Page 1 of 2
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 08-18-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 08-18-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
LOGO
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.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-16-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Cincinnati Bell Inc. (2024)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, Citigroup Global Markets
Inc., Goldman, Sachs & Co., PNC Capital Markets
LLC, Regions Securities LLC, Barclays Capital Inc.,
Citizens Capital Markets, Inc.
TRANSACTION DETAILS
Date of Purchase 09-16-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.25%
-------- -----
1. Aggregate Principal Amount Purchased (a+b) $ 50,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 27,211,000
b. Other BlackRock Clients $ 22,789,000
2. Aggregate Principal Amount of Offering $425,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.11765
Must be less than 0.25
Page 1 of 2
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 09-20-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 09-20-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
LOGO
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.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Dynamic High Income - Preferred Stock Portfolio (BR-DHI-PS)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - Preferred Stock Portfolio (BR-INC-PS)
BlackRock Strategic Global Bond Fund, Inc. (BR-WI)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 04-18-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Citigroup Inc (Preferred-2049)
Selling Underwriter Citigroup Global Markets Inc.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Citigroup Global Markets Inc., Barclays Capital
Inc., Credit Suisse Securities (USA) LLC, Deutsche
Bank Securities Inc., ING Financial Markets LLC,
Scotia Capital (USA) Inc., SG Americas Securities,
LLC, Skandinaviska Enskilda Banken AB, TD
Securities (USA) LLC, UniCredit Capital Markets
LLC, ANZ Securities, Inc., BBVA Securities Inc.,
Blaylock Beal Van, LLC, BMO Capital Markets Corp.,
Capital One Securities, Inc., CIBC World Markets
Corp., Commerz Markets LLC, Credit Agricole
Securities (USA) Inc., Danske Markets Inc., Drexel
Hamilton, LLC, Fifth Third Securities, Inc.,
Imperial Capital, LLC, Lloyds Securities Inc.,
Mischler Financial Group, Inc., nabSecurities, LLC,
Natixis Securities Americas LLC, Nomura Securities
International, Inc., PNC Capital Markets LLC, RBC
Capital Markets, LLC, RBS Securities Inc., Tigress
Financial Partners, The Williams Capital Group, L.P.
TRANSACTION DETAILS
Date of Purchase 04-18-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.50%
-------- -----
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 100,000,000
--------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 53,491,000
b. Other BlackRock Clients $ 46,509,000
2. Aggregate Principal Amount of Offering $1,500,000,000
--------------
FUND RATIO
[Divide Sum of #1 by #2] 0.0667
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 04-22-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 04-22-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES U.S. FIXED INCOME BALANCED RISK ETF (ISHINC)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Alternative Strategies Fund - Trading Account (ACS-TRD)
BlackRock Balanced Capital Portfolio (FI) (BCS_F)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock Total Return V.I. Portfolio (Ins - Var Ser) (BVA-BF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Total Return Portfolio (Ins - Series) (BVA-TR)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Metropolitan Series Fund, Inc.- BlackRock Bond Income Portfolio (MET-BI)
Master Total Return Portfolio of Master Bond LLC (MF-BOND)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
Advanced Series Trust - AST BlackRock/Loomis Sayles Bond Portfolio
(SMF_PRUTR)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 11-05-2015
Offering Commencement:
Security Type: BND/CORP
Issuer First Data Corporation (2024)
Selling Underwriter Deutsche Bank Securities Inc.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Deutsche Bank Securities Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Citigroup
Global Markets Inc, Morgan Stanley & Co. LLC, PNC
Capital Markets LLC, Credit Suisse Securities (USA)
LLC, HSBC Securities (USA) Inc, Mizuho Securities
USA Inc, SunTrust Robinson Humphrey, Inc, KKR
Capital Markets LLC
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 11-05-2015
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.00
----- ----
1. Aggregate Principal Amount Purchased (a+b) $ 90,000,000
--------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 52,806,000
b. Other BlackRock Clients $ 37,194,000
2. Aggregate Principal Amount of Offering $1,000,000,000
--------------
FUND RATIO
[Divide Sum of #1 by #2] 0.09
Must be less than 0.25
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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.
LOGO
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-10-2015
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-10-2015
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Balanced Capital Portfolio (FI) (BCS_F)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Total Return V.I. Portfolio (Ins - Var Ser) (BVA-BF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Total Return Portfolio (Ins - Series) (BVA-TR)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Metropolitan Series Fund, Inc.- BlackRock Bond Income Portfolio (MET-BI)
Master Total Return Portfolio of Master Bond LLC (MF-BOND)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
Advanced Series Trust - AST BlackRock/Loomis Sayles Bond Portfolio
(SMF_PRUTR)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 11-05-2015
Offering Commencement:
Security Type: BND/CORP
Issuer First Data Corporation (2024)
Selling Underwriter Deutsche Bank Securities Inc.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Deutsche Bank Securities Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Citigroup
Global Markets Inc, Morgan Stanley & Co. LLC, PNC
Capital Markets LLC, Credit Suisse Securities (USA)
LLC, HSBC Securities (USA) Inc, Mizuho Securities
USA Inc, SunTrust Robinson Humphrey, Inc, KKR
Capital Markets LLC
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 11-05-2015
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.00
----- ----
1. Aggregate Principal Amount Purchased (a+b) $ 300,000,000
--------------
a. US Registered Funds
(Appendix attached with individual Fund/Client
purchase) $ 202,194,000
b. Other BlackRock Clients $ 97,806,000
2. Aggregate Principal Amount of Offering $2,200,000,000
--------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.13636
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-10-2015
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-10-2015
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public The securities offered are registered under
Offering. the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 11-02-2015
Offering Commencement:
Security Type: BND/CORP
Issuer Huntington Ingalls Industries, Inc. (2025)
Selling Underwriter J.P. Morgan Securities LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated Wells Fargo Securities,
LLC, Mizuho Securities USA Inc., Scotia Capital
(USA) Inc. U.S. Bancorp Investments, Inc, Capital
One Securities, Inc, Mitsubishi UFJ Securities
(USA), Inc, TD Securities (USA) LLC , BB&T Capital
Markets, a division of BB&T Securities, LLC, Loop
Capital Markets LLC, PNC Capital Markets LLC
TRANSACTION DETAILS
Date of Purchase 11-02-2015
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.750
----- -----
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 50,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 26,022,000
b. Other BlackRock Clients $ 23,978,000
2. Aggregate Principal Amount of Offering $600,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.0833
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-04-2015
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-04-2015
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES B - CA RATED CORPORATE BOND ETF (ISHQLTC)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-12-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Joseph T. Ryerson & Son, Inc. (2022)
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,
Deutsche Bank Securities Inc, J.P. Morgan
Securities LLC, BMO Capital Markets Corp., Goldman
Sachs & Co, Keybank Capital Markets Inc., PNC
Capital Markets LLC
TRANSACTION DETAILS
Date of Purchase 05-12-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.750%
----- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 25,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 15,893,000
b. Other BlackRock Clients $ 9,107,000
2. Aggregate Principal Amount of Offering $650,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.038462
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 05-20-2016
------------------------------- --------------
Global Syndicate Team Member
Approved by: Betsy Mathews, Steven DeLaura Date: 05-20-2016
------------------------------- --------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-24-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Match Group, Inc. (2024)
Selling Underwriter J.P. Morgan Securities LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, BMO Capital Markets
Corp., BNP Paribas Securities Corp., Goldman Sachs
& Co, Barclays Capital Inc., Deutsche Bank
Securities Inc., Fifth Third Securities, Inc, PNC
Capital Markets LLC, Societe Generale
TRANSACTION DETAILS
Date of Purchase 05-24-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.125%
----- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 10,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 4,716,000
b. Other BlackRock Clients $ 5,284,000
2. Aggregate Principal Amount of Offering $400,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.025
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 05-31-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 05-31-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES IBOXX $ HIGH YIELD EX OIL & GAS CORPORATE BOND ETF (ISHHYXE)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-07-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Novelis Corporation (2026)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, Barclays Capital Inc.,
Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., HSBC Securities (USA) Inc., J.P.
Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Standard Chartered
Bank, Axis Bank Limited, Singapore Branch, BMO
Capital Markets Corp., BNP Paribas Securities
Corp., Credit Suisse Securities (USA) LLC, Goldman,
Sachs & Co., Natixis Securities Americas LLC, PNC
Capital Markets LLC, Regions Securities LLC, Scotia
Capital (USA) Inc., SG Americas Securities, LLC,
SunTrust Robinson Humphrey, Inc., Wells Fargo
Securities, LLC
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 09-07-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.50%
-------- -----
1. Aggregate Principal Amount Purchased (a+b) $ 140,000,000
--------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 77,310,000
b. Other BlackRock Clients $ 62,690,000
2. Aggregate Principal Amount of Offering $1,500,000,000
--------------
FUND RATIO
[Divide Sum of #1 by #2] 0.09333
Must be less than 0.25
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 09-14-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 09-14-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 02-25-2016
Offering Commencement:
Security Type: BND/CORP
Issuer PulteGroup, Inc (2026)
Selling Underwriter Citigroup Global Markets Inc.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Citigroup Global Markets Inc., J.P. Morgan
Securities LLC, SunTrust Robinson Humphrey, Inc.,
Mizuho Securities USA Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, BB&T Capital Markets,
a division of BB&T Securities, LLC, Comerica
Securities, Inc., PNC Capital Markets LLC, Wells
Fargo Securities, LLC, BNP Paribas Securities
Corp., Fifth Third Securities, Inc., U.S. Bancorp
Investments, Inc., TD Securities (USA) LLC
TRANSACTION DETAILS
Date of Purchase 02-25-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 0.650%
-------- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 60,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 31,940,000
b. Other BlackRock Clients $ 28,060,000
2. Aggregate Principal Amount of Offering $700,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.08571
Must be less than 0.25
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 02-29-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 02-29-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-22-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Targa Resources Partners LP (2025)
Selling Underwriter Wells Fargo Securities, LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Wells Fargo Securities, LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global
Markets Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc., RBC Capital Markets, LLC ., BBVA
Securities Inc., Capital One Securities, Inc.,
Goldman, Sachs & Co., J.P. Morgan Securities LLC,
PNC Capital Markets LLC, ABN AMRO Securities (USA)
LLC, Credit Suisse Securities (USA) LLC, ING
Financial Markets LLC, Morgan Stanley & Co. LLC,
MUFG Securities Americas Inc., SMBC Nikko
Securities America, Inc., SunTrust Robinson
Humphrey, Inc., TD Securities (USA) LLC, BB&T
Capital Markets, a division of BB&T Securities,
LLC, BNP Paribas Securities Corp., Citizens Capital
Markets, Inc., The Huntington Investment Company,
Scotia Capital (USA) Inc., U.S. Bancorp
Investments, Inc.
TRANSACTION DETAILS
Date of Purchase 09-22-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 0.750%
----- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 35,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 17,561,000
b. Other BlackRock Clients $ 17,439,000
2. Aggregate Principal Amount of Offering $500,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.07
Must be less than 0.25
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 09-30-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 09-30-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Dynamic High Income - Preferred Stock Portfolio (BR-DHI-PS)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - Preferred Stock Portfolio (BR-INC-PS)
BlackRock Strategic Global Bond Fund, Inc. (BR-WI)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
UBS PACE Intermediate Fixed Income Investments Portfolio (UBS-PACE)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 07-20-2016
Offering Commencement:
Security Type: BND/CORP
Issuer The Goldman Sachs Group, Inc. (2049)
Selling Underwriter Goldman, Sachs & Co.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Goldman, Sachs & Co., BB&T Capital Markets, a
division of BB&T Securities, LLC, BNY Mellon
Capital Markets, LLC, Capital One Securities, Inc.,
Fifth Third Securities, Inc., KeyBanc Capital
Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Mizuho Securities USA Inc., PNC
Capital Markets LLC, RBC Capital Markets, LLC,
Regions Securities LLC, Scotia Capital (USA) Inc.,
SMBC Nikko Securities America, Inc., Standard
Chartered Bank, SunTrust Robinson Humphrey, Inc.,
TD Securities (USA) LLC, UniCredit Capital Markets
LLC, U.S. Bancorp Investments, Inc., Drexel
Hamilton, LLC, Mischler Financial Group, Inc.,
Siebert Brandford Shank & Co., L.L.C., The Williams
Capital Group, L.P.
TRANSACTION DETAILS
Date of Purchase 07-20-2016
Page 1 of 2
LOGO
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.50%
---- -----
1. Aggregate Principal Amount Purchased (a+b) $ 35,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 18,662,000
------------
b. Other BlackRock Clients $ 16,338,000
------------
2. Aggregate Principal Amount of Offering $650,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.05384
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
LOGO
Completed by: Dipankar Banerjee Date: 07-25-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 07-25-2016
------------------------------ ---------------
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.
LOGO
TERM DEFINITION
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-10-2016
Offering Commencement:
Security Type: BND/CORP
Issuer The Goodyear Tire & Rubber Company (2026)
Selling Underwriter Citigroup Global Markets Inc
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Citigroup Global Markets Inc., Barclays Capital
Inc., BNP Paribas Securities Corp., Credit Agricole
Securities (USA) Inc., Deutsche Bank Securities
Inc., Goldman, Sachs & Co., J.P. Morgan Securities
LLC, HSBC Securities (USA) Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Wells Fargo
Securities, LLC, Natixis Securities Americas LLC,
Capital One Securities, Inc., Commerz Markets LLC,
Mitsubishi UFJ Securities (USA), Inc., PNC Capital
Markets LLC, UniCredit Capital Markets LLC, U.S.
Bancorp Investments, Inc
TRANSACTION DETAILS
Date of Purchase 05-10-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.20%
---- -----
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 45,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 18,327,000
------------
b. Other BlackRock Clients $ 26,673,000
------------
2. Aggregate Principal Amount of Offering $900,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.05
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
LOGO
Completed by: Dipankar Banerjee Date: 05-12-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 05-12-2016
------------------------------ ---------------
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.
LOGO
TERM DEFINITION
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)
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES EDGE U.S. FIXED INCOME BALANCED RISK ETF (ISHFIBR)
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE 10+ YEAR USD BOND ETF (ISHILTB)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 10-24-2016
Offering Commencement:
Security Type: BND/CORP
Issuer United Rentals (North America), Inc. (2027)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Wells Fargo
Securities, LLC, Citigroup Global Markets Inc.,
Scotia Capital (USA) Inc., MUFG Securities
Americas Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc., J.P. Morgan Securities LLC,
SunTrust Robinson Humphrey, Inc., BMO Capital
Markets Corp., PNC Capital Markets LLC
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 10-24-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.250%
---- ------
1. Aggregate Principal Amount Purchased (a+b) $ 60,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 28,741,000
------------
b. Other BlackRock Clients $ 31,259,000
------------
2. Aggregate Principal Amount of Offering $750,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.08
LOGO
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-02-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-02-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES GLOBAL HIGH YIELD CORPORATE BOND ETF (ISHGHYG)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
ISHARES CORE 1-5 YEAR USD BOND ETF (ISHISTB)
ISHARES CORE TOTAL USD BOND MARKET ETF (ISHIUSB)
ISHARES 0-5 YEAR HIGH YIELD CORPORATE BOND ETF (ISHSHYG)
BlackRock Alternative Strategies Fund - Trading Account (ACS-TRD)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Secured Credit Portfolio (BR-MSB)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 05-03-2016
Offering Commencement:
Security Type: BND/CORP
Issuer United States Steel Corporation (2021)
Selling Underwriter J.P. Morgan Securities LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) J.P. Morgan Securities LLC, Morgan Stanley & Co.
LLC, Barclays Capital Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Wells Fargo
Securities, PNC Capital Markets LLC, Scotia Capital
(USA) Inc, Goldman, Sachs & Co, Credit Suisse
Securities (USA) LLC, RBC Capital Markets, LLC, RBS
Securities Inc., SunTrust Robinson Humphrey, Inc.,
BMO Capital Markets Corp., BNY Mellon Capital
Markets, LLC, Citigroup Global Markets Inc, Commerz
Markets LLC, The Huntington Investment Company, ING
Financial Markets LLC, Societe Generale, The
Williams Capital Group
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 05-03-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.750%
---- ------
1. Aggregate Principal Amount Purchased (a+b) $ 70,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 32,218,000
------------
b. Other BlackRock Clients $ 37,782,000
------------
2. Aggregate Principal Amount of Offering $980,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.07143
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
LOGO
Completed by: Dipankar Banerjee Date: 05-06-2016
------------------------------- ---------------
Global Syndicate Team Member
Approved by: Betsy Mathews, Steven DeLaura Date: 05-06-2016
------------------------------- ---------------
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.
LOGO
TERM DEFINITION
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 08-16-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Wolverine World Wide, Inc. (2026)
Selling Underwriter J.P. Morgan Securities LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) J.P. Morgan Securities LLC, Wells Fargo Securities,
LLC, HSBC Securities (USA) Inc., Fifth Third
Securities, Inc., PNC Capital Markets LLC, MUFG
Securities Americas Inc, SMBC Nikko Securities
America, Inc
TRANSACTION DETAILS
Date of Purchase 08-16-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.250%
---- ------
1. Aggregate Principal Amount Purchased (a+b) $ 12,500,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 5,836,000
------------
b. Other BlackRock Clients $ 6,664,000
------------
2. Aggregate Principal Amount of Offering $250,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.05
Page 1 of 2
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 08-22-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 08-22-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES EDGE U.S. FIXED INCOME BALANCED RISK ETF (ISHFIBR)
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Floating Rate Income Trust (BGT2)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Defined Opportunity Credit Trust (BHL)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Limited Duration Income Trust - Bank Loans (BLW-LOAN)
BlackRock Floating Rate Income Portfolio (BR-FRI)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 10-06-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Gulfport Energy Corporation. (2024)
Selling Underwriter Credit Suisse Securities (USA) LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Credit Suisse Securities (USA) LLC., Scotia Capital
(USA) Inc., Barclays Capital Inc, KeyBanc Capital
Markets Inc, Wells Fargo Securities,LLC,BNP Paribas
Securities Corp, BBVA Securities Inc, PNC Capital
Markets LLC, U.S. Bancorp Investments,Inc,IBERIA
Capital Partners L.L.C, Samuel A. Ramirez &
Company,Inc.
TRANSACTION DETAILS
Date of Purchase 10-06-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100.00 Total Commission, Spread or Profit 1.43625%
-------- --------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 35,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 17,753,000
b. Other BlackRock Clients $ 17,247,000
2. Aggregate Principal Amount of Offering $650,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.05385
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dillip Behera Date: 10-13-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-13-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
AZL Enhanced Bond Index Fund (AZ-CORE)
BlackRock Balanced Capital Portfolio (FI) (BCS_F)
BlackRock Core Bond Trust (BHK)
BlackRock Multi-Sector Income Trust (BIT)
BlackRock Core Bond Portfolio (BR-CORE)
Strategic Income Opportunities Fund (BR-SIP)
BlackRock Strategic Global Bond Fund, Inc. (BR-WI)
BlackRock Total Return V.I. Portfolio (Ins - Var Ser) (BVA-BF)
BlackRock Total Return Portfolio (Ins - Series) (BVA-TR)
Metropolitan Series Fund, Inc.- BlackRock Bond Income Portfolio (MET-BI)
Master Total Return Portfolio of Master Bond LLC (MF-BOND)
Advanced Series Trust - AST BlackRock/Loomis Sayles Bond Portfolio
(SMF_PRUTR)
UBS PACE Intermediate Fixed Income Investments Portfolio (UBS-PACE)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 10-26-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Penske Truck Leasing Co., L.P. (2026)
Selling Underwriter J.P. Morgan Securities LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
J.P. Morgan Securities LLC, MUFG Securities
Americas Inc, Wells Fargo Securities, LLC, Mizuho
Securities USA Inc, Santander Investment Securities
Inc, Citizens Capital Markets, Inc., Comerica
Securities, Inc., Fifth Third Securities, Inc., The
Huntington Investment Company, PNC Capital Markets
LLC, RBC Capital Markets, LLC, Scotia Capital (USA)
Inc., SMBC Nikko Securities America, Inc., U.S.
Bancorp Investments, Inc., The Williams Capital
Group, L.P.
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 10-26-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $99.695 Total Commission, Spread or Profit 0.550%
-------- ------
1. Aggregate Principal Amount Purchased (a+b) $ 75,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 22,652,000
b. Other BlackRock Clients $ 52,348,000
2. Aggregate Principal Amount of Offering $600,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.125
Must be less than 0.25
LOGO
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]
[X]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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-02-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-02-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under the
Securities Act of 1933 that are being offered to
the public.
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETFD (ISHHYLD)
ISHARES CORE 10+ YEAR USD BOND ETF (ISHILTB)
BlackRock Core Bond Trust - High Yield (BHK-HYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Limited Duration Income Trust - High Yield (BLW-HYLD)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Multi-Asset Income - Passive High Yield Portfolio (BR-INC-PHY)
BlackRock Credit Strategies Income - High Yield (BR-MSBHY)
BlackRock High Yield Portfolio of BlackRock Series Fund, Inc (BVA-HI)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-22-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Targa Resources Partners LP (2027)
Selling Underwriter Wells Fargo Securities, LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Wells Fargo Securities, LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global
Markets Inc., Barclays Capital Inc., Deutsche Bank
Securities Inc., RBC Capital Markets, LLC ., BBVA
Securities Inc., Capital One Securities, Inc.,
Goldman, Sachs & Co., J.P. Morgan Securities LLC,
PNC Capital Markets LLC, ABN AMRO Securities (USA)
LLC, Credit Suisse Securities (USA) LLC, ING
Financial Markets LLC, Morgan Stanley & Co. LLC,
MUFG Securities Americas Inc., SMBC Nikko
Securities America, Inc., SunTrust Robinson
Humphrey, Inc., TD Securities (USA) LLC, BB&T
Capital Markets, a division of BB&T Securities,
LLC, BNP Paribas Securities Corp., Citizens Capital
Markets, Inc., The Huntington Investment Company,
Scotia Capital (USA) Inc., U.S. Bancorp
Investments, Inc.
Page 1 of 2
LOGO
TRANSACTION DETAILS
Date of Purchase 09-22-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 0.750%
----- ------
1.A ggregate Principal Amount Purchased (a+b) $ 35,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 17,831,000
b. Other BlackRock Clients $ 17,169,000
2. Aggregate Principal Amount of Offering $500,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2] 0.07
Must be less than 0.25
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]
[X] 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)
[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.
LOGO
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 09-30-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 09-30-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
LOGO
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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of BlackRock Credit Allocation Income
Trust, BlackRock Floating Rate Income Trust, and BlackRock Multi-Sector Income
Trust:
In planning and performing our audits of the financial statements of BlackRock
Credit Allocation Income Trust, BlackRock Floating Rate Income Trust, and
BlackRock Multi-Sector Income Trust (collectively, the "Trusts"), as of and for
the year ended October 31, 2016, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered the Trusts'
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 Trusts' internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Trusts 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 trust'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 trust'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 trust;
(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 trust
are being made only in accordance with authorizations of management and
trustees of the trust; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a trust'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
trusts' annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Trusts' 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 Public Company
Accounting Oversight Board (United States). However, we noted no deficiencies
in the Trusts' 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 October 31, 2016.
This report is intended solely for the information and use of management and
the Board of Trustees of the BlackRock Credit Allocation Income Trust,
BlackRock Floating Rate Income Trust, and BlackRock Multi-Sector Income Trust
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
December 22, 2016
LOGO
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
[_] U.S. Registered Funds (Name of Fund, Aladdin Ticker):
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF (ISHHYLD)
BlackRock Multi-Sector Income Trust - High Yield (BIT-HYLD)
BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
BlackRock Funds II, High Yield Bond Portfolio (BR-HIYLD)
BlackRock Multi-Asset Income - High Yield Portfolio (BR-INC-HY)
BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
BlackRock High Yield V.I. Fund (BVA-HY)
BlackRock Debt Strategies Fund, Inc. (DSU)
BlackRock Corporate High Yield Fund, Inc. (HYT)
MIST BlackRock High Yield Portfolio (MIST-HY)
AST BlackRock Global Strategies Portfolio (US High Yield) (PRU-AA-HY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-22-2016
Offering Commencement:
Security Type: BND/CORP
Issuer Alcoa Nederland Holding B.V. (2024)
Selling Underwriter Morgan Stanley & Co. LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC,
[_] Other:
List of Underwriter(s) Morgan Stanley & Co. LLC, J.P. Morgan Securities
LLC, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, ABN AMRO Securities (USA)
LLC, BBVA Securities Inc., BNP Paribas Securities
Corp., Banco Bradesco BBI S.A., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Deutsche Bank
Securities Inc., Goldman, Sachs & Co., MUFG
Securities Americas Inc., SMBC Nikko Securities
America, Inc., SunTrust Robinson Humphrey, Inc.,
ANZ Securities, Inc., BNY Mellon Capital Markets,
LLC, PNC Capital Markets LLC, RBC Capital Markets,
LLC, Scotia Capital (USA) Inc., The Williams
Capital Group, L.P.
TRANSACTION DETAILS
Date of Purchase 09-22-2016
Purchase Price/Share
(PER SHARE / % OF PAR) $100 Total Commission, Spread or Profit 1.750%
----- ------
Page 1 of 2
LOGO
1. Aggregate Principal Amount Purchased (a+b) $ 20,000,000
------------
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 11,718,000
b. Other BlackRock Clients $ 8,282,000
2. Aggregate Principal Amount of Offering $750,000,000
------------
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.02666
LOGO
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]
[X] 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)
[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,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 10-20-2016
------------------------------ ---------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 10-20-2016
------------------------------ ---------------
Global Syndicate Team Member
LOGO
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)
LOGO
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.
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
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