Form NSAR-B BLACKROCK MUNICIPAL SERI For: May 31
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E-mailPAGE 1 000 B000000 05/31/2016 000 C000000 0000799113 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLACKROCK MUNICIPAL SERIES TRUST 001 B000000 811-04802 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 1 007 C010100 1 007 C020100 BR Strategic Municipal Opportunities Fund 007 C030100 N 008 A000101 BLACKROCK ADVISORS, LLC 008 B000101 A 008 C000101 801-47710 008 D010101 WILMINGTON 008 D020101 DE 008 D030101 19809 011 A000101 BLACKROCK INVESTMENTS, LLC 011 B000101 8-48436 011 C010101 NEW YORK 011 C020101 NY 011 C030101 10022 012 A000101 BNY MELLON INVESTMENT SERVICING (US) INC. 012 B000101 84-01761 012 C010101 WILMINGTON 012 C020101 DE 012 C030101 19809 013 A000101 DELOITTE & TOUCHE LLP 013 B010101 BOSTON 013 B020101 MA 013 B030101 02116 014 A000101 BLACKROCK EXECUTION SERVICES 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52-0983343 022 C000002 2235861 022 D000002 1823304 022 A000003 WELLS FARGO BANK NA 022 B000003 94-1347393 022 C000003 1743744 022 D000003 1078587 022 A000004 CITIGROUP GLOBAL MARKETS, INC. 022 B000004 11-2418191 022 C000004 1458096 022 D000004 1287060 022 A000005 BANK OF AMERICA SECURITIES LLC 022 B000005 56-0906609 022 C000005 1389063 022 D000005 1049346 022 A000006 BARCLAYS CAPITAL INC. 022 B000006 13-3297824 PAGE 3 022 C000006 834606 022 D000006 964203 022 A000007 JPMORGAN SECURITIES INC 022 B000007 13-3299429 022 C000007 942791 022 D000007 717277 022 A000008 MORGAN STANLEY CO INCORPORATED 022 B000008 36-3145972 022 C000008 737732 022 D000008 710592 022 A000009 PERSHING LLC 022 B000009 13-2741729 022 C000009 619749 022 D000009 245610 022 A000010 GOLDMAN SACHS & CO 022 B000010 13-5108880 022 C000010 249218 022 D000010 188240 023 C000000 13823961 023 D000000 12201125 024 000100 N 026 A000000 N 026 B000000 N 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 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0.0 062 N000100 0.0 062 O000100 104.6 062 P000100 0.6 062 Q000100 0.0 062 R000100 0.3 063 A000100 0 063 B000100 17.3 064 A000100 Y 064 B000100 Y 065 000100 N 066 A000100 N 067 000100 N 068 A000100 N 068 B000100 N 069 000100 N 070 A010100 Y 070 A020100 N 070 B010100 N 070 B020100 N 070 C010100 Y 070 C020100 N 070 D010100 N 070 D020100 N 070 E010100 Y 070 E020100 Y 070 F010100 N 070 F020100 N 070 G010100 Y 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 N 070 K010100 Y 070 K020100 Y 070 L010100 N 070 L020100 N 070 M010100 N 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N PAGE 7 070 Q020100 N 070 R010100 Y 070 R020100 N 071 A000100 8053901 071 B000100 6640280 071 C000100 3826126 071 D000100 174 072 A000100 12 072 B000100 121870 072 C000100 849 072 D000100 0 072 E000100 0 072 F000100 19171 072 G000100 546 072 H000100 0 072 I000100 2148 072 J000100 148 072 K000100 0 072 L000100 54 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077 D000000 N 077 O000000 Y 077 Q010000 N 077 Q020000 N 077 Q030000 N 078 000000 N 080 A000100 FEDERAL INSURANCE COMPANY 080 B000100 NATL UNION FIRE INS. CO. OF PITTSBURGH, PA 080 C000100 36875 081 A000100 Y 081 B000100 98 082 A000100 N 082 B000100 0 083 A000100 N 083 B000100 0 084 A000100 N 084 B000100 0 085 A000100 Y 085 B000100 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 PAGE 9 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE NEAL J. ANDREWS TITLE CFO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders of BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock Pennsylvania Municipal Bond Fund and BlackRock Strategic Municipal Opportunities and the Board of Trustees of BlackRock California Municipal Series Trust, BlackRock Multi-State Municipal Series Trust and BlackRock Municipal Series Trust: In planning and performing our audits of the financial statements of BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, two of the series constituting BlackRock Multi-State Municipal Series Trust, and BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust (collectively, the "Funds"), as of and for the year ended May 31, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A funds'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 fund'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 fund; (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 fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund'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 a fund's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and their operation, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of May 31, 2016. This report is intended solely for the information and use of management and the Board of Trustees of BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund, two of the series constituting BlackRock Multi-State Municipal Series Trust, and BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trusts, 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 July 26, 2016
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF (NAT0-5) BlackRock Short-Term Municipal Fund (BR-STMUNI) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering Commencement: 08-14-2015 Security Type: BND/MUNI Issuer City of Charlotte, North Carolina Water and Sewer System Refunding Revenue Bonds, Series 2015 Selling Underwriter Wells Fargo Securities Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Bank of America Merrill Lynch, PNC Capital Markets LLC, J.P. Morgan Securities LLC, Wells Fargo Securities TRANSACTION DETAILS Date of Purchase 08-14-2015 Purchase Price/Share $111.517 Total Commission, Spread or Profit (PER SHARE / % OF PAR) (0.89) $117.007 (1.36) 0.375 $119.286 (2.68) $116.471 (3.05) 1. Aggregate Principal Amount Purchased (a+b) $71,320,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $14,500,000 b. Other BlackRock Clients $56,820,000 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] 2. Aggregate Principal Amount of Offering $459,585,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.1552 LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public Offering. [Issuer must have 3 years of continuous operations] [_] Eligible Rule 144A Offering..... [Issuer must have 3 years of continuous operations] [X] Eligible Municipal Securities [_] Eligible Foreign Offering....... [Issuer must have 3 years of continuous operations] [_] Government Securities Offering.. [Issuer must have 3 years of continuous operations] TIMING AND PRICE (CHECK ONE OR BOTH) [X] The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and [_] If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated. FIRM COMMITMENT OFFERING (CHECK ONE) [X] YES The securities were offered pursuant to an underwriting or similar [_] NO agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities. NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE) [X] YES No affiliated underwriter was a direct or indirect participant in, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dipankar Banerjee Date: 09-09-2015 ------------------------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 09-09-2015 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering Commencement: 01-13-2016 Security Type: BND/MUNI Issuer City of Chicago General Obligation Refunding Bonds, Series 2015C Selling Underwriter Citigroup Global Markets Inc. Affiliated Underwriter(s) [X] PNC Capital markets, LLC [_] List of Underwriter(s) Citigroup Global Markets Inc., PNC Capital Markets LLC, Cabrera Capital markets, LLC, Backstrom McCarley Berry & Co., LLC, North South Capital LLC, Harvestons Securities, Inc., Podesta & Co., Drexel Hamilton, LLC TRANSACTION DETAILS Date of Purchase 01-13-2016 Purchase Price/Share $101.405 Total Commission, Spread or Profit 0.5936% (PER SHARE / % OF PAR) 1. Aggregate Principal Amount Purchased (a+b) $ 5,000,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 5,000,000 b. Other BlackRock Clients N/A 2. Aggregate Principal Amount of Offering $500,000,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.01 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public Offering. [Issuer must have 3 years of continuous operations] [_] Eligible Rule 144A Offering..... [Issuer must have 3 years of continuous operations] [X] Eligible Municipal Securities [_] Eligible Foreign Offering....... [Issuer must have 3 years of continuous operations] [_] Government Securities Offering.. [Issuer must have 3 years of continuous operations] TIMING AND PRICE (CHECK ONE OR BOTH) [X] The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and [_] If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated. FIRM COMMITMENT OFFERING (CHECK ONE) [X] YES The securities were offered pursuant to an underwriting or similar [_] NO agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities. NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE) [X] YES No affiliated underwriter was a direct or indirect participant in, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dipankar Banerjee Date: 02-04-2016 ------------------------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 02-04-2016 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES CORE U.S. AGGREGATE BOND ETF (ISHAGG) ISHARES INTERMEDIATE CREDIT BOND ETF (ISHICRED) ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF (ISHIGOVCR) ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF (ISHINTOP) Multimanager Core Bond Portfolio (AXA-VIP) AZL Enhanced Bond Index Fund (AZ-CORE) BlackRock Allocation Target Shares: Series C Portfolio (BATSC) BlackRock Balanced Capital Portfolio (FI) (BCS_F) BlackRock Core Bond Portfolio (BR-CORE) BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC) BlackRock Investment Grade Bond Portfolio (BR-IG) BlackRock Multi Asset Income - Passive Fixed Income Portfolio (BR-INC-PFI) Strategic Income Opportunities Fund (BR-SIP) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-TAX) BlackRock Macro Themes Fund - Fixed Income Sleeve (BRMT-FI) 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) U.S. Total Bond Index Master Portfolio (MIP_AGG) 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 Offering Commencement: 10-16-2015 Security Type: BND/CORP Issuer The Goldman Sachs Group, Inc. (2025) Selling Underwriter Goldman, Sachs & Co. Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Goldman, Sachs & Co., ABN AMRO Securities (USA) LLC, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Commerz Markets LLC, DBS Bank Ltd., Fifth Third Securities, Inc., ING Financial Markets LLC, KeyBanc Capital Markets Inc., Lloyds Securities Inc., Mizuho Securities USA Inc., Natixis Securities Americas LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, RBS Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] America, Inc., Standard Chartered Bank, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Drexel Hamilton, LLC, Loop Capital Markets, LLC, Mischler Financial Group, Inc., Siebert Brandford Shank & Co., L.L.C. TRANSACTION DETAILS Date of Purchase 10-16-2015 Purchase Price/Share $99.300 Total Commission, Spread or Profit 0.450% (PER SHARE / % OF PAR) 1. Aggregate Principal Amount Purchased (a+b) $ 75,000,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 14,119,000 b. Other BlackRock Clients $ 60,881,000 2. Aggregate Principal Amount of Offering $2,000,000,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.0375 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [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, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dillip Behera Date: 10-20-2015 ------------------------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 10-20-2015 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-HY) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering Commencement: 12-03-2015 Security Type: BND/MUNI Issuer Michigan Finance Authority local Government loan Program Revenue Bonds, Series 2015-C Selling Underwriter Citigroup Global Markets Inc Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays Capital Inc, J.P.Morgan Securities LLC, PNC Capital Markets LLC, Loop Capital Markets LLC, Piper Jaffray & Co. TRANSACTION DETAILS Date of Purchase 12-03-2015 Purchase Price/Share $110.711 Total Commission, Spread or Profit 0.493 (PER SHARE / % OF PAR) $110.287 1. Aggregate Principal Amount Purchased (a+b) $ 9,000,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 8,000,000 b. Other BlackRock Clients 1,000,000 2. Aggregate Principal Amount of Offering $197,660,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.04553 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public Offering. [Issuer must have 3 years of continuous operations] [_] Eligible Rule 144A Offering..... [Issuer must have 3 years of continuous operations] [X] Eligible Municipal Securities [_] Eligible Foreign Offering....... [Issuer must have 3 years of continuous operations] [_] Government Securities Offering.. [Issuer must have 3 years of continuous operations] TIMING AND PRICE (CHECK ONE OR BOTH) [X] The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and [_] If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated. FIRM COMMITMENT OFFERING (CHECK ONE) [X] YES The securities were offered pursuant to an underwriting or similar [_] NO agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities. NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE) [X] YES No affiliated underwriter was a direct or indirect participant in, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dipankar Banerjee Date: 12-05-2015 ------------------------------ Global Syndicate Team Member Approved by: Steven Delaura Date: 12-05-2015 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF (IMUN18) ISHARES NATIONAL AMT-FREE MUNI BOND ETF (ISHMUNI) ISHARES SHORT-TERM NATIONAL AMT-FREE MUNI BOND ETF (NAT0-5) ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF (IMUN19) ISHARES IBONDS SEP 2020 AMT-FREE MUNI BOND ETF (IMUN20) ISHARES NATIONAL AMT-FREE MUNI BOND ETF (ISHMUNI) ISHARES NEW YORK AMT-FREE MUNI BOND ETF (ISHNY) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) BlackRock New York Municipal 2018 Term Trust (BLH) BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock New York Municipal Income Trust II (BFY) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering Commencement: 08/03/15 Security Type: BND/MUNI Issuer The City of New York, General Obligation Bonds, Fiscal 2016 Series A Selling Underwriter Siebert Brandford Shank & Co., Bank of America Merrill Lynch Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Siebert Brandford Shank & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Fidelity Capital Markets, Goldman, Sachs & Co., Janney Montgomery Scott LLC, Lebenthal & Company LLC, Loop Capital Markets, PNC Capital Markets LLC, Ramirez & Co., Inc., Raymond James & Associates, Inc., RBC Capital Markets, Rice Financial Products Company, Roosevelt & Cross, Inc., Southwest Securities, Inc., Wells Fargo Securities, Blaylock Beal Van, LLC, Cabrera Capital Markets, LLC, Drexel Hamilton, LLC, TD Securities (USA) LLC Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TRANSACTION DETAILS Date of Purchase 08-03-2015 Purchase Price/Share $108.445 Total Commission, Spread or Profit 0.455 (PER SHARE / % OF PAR) (0.57) $111.600 (1.02) $114.217 (1.31) $116.222 (1.59) $118.634 (2.84) $116.649 (3.05) $115.996 (3.12) 1. Aggregate Principal Amount Purchased (a+b) $ 63,575,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 44,965,000 b. Other BlackRock Clients $ 18.610,000 2. Aggregate Principal Amount of Offering $645,765,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.09845 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public Offering. [Issuer must have 3 years of continuous operations] [_] Eligible Rule 144A Offering..... [Issuer must have 3 years of continuous operations] [X] Eligible Municipal Securities [_] Eligible Foreign Offering....... [Issuer must have 3 years of continuous operations] [_] Government Securities Offering.. [Issuer must have 3 years of continuous operations] TIMING AND PRICE (CHECK ONE OR BOTH) [X] The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and [_] If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated. FIRM COMMITMENT OFFERING (CHECK ONE) [X] YES The securities were offered pursuant to an underwriting or similar [_] NO agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities. NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE) [X] YES No affiliated underwriter was a direct or indirect participant in, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dillip Behera Date: 08-19-2015 ------------------------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 08-19-2015 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering 02-09-2016 Commencement: Security Type: BND/MUNI Issuer State of Wisconsin General Obligation Refunding Bonds 2016-1 Selling Underwriter Bank of America Merrill Lynch Affiliated Underwriter(s) [X] PNC Capital markets, LLC [_] List of Underwriter(s) Bank of America Merrill Lynch, Ramirez & Co., Inc., PNC Capital Markets LLC, Stifel, Nicolaus & Company, Inc., Robert W. Baird & Co., Inc TRANSACTION DETAILS Date of Purchase 02-09-2016 Page 1 of 2
Purchase Price/Share $118.618 Total Commission, Spread or (PER SHARE / % OF PAR) $121.724 Profit 0.401 1. Aggregate Principal Amount Purchased (a+b) $ 46,285,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 10,800,000 b. Other BlackRock Clients $ 35,485,000 2. Aggregate Principal Amount of Offering $295,225,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.15678 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] LEGAL REQUIREMENTS OFFERING TYPE (CHECK ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public Offering. [Issuer must have 3 years of continuous operations] [_] Eligible Rule 144A Offering..... [Issuer must have 3 years of continuous operations] [X] Eligible Municipal Securities [_] Eligible Foreign Offering....... [Issuer must have 3 years of continuous operations] [_] Government Securities Offering.. [Issuer must have 3 years of continuous operations] TIMING AND PRICE (CHECK ONE OR BOTH) [X] The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and [_] If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated. FIRM COMMITMENT OFFERING (CHECK ONE) [X] YES The securities were offered pursuant to an underwriting or similar [_] NO agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities. NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE) [X] YES No affiliated underwriter was a direct or indirect participant in, or [_] NO benefited directly or indirectly from, the transaction. Completed by: Dipankar Banerjee Date: 02-15-2016 ------------------------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 02-15-2016 ------------------------------ Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a) the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b) the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c) financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d) if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a) are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b) are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c) either (1) are subject to no greater than moderate credit risk; or (2) if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a) the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b) the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c) the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities The security is issued or guaranteed as to Offering principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public The securities offered are registered under the Offering. Securities Act of 1933 that are being offered to the public.
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