Form NSAR-B BLACKROCK MUNI INTERMEDI For: Apr 30
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E-mailPAGE 1 000 B000000 04/30/2016 000 C000000 0001232860 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLK MUNI INTERMEDIATE DURATION FUND, INC. 001 B000000 811-21348 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. (COMMON) 012 B000001 85-11340 012 C010001 CANTON 012 C020001 MA 012 C030001 02021 012 A000002 THE BANK OF NEW YORK MELLON (PREFERRED) 012 B000002 85-05006 012 C010002 NEW YORK 012 C020002 NY 012 C030002 10289 013 A000001 DELOITTE & TOUCHE LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02116 014 A000001 BLACKROCK EXECUTION SERVICES 014 B000001 8-48719 014 A000002 BLACKROCK INVESTMENTS, LLC 014 B000002 8-48436 014 A000003 HARRIS WILLIAMS LLC 014 B000003 8-53380 014 A000004 PNC CAPITAL MARKETS, INC. 014 B000004 8-32493 PAGE 2 014 A000005 PNC INVESTMENTS LLC 014 B000005 8-66195 014 A000006 SOLEBURY CAPITAL, LLC 014 B000006 8-67548 015 A000001 STATE STREET BANK & TRUST COMPANY 015 B000001 C 015 C010001 BOSTON 015 C020001 MA 015 C030001 02110 015 E010001 X 018 000000 Y 019 A000000 Y 019 B000000 280 019 C000000 BLKRKADVSR 020 A000001 BANK OF AMERICA CORP 020 B000001 56-0906609 020 C000001 7 021 000000 7 022 A000001 FFI INSTITUTIONAL TAX-EXEMPT FUND 022 B000001 22-2509978 022 C000001 142709 022 D000001 144066 022 A000002 BLACKROCK LIQUIDITY FUNDS, MUNICASH 022 B000002 52-0983343 022 C000002 74887 022 D000002 62584 022 A000003 CITIGROUP GLOBAL MARKETS INC. 022 B000003 11-2418191 022 C000003 63501 022 D000003 24234 022 A000004 BANK OF AMERICA CORP 022 B000004 56-0906609 022 C000004 32920 022 D000004 13852 022 A000005 JEFFERIES & COMPANY INC 022 B000005 95-2622900 022 C000005 10958 022 D000005 17901 022 A000006 JPMORGAN SECURITIES INC 022 B000006 13-3299429 022 C000006 23867 022 D000006 4102 022 A000007 RBC CAPITAL MARKETS CORP 022 B000007 13-5033225 022 C000007 11255 022 D000007 7966 022 A000008 PERSHING LLC 022 B000008 13-2741729 022 C000008 11146 022 D000008 7829 022 A000009 BARCLAYS CAPITAL INC. 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ANDREWS TITLE CFO
[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 Muni Intermediate Duration Fund, Inc. (MUI) BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL) The Offering Key Characteristics (Complete ALL Fields) ------------------------------------- Date of 12-11-2015 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer Indiana Municipal Power Agency Power System Refunding Revenue bonds, 2016 Series A --------------------------- -------------------------------------------------- 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, Citi Securities Corp., Goldman, Sachs & Co, J.P.Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. ------------------------------------------------------------------------------- Transaction Details ------------------------------- Date of Purchase 12-11-2015 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $117.359 (per share / % of par) $114.465 Total Commission, Spread or Profit 0.3994 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 61,060,000 ---------------------------------------------------------------- ------------- a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 56,000,000 ---------------------------------------------------------------- ------------- b. Other BlackRock Clients 5,060,000 ---------------------------------------------------------------- ------------- 2. Aggregate Principal Amount of Offering $ 366,350,000 ---------------------------------------------------------------- ------------- Fund Ratio [Divide Sum of #1 by #2] Must be less than 0.25 0.1667 ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions Legal Requirements Offering Type (check ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public [Issuer must have 3 years of continuous Offering...................... 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 [Issuer must have 3 years of continuous Offering...................... 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: 12-23-2015 --------------------------------------------- Global Syndicate Team Member Approved by: Betsy Mathews, Steven DeLaura Date: 12-23-2015 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions 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 Term Definition Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions 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.
BlackRock Muni Intermediate Duration Fund, Inc. File No. 811-21348 Item No. 77I (Terms of New or Amended Securities) -- Attachment A copy of an amendment to the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).
BlackRock Muni Intermediate Duration Fund, Inc. File No. 811-21348 Item No. 77Q1(a) (Copies of Material Amendments to Registrant's Charter or By-laws) -- Attachment Attached please find as an exhibit under Sub-Item 77Q1(a) of Form N-SAR, a copy of BlackRock Muni Intermediate Duration Fund, Inc.'s Articles of Amendment Amending the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares filed with the State Department of Assessments and Taxation of Maryland on April 13, 2016. Exhibit 77Q1(a) BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC. ARTICLES OF AMENDMENT AMENDING THE ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF VARIABLE RATE MUNI TERM PREFERRED SHARES This is to certify that First: The charter of BlackRock Muni Intermediate Duration Fund, Inc., a ----- Maryland corporation (the "Corporation"), is amended by these Articles of Amendment, which amend the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares, dated as of December 6, 2012, as amended on June 26, 2015 (together, the "Articles Supplementary"). Second: The charter of the Corporation is hereby amended by deleting ------ Appendix A to the Articles Supplementary and replacing it with the Appendix A attached hereto. Third: These Articles of Amendment shall be effective as of April 13, 2016. ----- Fourth: The amendment to the charter of the Corporation as set forth above ------ in these Articles of Amendment has been duly advised by the board of directors of the Corporation and approved by the stockholders of the Corporation as and to the extent required by law and in accordance with the charter of the Corporation. [SIGNATURE PAGE FOLLOWS] IN WITNESS WHEREOF, BlackRock Muni Intermediate Duration Fund, Inc. has caused these Articles of Amendment to be signed as of June 13, 2016 in its name and on its behalf by the person named below who acknowledges that these Articles of Amendment are the act of the Corporation and, to the best of such person's knowledge, information and belief and under penalties for perjury, all matters and facts contained in these Articles of Amendment are true in all material respects. BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC. By: /s/ Jonathan Diorio ------------------------------ Name: Jonathan Diorio Title: Vice President ATTEST: /s/ Janey Ahn -------------------------- Name: Janey Ahn Title: Secretary APPENDIX A ELIGIBLE ASSETS On the Date of Original Issue and at all times thereafter that the VMTP Preferred Shares are Outstanding: 1. "Eligible Assets" are defined to consist only of assets that conform to the following requirements as of the time of investment: A. Debt obligations. The following debt obligations which are not in payment default at the time of investment: i. "Municipal securities," defined as obligations of a State, the District of Columbia, a U.S. territory, or a political subdivision thereof and including general obligations, limited obligation bonds, revenue bonds, and obligations that satisfy the requirements of section 142(b)(1) of the Internal Revenue Code of 1986 issued by or on behalf of any State, the District of Columbia, any U.S. territory or any political subdivision thereof, including any municipal corporate instrumentality of 1 or more States, or any public agency or authority of any State, the District of Columbia, any U.S. territory or any political subdivision thereof. The purchase of any municipal security will be based upon the Investment Adviser's assessment of an asset's relative value in terms of current yield, price, credit quality, and future prospects; and the Investment Adviser will monitor the creditworthiness of the Corporation's portfolio investments and analyze economic, political and demographic trends affecting the markets for such assets. ii.Debt obligations of the United States. iii.Debt obligations issued, insured, or guaranteed by a department or an agency of the U.S. Government, if the obligation, insurance, or guarantee commits the full faith and credit of the United States for the repayment of the obligation. iv.Debt obligations of the Washington Metropolitan Area Transit Authority guaranteed by the Secretary of Transportation under Section 9 of the National Capital Transportation Act of 1969. v. Debt obligations of the Federal Home Loan Banks. vi.Debt obligations, participations or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association. vii.Debt obligations which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to sections 305 or 306 of the Federal Home Loan Mortgage Corporation Act. viii.Debt obligations of any agency named in 12 U.S.C. (S) 24(Seventh) as eligible to issue obligations that a national bank may underwrite, deal in, purchase and sell for the bank's own account, including qualified Canadian government obligations. ix.Debt obligations of issuers other than those specified in (i) through (viii) above that are rated in one of the three highest rating categories by two or more NRSROs, or by one NRSRO if the security has been rated by only one NRSRO, and which have been determined by the Corporation, based on the Corporation's internal credit due diligence, to be securities where the issuer has adequate capacity to meet financial commitments under the security for the projected life of the security such that the lack of default on the security such that the risk of default on the security is low, and the full and timely repayment of principal and interest is expected, and that are "marketable". For these purposes, an obligation is "marketable" if: . it is registered under the Securities Act; . it is offered and sold pursuant to Securities and Exchange Commission Rule 144A; 17 CFR 230.144A; or . it can be sold with reasonable promptness at a price that corresponds reasonably to its fair value. x. Certificates or other securities evidencing ownership interests in a municipal bond trust structure (generally referred to as a tender option bond structure) that invests in (a) debt obligations of the types described in (i) above or (b) depository receipts reflecting ownership interests in accounts holding debt obligations of the types described in (i) above. An asset shall not fail to qualify as an Eligible Asset solely by virtue of the fact that: . it provides for repayment of principal and interest in any form including fixed and floating rate, zero interest, capital appreciation, discount, leases, and payment in kind; or . it is for long-term or short-term financing purposes. B. Derivatives i. Interest rate derivatives; or ii.Swaps, credit default swaps, futures, forwards, structured notes, options and swaptions related to Eligible Assets or on an index related to Eligible Assets. C. Other Assets i. (A) Shares of other investment companies registered under Section 8 of the Investment Company Act of 1940 (open- or closed-end funds and ETFs) the assets of which consist entirely of Eligible Assets based on the Investment Adviser's assessment of the assets of each such investment company taking into account the investment company's most recent publicly available schedule of investments and publicly disclosed investment policies. (B) Notwithstanding Paragraph C.i.(A) above, the Trust shall be permitted, subject to Applicable Law, to invest up to five percent (5%) of the Trust's Managed Assets as of the time of investment in securities issued by a money-market fund (each, an "Eligible Money-Market Fund") that is (a) registered under the Investment Company Act of 1940, and (b) affiliated with the Investment Adviser; provided that if the Investment Advisor represents that the Eligible Money-Market Fund meets the requirements of Paragraph C.i.(A) above, the amount of such Managed Assets invested in any such Eligible Money-Market Fund meeting the requirements of Paragraph C.i.(A) above shall be excluded from the foregoing five percent (5%) limitation. ii.Cash. iii.Repurchase agreements on assets described in A above. iv.Taxable fixed-income securities issued by an issuer described in Paragraph 1(A) (a "Permitted Issuer") that are not in default at the time of acquisition, acquired for the purpose of influencing control over such Permitted Issuer or creditor group of municipal bonds of such Permitted Issuer (a) the Corporation already owns and (b) which have deteriorated or are expected shortly to deteriorate, with the expectation that such investment should enable the Corporation to better maximize the value of its existing investment in such issuer, provided that the taxable fixed-income securities of such issuer so acquired do not constitute more than 0.5% of the Corporation's Managed Assets as of the time of investment. 2. At any time that VMTP Preferred Shares are outstanding, for any investment company the securities of which are held by the Corporation, the Corporation will provide or make available the following information to the Holders within 10 days after the public quarterly release of such information and on the Date of Original Issue (for the reporting period having ended most recently prior to the closing): i. the identity of the investment company and the CUSIP Number, the number of shares owned, as of the end of the prior quarter, and the percentage of the investment company's equity represented by the Corporation's investment, as of the end of the prior quarter; ii.other than in the case of an investment in an Eligible Money-Market Fund, a representation that each such investment company invests solely in "Eligible Assets," which representation may be based upon the affirmative representation of the underlying investment company's investment adviser; and iii.other than in the case of an investment in an Eligible Money-Market Fund, the information contained in the most recently released financial statements of each such underlying investment company relating to the portfolio holdings of each such investment company.
BlackRock Muni Intermediate Duration Fund, Inc. File No. 811-21348 Item No. 77Q1(d) (Copies of All Constituent Instruments Referred to in Sub-Item 77I) -- Attachment A copy of an amendment to the Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Shareholders and Board of Directors of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc.: In planning and performing our audits of the financial statements of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc. (collectively, the "Funds"), as of and for the year ended April 30, 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 fund'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 directors 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 the Funds' 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 April 30, 2016. This report is intended solely for the information and use of management and the Board of Directors of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc., 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 June 23, 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 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 08/03/15 Offering Commencement: ------------------------ --------- 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 Transaction Details ------------------------------- Date of Purchase 08-03-2015 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $ 108.445 (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) Total Commission, Spread or Profit 0.455 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 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 Legal Requirements Offering Type (check ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public [Issuer must have 3 years of continuous Offering...................... 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 [Issuer must have 3 years of continuous Offering...................... 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: 08-19-2015 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 08-19-2015 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions 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 Term Definition Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions 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 OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings Participating Funds . U.S. Registered Funds (Name of Fund, Aladdin Ticker): iShares National AMT-Free Muni Bond ETF (ISHMUNI) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Municipal Income Investment Trust (BBF) BlackRock Municipal Bond Investment Trust (BIE) BlackRock MuniHoldings Investment Quality Fund (MFL) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock MuniHoldings Quality Fund II, Inc. (MUE) BlackRock MuniHoldings Quality Fund, Inc. (MUS) BlackRock MuniYield Investment Fund (MYF) The Offering Key Characteristics (Complete ALL Fields) ------------------------------------- Date of 12-02-2015 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer Pennsylvania Turnpike Commission Turnpike Senior Revenue Bonds, Series B of 2015 --------------------------- -------------------------------------------------- Selling Underwriter RBC Capital Markets --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) RBC Capital Markets, Janney Montgomery Scott LLC, Siebert Brandford Shank & Co., Boenning & Scattergood, Inc., PNC Capital Markets LLC, Wells Fargo Securities ------------------------------------------------------------------------------- Transaction Details ------------------------------- Date of Purchase 12-02-2015 ------------------ ----------- Purchase Price/Share (per share / % of par) $115.333 Total Commission, Spread or Profit 0.389% ------------------------------------------------------------------------------- (3.19) $111.625 (3.60) ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 12,205,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 9,790,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $ 2,415,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $304,005,000 ----------------------------------------------------------------- ------------ Fund Ratio [Divide Sum of #1 by #2] Must be less than 0.25 0.04015 ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions Legal Requirements Offering Type (check ONE) The securities fall into one of the following transaction types (see Definitions): [_] U.S. Registered Public [Issuer must have 3 years of continuous Offering...................... 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......... [Issuer must have 3 years of continuous Offering...................... 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: 12-23-2015 --------------------------------------------- Global Syndicate Team Member Approved by: Betsy Mathews, Steven DeLaura Date: 12-23-2015 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions 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 Term Definition Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions 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.
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