Form NSAR-B BLACKROCK MUNICIPAL INCO For: Aug 31
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E-mailPAGE 1 000 B000000 08/31/2016 000 C000000 0001176194 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 INCOME TRUST II 001 B000000 811-21126 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 & CO. 014 B000003 8-53380 014 A000004 PNC CAPITAL MARKETS LLC 014 B000004 8-32493 PAGE 2 014 A000005 PNC INVESTMENTS 014 B000005 8-66195 014 A000006 SOLEBURY CAPITAL, LLC 014 B000006 8-67548 015 A000001 State Street Bank and 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 273 019 C000000 BLKRKADVSR 020 A000001 UBS SECURITIES LLC 020 B000001 13-3873456 020 C000001 2 020 A000002 BANK OF AMERICA CORP 020 B000002 56-0906609 020 C000002 1 021 000000 3 022 A000001 BLACKROCK LIQUIDITY FUNDS, MUNICASH 022 B000001 52-0983343 022 C000001 37253 022 D000001 33744 022 A000002 FFI INSTITUTIONAL TAX-EXEMPT FUND 022 B000002 22-2509978 022 C000002 23454 022 D000002 35341 022 A000003 CITIGROUP GLOBAL MARKETS INC 022 B000003 11-2418191 022 C000003 17336 022 D000003 1080 022 A000004 J.P. 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LLC 022 B000007 13-2655998 022 C000007 6176 022 D000007 3327 022 A000008 PIPER JAFFRAY & CO 022 B000008 41-0953246 PAGE 3 022 C000008 1734 022 D000008 1762 022 A000009 BARCLAYS CAPITAL INC 022 B000009 13-3297824 022 C000009 455 022 D000009 2764 022 A000010 STIFEL NICOLAUS & CO INC 022 B000010 43-0538770 022 C000010 2032 022 D000010 0 023 C000000 118604 023 D000000 92665 024 000000 N 025 D000001 0 026 A000000 N 026 B000000 N 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 N 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 028 G020000 0 028 G030000 0 PAGE 4 028 G040000 0 028 H000000 0 030 A000000 0 030 B000000 0.00 030 C000000 0.00 031 A000000 0 031 B000000 0 032 000000 0 033 000000 0 035 000000 0 036 B000000 0 038 000000 0 042 A000000 0 042 B000000 0 042 C000000 0 042 D000000 0 042 E000000 0 042 F000000 0 042 G000000 0 042 H000000 0 043 000000 0 044 000000 0 045 000000 Y 046 000000 N 047 000000 Y 048 000000 0.550 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 N PAGE 5 052 000000 N 053 A000000 Y 053 B000000 Y 053 C000000 N 054 A000000 Y 054 B000000 Y 054 C000000 N 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 N 054 M000000 Y 054 N000000 N 055 A000000 N 055 B000000 N 056 000000 Y 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 Y 060 B000000 Y 061 000000 0 062 A000000 Y 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.9 062 M000000 0.0 062 N000000 0.0 062 O000000 158.1 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 23.0 064 A000000 Y 064 B000000 Y 065 000000 N 066 A000000 N PAGE 6 067 000000 N 068 A000000 N 068 B000000 N 069 000000 N 070 A010000 Y 070 A020000 N 070 B010000 N 070 B020000 N 070 C010000 Y 070 C020000 N 070 D010000 N 070 D020000 N 070 E010000 Y 070 E020000 Y 070 F010000 N 070 F020000 N 070 G010000 Y 070 G020000 N 070 H010000 N 070 H020000 N 070 I010000 N 070 I020000 N 070 J010000 Y 070 J020000 N 070 K010000 Y 070 K020000 Y 070 L010000 N 070 L020000 N 070 M010000 N 070 M020000 N 070 N010000 Y 070 N020000 N 070 O010000 Y 070 O020000 N 070 P010000 Y 070 P020000 N 070 Q010000 N 070 Q020000 N 070 R010000 Y 070 R020000 N 071 A000000 57897 071 B000000 43089 071 C000000 583154 071 D000000 7 072 A000000 12 072 B000000 27690 072 C000000 3 072 D000000 0 072 E000000 0 072 F000000 3251 072 G000000 59 PAGE 7 072 H000000 0 072 I000000 38 072 J000000 27 072 K000000 0 072 L000000 12 072 M000000 46 072 N000000 10 072 O000000 0 072 P000000 2362 072 Q000000 0 072 R000000 49 072 S000000 31 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 83 072 X000000 5968 072 Y000000 1 072 Z000000 21726 072AA000000 116 072BB000000 0 072CC010000 20414 072CC020000 0 072DD010000 21868 072DD020000 0 072EE000000 0 073 A010000 0.9315 073 A020000 0.0000 073 B000000 0.0000 073 C000000 0.0000 074 A000000 420 074 B000000 0 074 C000000 0 074 D000000 598407 074 E000000 0 074 F000000 0 074 G000000 0 074 H000000 0 074 I000000 3510 074 J000000 200 074 K000000 1 074 L000000 7005 074 M000000 27 074 N000000 609570 074 O000000 0 074 P000000 562 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 79136 PAGE 8 074 S000000 151300 074 T000000 378572 074 U010000 23490 074 U020000 0 074 V010000 16.12 074 V020000 0.00 074 W000000 0.0000 074 X000000 10127 074 Y000000 25980 075 A000000 0 075 B000000 368027 076 000000 16.34 077 A000000 Y 077 B000000 Y 077 I000000 Y 077 O000000 Y 077 Q010000 Y 078 000000 N 080 A000000 FEDERAL INSURANCE COMPANY 080 B000000 ST. PAUL FIRE & MARINE INSURANCE COMPANY 080 C000000 61025 081 A000000 Y 081 B000000 74 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N 086 A010000 20 086 A020000 317 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A020000 09249N101 087 A030000 BLE 087 B010000 PREFERRED STOCK 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 Y PAGE 9 SIGNATURE NEAL J. ANDREWS TITLE CFO
BlackRock Municipal Income Trust II File No. 811-21126 Item No. 77I (Terms of New or Amended Securities) -- Attachment A copy of an amendment to the Statement of Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).
BlackRock Municipal Income Trust II File No. 811-21126 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 Municipal Income Trust II's (the "Fund") Amendment to Statement of ---- Preferences of Variable Rate Muni Term Preferred Shares dated April 13, 2016 and filed with the Fund's books and records. Exhibit 77Q1(a) BLACKROCK MUNICIPAL INCOME TRUST II AMENDMENT TO STATEMENT OF PREFERENCES OF VARIABLE RATE MUNI TERM PREFERRED SHARES ("VMTP SHARES") DATED DECEMBER 15, 2011 (THE "STATEMENT OF PREFERENCES") The undersigned officer of BlackRock Municipal Income Trust II (the "Trust"), a Delaware statutory trust, hereby certifies as follows: 1. The Board of Trustees of the Trust (with the consent of the Holders (as defined in the Statement of Preferences) of the VMTP Shares required under Section 5 of the Statement of Preferences) has adopted resolutions to amend the Statement of Preferences as follows: The Statement of Preferences of the Trust is hereby amended by deleting Appendix A to the Statement of Preferences and replacing it with the Appendix A attached hereto. 2. Except as amended hereby, the Statement of Preferences remains in full force and effect. 3. An original copy of this amendment shall be lodged with the records of the Trust and filed in such places as the Trustees deem appropriate. [SIGNATURE PAGE FOLLOWS] IN WITNESS WHEREOF, BlackRock Municipal Income Trust II, has caused these presents to be signed as of April 13, 2016 in its name and on its behalf by its Vice President and attested by its Secretary. Said officers of the Trust have executed this amendment as officers and not individually, and the obligations and rights set forth in this amendment are not binding upon any such officers, or the trustees or shareholders of the Trust, individually, but are binding only upon the assets and property of the Trust. BLACKROCK MUNICIPAL INCOME TRUST II 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 Trust'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 Trust, based on the Trust'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 Trust already owns and (b) which have deteriorated or are expected shortly to deteriorate, with the expectation that such investment should enable the Trust 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 Trust'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 Trust, the Trust 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 Trust'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 Municipal Income Trust II File No. 811-21126 Item No. 77Q1(d) (Copies of All Constituent Instruments Referred to in Sub-Item 77I) -- Attachment A copy of an amendment to the Statement of Preferences of Variable Rate Muni Term Preferred Shares is attached under Sub-Item 77Q1(a).
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE SHAREHOLDERS AND BOARDS OF TRUSTEES OF BLACKROCK MUNICIPAL BOND TRUST, BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST, BLACKROCK MUNICIPAL INCOME QUALITY TRUST, BLACKROCK MUNICIPAL INCOME TRUST II, AND BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND, AND TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF BLACKROCK MUNIVEST FUND, INC.: In planning and performing our audits of the financial statements of BlackRock Municipal Bond Trust, BlackRock Municipal Income Investment Quality Trust, BlackRock Municipal Income Quality Trust, BlackRock Municipal Income Trust II, BlackRock MuniHoldings Investment Quality Fund, and BlackRock MuniVest Fund, Inc. (collectively, the "Trusts"), as of and for the year ended August 31, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trusts' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Trusts is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A trust's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors/trustees of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a trust's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the trusts' annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trusts' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States.) However, we noted no deficiencies in the Trusts' internal control over financial reporting and its operation, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of August 31, 2016. This report is intended solely for the information and use of management and the Boards of Trustees of BlackRock Municipal Bond Trust, BlackRock Municipal Income Investment Quality Trust, BlackRock Municipal Income Quality Trust, BlackRock Municipal Income Trust II, and BlackRock MuniHoldings Investment Quality Fund, the management and Board of Directors of BlackRock MuniVest Fund, 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 October 25, 2016
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND, INC., AND TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF BLACKROCK MARYLAND MUNICIPAL BOND TRUST, BLACKROCK MASSACHUSETTS TAX-EXEMPT TRUST, BLACKROCK NEW JERSEY MUNICIPAL BOND TRUST, BLACKROCK NEW YORK MUNICIPAL BOND TRUST, BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST, BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II, AND BLACKROCK VIRGINIA MUNICIPAL BOND TRUST: In planning and performing our audits of the financial statements of BlackRock MuniHoldings New York Quality Fund, Inc., BlackRock Maryland Municipal Bond Trust, BlackRock Massachusetts Tax-Exempt Trust, BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust, BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, and BlackRock Virginia Municipal Bond Trust (individually a "Trust" and collectively the "Trusts"), as of and for the year ended August 31, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trusts' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Trusts is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A trust's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and the trustees of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a trust's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trusts' annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trusts' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trusts' internal control over financial reporting and their operation, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of August 31, 2016. This report is intended solely for the information and use of management and the Board of Directors of BlackRock MuniHoldings New York Quality Fund, Inc., and the Board of Trustees of BlackRock Maryland Municipal Bond Trust, BlackRock Massachusetts Tax-Exempt Trust, BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust, BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, and BlackRock Virginia Municipal Bond Trust, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ Deloitte & Touche LLP Boston, Massachusetts October 25, 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 NATIONAL MUNI BOND ETF (ISHMUNI) ISHARES NEW YORK MUNI BOND ETF (ISHNY) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock Municipal Income Trust (BFK) BlackRock Municipal Income Trust II (BLE) BlackRock High Yield Municipal Fund (BR-HYMUNI) BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL) BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock Municipal Income Quality Trust (BYM) BlackRock MuniEnhanced Fund, Inc.(MEN) BlackRock MuniHoldings Investment Quality Fund (MFL) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock MuniHoldings Fund, Inc. (MHD) BlackRock MuniHoldings New York Quality Fund, Inc. (MHN) BlackRock MuniYield Quality Fund II, Inc. (MQT) BlackRock MuniYield Quality Fund, Inc. (MQY) BlackRock MuniHoldings Fund II, Inc. (MUH) BlackRock MuniVest Fund II, Inc. (MVT) BlackRock MuniYield Fund, Inc. (MYD) BlackRock MuniYield Investment Fund (MYF) BlackRock MuniYield Quality Fund III, Inc. (MYI) BlackRock MuniYield New York Quality Fund, Inc. (MYN) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) -------------------------------------- Date of 07-21-2016 Offering Commencement: ------------------------ ------------ Security Type: BND/MUNI -------------------------------------- ------------------------------------------------------------------------------- Issuer Metropolotan Transportation Authority Transportation Revenue Bonds, Series 2016C, Subseries 2016-C-1 (2056) --------------------------- -------------------------------------------------- Selling Underwriter Wells Fargo Securities, LLC --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] ------------------------------------------------------------------------------- List of Underwriter(s) Wells Fargo Securities, LLC, Drexel Hamilton, LLC, Estrada Hinojosa & Company, Rice Financial Products Company, BNYMellon Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Jefferies LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Samuel A. Ramirez & Company, Inc., RBC Capital Markets, LLC, Siebert Brandford Shank & Co, Academy Securities, Barclays Capital Inc., Cabrera Capital Markets, LLC, Duncan-Williams, Inc., Fidelity Capital Markets, Janney Montgomery Scott LL, Keybank Capital Markets Inc, M&T Securities, Inc, Mesirow Financial Inc, Oppenheimer & Co, Piper Jaffray & Co, PNC Capital Markets LLC, Raymond James & Associates, Inc, Roosevelt & Cross, Inc, Stern Brothers & Co., Stifel Nicolaus & Company, Inc, The Williams Capital Group, L.P, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 07-21-2016 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $119.657 (PER SHARE / % OF PAR) $122.685 Total Commission, Spread or Profit 0.463% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $104,350,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $87,500,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $16,850,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $534,200,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.19533 ------------------------------------------------------------------------------- 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 [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: 07-26-2016 --------------------------------------------- Global Syndicate Team Member Approved by: Date: --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
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