Form NSAR-B BLACKROCK MUNIYIELD INVE For: Jul 31
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ANDREWS TITLE CFO
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC., BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND, INC., AND BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND, INC.; AND TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND AND BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND: In planning and performing our audits of the financial statements of BlackRock MuniHoldings California Quality Fund, Inc., BlackRock MuniHoldings New Jersey Quality Fund, Inc., BlackRock MuniYield Michigan Quality Fund, Inc., BlackRock MuniYield Investment Quality Fund and BlackRock MuniYield Pennsylvania Quality Fund (collectively, the "Funds"), as of and for the year ended July 31, 2017, 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/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 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 its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of July 31, 2017. This report is intended solely for the information and use of management and the Board of Directors/Trustees of BlackRock MuniHoldings California Quality Fund, Inc., BlackRock MuniHoldings New Jersey Quality Fund, Inc., BlackRock MuniYield Investment Quality Fund., BlackRock MuniYield Michigan Quality Fund, Inc., & BlackRock MuniYield Pennsylvania Quality Fund., 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 September 25, 2017
[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 Bond Trust (BBK) BlackRock Investment Quality Municipal Trust (BKN) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 08-03-2016 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer The City of New York General Obligation Bonds, Series 2017-A-1 --------------------------- -------------------------------------------------- Selling Underwriter GOLDMAN SACHS & CO. --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Goldman Sachs & Co, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Jefferies & Company, Inc., J.P. Morgan Securities LLC, Loop Capital Markets, LLC, Ramirez & Co.,Inc, RBC Capital Markets, Siebert Brandford Shank & Co., L.L.C., Wells Fargo Securities, LLC, Barclays Bank PLC, BNY Mellon Capital Markets, LLC, Drexel Hamilton, LLC, Fidelity Capital Markets, Janney Montgomery Scott LLC, Mizuho Securities USA Inc, Morgan Stanley & Co. LLC, Oppenheimer & Co, Raymond James & Associates, Inc., Roosevelt & Cross, Inc, Stifel, Nicolaus & Company, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments,Inc, Academy Securities, Inc., Blaylock Beal Van, LLC, FTN Financial Securities Corp., Hilltop Securities, PNC Capital Markets LLC, Rice Financial Products Company, Stern Brothers & Co., The Williams Capital Group, L.P ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 08-03-2016 ------------------------------- ------------------------------------------------------------------------------ Purchase Price/Share (PER SHARE / % OF PAR) $122.202 (2.47) $111.370 (2.69) Total Commission, Spread or Profit 0.441% ------------------------------------------------------------------------------ Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 24,485,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 17,320,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $ 7,165,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $800,000,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.03061 ------------------------------------------------------------------------------- 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: 08-09-2016 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 08-09-2016 --------------------------------------------- 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 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.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Municipal 2030 Target Term Trust (BTT2) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock New Jersey Municipal Bond Trust (BLJ) BlackRock New Jersey Municipal Income Trust (BNJ) BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL) BlackRock New Jersey Municipal Bond Fund of BlackRock Multi-State Municipal (BR-NJMUNI) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock MuniHoldings Quality Fund II, Inc. (MUE) BlackRock MuniHoldings New Jersey Quality Fund, Inc. (MUJ) BlackRock MuniHoldings Quality Fund, Inc. (MUS) BlackRock MuniVest Fund, Inc. (MVF) BlackRock MuniYield New Jersey Fund, Inc. (MYJ) BlackRock Municipal Bond Trust (BBK) BlackRock Investment Quality Municipal Trust (BKN) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 10-21-2016 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds RWJ Barnabas Health Obligated Group Issue, Series 2016A --------------------------- -------------------------------------------------- Selling Underwriter Citigroup Global Markets Inc --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Citigroup Global Markets Inc., Duncan-Williams,Inc, Estrada Hinojosa & Company, Estrada Hinojosa & Company, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TRANSACTION DETAILS ------------------------------- Date of Purchase 10-21-2016 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share (PER SHARE / % OF PAR) $117.584 $113.875 $102.578 Total Commission, Spread or Profit 0.523% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 64,725,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 53,745,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $ 10,980,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $679,135,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2 ]Must be less than 0.25 0.09531 ------------------------------------------------------------------------------- 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: 11-07-2016 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 11-07-2016 --------------------------------------------- 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 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.
[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 Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ---------------------------------------------- Date of 12-07-2016 Offering Commencement: ------------------------ -------------------- Security Type: BND/MUNI ---------------------------------------------- ------------------------------------------------------------------------------- Issuer The City of New York General Obligation Bonds 2017 Series-B Subseries B-1 --------------------------- -------------------------------------------------- Selling Underwriter Jefferies LLC --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: ------------------------------------------------------------------------------- List of Underwriter(s) Jefferies LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Goldman, Sachs & Co, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Ramirez & Company, Inc, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Siebert Cisneros Shank & Co., LLC, Barclays Capital Inc., BNY Mellon Capital Markets, LLC, Drexel Hamilton, LLC, Fidelity Capital Markets, Janney Montgomery Scott LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co, Raymond James & Associates, Inc., Roosevelt & Cross, Inc, Stifel, Nicolaus & Company, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments,Inc, Academy Securities, Inc., Blaylock Beal Van, LLC, FTN Financial Securities Corp., Hilltop Securities, PNC Capital Markets LLC, Rice Financial Products Company, Stern Brothers & Co., The Williams Capital Group, L.P, PNC Capital Markets LLC ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 12-07-2016 ------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] ------------------------------------------------------------------------------- Purchase Price/Share $113.315 (PER SHARE / % OF PAR) $112.328 $110.998 $ 99.00 Total Commission, Spread or Profit 0.462% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 11,105,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 10,000,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $ 1,105,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $650,000,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.01708 ------------------------------------------------------------------------------- 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 [_] NO indirect participant in, or benefited directly or indirectly from, the transaction. Completed by: Dipankar Banerjee Date: 12-09-2016 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 12-09-2016 --------------------------------------------- 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 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.
[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) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock New York Municipal Income Trust II (BFY) BlackRock New York Municipal Bond Trust (BQH) BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) BlackRock MuniHoldings New York Quality Fund, Inc. (MHN) BlackRock MuniYield New York Quality Fund, Inc. (MYN) BlackRock New York Municipal Income Trust II (BFY) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 02-01-2017 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution Revenue Bonds 2017 Series DD --------------------------- -------------------------------------------------- Selling Underwriter Barclays Capital Inc --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Barclays Capital Inc., Raymond James & Associates, Inc., Citigroup Global Markets Inc, Siebert Cisneros Shank & Co., LLC, Merrill Lynch,Pierce,Fenner & Smith Incorporated, Fidelity Capital Markets, Goldman, Sachs & Co, J.P. Morgan Securities LLC, Jefferies LLC, Academy Securities, Inc, Loop Capital Markets LLC, Ramirez & Company, Inc, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Roosevelt & Cross,Inc, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc, Academy Securities, Inc, Wells Fargo Securities, LLC, Blaylock Beal Van, LLC, C Rice Financial Products Companabrera Capital Markets, LLC, Mesirow Financial Inc., Mischler Financial Group, Inc, PNC Capital Markets LLC, Stifel,Nicolaus & Company,Incorporated, The Williams Capital Group, L.P. ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TRANSACTION DETAILS ------------------------------- Date of Purchase 02-01-2017 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $ 101.38 (PER SHARE / % OF PAR) $112.668 $115.733 Total Commission, Spread or Profit 0.483% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 39,900,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 39,900,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients N/A ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $336,540,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.11856 ------------------------------------------------------------------------------- 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: 02-14-2017 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 02-14-2017 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ----------------------------------------------- Date of 03-03-2017 Offering Commencement: ------------------------ --------------------- Security Type: BND/MUNI ----------------------------------------------- ------------------------------------------------------------------------------- Issuer The Delaware Economic Development Authority Refunding Revenue Bonds Series 2017 --------------------------- -------------------------------------------------- Selling Underwriter Wells Fargo Securities, LLC --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC ------------------------------------------------------------------------------- TRANSACTION DETAILS ----------------------------------------------- Date of Purchase 03-03-2017 ----------------------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share (PER SHARE / % OF PAR) $100.044 Total Commission, Spread or Profit 0.423% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 7,095,000 ------------------------------------------------------------------ ----------- a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 6,000,000 ------------------------------------------------------------------ ----------- b. Other BlackRock Clients $ 1,095,000 ------------------------------------------------------------------ ----------- 2. Aggregate Principal Amount of Offering $42,680,000 ------------------------------------------------------------------ ----------- FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.16624 ------------------------------------------------------------------------------- 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 [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: 03-27-2017 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 03-27-2017 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
[LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS . U.S. Registered Funds (Name of Fund, Aladdin Ticker): BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 04-19-2017 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer Geisinger Authority Montour County, Pennsylvania Health System Revenue Bonds Series 2017-A1 --------------------------- -------------------------------------------------- Selling Underwriter J.P. Morgan Securities LLC --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Jefferies & Company, Inc, PNC Capital Markets LLC, Wells Fargo Securities, LLC ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 04-19-2017 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share (PER SHARE / % OF PAR) $112.842 Total Commission, Spread or Profit 0.510% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 19,235,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 19,235,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients N/A ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $350,370,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.05489 ------------------------------------------------------------------------------- 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 [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: 04-28-2017 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 04-28-2017 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
[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 National Municipal Fund of Blackrock Municipal Bond Fund, Inc. (BR-NATL) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 05-11-2017 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds, Series 2017B-1 --------------------------- -------------------------------------------------- Selling Underwriter Samuel A. Ramirez & Company,Inc --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Samuel A. Ramirez & Company,Inc., Academy Securities,Inc., Alamo Capital, The Williams Capital Group, LP, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc, Goldman, Sachs & Co, J.P. Morgan Securities LLC, Siebert Cisneros Shank & Co., Jefferies LLC, Loop Capital Markets LLC, Morgan Stanley & Co., PNC Capital Markets LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Blaylock Beal Van, LLC, BNY Mellon Capital Markets, LLC, Cabrera Capital Markets,LLC, Drexel Hamilton, LLC, Fidelity Capital Markets, FTN Financial Securities Corp., KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., Rice Financial Products Company, Stern Brothers & Co., Stifel,Nicolaus & Company, Incorporated, TD Securities (USA) LLC ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 05-11-2017 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $117.497 (PER SHARE / % OF PAR) $117.203 $101.457 $115.544 Total Commission, Spread or Profit 0.467% ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 30,210,000 ----------------------------------------------------------------- ------------ a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 20,250,000 ----------------------------------------------------------------- ------------ b. Other BlackRock Clients $ 9,960,000 ----------------------------------------------------------------- ------------ 2. Aggregate Principal Amount of Offering $309,225,000 ----------------------------------------------------------------- ------------ FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.09770 ------------------------------------------------------------------------------- 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: 05-15-2017 --------------------------------------------- Global Syndicate Team Member Approved by: Steven Delaura Date: 05-15-2017 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
[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 SHORT-TERM NATIONAL MUNI BOND ETF (NAT0-5) ISHARES NEW YORK MUNI BOND ETF (ISHNY) BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Municipal Income Investment Trust (BBF) BlackRock Municipal Income Trust (BFK) BlackRock Municipal Income Trust II (BLE) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock Municipal Income Quality Trust (BYM) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock MuniHoldings Fund, Inc. (MHD) 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 New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) BlackRock New York Municipal Income Trust II (BFY) BlackRock New York Municipal Income Trust (BNY) BlackRock New York Municipal Bond Trust (BQH) BlackRock New York Municipal Income Quality Trust (BSE) BlackRock MuniHoldings New York Quality Fund, Inc. (MHN) BlackRock MuniYield New York Quality Fund, Inc. (MYN) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ------------------------------------- Date of 05-24-2017 Offering Commencement: ------------------------ ----------- Security Type: BND/MUNI ------------------------------------- ------------------------------------------------------------------------------- Issuer Hudson Yards Infrastructure Corporation econd Indenture Revenue Bonds 2017 Series A --------------------- -------------------------------------------------------- Selling Underwriter Goldman Sachs & Co. --------------------- -------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] ------------------------------------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Goldman Sachs & Co., Samuel A. Ramirez & Company,Inc., J.P. Morgan Securities LLC, ,Loop Capital Markets LLC, ,Merrill Lynch,Pierce,Fenner & Smith Incorporated, Citigroup Global Markets Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Jefferies LLC, RBC Capital Markets, Raymond James & Associates,Inc., Siebert Cisneros Shank & Co.,L.L.C.,Wells Fargo Securities,LLC, Academy Securities,Inc.,Blaylock Beal Van,LLC, BNY Mellon Capital Markets,LLC, ,Cabrera Capital Markets,LLC,Drexel Hamilton,LLC, Fidelity Capital Markets,FTN Financial Capital Markets, Hilltop Securities Inc., Janney Montgomery Scott LL, Mesirow Financial Inc, Mischler Financial Group, Morgan Stanley & Co. LLC, Oppenheimer & Co, PNC Capital Markets LLC, Roosevelt & Cross,Inc, Rice Financial Products Company, Stern Brothers & Co., Stifel Nicolaus & Company, Inc, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc, The Williams Capital Group, LP ------------------------------------------------------------------------------- TRANSACTION DETAILS ------------------------------- Date of Purchase 05-24-2017 ------------------------------- ------------------------------------------------------------------------------- Purchase Price/Share $116.943 (PER SHARE / % OF PAR) $119.318 $123.504 $122.006 $ 122 $119.712 $ 118.49 $117.468 $116.915 $116.092 $115.819 $104.668 $115.547 Total Commission, Spread or Profit 0.461% ------------------------------------------------------------------------------- 1. Aggregate Principal Amount Purchased (a+b) $ 118,335,000 --------------------------------------------------------------- -------------- a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 68,960,000 --------------------------------------------------------------- -------------- b. Other BlackRock Clients $ 49,375,000 --------------------------------------------------------------- -------------- 2. Aggregate Principal Amount of Offering $2,108,465,000 --------------------------------------------------------------- -------------- FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.05612 ------------------------------------------------------------------------------- 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: 05-30-2017 --------------------------------------------- Global Syndicate Team Member Approved by: Steven DeLaura Date: 05-30-2017 --------------------------------------------- Global Syndicate Team Member Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] DEFINITIONS TERM DEFINITION Fund Ratio Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form. It is the sum of the Funds' participation in the offering by the Funds and other accounts managed by BlackRock divided by the total amount of the offering. Eligible Foreign Offering The securities are sold in a public offering conducted under the laws of a country other than the United States and (a)the offering is subject to regulation in such country by a "foreign financial regulatory authority," as defined in Section 2(a)(50) of the Investment Company Act of 1940; (b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer); (c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and (d)if the issuer is a "domestic issuer," i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material) Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION Eligible Municipal Securities The securities: (a)are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code; (b)are sufficiently liquid that they can be sold at or near their carrying value within a reasonably short period of time; and (c)either (1)are subject to no greater than moderate credit risk; or (2)if the issuer of the municipal securities, or the entity supplying the revenues or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors, the securities are subject to a minimal or low amount of credit risk. Also, purchases of municipal securities may not be designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter). Eligible Rule 144A Offering The securities are sold in an offering where (a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder; (b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A ("QIBs"); and (c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A. Government Securities Offering The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TERM DEFINITION U.S. Registered Public Offering. The securities offered are registered under the Securities Act of 1933 that are being offered to the public.
[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 DEC 2023 TERM MUNI BOND ETF (IMUN23) ISHARES SHORT-TERM NATIONAL MUNI BOND ETF (NAT0-5) ISHARES NATIONAL MUNI BOND ETF (ISHMUNI) BlackRock New York Municipal Income Trust II (BFY) BlackRock New York Municipal Income Trust (BNY) BlackRock New York Municipal Bond Trust (BQH) BlackRock New York Municipal Opportunities Fund of BlackRock Multi-State Mu (BR-NYMO) BlackRock New York Municipal Income Quality Trust (BSE) BlackRock MuniHoldings New York Quality Fund, Inc. (MHN) BlackRock MuniYield New York Quality Fund, Inc. (MYN) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock Municipal Income Investment Quality Trust (BAF) BlackRock Allocation Target Shares : Series E Portfolio (BATSE) BlackRock Municipal Income Investment Trust (BBF) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) ----------------------------------------------- Date of 07-13-2017 Offering Commencement: ------------------------ --------------------- Security Type: BND/MUNI ----------------------------------------------- ------------------------------------------------------------------------------- Issuer New York City Transitional Finance Authority Building Aid Revenue Bonds --------------------------- -------------------------------------------------- Selling Underwriter Merrill Lynch, Pierce, Fenner & Smith Incorporated --------------------------- -------------------------------------------------- Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: --------------------------- -------------------------------------------------- List of Underwriter(s) Merrill Lynch, Pierce, Fenner & Smith Incorporated, Jefferies LLC, Ramirez & Co.,Inc., Barclays Capital Inc., BNY Mellon Capital Markets, Citigroup Global Markets Inc, Drexel Hamilton, LLC, Fidelity Capital Markets, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co., Raymond James & Associates, Inc., RBC Capital Markets, Roosevelt & Cross, Inc., Siebert Cisneros Shank & Co. ,LLC., Stifel, Nicolaus & Company, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities, Academy Securities, Blaylock Van, LLC, FTN Financial Capital Markets, Hilltop Securities Inc, PNC Capital Markets LLC, Rice Financial Products Company, Stern Brothers & Co., Williams Capital Group L.P. ------------------------------------------------------------------------------- Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TRANSACTION DETAILS ----------------------------------------------- Date of Purchase 07-13-2017 ----------------------------------------------- ------------------------------------------------------------------------------ Purchase Price/Share $118.769 (PER SHARE / % OF PAR) $117.147 $111.019 $120.699 $120.792 $119.241 $105.651 Total Commission, Spread or Profit Need ------------------------------------------------------------------------------ 1. Aggregate Principal Amount Purchased (a+b) $ 66,425,000 -------------------------------------------------------------- -------------- a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 24,350,000 -------------------------------------------------------------- -------------- b. Other BlackRock Clients $ 42,075,000 -------------------------------------------------------------- -------------- 2. Aggregate Principal Amount of Offering $1,007,545,000 -------------------------------------------------------------- -------------- FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.0659 ------------------------------------------------------------------------------ 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: Alisha Khan Date: 07-18-2017 --------------------------------------------- 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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