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PAGE 2
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PAGE 3
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PAGE 8
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
PARTICIPATING FUNDS
. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
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.
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
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
TRANSACTION DETAILS
Date of Purchase 05-24-2017
Purchase Price/Share $116.943 Total Commission, Spread or Profit 0.461%
(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
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 Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent
offering of the securities; and
[_] If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase all
of the securities being offered, except those purchased by others
pursuant to a rights offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 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
(PER SHARE / % OF PAR) $118.769 Total Commission, Spread or Profit 0.3762834%
$117.147
$111.019
$120.699
$120.792
$119.241
$105.651
1. Aggregate Principal Amount Purchased (a+b) $ 64,290,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 22,350,000
b. Other BlackRock Clients $ 41,940,000
2. Aggregate Principal Amount of Offering $1,007,545,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.06381
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent
offering of the securities; and
[_] If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase all
of the securities being offered, except those purchased by others
pursuant to a rights offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Alisha Khan Date: 07-18-2017
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 07-18-2017
-------------------------------- ------------
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)
BlackRock Municipal 2030 Target Term Trust (BTT2)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municip
(BR-PAMUNI)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Pennsylvania Quality Fund, Inc. (MPA)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
BlackRock MuniHoldings Quality Fund, Inc. (MUS)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock Strategic Municipal Trust (BSD)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 07-14-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer Pennsylvania Turnpike Revenue Bonds Tunrpike
Subordinate Revenue Bonds, Series B-2017
Selling Underwriter Citigroup Global Markets Inc
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Citigroup Global Markets Inc, PNC Capital Markets
LLC, Wells Fargo Securities,LLC, BNY Mellon Capital
Markets, LLC, Backstrom McCarley Berry & Co. LLC,
NW Capital Markets Inc., Stifel, Nicolaus &
Company, Inc
TRANSACTION DETAILS
Date of Purchase 07-14-2017
Purchase Price/Share
(PER SHARE / % OF PAR) $114.366 Total Commission, Spread or Profit 0.371%
$114.005
$113.286
$111.075
$113.481
$113.645
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
1. Aggregate Principal Amount Purchased (a+b) $124,035,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $122,575,000
b. Other BlackRock Clients $ 1,460,000
2. Aggregate Principal Amount of Offering $750,510,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.16527
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent
offering of the securities; and
[_] If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase all
of the securities being offered, except those purchased by others
pursuant to a rights offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 07-20-2017
-------------------------------- ------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 07-20-2017
-------------------------------- ------------
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 Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock Allocation Target Shares : Series E Portfolio (BATSE)
BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of 09-28-2017
Offering Commencement:
Security Type: BND/MUNI
Issuer Wayne County Airport Authority
Selling Underwriter Merrill Lynch,Pierce,Fenner & Smith Incorporated
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Citigroup Global Markets Inc, Merrill
Lynch,Pierce,Fenner & Smith Incorporated, J.P.
Morgan Securities LLC, Loop Capital Markets LLC,
PNC Capital Markets LLC, Wells Fargo Securities,
LLC, Siebert Brandford Shank & Co., L.L.C.
TRANSACTION DETAILS
Date of Purchase 09-28-2017
Purchase Price/Share
(PER SHARE / % OF PAR) $116.225 Total Commission, Spread or Profit 0.122%
$115.005
$112.794
$112.158
1. Aggregate Principal Amount Purchased (a+b) $ 3,700,000
a. US Registered Funds
(Appendix attached with individual Fund/Client purchase) $ 3,700,000
b. Other BlackRock Clients NA
2. Aggregate Principal Amount of Offering $278,895,000
FUND RATIO
[Divide Sum of #1 by #2]
Must be less than 0.25 0.01327
Page 1 of 2
Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK]
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public Offering... [Issuer must have 3 years of continuous
operations]
[_] Eligible Rule 144A Offering....... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering......... [Issuer must have 3 years of continuous
operations]
[_] Government Securities Offering.... [Issuer must have 3 years of continuous
operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X] The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent
offering of the securities; and
[_] If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase all
of the securities being offered, except those purchased by others
pursuant to a rights offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in, or
[_] NO benefited directly or indirectly from, the transaction.
Completed by: Alisha Khan Date: 10-05-2017
-------------------------------- ------------
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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