0000844779-18-000183.txt : 20180627 0000844779-18-000183.hdr.sgml : 20180627 20180627112344 ACCESSION NUMBER: 0000844779-18-000183 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180627 DATE AS OF CHANGE: 20180627 EFFECTIVENESS DATE: 20180627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNIYIELD QUALITY FUND, INC. CENTRAL INDEX KEY: 0000890196 IRS NUMBER: 223170744 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-06660 FILM NUMBER: 18920864 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK MUNIYIELD QUALITY FUND INC DATE OF NAME CHANGE: 20061026 FORMER COMPANY: FORMER CONFORMED NAME: MUNIYIELD QUALITY FUND INC DATE OF NAME CHANGE: 19920929 NSAR-B 1 8952answer.fil PAGE 1 000 B000000 04/30/2018 000 C000000 0000890196 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLACKROCK MUNIYIELD QUALITY FUND, INC. 001 B000000 811-06660 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. 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ANDREWS TITLE CFO EX-99.77B ACCT LTTR 2 77B_Muni3.txt REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF BLACKROCK MUNIYIELD FUND, INC., BLACKROCK MUNIYIELD QUALITY FUND, INC., AND BLACKROCK MUNIYIELD QUALITY FUND II, INC.: In planning and performing our audits of the financial statements of BlackRock MuniYield Fund, Inc., BlackRock MuniYield Quality Fund, Inc., and BlackRock MuniYield Quality Fund II, Inc. (the "Funds"), as of and for the year ended April 30, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 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 company'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 company'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 company; (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 company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company'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 company's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and their operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of April 30, 2018. This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ Deloitte & Touche LLP Boston, Massachusetts June 20, 2018 EX-99.77I NEW SECUR 3 MQY_77I.txt BlackRock MuniYield Quality Fund, Inc. File No. 811-06660 Item No. 77I (Terms of New or Amended Securities) -- Attachment A copy of the Fund's Amendment to the Notice of Special Rate Period of the Fund's Variable Rate Demand Preferred Shares filed is attached under Sub-Item 77Q1(a). EX-99.77Q1 OTHR EXHB 4 MQY_77Q1a.txt BlackRock MuniYield Quality Fund, Inc. File No. 811-06660 Item No. 77Q1(a) (Copies of Material Amendments to Registrant's Charter or By-laws) -- Attachment Attached please find as an exhibit under Sub-Item 77Q1(a) of Form N-SAR, a copy of the Fund's Amendment to the Notice of Special Rate Period of the Fund's Variable Rate Demand Preferred Shares filed with the books and records of the Fund on March 30, 2018. Exhibit 77Q1(a) BLACKROCK MUNIYIELD QUALITY FUND, INC. (THE "FUND") SERIES W-7 VARIABLE RATE DEMAND PREFERRED SHARES ("VRDP SHARES") CUSIP NO. 09254F704* AMENDMENT TO NOTICE OF SPECIAL RATE PERIOD March 30, 2018 BlackRock MuniYield Quality Fund, Inc. 100 Bellevue Parkway Wilmington, Delaware 19809 TO: Addressees listed on Schedule 1 hereto In accordance with the Fund's Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Demand Preferred Shares, dated September 13, 2011 (the "ARTICLES SUPPLEMENTARY"), the Fund hereby notifies the Liquidity Provider, the Remarketing Agent and the Holders of the VRDP Shares that the last day of the Special Rate Period has been extended from April 18, 2018 to April 17, 2019 in accordance with the terms of the Notice of Special Rate Period, dated October 22, 2015 (the "NOTICE OF SPECIAL RATE PERIOD"). The last day of the Special Rate Period shall be April 17, 2019, or such later date as the Special Rate Period may be extended pursuant to the terms of the Notice of Special Rate Period. Capitalized terms used but not defined in this Amendment to Notice of Special Rate Period shall have the meanings given to such terms in the Articles Supplementary and the Notice of Special Rate Period. [Signature Page Follows] -------- * NOTE: Neither the Fund nor the Tender and Paying Agent shall be responsible for the selection or use of the CUSIP Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any VRDP Share certificate. It is included solely as a convenience to Holders of VRDP Shares. 2 IN WITNESS WHEREOF, I have signed this Amendment to the Notice of Special Rate Period as of the date first written above. BLACKROCK MUNIYIELD QUALITY FUND, INC. By: /s/ Jonathan Diorio ------------------------------ Name: Jonathan Diorio Title: Vice President 3 SCHEDULE 1 ---------- RECIPIENTS OF THIS NOTICE OF SPECIAL RATE PERIOD Barclays Bank PLC 745 7th Avenue New York, NY 10019 Attention: Michael Whang Telephone: 212-528-1051 Telecopy: 646-758-1962 E-mail: michael.whang@barclays.com Barclays Capital Inc. 745 7th Avenue 2nd floor NY, NY 10019 Attention: Municipal Short-Term Desk Telephone: (212) 528-1011 Telecopy: (646) 758-1962 Email: msp@barclays.com The Depository Trust Company LensNotice@dtcc.com ------------------- EX-99.77Q1 OTHR EXHB 5 MQY_77Q1d.txt BlackRock MuniYield Quality Fund, Inc. File No. 811-06660 Item No. 77Q1(d) (Copies of All Constituent Instruments Referred to in Sub-Item 77I) -- Attachment A copy of the Fund's Amendment to the Notice of Special Rate Period of the Fund's Variable Rate Demand Preferred Shares filed is attached under Sub-Item 77Q1(a). EX-99.77Q1 OTHR EXHB 6 MQY_77Q1e.txt BlackRock MuniYield Quality Fund, Inc. File No. 811-06660 Sub-Item No. 77Q1(e) (Investment Advisory Contracts) -- Attachment Attached please find an exhibit to Sub-Item 77Q1(e) of Form N-SAR, a copy of the Closed-End Fund Master Advisory Fee Waiver Agreement between BlackRock MuniYield Quality Fund, Inc. and BlackRock Advisors, LLC. Exhibit 77Q1(e) CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT ---------------------------------------------------- This MASTER ADVISORY FEE WAIVER AGREEMENT (this "Agreement") is made as of --------- the 2nd day of December, 2016, by and among BlackRock Advisors, LLC (the "Adviser") an "Adviser") and each investment company listed on SCHEDULE A ------- ------- attached hereto (each, a "Fund"). ---- WHEREAS, each Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management company, and is -------- organized as a statutory trust under the laws of the State of Delaware, a limited liability company under the laws of the State of Delaware, a business trust under the laws of the Commonwealth of Massachusetts or a corporation under the laws of the State of Maryland; WHEREAS, the Adviser and each Fund are parties to investment advisory agreements (the "Advisory Agreements"), pursuant to which the Adviser provides ------------------- investment advisory services to each Fund in consideration of compensation as set forth in each Advisory Agreement (the "Advisory Fee"); and ------------ WHEREAS, the Adviser has determined that it is appropriate and in the best interests of each Fund and its interestholders to waive part of each Fund's Advisory Fee as set forth in SCHEDULE B attached hereto (the "Fee Waiver"). ---------- Each Fund and the Adviser, therefore, have entered into this Agreement in order to effect the Fee Waiver for each Fund at the level specified in SCHEDULE B attached hereto on the terms and conditions set forth in this Agreement. NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 1. Contractual Fee Waiver. During the Term (as defined in Section 3 below), the ---------------------- Adviser shall waive a portion of its Advisory Fee with respect to each Fund as set forth in SCHEDULE B attached hereto. 2. Voluntary Fee Waiver/Expense Reimbursement. Nothing herein shall preclude an ------------------------------------------ Adviser from contractually waiving other fees and/or reimbursing expenses of any Fund, voluntarily waiving Advisory Fees it is entitled to from any Fund or voluntarily reimbursing expenses of any Fund as the Adviser, in its discretion, deems reasonable or appropriate. Any such voluntary waiver or voluntary expense reimbursement may be modified or terminated by the Adviser at any time in its sole and absolute discretion without the approval of the Fund's Board of Trustees or Board of Directors, as the case may be. 3. Term; Termination. ----------------- 3.1 Term. The term ("Term") of the Fee Waiver with respect to a Fund shall ---- ---- begin on December 2, 2016 (or such other date as agreed to in writing between the Adviser and the Fund) and end with respect to a Fund after the close of business on the date set forth on SCHEDULE A (or such other date as agreed to in writing between the Adviser and the Fund) unless the Fee Waiver is earlier terminated in accordance with Section 3.2. The Term of the Fee Waiver with respect to a Fund may be continued from year to year thereafter provided that each such continuance is specifically approved by the Adviser and the Fund (including with respect to the Fund, a - 1 - majority of the Fund's Trustees or Directors, as the case may be, who are not "interested persons," as defined in the 1940 Act, of the Advisers (the "Non-Interested Directors")). Neither the Adviser nor a Fund shall be obligated to extend the Fee Waiver with respect to the Fund. 3.2 Termination. This Agreement may be terminated prior to expiration by any ----------- Fund with respect to such Fund without payment of any penalty, upon 90 days' prior written notice to the Adviser at its principal place of business (or at an earlier date as may be agreed to by both parties); provided that, such action shall be authorized by resolution of a majority of the Non-Interested Directors of such Fund or by a vote of a majority of the outstanding voting securities of such Fund. 4. Miscellaneous. ------------- 4.1 Captions. The captions in this Agreement are included for convenience of -------- reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect. 4.2 Interpretation. Nothing herein contained shall be deemed to require a -------------- Fund to take any action contrary to the Fund's Declaration of Trust or Articles of Incorporation, as the case may be, or Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Fund's Board of Trustees or Board of Directors, as the case may be, of its responsibility for and control of the conduct of the affairs of the Fund. 4.3 Limitation of Liability. The obligations and expenses incurred, ----------------------- contracted for or otherwise existing with respect to a Fund shall be enforced against the assets of such Fund and not against the assets of any other Fund. 4.4 Definitions. Any question of interpretation of any term or provision of ----------- this Agreement, including but not limited to the computations of average daily net assets or of any Advisory Fee, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the relevant Advisory Agreement between the Adviser and the Fund or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act, as applicable, and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such Court, by rules, regulations or orders of the Securities and Exchange Commission ("SEC") issued pursuant to the 1940 Act. In addition, if --- the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, that provision will be deemed to incorporate the effect of that rule, regulation or order. Otherwise the provisions of this Agreement will be interpreted in accordance with the substantive laws of the State of New York. - 2 - IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers as of the day and year first above written. EACH OF THE FUNDS LISTED ON SCHEDULE A ATTACHED HERETO By: /s/ Neal J. Andrews ------------------------------ Name: Neal J. Andrews Title: Chief Financial Officer BLACKROCK ADVISORS, LLC By: /s/ Neal J. Andrews ------------------------------ Name: Neal J. Andrews Title: Managing Director [SIGNATURE PAGE TO CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT] - 3 - SCHEDULE A CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT (DATED AS OF JUNE 7, 2018)
EXPIRATION TICKER FUND DATE ------ ----------------------------------------------------- ------------------ 1. BBN BlackRock Taxable Municipal Bond Trust June 30, 2019 2. BJZ BlackRock California Municipal 2018 Term Trust June 30, 2019 3. BFZ BlackRock California Municipal Income Trust June 30, 2019 4. BHK BlackRock Core Bond Trust June 30, 2019 5. HYT BlackRock Corporate High Yield Fund, Inc. June 30, 2019 6. BTZ BlackRock Credit Allocation Income Trust June 30, 2019 7. DSU BlackRock Debt Strategies Fund, Inc. June 30, 2019 8. BGR BlackRock Energy and Resources Trust June 30, 2019 9. CII BlackRock Enhanced Capital and Income Fund, Inc. June 30, 2019 10. BDJ BlackRock Enhanced Equity Dividend Trust June 30, 2019 11. EGF BlackRock Enhanced Government Fund, Inc. June 30, 2019 12. FRA BlackRock Floating Rate Income Strategies Fund, Inc. December 31, 2018 13. BGT BlackRock Floating Rate Income Trust June 30, 2019 14. BFO BlackRock Florida Municipal 2020 Term Trust June 30, 2019 15. BOE BlackRock Enhanced Global Dividend Trust June 30, 2019 16. BME BlackRock Health Sciences Trust June 30, 2019 17. BKT BlackRock Income Trust, Inc. June 30, 2019 18. BGY BlackRock Enhanced International Dividend Trust June 30, 2019 19. BKN BlackRock Investment Quality Municipal Trust, Inc. June 30, 2019
- 4 -
EXPIRATION TICKER FUND DATE ------ --------------------------------------------------------- -------------- 20. BLW BlackRock Limited Duration Income Trust June 30, 2019 21. BTA BlackRock Long-Term Municipal Advantage Trust June 30, 2019 22. BZM BlackRock Maryland Municipal Bond Trust June 30, 2019 23. MHE BlackRock Massachusetts Tax-Exempt Trust June 30, 2019 24. BIT BlackRock Multi-Sector Income Trust June 30, 2019 25. MUI BlackRock Muni Intermediate Duration Fund, Inc. June 30, 2019 26. MNE BlackRock Muni New York Intermediate Duration Fund, Inc. June 30, 2019 27. MUA BlackRock MuniAssets Fund, Inc. June 30, 2019 28. BPK BlackRock Municipal 2018 Term Trust June 30, 2019 29. BKK BlackRock Municipal 2020 Term Trust June 30, 2019 30. BBK BlackRock Municipal Bond Trust June 30, 2019 31. BAF BlackRock Municipal Income Investment Quality Trust June 30, 2019 32. BBF BlackRock Municipal Income Investment Trust June 30, 2019 33. BYM BlackRock Municipal Income Quality Trust June 30, 2019 34. BFK BlackRock Municipal Income Trust June 30, 2019 35. BLE BlackRock Municipal Income Trust II June 30, 2019 36. BTT BlackRock Municipal 2030 Target Term Trust June 30, 2019 37. MEN BlackRock MuniEnhanced Fund, Inc. June 30, 2019 38. MUC BlackRock MuniHoldings California Quality Fund, Inc. June 30, 2019 39. MUH BlackRock MuniHoldings Fund II, Inc. June 30, 2019 40. MHD BlackRock MuniHoldings Fund, Inc. June 30, 2019 41. MFL BlackRock MuniHoldings Investment Quality Fund June 30, 2019
- 5 -
EXPIRATION TICKER FUND DATE ------ ----------------------------------------------------- -------------- 42. MUJ BlackRock MuniHoldings New Jersey Quality Fund, Inc. June 30, 2019 43. MHN BlackRock MuniHoldings New York Quality Fund, Inc. June 30, 2019 44. MUE BlackRock MuniHoldings Quality Fund II, Inc. June 30, 2019 45. MUS BlackRock MuniHoldings Quality Fund, Inc. June 30, 2019 46. MVT BlackRock MuniVest Fund II, Inc. June 30, 2019 47. MVF BlackRock MuniVest Fund, Inc. June 30, 2019 48. MZA BlackRock MuniYield Arizona Fund, Inc. June 30, 2019 49. MYC BlackRock MuniYield California Fund, Inc. June 30, 2019 50. MCA BlackRock MuniYield California Quality Fund, Inc. June 30, 2019 51. MYD BlackRock MuniYield Fund, Inc. June 30, 2019 52. MYF BlackRock MuniYield Investment Fund June 30, 2019 53. MFT BlackRock MuniYield Investment Quality Fund June 30, 2019 54. MIY BlackRock MuniYield Michigan Quality Fund, Inc. June 30, 2019 55. MYJ BlackRock MuniYield New Jersey Fund, Inc. June 30, 2019 56. MYN BlackRock MuniYield New York Quality Fund, Inc. June 30, 2019 57. MPA BlackRock MuniYield Pennsylvania Quality Fund June 30, 2019 58. MQT BlackRock MuniYield Quality Fund II, Inc. June 30, 2019 59. MYI BlackRock MuniYield Quality Fund III, Inc. June 30, 2019 60. MQY BlackRock MuniYield Quality Fund, Inc. June 30, 2019 61. BLJ BlackRock New Jersey Municipal Bond Trust June 30, 2019 62. BNJ BlackRock New Jersey Municipal Income Trust June 30, 2019 63. BLH BlackRock New York Municipal 2018 Term Trust June 30, 2019
- 6 -
EXPIRATION TICKER FUND DATE ------ ---------------------------------------------------------------- -------------- 64. BQH BlackRock New York Municipal Bond Trust June 30, 2019 65. BSE BlackRock New York Municipal Income Quality Trust June 30, 2019 66. BNY BlackRock New York Municipal Income Trust June 30, 2019 67. BFY BlackRock New York Municipal Income Trust II June 30, 2019 68. -- BlackRock Preferred Partners LLC July 31, 2018 69. BCX BlackRock Resources & Commodities Strategy Trust June 30, 2019 70. BST BlackRock Science and Technology Trust June 30, 2019 71. BUI BlackRock Utilities, Infrastructure & Power Opportunities Trust June 30, 2019 72. BHV BlackRock Virginia Municipal Bond Trust June 30, 2019 73. BSD The BlackRock Strategic Municipal Trust June 30, 2019 74. BGIO BlackRock 2022 Global Income Opportunity Trust/1/ June 30, 2019 75. -- BlackRock Multi-Sector Opportunities Trust/2/ June 30, 2019
-------- /1/ This Agreement was effective with respect to BlackRock 2022 Global Income Opportunity Trust as of February 16, 2017. /2/ This Agreement was effective with respect to BlackRock Multi-Sector Opportunities Trust as of February 22, 2018. - 7 - SCHEDULE B CLOSED-END FUND MASTER ADVISORY FEE WAIVER AGREEMENT (DATED AS OF DECEMBER 2, 2016) BlackRock Advisors, LLC will waive the management fee with respect to any portion of the Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock Advisors, LLC or its affiliates. - 8 - EX-99.77O RULE 10F-3 7 77o32.txt [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 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 0.05612 [Divide Sum of #1 by #2] Must be less than 0.25 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. EX-99.77O RULE 10F-3 8 77o35.txt [LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS .. U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES SHORT-TERM NATIONAL MUNI BOND ETF (NAT0-5) ISHARES NATIONAL MUNI BOND ETF (ISHMUNI) ISHARES NEW YORK MUNI BOND ETF (ISHNY) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Quality Fund II, Inc. (MQT) BlackRock MuniYield Quality Fund, Inc.( MQY) BlackRock New York Municipal Bond Trust (BQH) BlackRock MuniYield New York Quality Fund, Inc. (MYN) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of 06-29-2017 Offering Commencement: Security Type: BND/MUNI Issuer Dormitory Authority of the State of New York State Personal Income Tax Revenue Bds- Muni Selling Underwriter Morgan Stanley & Co LLC Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Morgan Stanley & Co. LLC, Jefferies LLC, Siebert Cisneros Shank & Co., L.L.C., Academy Securities, Barclays Capital Inc., Blaylock Van, LLC, Cabrera Capital Markets, LLC, Citigroup Global Markets Inc, Drexel Hamilton, LLC, Duncan-Williams, Inc., Fidelity Capital Markets, FTN Financial Capital Markets, Goldman Sachs & Co. LLC, Janney Montgomery Scott LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets, Loop Capital Markets, Bank of America Merrill Lynch, M&T Securities, Inc., Mesirow Financial Inc., Mischler Financial Group, Inc., Oppenheimer & Co., Piper Jaffray & Co, PNC Capital Markets LLC, Raymond James & Associates, Inc., RBC Capital Markets, Rice Financial Products Company, Robert W. Baird & Co., Inc., Roosevelt & Cross, Inc., Ramirez & Co., Inc., Stern Brothers & Co., Stifel, Nicolaus & Company, Inc., Williams Capital Group L.P., U.S. Bancorp Investments Inc., Wells Fargo Securities Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] TRANSACTION DETAILS Date of Purchase 06-29-2017 Purchase Price/Share $109.791 Total Commission, Spread or Profit 0.418 (PER SHARE / % OF PAR) $113.006 $115.993 $120.763 $123.565 $124.574 $117.65 $117.467 $117.284 1. Aggregate Principal Amount Purchased (a+b) $ 62,370,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 32,000,000 b. Other BlackRock Clients $ 30,370,000 2. Aggregate Principal Amount of Offering $1,750,395,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.03563 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: 07-07-2017 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 07-07-2017 -------------------------------- ------------ 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. EX-99.77O RULE 10F-3 9 77o39.txt [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 $114.366 Total Commission, Spread or Profit 0.371% (PER SHARE / % OF PAR) $114.005 $113.286 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] $111.075 $113.481 $113.645 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, [_] NO or 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. EX-99.77O RULE 10F-3 10 77o41.txt [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 New York Municipal Opportunities Fund of BLK Multi-State Muni (BR-NYMO) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Quality Fund II, Inc. (MQT) BlackRock MuniYield Quality Fund, Inc. (MQY) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of 09-15-2017 Offering Commencement: Security Type: BND/MUNI Issuer The City of New York, General Obligation Bonds Selling Underwriter Siebert Cisneros Shank & Co. ,LLC Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Siebert Cisneros Shank & Co., L.L.C., Goldman Sachs & Co. LLC, Ramirez & Co.,Inc., Jefferies LLC, Citigroup Global Markets Inc, J.P. Morgan Securities LLC, RBC Capital Markets, Bank of America Merrill Lynch, Loop Capital Markets, Barclays Capital Inc., BNY Mellon Capital Markets, 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., Wells Fargo Securities (trade name for Wells Fargo, Bank N.A. Municipal Products Group), Academy Securities, Blaylock Van, LLC, FTN Financial Capital Markets, HilltopSecurities, PNC Capital Markets LLC, Rice Financial Products Company, Stern Brothers & Co., Williams Capital Group L.P. TRANSACTION DETAILS Date of Purchase 09-15-2017 Purchase Price/Share $118.68 Total Commission, Spread or Profit 0.463% (PER SHARE / % OF PAR) $107.062 $121.175 1. Aggregate Principal Amount Purchased (a+b) $13,975,000 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $8,500,000 b. Other BlackRock Clients $5,475,000 2. Aggregate Principal Amount of Offering $800,000,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.01747 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, [_] NO or benefited directly or indirectly from, the transaction. Completed by: Alisha Khan Date: 10-06-2017 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 10-06-2017 -------------------------------- ------------ 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. EX-99.77O RULE 10F-3 11 77o44.txt [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 Municipal Income Trust (BFK) BlackRock Investment Quality Municipal Trust (BKN) BlackRock Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Investment Quality Fund (MFT) 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) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of Offering Commencement: 12-07-2017 Security Type: BND/MUNI Issuer Kentucky Economic Development Finance Authority, Louisville Arena Project Refunding Rev Bds, Srs. 2017A, Louisville Arena Authority, Inc, 2017B Taxable Selling Underwriter Merrill Lynch, Pierce, Fenner & Smith Incorporated Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) Bank of America Merrill Lynch, Siebert Cisneros Shank & Co., L.L.C., Cabrera Capital Markets, LLC, Citigroup Global Markets Inc, Drexel Hamilton, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Raymond James & Associates, Inc., RBC Capital Markets, Stifel, Nicolaus & Company, Inc., Wells Fargo Securities (trade name for Wells Fargo Bank N.A. TRANSACTION DETAILS Date of Purchase 12-07-2017 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] Purchase Price/Share (PER SHARE / % OF PAR) $100.651 Total Commission, Spread or Profit 0.521 1. Aggregate Principal Amount Purchased (a+b) $ 1,500,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 1,500,000 b. Other BlackRock Clients NA 2. Aggregate Principal Amount of Offering $202,125,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.00742 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: 12-11-2017 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 12-11-2017 -------------------------------- ------------ 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. EX-99.77O RULE 10F-3 12 77o45.txt [LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS .. U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES SHORT MATURITY MUNICIPAL BOND ETF (ISHMEAR) BlackRock Short-Term Municipal Fund (BR-STMUNI) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) BlackRock Investment Quality Municipal Trust (BKN) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Quality Fund II, Inc.( MQT) BlackRock MuniYield Quality Fund, Inc. (MQY) BlackRock MuniHoldings Fund II, Inc. (MUH) BlackRock MuniYield Investment Fund (MYF) BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc. (BR-NATL) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of 12-13-2017 Offering Commencement: Security Type: BND/MUNI Issuer County of Allen, Ohio Hospital facilities revenue bonds, Series 2017A (Mercy Health) Selling Underwriter J.P. Morgan Securities LLC Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) PNC Capital Markets LLC. Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities., Fifth Third Securities, Inc., Conners & Co., Inc. TRANSACTION DETAILS Date of Purchase 12-13-2017 Purchase Price/Share $105.237 Total Commission, Spread or Profit 0.485 (PER SHARE / % OF PAR) $108.044 $110.656 $112.773 $102.934 $111.829 1. Aggregate Principal Amount Purchased (a+b) $43,000,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $23,445,000 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] b. Other BlackRock Clients $ 19,555,000 2. Aggregate Principal Amount of Offering $482,665,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.089 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: 01-08-2018 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 01-08-2018 -------------------------------- ------------ 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. EX-99.77O RULE 10F-3 13 77o46.txt [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 2022 TERM MUNI BOND ETF (IMUN22) BlackRock Short-Term Municipal Fund (BR-STMUNI) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc. (BR-NATL) BlackRock Municipal Income Quality Trust (BYM) BlackRock Massachusetts Tax-Exempt Trust (MHE) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Quality Fund II, Inc. (MQT) BlackRock MuniYield Quality Fund, Inc. (MQY) BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust (BR-SMO-IG) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of 12-15-2017 Offering Commencement: Security Type: BND/MUNI Issuer Partners Healthcare system, Revenue Bonds Series 2017 Selling Underwriter J.P. Morgan Securities LLC Affiliated Underwriter(s) [X] PNC Capital Markets LLC [_] Other: List of Underwriter(s) PNC Capital Markets LLC, J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities, Jefferies LLC, Barclays Capital Inc., TD Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated. TRANSACTION DETAILS Date of Purchase 12-15-2017 Purchase Price/Share $117.423 Total Commission, Spread or Profit 0.479 (PER SHARE / % OF PAR) $116.024 $110.946 $113.564 $118.798 $118.415 $118.033 $106.012 $105.75 1. Aggregate Principal Amount Purchased (a+b) $72,285,000 Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 58,750,000 b. Other BlackRock Clients $ 13,535,000 2. Aggregate Principal Amount of Offering $1,047,670,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.0690 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: 01-03-2018 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven DeLaura Date: 01-03-2018 -------------------------------- ------------ 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. EX-99.77O RULE 10F-3 14 77o50.txt [LOGO OF BLACKROCK] Rule 10f-3 Transaction Form Acquisition of Securities During Affiliated Underwritings PARTICIPATING FUNDS .. U.S. Registered Funds (Name of Fund, Aladdin Ticker): ISHARES SHORT MATURITY MUNICIPAL BOND ETF (ISHMEAR) BlackRock Short-Term Municipal Fund (BR-STMUNI) BlackRock Municipal 2030 Target Term Trust (BTT2) BlackRock Muni Intermediate Duration Fund, Inc. (MUI) BlackRock Municipal Income Quality Trust (BYM) 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 Strategic Municipal Trust (BSD) BlackRock Long-Term Municipal Advantage Trust (BTA) BlackRock MuniYield Investment Quality Fund (MFT) BlackRock Investment Quality Municipal Trust (BKN) BlackRock MuniEnhanced Fund, Inc. (MEN) BlackRock MuniYield Quality Fund II, Inc. (MQT) BlackRock MuniYield Quality Fund, Inc. (MQY) BlackRock MuniHoldings Fund II, Inc. (MUH) BlackRock MuniYield Investment Fund (MYF) BlackRock MuniYield Quality Fund III, Inc. (MYI) BlackRock Municipal Income Trust (BFK) BlackRock Municipal Income Trust II (BLE) BlackRock New Jersey Municipal Bond Trust (BLJ) BlackRock New Jersey Municipal Income Trust (BNJ) BlackRock High Yield Municipal Fund (BR-HYMUNI) BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc. (BR-NATL) BlackRock New Jersey Municipal Bond Fund of BLK Multi-State Municipal (BR-NJMUNI) BlackRock MuniHoldings Fund, Inc. (MHD) BlackRock MuniAssets Fund, Inc. (MUA) 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 MuniVest Fund II, Inc. (MVT) BlackRock MuniYield Fund, Inc. (MYD) BlackRock MuniYield New Jersey Fund, Inc. (MYJ) THE OFFERING KEY CHARACTERISTICS (COMPLETE ALL FIELDS) Date of 04-05-2018 Offering Commencement: Security Type: BND/MUNI Page 1 of 2 Rule 10f-3 Report - Definitions [LOGO OF BLACKROCK] Issuer NJ Tobacco Settlement-Series 2018A and 2018B Selling Underwriter Jefferies LLC Affiliated Underwriter(s) [X] PNC Capital Markets [_] List of Underwriter(s) Jefferies LLC, Citigroup Global Markets Inc, Barclays Capital Inc., Morgan Stanley & Co. LLC, Ramirez & Co., Inc., Siebert Cisneros Shank & Co., L.L.C., Academy Securities, Blaylock Van , LLC, Drexel Hamilton, LLC, J.P. Morgan Securities LLC, Loop Capital Markets, NW Capital Markets Inc, PNC Capital Markets LLC, Powell Capital Markets, Inc., RBC Capital Markets, Rice Financial Products Company, R. Seelaus & Company., Inc., Robert W. Baird & Co.,Inc., Stern Brothers & Co., Wells Fargo Securities (trade name for Wells Fargo, Bank N.A. Municipal Products Group), Williams Capital Group L.P. TRANSACTION DETAILS Date of Purchase 04-05-2018 Purchase Price/Share $103.381 Total Commission, Spread or 0.328% (PER SHARE / % OF PAR) $108.065 Profit $112.524 $111.26 $112.433 $109.837 $107.056 $109.979 $100.00 $100.785 1. Aggregate Principal Amount Purchased (a+b) $ 143,500,000 a. US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 119,085,000 b. Other BlackRock Clients $ 24,415,000 2. Aggregate Principal Amount of Offering $3,216,940,000 FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25 0.044608 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: 04-06-2018 -------------------------------- ------------ Global Syndicate Team Member Approved by: Steven Delaura Date: 04-06-2018 -------------------------------- ------------ 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.