<SEC-DOCUMENT>0001193125-17-374600.txt : 20171228
<SEC-HEADER>0001193125-17-374600.hdr.sgml : 20171228
<ACCEPTANCE-DATETIME>20171220133404
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-374600
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK ALLOCATION TARGET SHARES
		CENTRAL INDEX KEY:			0001221845
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 BOND ALLOCATION TARGET SHARES
		DATE OF NAME CHANGE:	20030306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FLOATING RATE INCOME TRUST
		CENTRAL INDEX KEY:			0001287480
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-754-5336

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK GLOBAL FLOATING RATE INCOME TRUST
		DATE OF NAME CHANGE:	20040528

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES
		DATE OF NAME CHANGE:	20040416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASTER INSTITUTIONAL MONEY MARKET LLC
		CENTRAL INDEX KEY:			0001161852
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	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:	MASTER INSTITUTIONAL MONEY MARKET TRUST
		DATE OF NAME CHANGE:	20011113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH MASTER INSTITUTIONAL MONEY MARKET TRUST
		DATE OF NAME CHANGE:	20011105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Managed Account Series
		CENTRAL INDEX KEY:			0001323737
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0412

	FILING VALUES:
		FORM TYPE:		CORRESP

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Horizon Equity Fund
		CENTRAL INDEX KEY:			0001324285
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0418

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 LONG-HORIZON EQUITY FUND
		DATE OF NAME CHANGE:	20121015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Global Dynamic Equity Fund
		DATE OF NAME CHANGE:	20061002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Global Dynamic Equity Opportunities Fund
		DATE OF NAME CHANGE:	20061002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Funds For Institutions Series
		CENTRAL INDEX KEY:			0000814079
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	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:	Funds for Institutions Series
		DATE OF NAME CHANGE:	20090504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH FUNDS FOR INSTITUTIONS SERIES
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK EMERGING MARKETS FUND, INC.
		CENTRAL INDEX KEY:			0000849402
		IRS NUMBER:				222986118
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 GLOBAL EMERGING MARKETS FUND, INC.
		DATE OF NAME CHANGE:	20080317

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK DEVELOPING CAPITAL MARKETS FUND, INC.
		DATE OF NAME CHANGE:	20061002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Funds II
		CENTRAL INDEX KEY:			0001398078
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 Fixed Income Trust
		DATE OF NAME CHANGE:	20070501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK FUNDS
		CENTRAL INDEX KEY:			0000844779
		IRS NUMBER:				510318674
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	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:	COMPASS CAPITAL FUNDS\
		DATE OF NAME CHANGE:	19961114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PNC FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NCP FUNDS
		DATE OF NAME CHANGE:	19890511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CREDIT ALLOCATION INCOME TRUST
		CENTRAL INDEX KEY:			0001379384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK CREDIT ALLOCATION INCOME TRUST IV
		DATE OF NAME CHANGE:	20091113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK PREFERRED & EQUITY ADVANTAGE TRUST
		DATE OF NAME CHANGE:	20070629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Preferred & Equity Advantage Trust
		DATE OF NAME CHANGE:	20061115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock CoRI Funds
		CENTRAL INDEX KEY:			0001582739
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		1-800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK GLOBAL ALLOCATION FUND, INC.
		CENTRAL INDEX KEY:			0000834237
		IRS NUMBER:				222937779
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	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:	MERRILL LYNCH GLOBAL ALLOCATION FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19890706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK LATIN AMERICA FUND, INC.
		CENTRAL INDEX KEY:			0000877151
		IRS NUMBER:				223122997
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	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:	MERRILL LYNCH LATIN AMERICA FUND INC
		DATE OF NAME CHANGE:	19920717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASTER INVESTMENT PORTFOLIO
		CENTRAL INDEX KEY:			0000915092
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		617 937 5524

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Multi-Sector Income Trust
		CENTRAL INDEX KEY:			0001562818
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809-3700
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809-3700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Fixed Income Strategic Opportunities
		DATE OF NAME CHANGE:	20121126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Funds III
		CENTRAL INDEX KEY:			0000893818
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		8006439691

	MAIL ADDRESS:	
		STREET 1:		400 HOWARD STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARCLAYS GLOBAL INVESTORS FUNDS
		DATE OF NAME CHANGE:	20060201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARCLAYS GLOBAL INVESTORS FUNDS INC
		DATE OF NAME CHANGE:	19990804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MASTERWORKS FUNDS INC
		DATE OF NAME CHANGE:	19960607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL 2018 TERM TRUST
		CENTRAL INDEX KEY:			0001159040
		IRS NUMBER:				510413263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK SERIES, INC.
		CENTRAL INDEX KEY:			0001062806
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			09809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			09809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCURY FUNDS INC
		DATE OF NAME CHANGE:	20010827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCURY ASSET MANAGEMENT FUNDS INC
		DATE OF NAME CHANGE:	19980714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERCURY ALPHA FUND INC
		DATE OF NAME CHANGE:	19980601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Strategic Global Bond Fund, Inc.
		CENTRAL INDEX KEY:			0000835620
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 WORLD INCOME FUND, INC.
		DATE OF NAME CHANGE:	20061002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH WORLD INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WORLD INCOME FUND INC
		DATE OF NAME CHANGE:	19910916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK ASIAN DRAGON FUND, INC.
		CENTRAL INDEX KEY:			0000202741
		IRS NUMBER:				132866632
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 PACIFIC FUND, INC.
		DATE OF NAME CHANGE:	20061002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERRILL LYNCH PACIFIC FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOMURA CAPITAL FUND OF JAPAN INC
		DATE OF NAME CHANGE:	19800819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DEBT STRATEGIES FUND, INC.
		CENTRAL INDEX KEY:			0001051003
		IRS NUMBER:				223564108
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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 DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20030428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g466350sn.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">787 Seventh
Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019-6099</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: 212 728 8000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: 212 728 8111</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Sheila Stout </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Kathy Churko </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC
20549&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Allocation Target Shares (File
<FONT STYLE="white-space:nowrap">No.&nbsp;811-21457)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Asian Dragon Fund, Inc. (formerly, BlackRock Pacific Fund, Inc.) (File <FONT
STYLE="white-space:nowrap">No.&nbsp;811-02661)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock CoRI Funds (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-22873)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Credit Allocation Income Trust (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21972)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Debt Strategies Fund, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-08603)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Emerging Markets Fund, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-05723)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Trust (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21566)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Funds<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-05742)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Funds II (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-22061)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Funds III (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-07332)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Global Allocation Fund, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-05576)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Latin America Fund, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-06349)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Long-Horizon Equity Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21759)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Municipal 2018 Term Trust (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10501)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Multi-Sector Income Trust (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-22774)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Series, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-08797)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Strategic Global Bond Fund, Inc. (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-05603)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Funds For Institutions Series (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-05149)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managed Account Series (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21763)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Master Institutional Money Market LLC (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-10631)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Master Investment Portfolio (File
No.&nbsp;811-08162)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Stout and Ms.&nbsp;Churko: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of BlackRock Allocation Target Shares, BlackRock Asian Dragon Fund, Inc. (formerly, BlackRock Pacific Fund, Inc.), BlackRock CoRI
Funds, BlackRock Credit Allocation Income Trust, BlackRock Debt Strategies Fund, Inc., BlackRock Emerging Markets Fund, Inc., BlackRock Floating Rate Income Trust, BlackRock Funds<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP>, BlackRock
Funds II, BlackRock Funds III, BlackRock Global Allocation Fund, Inc., BlackRock Latin America Fund, Inc., BlackRock Long-Horizon Equity Fund, BlackRock Municipal 2018 Term Trust,<I> </I>BlackRock </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL>
Y<SMALL>ORK&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>W<SMALL>ASHINGTON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>H<SMALL>OUSTON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>P<SMALL>ARIS&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>L<SMALL>ONDON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>M<SMALL>ILAN&nbsp;
&nbsp;&nbsp;&nbsp;</SMALL>R<SMALL>OME&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>F<SMALL>RANKFURT&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>B<SMALL>RUSSELS</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">in alliance with Dickson Minto W.S., London and Edinburgh </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Multi-Sector Income Trust, BlackRock Series, Inc., BlackRock Strategic Global Bond Fund, Inc., Funds For Institutions Series, Managed Account Series, Master Institutional Money Market LLC and
Master Investment Portfolio (each, a &#147;Registrant&#148; and collectively, the &#147;Registrants&#148;) (each series of each Registrant, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;), this letter responds to comments provided by the
staff of the Division of Investment Management (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) to Dean Caruvana by telephone on September&nbsp;8, 2017, October&nbsp;26, 2017 and November&nbsp;17, 2017
regarding the annual reports to shareholders (each, an &#147;Annual Report&#148; and collectively, the &#147;Annual Reports&#148;). It is noted that each series of BlackRock CoRI Funds liquidated on June&nbsp;28, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, the substance of the Staff&#146;s comments has been restated below. Each Registrant&#146;s joint or individual responses
to each comment, as applicable, are set out immediately under the restated comment. Unless otherwise indicated, defined terms used herein have the meanings set forth in the relevant Annual Report(s). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>All Registrants </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment
No.</U><U></U><U>&nbsp;1</U>: <I>In the Notes to the Financial Statements section of shareholder reports, include disclosure on the derivative transactions that were utilized during the period for Funds with significant exposure to derivatives.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants respectfully note that the Funds include the referenced level of specificity regarding derivative transactions, where
material, in the individual &#147;Fund Summary&#148; sections at the beginning of the applicable shareholder reports and include higher level qualitative disclosures about derivative transactions used by the Funds in the Notes to Financial
Statements. The Registrants have determined to use this approach in an effort to make the financial statements and shareholder reports more readable for investors. The Registrants note that certain Funds are included in joint shareholder reports.
Using this format, the Notes to Financial Statements cover all of the Funds included in the applicable report. The Funds believe that, as a result, attempting to include the same level of Fund-specific qualitative disclosure about derivatives
transactions in the Notes to Financial Statements as is included in each Fund&#146;s individual &#147;Fund Summary&#148; section would render the derivative transaction disclosure in the Notes to Financial Statements unwieldy and confusing to
investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;2</U>: <I>For Funds that trade total return swaps, please disclose the notional amount, counterparty and
rate on index returns paid or received. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants will add the requested disclosure in future shareholder reports, where
required by the changes to <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> effective August&nbsp;1, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment
No.</U><U></U><U>&nbsp;3</U>: <I>Confirm that if a Fund has outstanding receivables from its investment adviser, such payments are being made to the Fund in the same time period that the Fund is making payments to its investment adviser (i.e., if a
Fund&#146;s investment management agreement provides for payments from the Fund to its investment adviser quarterly, all receivables due from the investment adviser to the Fund and accrued during the quarter are also being paid at the end of the
quarter). </I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants confirm that receivable amounts from the investment adviser are being reimbursed
in the same time period as a Fund makes payments to the investment adviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;4</U>: <I>Confirm that Funds which made
distributions over the year complied with the shareholder notification requirements of Rule <FONT STYLE="white-space:nowrap">19a-1</FONT> under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants confirm that Funds which made distributions over the year complied with the shareholder notification requirements of Rule <FONT
STYLE="white-space:nowrap">19a-1</FONT> under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;5</U>: <I>Confirm that any Fund that invests in credit
default swaps can cover the notional amounts of such credit default swaps. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In accordance with the Funds&#146; asset segregation
policy, the Registrants confirm that where a Fund writes (sells) a credit default swap, the notional amount is segregated, and where a Fund purchases a credit default swap, the accrued and unsettled net payment amount is segregated. If a Fund writes
(sells) a credit default swap, the Fund will, during the term of the swap agreement, cover the full amount owed to the counterparty under the swap agreement upon the occurrence of a credit default event, as defined under the terms of the particular
swap agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;6</U>: <I>If any Fund has restrictions on the use of cash (i.e. the cash is being held as collateral on
derivative positions), disclose the restrictions on the face of the balance sheet and also as a separate line item. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Amounts shown
as &#147;cash&#148; on the Statement of Assets and Liabilities do not have restrictions. Cash amounts pledged related to certain investments (i.e., borrowed bond arrangements, reverse repurchase agreements, options written, OTC derivatives, TBA
commitments, futures contracts, and centrally cleared swaps) are broken out as separate line items on the Statement of Assets and Liabilities, when applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;7</U>: <I>Please enhance the note on Significant Accounting Policies to include codification referencing ASC 946 to be clear
on what guidance the Funds are following.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that the Funds do not specifically cite any ASCs within the Notes to
Financial Statements. However, the Registrants submit that each shareholder report discloses the guidance followed by the Funds. Within the &#147;Organization&#148; section, each Fund discloses that it is registered under the 1940 Act, on which
basis it qualifies as an investment company under Topic 946. The Registrants further note that within the &#147;Significant Accounting Principles&#148; section, each Fund discloses that it is &#147;considered an investment company under generally
accepted accounting principles in the United States and follows the accounting and reporting guidance applicable to investment companies,&#148; which provides the link to the codification ASC 946, Financial Services-Investment Companies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Comments Referencing Specific Funds but Applicable to All Funds </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;8</U>:<I> According to the Schedule of Investments for BlackRock Total Factor Fund, a series of BlackRock Funds</I><I><SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, the Fund has not invested in equity securities during the past three fiscal years. Consider revising the disclosure in the Fund&#146;s prospectus to remove equity securities as a principal
investment strategy of the Fund.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Although the Fund does not currently invest directly in equity securities, the Fund invests in
derivative instruments that are tied economically to equity securities. Such instruments, therefore, expose the Fund to risks similar to those of equity securities. The Registrant notes that the Fund may invest directly in equity securities in the
future.&nbsp;In addition, the Registrant will consider supplementing the existing disclosure in the Fund&#146;s prospectus to clarify that the equity securities in which the Fund invests may include derivative instruments that are tied economically
to equity securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;9</U>: <I>According to the Schedules of Investments for each of iShares Russell <FONT
STYLE="white-space:nowrap">Mid-Cap</FONT> Index Fund (formerly, BlackRock Midcap Index Fund), iShares Total U.S. Stock Market Index Fund (formerly, BlackRock Total Stock Market Index Fund), iShares Russell
<FONT STYLE="white-space:nowrap">Small/Mid-Cap</FONT> Index Fund (formerly, BlackRock Small/Mid Cap Index Fund), iShares MSCI Developed World Index Fund (formerly, BlackRock MSCI World Index Fund) and iShares MSCI Asia ex Japan Index Fund (formerly,
BlackRock MSCI Asia <FONT STYLE="white-space:nowrap">ex-Japan</FONT> Index Fund), each a series of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, the Fund has exposure to futures. Consider adding disclosure in
each Fund&#146;s prospectus regarding investment in futures as an investment strategy.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant notes that investments in
futures are included under &#147;Other Strategies - Derivatives&#148; in each Fund&#146;s prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;10</U>: <I>Each
of BlackRock Floating Rate Income Trust, BlackRock Credit Allocation Income Trust and BlackRock Multi-Sector Income Trust is classified as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> registered investment company under the 1940 Act.
However, the Schedule of Investments for each Fund suggests that the Fund may be diversified under the 1940 Act. If a <FONT STYLE="white-space:nowrap">non-diversified</FONT> Fund operates as a diversified Fund for three years, the Fund should be
considered diversified. If a Fund is considered diversified, the Fund must obtain shareholder approval to revert back to operating as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> Fund.</I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that each of BlackRock Floating Rate Income Trust and BlackRock Credit Allocation Income Trust is currently classified
as diversified, as disclosed in each Fund&#146;s semi-annual report for the period ended April&nbsp;30, 2017. BlackRock Multi-Sector Income Trust notes that it currently remains classified as <FONT STYLE="white-space:nowrap">non-diversified.</FONT>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;11</U>: <I>According to the Schedule of Investments for BlackRock Exchange Portfolio, a series of BlackRock
Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, the Fund has more than 25% of its assets invested in issuers in the financial sector. If the Fund plans to invest 25% or more of its assets in issuers in the financial
sector for three or more years, add sector risk as a principal risk in the Fund&#146;s prospectus.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant will add the
requested disclosure in a future prospectus for the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;12</U>: <I>With respect to the BlackRock Total Emerging Markets Fund, a series
of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, it appears the Fund is including derivatives to meet its 80% policy under Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> of the 1940 Act. Please clarify if
this is correct. If the Fund is including derivatives to meet its 80% policy, please include investments in derivatives as part of the Fund&#146;s 80% policy. Derivatives must be valued at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> for purposes of the 80% policy.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant confirms that the Fund
includes derivatives in its 80% policy, which states: &#147;Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in equity and debt instruments <I>and related derivative
instruments</I> issued by, or tied economically to, companies or other issuers located in emerging markets&#148; (emphasis added). The Registrant confirms that derivatives are valued at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> for purposes of this 80% policy, with the exception of contracts for difference, which are valued at notional amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;13</U>: <I>In the Portfolio Management Commentary section of shareholder reports for certain Registrants with multiple
series that have very similar investment strategies (i.e., BlackRock LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2020 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2025 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2030 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2035 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2040 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2045 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2050 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2055 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic 2060 Fund and BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Dynamic Retirement Fund, each a series of BlackRock Funds III (collectively, the &#147;LifePath Dynamic
Funds&#148;), and BlackRock 20/80 Target Allocation Fund, BlackRock 40/60 Target Allocation Fund, BlackRock 60/40 Target Allocation Fund and BlackRock 80/20 Target Allocation Fund, each a series of BlackRock Funds II (collectively, the &#147;Target
Allocation Funds&#148;)), please include a broader discussion of factors that influenced performance for the year as it relates to each specific series of the Registrant. </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that the referenced Funds are
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">funds-of-funds</FONT></FONT> and typically have the same investment holdings across all Funds, although the weightings of the underlying funds may vary for each Fund. Therefore, the
Registrants believe that discussions regarding the impact of certain factors (i.e., investments in the underlying funds) on performance as set forth in the Portfolio Management Commentary is appropriate for all Funds in the same shareholder
report.&nbsp;The Registrants respectfully note that that the shareholder reports do discuss the components of the underlying funds&#146; investments such as asset allocation strategies that detracted and contributed to the performance of the Funds,
and further note that such components will have similar impacts on all Funds in the shareholder report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;14</U>: <I>In
the Portfolio Management Commentary section of shareholder reports for certain Registrants with multiple series that have very similar investment strategies (i.e., the LifePath Dynamic Funds and the Target Allocation Funds), please include a
discussion on the effect of derivatives on each specific series of the Registrant rather than a general discussion covering all series in the shareholder report. </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Please see the response to Comment No.&nbsp;13 above. With respect to these
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">funds-of-funds,</FONT></FONT> the Registrants believe that discussions regarding the impact of derivatives on performance as set forth in the Portfolio Management Commentary is
appropriate for all Funds that are in the same shareholder report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;15</U>: <I>In the Portfolio Management Commentary section of shareholder
reports for BlackRock Global Allocation Fund, Inc. and BlackRock Strategic Global Bond Fund, Inc., please enhance the disclosure to discuss the effect that derivatives had on the Fund&#146;s performance.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants will include the suggested disclosure in future shareholder reports, where derivatives have a material impact on a
Fund&#146;s performance. The Registrants note that such disclosure is included in BlackRock Global Allocation Fund, Inc.&#146;s annual report for the fiscal year ended October&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;16</U>: <I>In the Portfolio Management Commentary section of shareholder reports for iShares Edge MSCI Min Vol USA Index
Fund (formerly, BlackRock Min Vol USA Index Fund) and iShares Edge MSCI Min Vol EAFE Index Fund (formerly, BlackRock Min Vol EAFE Index Fund), each a series of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>,
please identify a benchmark for each Fund. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that the July&nbsp;31, 2016 annual report for the above-referenced
Funds did not include a Portfolio Management Commentary or Performance Summary Section because each Fund&#146;s inception date was July&nbsp;13, 2016. It is the Registrants&#146; policy not to include the Portfolio Management Commentary or
Performance Summary information when a fund&#146;s inception is less than six months from the balance sheet date. Each Fund began including benchmark disclosure in its January&nbsp;31, 2017 semi-annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;17</U>: <I>For each of BlackRock Global Long/Short Equity Fund, BlackRock Global Long/Short Credit Fund and BlackRock
Advantage Emerging Markets Fund (formerly, BlackRock Emerging Markets Long/Short Equity Fund), each a series of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, please explain how the benchmark index is deemed an
appropriate broad based index for the Fund.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The benchmark index for each of BlackRock Global/Long Short Equity and BlackRock Global
Long/Short Credit Fund is the BofA Merrill Lynch <FONT STYLE="white-space:nowrap">3-Month</FONT> U.S. Treasury Bill Index. The benchmark index for BlackRock Advantage Emerging Markets Fund (formerly, BlackRock Emerging Markets Long/Short Equity
Fund) is the MSCI EM Index (the Fund&#146;s former benchmark prior to its change in strategy was the BofA Merrill Lynch <FONT STYLE="white-space:nowrap">3-Month</FONT> U.S. Treasury Bill Index). The Registrant believes the BofA Merrill Lynch <FONT
STYLE="white-space:nowrap">3-Month</FONT> U.S. Treasury Bill Index is an appropriate broad-based index for use as the benchmark for each of BlackRock Global/Long Short Equity and BlackRock Global Long/Short Credit Fund in light of each Fund&#146;s
investment objective as a market neutral Fund, which is to seek total return over the long term and to seek absolute total returns over a complete market cycle, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;18</U>: <I>For the BlackRock Advantage Emerging Markets Fund (formerly, BlackRock Emerging Markets Long/Short Equity Fund),
a series of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, please reconcile the summary prospectus showing no Acquired Fund Fees and Expenses (&#147;AFFE&#148;) with the Financial Highlights that show 18 bps of
AFFE.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 6 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: In connection with a name change to BlackRock Advantage Emerging Markets Fund, the BlackRock
Emerging Markets Long/Short Equity Fund changed its investment strategies on June&nbsp;12, 2017. As part of its new investment strategies, the Fund discontinued its shorting strategy, thus greatly reducing the need to hold a large cash balance for
the Fund&#146;s investments in short positions. The previous strategy required the Fund to hold a large cash balance that generated the 18 bps of AFFE for its investment in money market funds. AFFE was estimated upon the repurpose to reflect the
expected cash balance, and therefore, AFFE, of the Fund under the new strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;19</U>: <I>Please ensure that the net
expense ratios and gross expense ratios in the shareholder reports match the net expense ratios and gross expense ratios in each respective Fund&#146;s prospectus. Please explain any discrepancies. Some examples of discrepancies include: </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>With respect to the following series of BlackRock Funds II: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(a): Target Allocation Funds (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: As noted in a footnote to the prospectus fee table, the gross expenses do not tie to the Funds&#146; shareholder report due to the
restatement of AFFE and Other Expenses. The Funds incurred offering costs in fiscal year 2016 related to the launch of Class&nbsp;K Shares. Other Expenses were restated for fiscal year 2017 to exclude these expenses. AFFE was updated to reflect
current fees of the underlying funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(b): BlackRock Core Bond Portfolio (gross and net expense ratios off by
<FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual
expense cap, effective October&nbsp;14, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(c): BlackRock Credit Strategies Income Fund (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense
cap, effective July&nbsp;1, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(d): BlackRock Dynamic High Income Portfolio (gross and net expense ratios off by
<FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Please see the response to Comment 19(r) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(e): BlackRock Emerging Markets Bond Fund, BlackRock Emerging Markets Local Currency Bond Fund (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant notes that these Funds launched on July&nbsp;27, 2017 and have not yet
filed a shareholder report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(f): BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense
cap, effective October&nbsp;14, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 7 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(g): BlackRock Floating Rate Income Portfolio (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in the prospectus do not correlate to the ratio
of expenses to average net assets given in the Fund&#146;s most recent annual report, which does not include AFFE. Net expense ratios in the shareholder report include waivers and/or reimbursements that were applied during the fiscal year. The
prospectus does not reflect these waivers as BlackRock has not contractually agreed to cap net expenses at the net expense ratios reflected in the shareholder report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(h): BlackRock Global Dividend Portfolio (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in the Fund&#146;s prospectus do not correlate to the ratios of expenses to average net assets given
in the Fund&#146;s most recent annual report due to AFFE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(i): BlackRock GNMA Portfolio (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense
cap, effective October&nbsp;14, 2016, and a reduction in the management fee effective June&nbsp;12, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(j): BlackRock High Yield Bond Portfolio
(gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in
the prospectus do not correlate to the ratios of expenses to average net assets given in the Fund&#146;s most recent annual report due to AFFE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(k):
BlackRock Inflation Protected Bond Portfolio (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense cap, effective October&nbsp;14, 2016, and a reduction in the management fee effective June&nbsp;12, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(l): BlackRock Low Duration Bond Portfolio (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense cap, effective October&nbsp;14, 2016, and a reduction
in the management fee effective June&nbsp;12, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(m): BlackRock Managed Income Fund (gross and net expense ratios off by <FONT
STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in the Fund&#146;s prospectus do not correlate
to the ratios of expenses to average net assets given in the Fund&#146;s most recent annual report, which do not include the estimation of Other Expenses for Investor C Shares or the estimated AFFE for the current fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(n): BlackRock Multi-Asset Income Portfolio (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 8 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in the Fund&#146;s prospectus do not correlate to the
ratios of expenses to average net assets given in the Fund&#146;s most recent annual report due to AFFE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(o): BlackRock Strategic Income
Opportunities Portfolio (gross and net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund
Operating Expenses in the Fund&#146;s prospectus do not correlate to the ratios of expenses to average net assets given in the Fund&#146;s most recent annual report due to AFFE. Net expenses in the prospectus include a contractual management fee
waiver related to certain affiliated investments that was effective September&nbsp;1, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(p): BlackRock U.S. Government Bond Portfolio (gross and
net expense ratios off by <FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each
class&#146;s contractual expense cap, effective October&nbsp;14, 2016, and a reduction in the management fee effective June&nbsp;12, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(q):
BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2020 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2025 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2030 Fund, BlackRock LifePath<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2035 Fund, BlackRock
LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2040 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2045 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2050 Fund, BlackRock LifePath<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2055 Fund, BlackRock
LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta 2060 Fund and BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Smart Beta Retirement Fund, each a series of BlackRock Funds II (collectively, the &#147;BlackRock LifePath Smart Beta Funds&#148;) (gross and net expense ratios off by
<FONT STYLE="white-space:nowrap">2-3bps);</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Total Annual Fund Operating Expenses in the Fund&#146;s prospectus do not
correlate to the ratios of expenses to average net assets given in the Fund&#146;s most recent annual report, which do not include the estimation of AFFE to reflect current fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(r): BlackRock Dynamic High Income Portfolio (net expense ratio); </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: BlackRock reduced the contractual expense cap of each share class effective September&nbsp;26, 2016. These caps are reflected in the
prospectus fee table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(s): BlackRock Short Obligations Fund, a series of BlackRock Funds<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP>
(prospectus does not include a line for recoupment of fees but it is included in shareholder reports; net expense ratio also off); </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
Recoupment is included in Other Expenses in the Fund&#146;s prospectus. As noted in the shareholder report, the recoupment &#147;has no financial impact to the expense ratio.&#148; The net expense ratios do not tie as the shareholder report includes
voluntary waivers and/or reimbursements that cannot be reflected in the Fund&#146;s prospectus fee table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(t): BlackRock Global Long/Short Credit
Fund, a series of BlackRock Funds<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> (reconcile net expense ratio excluding dividend and interest expense between prospectus and shareholder report); </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The discrepancy between the net expense ratio (excluding dividend, interest expense and AFFE) of
the prospectus and the shareholder report is due to voluntary waivers and/or reimbursements that cannot be captured in the Fund&#146;s prospectus fee table. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(u): FFI Government Fund, a series of Funds For Institutions Series (net expense ratio); </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The discrepancy between the net expense ratio of the prospectus and the shareholder report is due to voluntary waivers and/or reimbursements
that cannot be captured in the Fund&#146;s prospectus fee table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(v): BlackRock International Fund, a series of BlackRock Series, Inc. (gross
expense ratio for Institutional and Investor A Shares; gross and net expense ratio for Investor C and Class&nbsp;R Shares); </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Other
Expenses have been updated to reflect current fees associated with the collapse of the Fund&#146;s master/feeder structure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(w): BlackRock Total
Emerging Markets Fund, a series of BlackRock Funds<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> (gross and net expense ratios); </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund&#146;s prospectus reflects reductions in each class&#146;s contractual expense cap, effective June&nbsp;15, 2016, and reduction in
the management fee, effective October&nbsp;1, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(x): BlackRock Exchange Portfolio, a series of BlackRock Funds<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> (tax expense of 38 bps is not disclosed in the fees and expenses table of the prospectus); </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The 38 bps of tax expense were incurred in fiscal year 2015. The Fund&#146;s current prospectus does not reflect tax expense as the fees and
expenses table is based on fiscal year 2016 expenses which did not include any material tax expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(y): BlackRock Long-Horizon Equity Fund (net
expense ratio for Investor B Shares); </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The net expense ratio in the shareholder report includes waivers and/or reimbursements that
were applied to Investor B during the fiscal year. The prospectus does not reflect these waivers as BlackRock has not contractually agreed to cap net expenses at the net expense ratio reflected in the shareholder report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(z): BlackRock Strategic Global Bond Fund, Inc. (net expense ratio); </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: BlackRock reduced the contractual expense cap of each share class effective October&nbsp;14, 2016, these caps are reflected in the prospectus
fee table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>19(aa): BlackRock LifePath Smart Beta Funds and BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2020 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2025 Fund, BlackRock LifePath<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2030 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Index 2035 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2040 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Index </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
2045 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2050 Fund, BlackRock LifePath<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index 2055 Fund, BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top">
</SUP>Index 2060 Fund and BlackRock LifePath<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Index Retirement Fund, each a series of BlackRock Funds III, (collectively, the
&#147;LifePath Index Funds&#148;) (gross and net expense ratios; AFFE does not agree between prospectus and shareholder report). </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
AFFE includes each Fund&#146;s pro rata share of the fees and expenses incurred by investing in certain other funds, including the underlying funds, and have been restated in the prospectus to reflect current fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;20</U>: <I>For BlackRock Core Bond Portfolio, a series of BlackRock Funds II, please include both the rates paid and
received on total return swaps.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant will add the requested disclosure in future shareholder reports, where required by
the changes to <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> effective August&nbsp;1, 2017. The Registrant respectfully notes that rates are not paid or received on volatility swaps. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;21</U>: <I>For BlackRock Multi-Sector Income Trust, please explain in the Notes to the Financial Statements section of the
Fund&#146;s shareholder reports, the basis for accounting for reimbursements for trade processing errors as other income based on guidance (ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">946-20-45-1).</FONT></FONT></FONT></I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant notes that guidance from Chapter 8.36 of the AICPA Audit and Accounting Guide &#150; Investment Companies (2016)&nbsp;states
that &#147;items relating to specific portfolio securities are typically recorded as an adjustment to realized or unrealized gains or losses. Otherwise, the item and a subsequent revaluation should be presented as other income.&#148; The Fund
incurred overdraft fees related to a trade processing error during the period ended October&nbsp;31, 2016 and did not realize gain or loss on the investment. The reimbursement was related to overdraft fees and not related to net gains (losses)
realized on the disposal of investments described in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">946-20-45-1.</FONT></FONT></FONT> As such, the income was presented as &#147;other
income-affiliated&#148; in the Statements of Operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;22</U>: <I>In the Notes to the Financial Statements section of
shareholder reports for BlackRock International Fund, a series of BlackRock Series, Inc., and BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds II, expand the derivatives disclosure and specify the types of derivatives each Fund
invests in.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Please see the response to Comment No.&nbsp;1 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;23</U>: <I>BATS: Series C Portfolio, a series of BlackRock Allocation Target Shares, is invested in credit default swaps and
utilizes ratings by S&amp;P Global Ratings (&#147;S&amp;P&#148;). In the Portfolio Management Commentary section of shareholder reports, the discussion mentions ratings by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) and S&amp;P.
If the Fund is not using Moody&#146;s, please remove from management&#146;s discussion.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant respectfully notes that ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">815-10-50-4K</FONT></FONT></FONT> states &#147;the current status (that is, as of the date of the statement of financial position) of the
payment/performance risk of the credit derivative, which could be based on either recently issued external credit ratings or current internal groupings used by the seller to manage its risk.&#148; The Registrant believes that the current disclosure
is appropriate and satisfies that requirement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;24</U>: <I>In the Portfolio Management Commentary section of shareholder
reports for BATS: Series A Portfolio, a series of BlackRock Allocation Target Shares, the discussion mentions a &#147;meaningful position in cash&#148; but the balance sheet shows the Fund holding 0% in cash. Please clarify.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Sweep investments are considered a component of cash for management discussion purposes.&nbsp;The Fund&#146;s policy is to discuss the
&#147;meaningful position in cash&#148; and the sweep investment vehicle was 15.7% of the total value of investments (16.5% of the total net assets). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;25</U>: <I>With respect to the Statement of Operations for BATS: Series E Portfolio and BATS: Series P Portfolio, each a
series of BlackRock Allocation Target Shares, please explain why the expenses are less for pricing these two series of BlackRock Allocation Target Shares compared to the other four series of the Registrant</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: With respect to BATS: Series P Portfolio, the Fund is a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fund-of-funds</FONT></FONT> that invests in only one underlying fund and has limited derivative investments. As such, the pricing fees are significantly lower than those of the other
series of the Registrant. With respect to BATS: Series E Portfolio, the pricing vendor undercharged the Fund and will not seek recoupment of the undercharged fees in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;26</U>: <I>For iShares MSCI Developed World Index Fund (formerly, BlackRock MSCI World Index Fund), a series of BlackRock
Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, some of the other Funds in the combined shareholder report filing do not have an administration fee. Please explain why the iShares MSCI Developed World Index Fund has an
administration fee. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant notes that the administration fees line item for the Fund was characterized in error in the
annual report for the period ended July&nbsp;31, 2016. This amount should have been characterized as advisory fees rather than administration fees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;27</U>: <I>The investment adviser recouped fees for each of the BlackRock 40/60 Target Allocation Fund, a series of
BlackRock Funds II, the BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds</I><I><SUP STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, and the LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">
</SUP></I><I>Index Funds. Please confirm whether recoupment is included in the fee table.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants confirm that recoupments
are included in the fee tables for each Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;28</U>: <I>For BlackRock Low Duration Bond Fund, a series of BlackRock
Funds II, and BlackRock Global Allocation Fund, Inc., please update each Fund&#146;s registration statement to describe barrier options under derivatives risk and include the direction of barrier options in each Fund&#146;s shareholder reports.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that disclosure within a Fund&#146;s Notes to Financial Statements provides an explanation of the terms of the
barrier options held and that the direction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 12 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of the barrier options is disclosed in each Fund&#146;s shareholder report, as applicable. The Registrants will consider enhancing the disclosure in the Funds&#146; registration statement going
forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;29</U>: <I>With respect to BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds II, please
discuss the rate on floating rate loans in the reporting period. In the description of portfolio holdings, include the lending rate, spread and floor. </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant will add the requested disclosure in future shareholder reports, as required by the changes to Regulation <FONT
STYLE="white-space:nowrap">S-X</FONT> effective August&nbsp;1, 2017. The Registrant respectfully notes that rates are not paid or received on volatility swaps. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;30</U>: <I>In the prospectus for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds II, and BlackRock
Floating Rate Income Trust, disclose that it may take more than 7 days to settle bank loans and address how the Fund intends to meet short-term liquidity as a result of the lengthy settlement. The principal risk factor discussing bank loans in each
Fund&#146;s prospectus should also disclose the lengthy time period and that floating rate loans may not be considered securities.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
The Registrants respectfully submit that these risks and each Fund&#146;s access to liquidity are adequately disclosed in the prospectus under &#147;Corporate Loans Risk&#148; and in the Statement of Additional Information under &#147;Bank
Loans&#148; with respect to BlackRock Floating Rate Income Portfolio, and in the shareholder report under &#147;Notes to Financial Statements &#150; Floating Rate Loan Interests&#148; with respect to both Funds. Further, each Fund includes
disclosure pertaining to its access to a line of credit facility in its shareholder report under &#147;Notes to Financial Statements &#150; Bank Borrowings.&#148; The Registrants note that BlackRock Floating Rate Income Trust is a <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund and therefore does not maintain a current prospectus and is not required to maintain any portion of its portfolio in liquid assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;31</U>: <I>With respect to BlackRock Floating Rate Income Portfolio and BlackRock Credit Strategies Income Fund, each a
series of BlackRock Funds II, given the liquidity of floating rate loans, explain how investments in floating rate loans are appropriate for the <FONT STYLE="white-space:nowrap">open-end</FONT> fund structure such as frequency of trades, volatility
of trades and valuation.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: As <FONT STYLE="white-space:nowrap">open-end</FONT> funds, each Fund considers the liquidity of floating
rate loans (also referred to herein as &#147;bank loans&#148;) in managing liquidity risk. Firstly, each Fund is limited to investing 15% of its assets in illiquid assets, which are defined as assets that may not be sold or disposed of in the
ordinary course of business within seven days at approximately the value at which the Fund has valued the asset on its books. As a result, each Fund&#146;s portfolio consists generally of liquid assets, including cash and cash equivalents, to help
the Fund meet its liquidity needs. In addition, depending on its liquidity needs, each Fund may seek to invest in more liquid bank loans and larger bank loan deals. Further, as disclosed in its registration statement, in seeking to meet its
liquidity needs, each Fund may (i)&nbsp;borrow from banks (as defined in the Investment Company Act of 1940, as amended) in amounts up to 33 1/3% of its total assets (including the amount borrowed), (ii) borrow up to an additional 5% of its total
assets for temporary purposes, (iii)&nbsp;may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities, and (iv)&nbsp;may purchase securities on margin to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 13 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
extent permitted by applicable law. Each Fund is a party to a Credit Agreement, pursuant to which the Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other
lawful purposes. In particular, the Registrant notes that, under the Credit Agreement, each of BlackRock Floating Rate Income Portfolio and BlackRock Credit Strategies Income Fund is able to borrow up to an aggregate commitment amount of
$850&nbsp;million for such purposes, subject to asset coverage and certain other limits, and notes that the Funds may not borrow under such Credit Agreement for leverage. The Funds further note that the risks relating to investments in bank loans,
including the possibility of extended settlement processes, are disclosed in each Fund&#146;s prospectus and Statement of Additional Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note
that there are a number of <FONT STYLE="white-space:nowrap">open-end</FONT> mutual funds that currently invest in floating rate loans as a principal investment strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;32</U>: <I>With respect to BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds II, and BlackRock Floating
Rate Income Trust, please explain how the Fund plans to satisfy all unfunded commitments.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Each Fund intends to satisfy any unfunded
commitments with cash and other liquid assets in its portfolio. The Registrants further note that each Fund may borrow from banks or other lenders in order to meet its liquidity needs, as described in the response to Comment 31 above. BlackRock
Floating Rate Income Trust, a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund not described in Comment 31, may also borrow money in accordance with Section&nbsp;18 of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;33</U>: <I>BlackRock Dynamic High Income Portfolio and BlackRock Multi-Asset Income Portfolio, each a series of BlackRock
Funds II, each invest in collateralized loan obligations (&#147;CLOs&#148;) (and floating rate loans for BlackRock Multi-Asset Income Portfolio). Please explain how, given such instruments&#146; lack of liquidity, each Fund has determined the
strategy is appropriate for an <FONT STYLE="white-space:nowrap">open-end</FONT> fund.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: See response to Comment 31 with respect to the
portion of the comment relating to floating rate loans in BlackRock Multi-Asset Income Portfolio.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As <FONT STYLE="white-space:nowrap">open-end</FONT>
funds, each Fund considers the liquidity of CLOs in managing liquidity risk.&nbsp;However, each Fund believes that there are several ways to help manage fund liquidity risk.&nbsp;Firstly, each Fund is limited to investing 15% of its assets in
illiquid assets, which are defined as assets that may not be sold or disposed of in the ordinary course of business within seven days at approximately the value at which the Fund has valued the asset on its books.&nbsp;As a result, each Fund&#146;s
portfolio consists generally of liquid assets, including cash and cash equivalents, to help the Fund meet its liquidity needs.&nbsp;In addition, as disclosed in its registration statement, each Fund may borrow to meet redemption requests. The Funds
further note that the risks relating to investments in collateralized debt obligations, including CLOs, are disclosed in each Fund&#146;s prospectus and Statement of Additional Information.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;34</U>: <I>The LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I> Dynamic Retirement Master
Portfolio, a series of Master Investment Portfolio, BlackRock LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta 2020 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta 2040 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta 2045 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta 2050 Fund, BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta 2055 Fund, and BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Smart Beta </I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 14 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<I>Retirement Fund, each a series of BlackRock Funds II, have significant investments in other funds. Provide disclosure in the Financial Highlights on how shareholders can find the financials of
underlying funds.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants note that they comply with a policy whereby if an underlying fund represents more than 25% but
less than 75% of a Fund&#146;s assets, the Registrant will disclose in the Notes to Financial Statements instructions as to how a shareholder may obtain the latest financial statements of the underlying fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;35</U>: <I>With respect to the LifePath Dynamic Funds, the percentage breakdown of types of securities in the prospectus and
the shareholder report for each Fund do not line up. Consider enhancing disclosure in the prospectus for each Fund to include a breakdown of the types of securities that matches the breakdown of types of securities in the Fund&#146;s shareholder
report. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant respectfully declines to make this change, as it believes the allocation of types of portfolio securities
pursuant to each Fund&#146;s strategy is accurately reflected in the Fund&#146;s prospectus. The Registrant notes that for purposes of reporting each Fund&#146;s portfolio composition in its shareholder report, &#147;short-term securities&#148; are
broken out separately. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;36</U>: <I>The BlackRock
LifePath</I><I><SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></I><I><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></I><I>Index 2035 Fund, a series of BlackRock Funds III, has a separate line item for &#147;return of capital&#148;
but the Statement of Changes in Net Assets does not include return of capital. Please clarify. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant notes that the line
item was inadvertently included in the shareholder report. The amount disclosed of (0.00) had no impact to total distributions per share or total return amounts for the share class in the Financial Highlights. The Registrant will correct this line
item going forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;37</U>: <I>For BlackRock Real Estate Securities Fund, a series of BlackRock Funds</I><I><SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, please update the Fund&#146;s prospectus to include counterparty credit risk to conform to the risk currently in the Fund&#146;s financial statements. </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant submits that this risk is adequately disclosed under &#147;Derivatives Risk &#150; Counterparty Risk&#148; in the section of
the Fund&#146;s prospectus entitled &#147;Other Risks of Investing in the Fund.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;38</U>: <I>For iShares MSCI Total
International Index Fund (formerly, BlackRock Total International ex U.S. Index Fund), a series of BlackRock Funds III, please explain why passive investment risk is not a principal risk of the Fund. Consider including passive investment risk as a
principal risk in the Fund&#146;s prospectus.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant will consider adding &#147;passive investment risk&#148; to the
Fund&#146;s prospectus in the next update to its registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;39</U>: <I>In the Portfolio Management
Commentary section of shareholder reports for iShares Russell 1000 <FONT STYLE="white-space:nowrap">Large-Cap</FONT> Index Fund (formerly, BlackRock Large Cap Index Fund), a series of BlackRock Funds III, BlackRock Debt Strategies Fund, Inc. and
BlackRock Balanced Capital Fund, Inc., please enhance the disclosure to discuss the effect that derivatives had on the Fund&#146;s performance.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 15 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrants will include the suggested disclosure in future shareholder reports, where
derivatives have a material impact on a Fund&#146;s performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;40</U>: <I>With respect to iShares MSCI Total
International Index Fund (formerly, BlackRock Total International ex U.S. Index Fund), a series of BlackRock Funds III, during the fiscal year ended December</I><I></I><I>&nbsp;31, 2016, the Fund&#146;s audit opinion did not include the required
statement that &#147;the securities have been confirmed.&#148; Please consider whether a new audit opinion needs to be issued.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The
Registrant notes that the Fund is a feeder fund in a master-feeder complex and the Fund&#146;s sole investment is in its corresponding master fund. Per discussion with the auditors of the Fund, confirmation language is not included in a feeder
fund&#146;s audit opinion under that specific scenario. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;41</U>: <I>With respect to iShares U.S. Aggregate Bond Index
Fund (formerly, BlackRock U.S. Total Bond Index Fund), a series of BlackRock Funds III, please confirm that the return of capital complies with the shareholder notice requirements regarding a return of capital. </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant confirms that the Fund&#146;s return of capital complies with the shareholder notice requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;42</U>: <I>In the Notes to the Financial Statements section of shareholder reports for iShares Russell 1000 <FONT
STYLE="white-space:nowrap">Large-Cap</FONT> Index Fund (formerly, BlackRock Large Cap Index Fund), a series of BlackRock Funds III, BlackRock Debt Strategies Fund, Inc. and BlackRock Balanced Capital Fund, Inc., expand the derivatives disclosure and
specify the types of derivatives each Fund invests in.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Please see the response to Comment No.&nbsp;1 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;43</U>: <I>With respect to Money Market Master Portfolio and Prime Money Market Master Portfolio, each a series of Master
Investment Portfolio, please explain why the Funds&#146; portfolios are valued at different times each day.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: BlackRock offers
multiple <FONT STYLE="white-space:nowrap">non-government,</FONT> <FONT STYLE="white-space:nowrap">non-retail</FONT> money market funds (i.e., &#147;Prime Money Market Funds&#148;). Based on client feedback, we wanted to offer a variety of Prime
Money Market Fund options for our clients subsequent to money market reform in 2016.&nbsp;The Prime Money Market Master Portfolio calculated its floating net asset value per share at 3:00 p.m., which was generally in conformance with other prime
money market funds in the industry, in addition to strike times at 8:00 a.m. and 12:00 p.m.&nbsp;The Prime Money Market Master Portfolio was liquidated on April&nbsp;28, 2017 concurrent with the liquidation of its feeder fund, BlackRock Cash Funds:
Prime.&nbsp;The Money Market Master Portfolio strikes a 5:00 p.m. floating net asset value per share because of the limited client base of its sole feeder fund, BlackRock Cash Funds: Institutional.&nbsp;BlackRock Cash Funds: Institutional is
currently only available to investment companies for which (i)&nbsp;BlackRock Fund Advisors, BlackRock </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 16 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Institutional Trust Company, N.A. (&#147;BTC&#148;), or an affiliate provides investment advisory or administrative services, or (ii)&nbsp;BTC acts as securities lending agent and which have
directed BTC on their behalf to invest securities lending cash collateral in SL Agency Shares of BlackRock Cash Funds: Institutional.&nbsp;Investor purchase money from this limited client base is generally received by BlackRock Cash Funds:
Institutional toward the end of the business day and therefore Money Market Master Portfolio requires a later net asset value strike time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment
No.</U><U></U><U>&nbsp;44</U>: <I>BlackRock Municipal 2018 Term Trust arranged for secured financing through a TOB Trust. Please explain how the Fund covers these senior securities (i.e. floating rate notes and indexed floating rate notes).</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund covers its use of TOBs by earmarking or segregating cash or liquid assets in an amount equal to any TOBs floaters, plus any accrued
but unpaid interest due on the TOBs floaters, issued by the TOB trust. The Fund does not earmark or segregate assets transferred to a TOBs issuer. Consistent with the Staff&#146;s position set forth in &#147;Investment Management Staff Issues of
Interest&#151;Funds Using Tender Option Bond (TOB) Financings,&#148; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://www.sec.gov/divisions/investment/issues-of-interest.shtml#tobfinancing,</FONT></FONT> to the extent the
Fund &#147;covers&#148; its obligations under the TOB trust in the manner described, the Fund would not view TOBs to be a &#147;senior security&#148; subject to the asset coverage and other requirements of Section&nbsp;18 of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;45</U>: <I>In the prospectus for BlackRock Debt Strategies Fund, Inc., consider supplementing the &#147;Bank Loans
Risk&#148; risk disclosure to note that bank loans may not be considered securities and may not have protections offered by securities laws.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant is a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund that does not maintain a current prospectus. The Registrant will
therefore consider adding such disclosure to the Fund&#146;s next shareholder report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;46</U>: <I>For Managed Account
Series, if any fees waived by the investment adviser are subject to recoupment, include disclosure regarding recoupment in the Notes to the Financial Statements section of the Funds&#146; shareholder reports.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Registrant confirms that the fees waived by the investment adviser are not subject to recoupment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;47</U>: <I>For BlackRock Money Market Portfolio, a series of BlackRock Funds</I><I><SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP></I><I>, the Financial Highlights information is presented to four decimal places during the period but beginning and ending net asset value are only presented to two decimal places. Please present
the information consistently. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund operates as a retail money market fund under Rule
<FONT STYLE="white-space:nowrap">2a-7</FONT> under the 1940 Act. Retail money market funds are not subject to targeted floating NAV reform and continue to show the historical price of fund shares using two decimal points. The financial statements
present beginning and ending net asset value using two decimal points for comparability to market reported NAVs. To provide additional detailed information to shareholders, the financial statements show four decimals only for &#147;net investment
income,&#148; &#147;net realized gain&#148; and distribution activity in the Financial Highlights. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 17 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at (212) <FONT
STYLE="white-space:nowrap">728-8172</FONT> if you have comments or if you require additional information regarding the Annual Reports. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Respectfully submitted,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dean A. Caruvana</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dean A. Caruvana</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Benjamin Archibald, Esq. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gladys Chang, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Elliot J. Gluck, Esq. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 18 - </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g466350sn.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g466350sn.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M'/\ R3K1_P#L/G_T8: /2S_KO^!?UH GU#_7#Z4 5: )(/\ 7I]: (S0 [^
M_44 6K7_ (]9_P#/:@"&U_X^4^M 'B7[3'_'QX9_W;C^<= 'L\'_ !^:7_V#
MI/YQ4 /@_P!?'_O#^= #KG_CYD^M "3_ 'T_W%_E0!'Z4 37?_'TWX4 7;7_
K (\Q^- 'DWP!_P"1+U[_ +"<G_HM* /1UZ/]/ZB@!!]PT ;2?<7Z4 ?_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
