<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>5
<FILENAME>reynold77o.txt
<TEXT>
<PAGE>

PARTICIPATING FUNDS

.  U.S. Registered Funds (Name of Fund, Aladdin Ticker):
   ISHARES CORE U.S. AGGREGATE BOND ETF (ISHAGG)
   ISHARES CORE U.S. CREDIT BOND ETF (ISHCRED)
   ISHARES 10+ YEAR CREDIT BOND ETF (ISHLCRD)
   AZL Enhanced Bond Index Fund (AZ-CORE)
   BlackRock Multi-Sector Income Trust (BIT)
   BlackRock Dynamic High Income--Preferred Stock Portfolio (BR-DHI-PS)
   BlackRock Funds, BlackRock Global Long/Short Credit Fund (BR-GC)
   BlackRock Investment Grade Bond Portfolio (BR-IG)
   BlackRock Multi-Asset Income--Global IG Corporates (BR-INC-IGD)
   BlackRock Multi-Asset Income--Preferred Stock Portfolio (BR-INC-PS)
   BlackRock World Income Fund, Inc. (BR-WI)
   BlackRock Managed Volatility--Fixed Income Portfolio (BR_AA_FI)
   BlackRock Credit Allocation Income Trust (Preferred Sleeve) (BTZ-PREF)
   CoreAlpha Bond Master Portfolio (MIP_CORA)
   AST BlackRock Global Strategies Portfolio (Core Active) (PRU-AA-CAB)
   JNL/BlackRock Global Long Short Credit Fund (SMF_CC-GC)

THE OFFERING

KEY CHARACTERISTICS (COMPLETE ALL FIELDS)

Date of Offering Commencement:  06-09-2015

Security Type:                  BND/CORP

Issuer                          Reynolds American Inc. (2045)

Selling Underwriter             Citigroup Global Markets Inc.

Affiliated Underwriter(s)       [X] PNC Capital Markets LLC
                                [_] Other:

List of Underwriter(s)          Citigroup Global Markets Inc., J.P.
                                Morgan Securities LLC, Credit Suisse
                                Securities (USA) LLC, Goldman, Sachs
                                & Co., Mizuho Securities USA Inc.,
                                RBC Capital Markets, LLC, Scotia
                                Capital (USA) Inc., Fifth Third
                                Securities, Inc., Wells Fargo
                                Securities, LLC, PNC Capital Markets
                                LLC, BNY Mellon Capital Markets, LLC,
                                The Williams Capital Group, L.P.

TRANSACTION DETAILS

<TABLE>
<S>                                                <C>         <C>               <C>
Date of Purchase                                    06-09-2015
Purchase Price/Share                                           Total Commission,
(per share / % of par)                             $    99.476 Spread or Profit         0.875%
1. Aggregate Principal Amount Purchased (a+b)                                    $125,000,000
   a.  US Registered Funds (Appendix attached
       with individual Fund/Client purchase)                                     $ 13,930,000
</TABLE>

                                                                    Page 1 of 2

<PAGE>

Rule 10f-3 Report - Definitions

<TABLE>
<S>                                                         <C>
    b. Other BlackRock Clients                              $  111,070,000
2. Aggregate Principal Amount of Offering                   $2,250,000,000
FUND RATIO [Divide Sum of #1 by #2] Must be less than 0.25         0.05555
</TABLE>

<PAGE>

Rule 10f-3 Report - Definitions

LEGAL REQUIREMENTS

OFFERING TYPE (CHECK ONE)

The securities fall into one of the following transaction types (see
Definitions):

[X]  U.S. Registered Public Offering      [Issuer must have 3 years of
                                          continuous operations]
[_]  Eligible Rule 144A Offering          [Issuer must have 3 years of
                                          continuous operations]
[_]  Eligible Municipal Securities
[_]  Eligible Foreign Offering            [Issuer must have 3 years of
                                          continuous operations]
[_]  Government Securities Offering       [Issuer must have 3 years of
                                          continuous operations]

TIMING AND PRICE (CHECK ONE OR BOTH)

[X]  The securities were purchased before the end of the first day on which any
     sales were made, at a price that was not more than the price paid by each
     other purchaser of securities in that offering or in any concurrent
     offering of the securities; and

[_]  If the securities are offered for subscription upon exercise of rights,
     the securities were purchased on or before the fourth day before the day
     on which the rights offering terminated.

FIRM COMMITMENT OFFERING (CHECK ONE)

[X] YES    The securities were offered pursuant to an underwriting or similar
[_] NO     agreement under which the underwriters were committed to purchase
           all of the securities being offered, except those purchased by
           others pursuant to a rights offering, if the underwriters
           purchased any of the securities.

NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)

[X] YES    No affiliated underwriter was a direct or indirect participant in,
[_] NO     or benefited directly or indirectly from, the transaction.

Completed by:   Dillip Behera                              Date: 06-12-2015
                -----------------------------------------
                Global Syndicate Team Member

Approved by:    Steven DeLaura                             Date: 06-12-2015
                -----------------------------------------
                Global Syndicate Team Member

<PAGE>

Rule 10f-3 Report - Definitions

DEFINITIONS

TERM                                           DEFINITION
-------------------------- ---------------------------------------------------
Fund Ratio                 Number appearing at the bottom of page 1 of 2 of
                           the Rule 10f-3 Report form. It is the sum of the
                           Funds' participation in the offering by the Funds
                           and other accounts managed by BlackRock divided by
                           the total amount of the offering.

Eligible Foreign Offering  The securities are sold in a public offering
                           conducted under the laws of a country other than
                           the United States and

                           (a)  the offering is subject to regulation in such
                                country by a "foreign financial regulatory
                                authority," as defined in Section 2(a)(50) of
                                the Investment Company Act of 1940;

                           (b)  the securities were offered at a fixed price
                                to all purchasers in the offering (except for
                                any rights to purchase securities that are
                                required by law to be granted to existing
                                security holders of the issuer);

                           (c)  financial statements, prepared and audited as
                                required or permitted by the appropriate
                                foreign financial regulatory authority in such
                                country, for the two years prior to the
                                offering, were made available to the public
                                and prospective purchasers in connection with
                                the offering; and

                           (d)  if the issuer is a "domestic issuer," i.e.,
                                other than a foreign government, a national of
                                any foreign country, or a corporation or other
                                organization incorporated or organized under
                                the laws of any foreign country, it (1) has a
                                class of securities registered pursuant to
                                section 12(b) or 12(g) of the Securities
                                Exchange Act of 1934 or is required to file
                                reports pursuant to section 15(d) of that act,
                                and (2) has filed all the material required to
                                be filed pursuant to section 13(a) or 15(d) of
                                that act for a period of at least 12 months
                                immediately preceding the sale of securities
                                (or for such shorter period that the issuer
                                was required to file such material)

<PAGE>

Rule 10f-3 Report - Definitions

TERM                                             DEFINITION
------------------------------- --------------------------------------------
Eligible Municipal Securities   The securities:

                                (a)  are direct obligations of, or
                                     obligations guaranteed as to principal
                                     or interest by, a State or any
                                     political subdivision thereof, or any
                                     agency or instrumentality of a State or
                                     any political subdivision thereof, or
                                     any municipal corporate instrumentality
                                     of one or more States, or any security
                                     which is an industrial development bond
                                     (as defined in section 103(c)(2) of
                                     Title 26) the interest on which is
                                     excludable from gross income under
                                     certain provisions of the Internal
                                     Revenue Code;

                                (b)  are sufficiently liquid that they can
                                     be sold at or near their carrying value
                                     within a reasonably short period of
                                     time; and

                                (c)  either

                                     (1)  are subject to no greater than
                                          moderate credit risk; or

                                     (2)  if the issuer of the municipal
                                          securities, or the entity
                                          supplying the revenues or other
                                          payments from which the issue is
                                          to be paid, has been in continuous
                                          operation for less than three
                                          years, including the operation of
                                          any predecessors, the securities
                                          are subject to a minimal or low
                                          amount of credit risk.

                                Also, purchases of municipal securities may
                                not be designated as group sales or
                                otherwise allocated to the account of any
                                prohibited seller (i.e., an affiliated
                                underwriter).

Eligible Rule 144A Offering     The securities are sold in an offering where

                                (a)  the securities are offered or sold in
                                     transactions exempt from registration
                                     under Section 4(2) of the Securities
                                     Act of 1933, Rule 144A thereunder, or
                                     Rules 501-508 thereunder;

                                (b)  the securities were sold to persons
                                     that the seller and any person acting
                                     on behalf of the seller reasonably
                                     believe to include qualified
                                     institutional buyers, as defined in
                                     Rule 144A ("QIBs"); and

                                (c)  the seller and any person acting on
                                     behalf of the seller reasonably believe
                                     that the securities are eligible for
                                     resale to other QIBs pursuant to Rule
                                     144A.

Government Securities Offering  The security is issued or guaranteed as to
                                principal or interest by the United States,
                                or by a person controlled or supervised by
                                and acting as an instrumentality of the
                                Government of the United States pursuant to
                                authority granted by the Congress of the
                                United States; or any certificate of deposit
                                for any of the foregoing.

<PAGE>

Rule 10f-3 Report - Definitions

TERM                                               DEFINITION
--------------------------------- --------------------------------------------
U.S. Registered Public Offering.  The securities offered are registered under
                                  the Securities Act of 1933 that are being
                                  offered to the public.
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