<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<FILENAME>pahfa77o.txt
<TEXT>
<PAGE>

PARTICIPATING FUNDS

.  U.S. Registered Funds (Name of Fund, Aladdin Ticker):
   BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municip
   (BR-PAMUNI)
   BlackRock Municipal Income Quality Trust (BYM)
   BlackRock MuniYield Pennsylvania Quality Fund, Inc. (MPA)
   BlackRock MuniYield Quality Fund II, Inc. (MQT)
   BlackRock MuniVest Fund, Inc. (MVF)

THE OFFERING

KEY CHARACTERISTICS (COMPLETE ALL FIELDS)

Date of Offering Commencement:  11-05-2015

Security Type:                  BND/MUNI

Issuer                          The Pennsylvania Housing Finance Agency Single
                                Family Mortgage Revenue Bonds Series 2015-118-B

Selling Underwriter             RBC Capital markets

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

List of Underwriter(s)          RBC Capital Markets, Wells Fargo Securities,
                                LLC, Barclays Capital Inc., Merrill Lynch,
                                Pierce, Fenner & Smith Incorporated, George
                                K.Baum & Company, Janney Montgomery Scott,
                                J.P. Morgan Securities LLC, Loop Capital
                                Markets, Morgan Stanley & Co. LLC, Piper
                                Jaffray & Co., PNC Capital Markets LLC, Quoin
                                Capital LLC

TRANSACTION DETAILS

Date of Purchase      11-05-2015

<TABLE>
  <S>                       <C>  <C>                                    <C>
  Purchase Price/Share      $100 Total Commission, Spread or Profit     0.694
  (PER SHARE / % OF PAR)
</TABLE>

<TABLE>
 <S>                                                                <C>
 1.Aggregate Principal Amount Purchased (a+b)                       $11,000,000
                                                                    -----------
    a. US Registered Funds
       (Appendix attached with individual Fund/Client purchase)     $11,000,000
                                                                    -----------
    b. Other BlackRock Clients                                              N/A
                                                                    -----------
 2.Aggregate Principal Amount of Offering                           $90,000,000
                                                                    -----------
 FUND RATIO
 [Divide Sum of #1 by #2]
 Must be less than 0.25                                                 0.12222
</TABLE>

                                  Page 1 of 2

<PAGE>

Rule 10f-3 Report - Definitions

LEGAL REQUIREMENTS

OFFERING TYPE (CHECK ONE)

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

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

TIMING AND PRICE (CHECK ONE OR BOTH)

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

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

FIRM COMMITMENT OFFERING (CHECK ONE)

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

NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)

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

Completed by:  Dipankar Banerjee                              Date: 12-18-2015
               ------------------------------------
               Global Syndicate Team Member

Approved by:   Betsy Mathews, Steven Delaura                  Date: 12-18-2015
               ------------------------------------
               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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