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BURKE TITLE TREASURER EX-99.77B 2 c51502_ex99-77b.txt REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors, Trustees and Shareholders of: BlackRock Investment Quality Municipal Trust Inc. BlackRock Municipal Income Trust BlackRock Long-Term Municipal Advantage Trust BlackRock California Investment Quality Municipal Trust Inc. BlackRock California Municipal Income Trust BlackRock Florida Investment Quality Municipal Trust Inc. BlackRock Florida Municipal Income Trust BlackRock New Jersey Investment Quality Municipal Trust Inc. BlackRock New Jersey Municipal Income Trust BlackRock New York Investment Quality Municipal Trust Inc. BlackRock New York Municipal Income Trust (each a "Trust" and collectively, the "Trusts") In planning and performing our audits of the financial statements of the Trusts listed above as of and for the year ended October 31, 2007, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion. The management of the Trusts is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A trust's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors/trustees of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a trust's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the trust's annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Trusts' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trusts' internal controls over financial reporting and their operation, including controls for safeguarding securities' that we consider to be a material weakness as defined above as of October 31, 2007. This report is intended solely for the information and use of management, the Board of Directors, Trustees of the Trusts listed above and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. /s/ Deloitte & Touche LLP Boston, Massachusetts December 24, 2007 EX-99.77O 3 c51502_ex99-77o.txt FORM 10f-3 THE BLACKROCK FUNDS RECORD OF SECURITIES PURCHASED UNDER THE TRUST'S RULE 10f-3 PROCEDURES 1. Name of Purchasing Portfolio: BlackRock AMT-Free Municipal Bond Portfolio (BR-MUNI), BlackRock National Municipal Fund (BR-NATL), BlackRock MuniYield California Fund, Inc. (MYC), The BlackRock California Investment Quality Municipal Trust (RAA), BlackRock California Municipal Income Trust (BFZ), BlackRock California Municipal Income Trust II (BCL), BlackRock California Municipal Bond Trust (BZA) 2. Issuer: Metropolitan Water Dist of Southern California 3. Date of Purchase: 5/16/2007 4. Underwriter from whom purchased: Bear Stearns 5. Name of Affiliated Underwriter (as defined in the Trust's procedures) managing or participating in syndicate: Merrill Lynch & Co. 6. Aggregate principal amount of purchased (out of total offering): 50,255,000 out of 400,000,000. 7. Aggregate principal amount purchased by funds advised by BlackRock and any purchases by other accounts with respect to which BlackRock has investment discretion (out of the total offering): 50,925,000 out of 400,000,000. 8. Purchase price (net of fees and expenses): 106.443, 107.124, 109.90. 9. Date offering commenced: 5/16/2007 10. Offering price at end of first day on which any sales were made: 11. Have the following conditions been satisfied: YES NO --- --- a. The securities are part of an issue registered under the Securities Act of 1933, as amended, which is being offered to the public, OR are Eligible Municipal Securities, OR are securities sold in an Eligible Foreign Offering OR are securities sold in an Eligible Rule 144A Offering OR part of an issue of government securities. X --- --- b. The securities were purchased prior to 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 (except, in the case of an Eligible Foreign Offering, for any rights to purchase required by laws to be granted to existing security holders of the Issuer) OR, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the rights offering terminated. X --- --- c. The underwriting was a firm commitment underwriting. X --- --- d. The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period. X --- --- e. In respect of any securities other than Eligible Municipal Securities, the issuer of such securities has been in continuous operation for not less than three years (including the operations of predecessors). X --- --- f. Has the affiliated underwriter confirmed that it will not receive any direct or indirect benefit as a result of BlackRock's participation in the offering? X --- --- Approved: Walter O'Connor Date: 5/16/07 ---------------------------- ------- FORM 10f-3 THE BLACKROCK FUNDS RECORD OF SECURITIES PURCHASED UNDER THE TRUST'S RULE 10f-3 PROCEDURES 1. Name of Purchasing Portfolio: BlackRock Municipal Bond Trust (BBK), BlackRock Municipal Income Trust (BFK), BlackRock Investment Quality Municipal Trust (BKN), BlackRock Municipal Income Trust II (BLE), BlackRock National Municipal Fund (BR-NATL), BlackRock Strategic Municipal Trust (BSD), BlackRock MuniHoldings Fund, Inc.(MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock MuniYield Fund, Inc. (MYD), BlackRock California Municipal Income Trust II (BCL), BlackRock California Municipal Income Trust (BFZ), BlackRock AMT-Free Municipal Bond Portfolio (BR-MUNI), BlackRock California Municipal Bond Trust (BZA), BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT), BlackRock MuniYield California Fund, Inc. (MYC), BlackRock MuniYield Insured Fund, Inc (MYI), PI 2. Issuer: California State GO 3. Date of Purchase: June 21, 2007 4. Underwriter from whom purchased: Citigroup Global Markets Inc. 5. Name of Affiliated Underwriter (as defined in the Trust's procedures) managing or participating in syndicate: Merrill Lynch & Co. 6. Aggregate principal amount of purchased (out of total offering): $150,130,000 out of $2,500,000,000 7. Aggregate principal amount purchased by funds advised by BlackRock and any purchases by other accounts with respect to which BlackRock has investment discretion (out of the total offering): $150,130,000 out of $2,500,000,000 8. Purchase price (net of fees and expenses): 104.427 in 2012, 104.795 in 2013, 105.190 in 2014, 102.408 in 2015, 105.756 in 2015,102.285 in 2016, 105.976 in 2016, 106.101 in 2017, 102.035 in 2032, 101.718 in 2037. 9. Date offering commenced: June 21, 2007 10. Offering price at end of first day on which any sales were made: 11. Have the following conditions been satisfied: YES NO --- --- a. The securities are part of an issue registered under the Securities Act of 1933, as amended, which is being offered to the public, OR are Eligible Municipal Securities, OR are securities sold in an Eligible Foreign Offering OR are securities sold in an Eligible Rule 144A Offering OR part of an issue of government securities. X --- --- b. The securities were purchased prior to 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 (except, in the case of an Eligible Foreign Offering, for any rights to purchase required by laws to be granted to existing security holders of the Issuer) OR, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the rights offering terminated. X --- --- c. The underwriting was a firm commitment underwriting. X --- --- d. The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period. X --- --- e. In respect of any securities other than Eligible Municipal Securities, the issuer of such securities has been in continuous operation for not less than three years (including the operations of predecessors). X --- --- f. Has the affiliated underwriter confirmed that it will not receive any direct or indirect benefit as a result of BlackRock's participation in the offering? X --- --- Received from: Janine Bianchino Date: 6/21/07 ------------------------ ------- FORM 10f-3 THE BLACKROCK FUNDS RECORD OF SECURITIES PURCHASED UNDER THE TRUST'S RULE 10f-3 PROCEDURES 1. Name of Purchasing Portfolio: BlackRock AMT-Free Municipal Bond Portfolio (BR-MUNI), BlackRock National Municipal Fund (BR-NATL), BlackRock MuniYield California Fund, Inc. (MYC), The BlackRock California Investment Quality Municipal Trust (RAA), BlackRock California Municipal Income Trust (BFZ), BlackRock California Municipal Income Trust II (BCL), BlackRock California Municipal Bond Trust (BZA) 2. Issuer: Metropolitan Water Dist of Southern California 3. Date of Purchase: 5/16/2007 4. Underwriter from whom purchased: Bear Stearns 5. Name of Affiliated Underwriter (as defined in the Trust's procedures) managing or participating in syndicate: Merrill Lynch & Co. 6. Aggregate principal amount of purchased (out of total offering): 50,255,000 out of 400,000,000. 7. Aggregate principal amount purchased by funds advised by BlackRock and any purchases by other accounts with respect to which BlackRock has investment discretion (out of the total offering): 50,925,000 out of 400,000,000. 8. Purchase price (net of fees and expenses): 106.443, 107.124, 109.90. 9. Date offering commenced: 5/16/2007 10. Offering price at end of first day on which any sales were made: 11. Have the following conditions been satisfied: YES NO --- --- a. The securities are part of an issue registered under the Securities Act of 1933, as amended, which is being offered to the public, OR are Eligible Municipal Securities, OR are securities sold in an Eligible Foreign Offering OR are securities sold in an Eligible Rule 144A Offering OR part of an issue of government securities. X --- --- b. The securities were purchased prior to 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 (except, in the case of an Eligible Foreign Offering, for any rights to purchase required by laws to be granted to existing security holders of the Issuer) OR, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the rights offering terminated. X --- --- c. The underwriting was a firm commitment underwriting. X --- --- d. The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period. X --- --- e. In respect of any securities other than Eligible Municipal Securities, the issuer of such securities has been in continuous operation for not less than three years (including the operations of predecessors). X --- --- f. Has the affiliated underwriter confirmed that it will not receive any direct or indirect benefit as a result of BlackRock's participation in the offering? X --- --- Approved: Walter O'Connor Date: 5/16/07 ----------------------- ------- FORM 10f-3 THE BLACKROCK FUNDS RECORD OF SECURITIES PURCHASED UNDER THE TRUST'S RULE 10f-3 PROCEDURES 1. Name of Purchasing Portfolio: BlackRock Municipal Bond Trust (BBK), BlackRock Municipal Income Trust (BFK), BlackRock Investment Quality Municipal Trust (BKN), BlackRock Municipal Income Trust II (BLE), BlackRock National Municipal Fund (BR-NATL), BlackRock Strategic Municipal Trust (BSD), BlackRock MuniHoldings Fund, Inc. (MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock MuniYield Fund, Inc. (MYD), BlackRock California Municipal Income Trust II (BCL), BlackRock California Municipal Income Trust (BFZ), BlackRock AMT-Free Municipal Bond Portfolio (BR-MUNI), BlackRock California Municipal Bond Trust (BZA), BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT), BlackRock MuniYield California Fund, Inc. (MYC), BlackRock MuniYield Insured Fund, Inc (MYI), PI 2. Issuer: California State GO 3. Date of Purchase: June 21, 2007 4. Underwriter from whom purchased: Citigroup Global Markets Inc. 5. Name of Affiliated Underwriter (as defined in the Trust's procedures) managing or participating in syndicate: Merrill Lynch & Co. 6. Aggregate principal amount of purchased (out of total offering): $150,130,000 out of $2,500,000,000 7. Aggregate principal amount purchased by funds advised by BlackRock and any purchases by other accounts with respect to which BlackRock has investment discretion (out of the total offering): $150,130,000 out of $2,500,000,000 8. Purchase price (net of fees and expenses): 104.427 in 2012, 104.795 in 2013, 105.190 in 2014, 102.408 in 2015, 105.756 in 2015,102.285 in 2016, 105.976 in 2016, 106.101 in 2017, 102.035 in 2032, 101.718 in 2037. 9. Date offering commenced: June 21, 2007 10. Offering price at end of first day on which any sales were made: 11. Have the following conditions been satisfied: YES NO --- --- a. The securities are part of an issue registered under the Securities Act of 1933, as amended, which is being offered to the public, OR are Eligible Municipal Securities, OR are securities sold in an Eligible Foreign Offering OR are securities sold in an Eligible Rule 144A Offering OR part of an issue of government securities. X --- --- b. The securities were purchased prior to 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 (except, in the case of an Eligible Foreign Offering, for any rights to purchase required by laws to be granted to existing security holders of the Issuer) OR, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the rights offering terminated. X --- --- c. The underwriting was a firm commitment underwriting. X --- --- d. The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period. X --- --- e. In respect of any securities other than Eligible Municipal Securities, the issuer of such securities has been in continuous operation for not less than three years (including the operations of predecessors). X --- --- f. Has the affiliated underwriter confirmed that it will not receive any direct or indirect benefit as a result of BlackRock's participation in the offering? X --- --- Received from: Janine Bianchino Date: 6/21/07 -------------------- ------- -----END PRIVACY-ENHANCED MESSAGE-----