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 -------------------- -------