EX-99.77O 3 c51506_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 MuniYield Fund, Inc. (MYD), BlackRock MuniHoldings Fund, Inc. (MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock Long-Term Municipal Advantage Trust (BTA), BlackRock Municipal Income Trust II (BLE), BlackRock Municipal Income Trust (BFK), BlackRock Municipal Bond Trust (BBK), BlackRock Investment Quality Municipal Trust (BKN), BlackRock Strategic Municipal Trust (BSD), BlackRock California Insured Municipal Bond Fund (BR-CAINS), BlackRock MuniHoldings California Insured Fund, Inc. (MUC), BlackRock MuniYield California Insured Fund, Inc. (MCA2), BlackRock California Insured Municipal Income Trust (BCK), BlackRock MuniYield New Jersey Fund, Inc. (MYJ), BlackRock New Jersey Municipal Bond Fund (BR-NJMUNI), The BlackRock NJ Investment Quality Municipal Trust (RNJ), BlackRock New Jersey Municipal Income Trust (BNJ), BlackRock Virginia Municipal Bond Trust (BHV), BlackRock Delaware Municipal Bond Portfolio (BR-DE), Separate Accounts, P.I. 2. Issuer: Puerto Rico Electric Power Authority 3. Date of Purchase: 4/20/2007 4. Underwriter from whom purchased: J.P. Morgan 5. Name of Affiliated Underwriter (as defined in the Trust's procedures) managing or participating in syndicate: Merrill Lynch 6. Aggregate principal amount of purchased (out of total offering): $96,025,000 out of $1,943,565,000. 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): $132,370,000 out of $1,943,565,000. 8. Purchase price (net of fees and expenses): 107.456 in 2014, 107.983 of 5.00 in 2015, 101.037 of 4.00 in 2015, 108.560 in 2016, 107.068 IN 2017, 106.726 IN 2018, 109.550 in 2019, 106.130 IN 2020, 108.017 in 2020, 105.876 IN 2021, 107.757 in 2021, 105.707 IN 2022, 107.498 in 2022, 105.454 IN 2023, 107.326 in 2023, 107.154 in 2024, 104.867 in 2032, and 100 in 2029. 9. Date offering commenced: 4/18/2007 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: 5/3/07 FORM 10f-3 THE BLACKROCK FUNDS RECORD OF SECURITIES PURCHASED UNDER THE TRUST'S RULE 10f-3 PROCEDURES 1. Name of Purchasing Portfolio: The BlackRock Pennsylvania Strategic Municipal Trust (BPS), BlackRock MuniYield Pennsylvania Insured Fund, Inc. (MPA), BlackRock MuniYield Insured Fund, Inc. (MYI), BlackRock California Insured Municipal Bond Fund (BR-CAINS), BlackRock National Municipal Fund (BR-NATL), BlackRock MuniYield California Insured Fund, Inc. (MCA2), BlackRock MuniHoldings Fund, Inc. (MHD), BlackRock MuniHoldings Fund II, Inc. (MUH), BlackRock MuniYield Fund, Inc. (MYD), BlackRock New York Municipal Income Trust II (BFY), BlackRock Virginia Municipal Bond Trust (BHV), BlackRock New Jersey Municipal Bond Trust (BLJ), BlackRock New Jersey Municipal Income Trust (BNJ), BlackRock New York Municipal Income Trust (BNY), BlackRock New York Municipal Bond Trust (BQH), BlackRock Delaware Municipal Bond Portfolio (BR-DE), BlackRock New Jersey Municipal Bond Fund (BR-NJMUNI), BlackRock New York Municipal Bond Fund (BR-NY), BlackRock Pennsylvania Municipal Bond Fund (BR-PAMUNI), BlackRock New York Insured Municipal Income Trust (BSE), BlackRock Insured Municipal Income Trust (BYM), BlackRock Maryland Municipal Bond Trust (BZM), BlackRock MuniEnhanced Fund, Inc. (MEN), BlackRock MuniYield Florida Insured Fund, Inc. (MFT), BlackRock MuniHoldings New York Insured Fund, Inc. (MHN), BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI), BlackRock MuniYield Quality Fund II, Inc. (MQT), BlackRock MuniYield Quality Fund, Inc. (MQY), BlackRock MuniHoldings Insured Fund II, Inc. (MUE), BlackRock MuniHoldings New Jersey Insured Fund, Inc. (MUJ), BlackRock MuniYield New Jersey Fund, Inc. (MYJ), BlackRock MuniYield New York Insured Fund, Inc. (MYN), BlackRock MuniYield Arizona Fund, Inc. (MZA), The BlackRock NJ Investment Quality Municipal Trust (RNJ), The BlackRock NY Investment Quality Municipal Trust (RNY). 2. Issuer: Puerto Rico Sales Tax Financing Corporation 3. Date of Purchase: 7/13/2007 4. Underwriter from whom purchased: Goldman Sachs & Co. 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): 207,935,000 out of 2,667,603,572.60 1 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): 218,335,000 out of 2,667,603,572.60 8. Purchase price (net of fees and expenses): (Capital Appreciation) 2043 16.84, 2045 15.085, 2047 13.549, 2054 9.206, (Current Interest) 2057 102.741 9. Date offering commenced: 7/13/2007 10. Offering price at end of first day on which any sales were made: 2045 15.367, 2054 9.416 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 2 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: 7/16/07 3