0000891092-13-000453.txt : 20130118 0000891092-13-000453.hdr.sgml : 20130118 20130118135830 ACCESSION NUMBER: 0000891092-13-000453 CONFORMED SUBMISSION TYPE: 40-17G PUBLIC DOCUMENT COUNT: 14 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BALANCED CAPITAL FUND, INC. CENTRAL INDEX KEY: 0000110055 IRS NUMBER: 132757134 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-02405 FILM NUMBER: 13537043 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BALANCED CAPITAL FUND INC DATE OF NAME CHANGE: 20051214 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BALANCE CAPITAL FUND INC DATE OF NAME CHANGE: 20000831 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CAPITAL FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BASIC VALUE FUND, INC. CENTRAL INDEX KEY: 0000216557 IRS NUMBER: 132895755 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-02739 FILM NUMBER: 13537044 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BASIC VALUE FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND FUND, INC. CENTRAL INDEX KEY: 0000225635 IRS NUMBER: 132896246 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-02688 FILM NUMBER: 13537030 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ONE LIBERTY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19780622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Value Opportunities Fund, Inc. CENTRAL INDEX KEY: 0000230382 IRS NUMBER: 132928561 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-02809 FILM NUMBER: 13537025 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: Merrill Lynch Value Opportunities Fund, Inc. DATE OF NAME CHANGE: 20040726 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH SMALL CAP VALUE FUND INC DATE OF NAME CHANGE: 20000628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BOND FUND, INC. CENTRAL INDEX KEY: 0000276463 IRS NUMBER: 132949519 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-02857 FILM NUMBER: 13537041 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BOND FUND INC DATE OF NAME CHANGE: 20030804 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CORPORATE BOND FUND INC/NY DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH HIGH INCOME FUND INC - CORRECTED NAME CHANGE DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Series Fund, Inc. CENTRAL INDEX KEY: 0000319108 IRS NUMBER: 133051800 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-03091 FILM NUMBER: 13537027 BUSINESS ADDRESS: STREET 1: 100 BELEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FAM Series Fund, Inc. DATE OF NAME CHANGE: 20050720 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH SERIES FUNDS INC DATE OF NAME CHANGE: 20000229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Variable Series Funds, Inc. CENTRAL INDEX KEY: 0000355916 IRS NUMBER: 133093080 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-03290 FILM NUMBER: 13537026 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FAM Variable Series Funds, Inc. DATE OF NAME CHANGE: 20050720 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH VARIABLE SERIES FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000765199 IRS NUMBER: 226437105 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-04264 FILM NUMBER: 13537040 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 20010822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NATURAL RESOURCES TRUST CENTRAL INDEX KEY: 0000766555 IRS NUMBER: 136857277 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-04282 FILM NUMBER: 13537028 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH NATURAL RESOURCES TRUST / DATE OF NAME CHANGE: 20001031 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL RESOURCES TRUST / DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH NATURAL RESOURCES TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MULTI STATE MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000774013 IRS NUMBER: 226437104 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-04375 FILM NUMBER: 13537031 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH N Y MUNI BD FD OF M L MULTI ST MUNI SER TRUST DATE OF NAME CHANGE: 19930225 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MULTI STATE TAX EXEMPT SERIES TRUST DATE OF NAME CHANGE: 19871206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EUROFUND CENTRAL INDEX KEY: 0000790525 IRS NUMBER: 226410940 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-04612 FILM NUMBER: 13537037 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EUROFUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EUROPE TRUST DATE OF NAME CHANGE: 19861203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000799113 IRS NUMBER: 226419427 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-04802 FILM NUMBER: 13537029 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK INTERMEDIATE MUNICIPAL FUND OF BLACKROCK MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MUNICIPAL INTERMEDIATE TERM FUND OF MERRILL LYNCH MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051216 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MUN INTERM TERM FD OF ML MUN SER TR DATE OF NAME CHANGE: 19931123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EQUITY DIVIDEND FUND CENTRAL INDEX KEY: 0000814507 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-05178 FILM NUMBER: 13537038 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08543-9011 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08543-9011 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EQUITY DIVIDEND FUND DATE OF NAME CHANGE: 20051128 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EQUITY INCOME FUND DATE OF NAME CHANGE: 20010103 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH DIVIDEND APPRECIATION FUND DATE OF NAME CHANGE: 19870803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK GLOBAL ALLOCATION FUND, INC. CENTRAL INDEX KEY: 0000834237 IRS NUMBER: 222937779 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-05576 FILM NUMBER: 13537035 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL ALLOCATION FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL INCOME FUND INC DATE OF NAME CHANGE: 19890706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK WORLD INCOME FUND, INC. CENTRAL INDEX KEY: 0000835620 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-05603 FILM NUMBER: 13537024 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH WORLD INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WORLD INCOME FUND INC DATE OF NAME CHANGE: 19910916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Capital Appreciation Fund, Inc. CENTRAL INDEX KEY: 0000887509 IRS NUMBER: 223186366 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-06669 FILM NUMBER: 13537039 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FUNDAMENTAL GROWTH FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FUNDAMENTAL GROWTH FUND INC DATE OF NAME CHANGE: 19920929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MID CAP VALUE OPPORTUNITIES SERIES INC. CENTRAL INDEX KEY: 0000918848 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-07177 FILM NUMBER: 13537032 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: ASSET PROGRAM INC DATE OF NAME CHANGE: 20000203 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH ASSET BUILDER PROGRAM INC DATE OF NAME CHANGE: 19990331 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH RETIREMENT ASSET BUILDER PROGRAM INC DATE OF NAME CHANGE: 19940531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK GLOBAL SMALLCAP FUND, INC. CENTRAL INDEX KEY: 0000922457 IRS NUMBER: 223310365 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-07171 FILM NUMBER: 13537034 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL SMALLCAP FUND INC DATE OF NAME CHANGE: 19941019 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH SMALLCAP WORLD FUND INC DATE OF NAME CHANGE: 19940429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTER FOCUS GROWTH LLC CENTRAL INDEX KEY: 0001097290 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-09735 FILM NUMBER: 13537046 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: MASTER FOCUS TWENTY LLC DATE OF NAME CHANGE: 20070719 FORMER COMPANY: FORMER CONFORMED NAME: MASTER FOCUS TWENTY TRUST DATE OF NAME CHANGE: 19991221 FORMER COMPANY: FORMER CONFORMED NAME: MASTER CAPITAL GROWTH TRUST DATE OF NAME CHANGE: 19991020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FOCUS GROWTH FUND, INC. CENTRAL INDEX KEY: 0001097293 IRS NUMBER: 223711535 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-09651 FILM NUMBER: 13537036 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FOCUS Growth FUND, INC. DATE OF NAME CHANGE: 20071219 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FOCUS TWENTY FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FOCUS TWENTY FUND INC DATE OF NAME CHANGE: 19991118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTER VALUE OPPORTUNITIES LLC CENTRAL INDEX KEY: 0001114697 IRS NUMBER: 223750161 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-10095 FILM NUMBER: 13537045 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MASTER Value Opportunities Trust DATE OF NAME CHANGE: 20040726 FORMER COMPANY: FORMER CONFORMED NAME: MASTER SMALL CAP VALUE TRUST DATE OF NAME CHANGE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTER BASIC VALUE LLC CENTRAL INDEX KEY: 0001114699 IRS NUMBER: 223760078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-10179 FILM NUMBER: 13537021 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MASTER BASIC VALUE TRUST DATE OF NAME CHANGE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BOND ALLOCATION TARGET SHARES CENTRAL INDEX KEY: 0001221845 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-21457 FILM NUMBER: 13537042 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTER BOND LLC CENTRAL INDEX KEY: 0001264926 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-21434 FILM NUMBER: 13537047 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MASTER BOND TRUST DATE OF NAME CHANGE: 20030926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FDP Series, Inc. CENTRAL INDEX KEY: 0001321652 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-21744 FILM NUMBER: 13537023 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Account Series CENTRAL INDEX KEY: 0001323737 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0412 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-21763 FILM NUMBER: 13537022 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Long-Horizon Equity Fund CENTRAL INDEX KEY: 0001324285 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0418 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-21759 FILM NUMBER: 13537033 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK LONG-HORIZON EQUITY FUND DATE OF NAME CHANGE: 20121015 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Global Dynamic Equity Fund DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Global Dynamic Equity Opportunities Fund DATE OF NAME CHANGE: 20061002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds II CENTRAL INDEX KEY: 0001398078 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 40-17G SEC ACT: 1940 Act SEC FILE NUMBER: 811-22061 FILM NUMBER: 13537020 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Trust DATE OF NAME CHANGE: 20070501 40-17G 1 e51510_40-17g.htm 40-17G

  787 Seventh Avenue
New York, NY 10019-6099

212 728 8000
Fax: 212 728 8111

January 18, 2013

Via EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

 

Re:Rule 17g-1 Filing For Registered Investment Companies Listed on Schedule A
Advised by BlackRock Advisors, LLC or an affiliate (the “Funds”)

Ladies and Gentlemen:

On behalf of the Funds and pursuant to Rule 17g-1(g)(1) under the Investment Company Act of 1940, as amended (the “1940 Act”), I hereby submit for filing with the Securities and Exchange Commission: (1) a copy of the joint fidelity bond executed on behalf of the Funds; (2) copies of the resolutions of a majority of the Board of Directors/Trustees who are not “interested persons” (as defined in the 1940 Act) of the Funds approving the amount, type, form and coverage of the joint fidelity bond and the portion of the premium to be paid by each Fund, as well as approving the Sharing Agreement (as defined below), as amended to date; (3) a statement showing the amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under the joint fidelity bond (Schedule A to the Secretary’s Certificate); (4) a statement as to the period for which premiums have been paid under the joint fidelity bond; and (5) an agreement among the Funds concerning the allocation of fidelity bond premiums and recoveries (the “Sharing Agreement”).

For purposes of (4) above, please note that the Funds have paid premiums under the joint fidelity bond for the period November 1, 2012 to November 1, 2013.

If you have any questions concerning this filing, please call the undersigned at (212) 728-8865.

Very truly yours,

/s/ Ryan P. Brizek

Ryan P. Brizek

 

Enclosures

cc:Ben Archibald, Esq.
Maria Gattuso, Esq.
 
 

Schedule A

 

BlackRock Basic Value Fund, Inc.
BlackRock Balanced Capital Fund, Inc. 
BlackRock Bond Allocation Target Shares 
BlackRock Bond Fund, Inc. 
BlackRock California Municipal Series Trust 
BlackRock Capital Appreciation Fund, Inc. 
BlackRock Equity Dividend Fund 
BlackRock EuroFund 
BlackRock Focus Growth Fund, Inc.  
BlackRock Funds II 
BlackRock Global Allocation Fund, Inc. 
BlackRock Global SmallCap Fund, Inc. 
BlackRock Long-Horizon Equity Fund (formerly BlackRock Global Dynamic Equity Fund)
BlackRock Mid Cap Value Opportunities Series Inc. 
BlackRock Multi-State Municipal Series Trust 
BlackRock Municipal Bond Fund, Inc. 
BlackRock Municipal Series Trust 
BlackRock Natural Resources Trust 
BlackRock Series Fund, Inc. 
BlackRock Variable Series Funds, Inc. 
BlackRock Value Opportunities Fund, Inc.
BlackRock World Income Fund, Inc. 
FDP Series, Inc. 
Managed Account Series 

Master Basic Value LLC

Master Bond LLC 

Master Focus Growth LLC  
Master Value Opportunities LLC 
 

 

 

2 -
  


 
Chubb Group of Insurance Companies   DECLARATIONS
    FINANCIAL INSTITUTION INVESTMENT
15 Mountain View Road, Warren, New Jersey 07059   COMPANY ASSET PROTECTION BOND
 
NAME OF ASSURED (including its Subsidiaries):   Bond Number: 82126649
 
BLACKROCK EQUITY-BOND COMPLEX    
    FEDERAL INSURANCE COMPANY
 
40 East 52nd Street   Incorporated under the laws of Indiana
NEW YORK, NY 10022   a stock insurance company herein called the COMPANY
    Capital Center, 251 North Illinois, Suite 1100
    Indianapolis, IN 46204-1927
    

 

ITEM 1. BOND PERIOD: from 12:01 a.m. on November 1, 2012
    to 12:01 a.m. on November 1, 2013
 
ITEM 2. LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
  If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
  and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any
  loss under INSURING CLAUSE 1. sustained by any Investment Company.

 

            DEDUCTIBLE
  INSURING CLAUSE LIMIT OF LIABILITY   AMOUNT
  1 .. Employee $ 35,450,000 $ 0
  2 .. On Premises $ 35,450,000 $ 25,000
  3 .. In Transit $ 35,450,000 $ 25,000
  4 .. Forgery or Alteration $ 35,450,000 $ 25,000
  5 .. Extended Forgery $ 35,450,000 $ 25,000
  6 .. Counterfeit Money $ 35,450,000 $ 25,000
  7 .. Threats to Person $ Not Covered $ N/A
  8 .. Computer System $ 35,450,000 $ 25,000
  9 .. Voice Initiated Funds Transfer Instruction $ 35,450,000 $ 25,000
  10 .. Uncollectible Items of Deposit $ 35,450,000 $ 25,000
  11 .. Audit Expense $ 100,000 $ 5,000
  12 .. Telefacsimile Transfer Fund $ 35,450,000 $ 5,000
  13 .. Extended Computer System $ 35,450,000 $ 25,000
  14 .. Automated Telephone Transaction $ 35,450,000 $ 25,000
  15 .. Unauthorized Signature $ 100,000 $ 5,000
  16 .. Claims Expense $ 100,000 $ 5,000
  17 .. Stop Payment $ 25,000 $ 1,000
 
 
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:    
  1 - 13        

 

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.



   
Countersigned by      January 8, 2013

 


ICAP Bond (5-98) - Federal  
Form 17-02-1421 (Ed. 5-98) Page 1 of 1

 

 
 

 
    Authorized Representative

 

 
 

  The COMPANY, in consideration of payment of the required premium, and in reliance
  on the APPLICATION and all other statements made and information furnished to the
  COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
  Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
  for:      
 
 
Insuring Clauses
 
 
Employee 1. Loss resulting directly from Larceny or Embezzlement committed by any
    Employee, alone or in collusion with others.
 
On Premises 2. Loss of Property resulting directly from robbery, burglary, false pretenses,
    common law or statutory larceny, misplacement, mysterious unexplainable
    disappearance, damage, destruction or removal, from the possession, custody or
    control of the ASSURED, while such Property is lodged or deposited at premises
    located anywhere.
 
In Transit 3. Loss of Property resulting directly from common law or statutory larceny,
    misplacement, mysterious unexplainable disappearance, damage or destruction,
    while the Property is in transit anywhere:
 
    a. in an armored motor vehicle, including loading and unloading thereof,
 
    b. in the custody of a natural person acting as a messenger of the ASSURED,
      or  
 
    c. in the custody of a Transportation Company and being transported in a
      conveyance other than an armored motor vehicle provided, however, that
      covered Property transported in such manner is limited to the following:
 
      (1) written records,
 
      (2) securities issued in registered form, which are not endorsed or are
        restrictively endorsed, or
 
      (3) negotiable instruments not payable to bearer, which are not endorsed
        or are restrictively endorsed.
 
    Coverage under this INSURING CLAUSE begins immediately on the receipt of
    such Property by the natural person or Transportation Company and ends
    immediately on delivery to the premises of the addressee or to any representative
    of the addressee located anywhere.
 

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 1 of 19

 

 
 

Insuring Clauses        
(continued)        
 
 
Forgery Or Alteration 4. Loss resulting directly from:
     
    a. Forgery on, or fraudulent material alteration of, any bills of exchange,
      checks, drafts, acceptances, certificates of deposits, promissory notes, due
      bills, money orders, orders upon public treasuries, letters of credit, other
      written promises, orders or directions to pay sums certain in money, or
      receipts for the withdrawal of Property, or
 
    b. transferring, paying or delivering any funds or other Property, or establishing
      any credit or giving any value in reliance on any written instructions, advices
      or applications directed to the ASSURED authorizing or acknowledging the
      transfer, payment, delivery or receipt of funds or other Property, which
      instructions, advices or applications fraudulently purport to bear the
      handwritten signature of any customer of the ASSURED, or shareholder or
      subscriber to shares of an Investment Company, or of any financial
      institution or Employee but which instructions, advices or applications either
      bear a Forgery or have been fraudulently materially altered without the
      knowledge and consent of such customer, shareholder, subscriber, financial
      institution or Employee;
 
    excluding, however, under this INSURING CLAUSE any loss covered under
    INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
    CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
 
    For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
    signature is treated the same as a handwritten signature.
 
 
Extended Forgery 5. Loss resulting directly from the ASSURED having, in good faith, and in the
    ordinary course of business, for its own account or the account of others in any
    capacity:  
 
    a. acquired, accepted or received, accepted or received, sold or delivered, or
      given value, extended credit or assumed liability, in reliance on any original
      Securities, documents or other written instruments which prove to:
 
      (1) bear a Forgery or a fraudulently material alteration,
 
      (2) have been lost or stolen, or
 
      (3) be Counterfeit, or
 
    b. guaranteed in writing or witnessed any signatures on any transfer,
      assignment, bill of sale, power of attorney, guarantee, endorsement or other
      obligation upon or in connection with any Securities, documents or other
      written instruments.
 
    Actual physical possession, and continued actual physical possession if taken as
    collateral, of such Securities, documents or other written instruments by an
    Employee, Custodian, or a Federal or State chartered deposit institution of the
    ASSURED is a condition precedent to the ASSURED having relied on such items.
    Release or return of such collateral is an acknowledgment by the ASSURED that it
    no longer relies on such collateral.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 2 of 19

 

 
 

Insuring Clauses        
 
 
Extended Forgery   For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)   signature is treated the same as a handwritten signature.
 
Counterfeit Money 6. Loss resulting directly from the receipt by the ASSURED in good faith of any
    Counterfeit money.
 
Threats To Person 7. Loss resulting directly from surrender of Property away from an office of the
    ASSURED as a result of a threat communicated to the ASSURED to do bodily
    harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
    invitee of such Employee, or a resident of the household of such Employee, who
    is, or allegedly is, being held captive provided, however, that prior to the surrender
    of such Property:
 
    a. the Employee who receives the threat has made a reasonable effort to
      notify an officer of the ASSURED who is not involved in such threat, and
 
    b. the ASSURED has made a reasonable effort to notify the Federal Bureau of
      Investigation and local law enforcement authorities concerning such threat.
 
    It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
    ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
    ASSURED hereunder, but only with respect to the surrender of money, securities
    and other tangible personal property in which such Employee has a legal or
    equitable interest.
 
Computer System 8. Loss resulting directly from fraudulent:
     
    a. entries of data into, or
 
    b. changes of data elements or programs within,
 
    a Computer System, provided the fraudulent entry or change causes:
 
      (1) funds or other property to be transferred, paid or delivered,
 
      (2) an account of the ASSURED or of its customer to be added, deleted,
        debited or credited, or
 
      (3) an unauthorized account or a fictitious account to be debited or
        credited.
 
         

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 3 of 19

 

 
 

Insuring Clauses      
(continued)      
 
 
Voice Initiated Funds 9. Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction   to the ASSURED authorizing the transfer of dividends or redemption proceeds of
    Investment Company shares from a Customer's account, provided such Voice
    Initiated Funds Transfer Instruction was:
 
    a. received at the ASSURED'S offices by those Employees of the ASSURED
      specifically authorized to receive the Voice Initiated Funds Transfer
      Instruction,
 
    b. made by a person purporting to be a Customer, and
 
    c. made by said person for the purpose of causing the ASSURED or Customer
      to sustain a loss or making an improper personal financial gain for such
      person or any other person.
 
    In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
    Funds Transfer Instructions must be received and processed in accordance with
    the Designated Procedures outlined in the APPLICATION furnished to the
    COMPANY.
 
Uncollectible Items of 10. Loss resulting directly from the ASSURED having credited an account of a
Deposit   customer, shareholder or subscriber on the faith of any Items of Deposit which
    prove to be uncollectible, provided that the crediting of such account causes:
 
    a. redemptions or withdrawals to be permitted,
 
    b. shares to be issued, or
 
    c. dividends to be paid,
 
    from an account of an Investment Company.
 
    In order for coverage to apply under this INSURING CLAUSE, the ASSURED
    must hold Items of Deposit for the minimum number of days stated in the
    APPLICATION before permitting any redemptions or withdrawals, issuing any
    shares or paying any dividends with respect to such Items of Deposit.
 
    Items of Deposit shall not be deemed uncollectible until the ASSURED'S
    standard collection procedures have failed.
 
Audit Expense 11. Expense incurred by the ASSURED for that part of the cost of audits or
    examinations required by any governmental regulatory authority or self-regulatory
    organization to be conducted by such authority, organization or their appointee by
    reason of the discovery of loss sustained by the ASSURED and covered by this
    Bond.
 
     

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 4 of 19

 

 
 

General Agreements      
 
 
Additional Companies A. If more than one corporation, or Investment Company, or any combination of
Included As Assured   them is included as the ASSURED herein:
     
    (1) The total liability of the COMPANY under this Bond for loss or losses
      sustained by any one or more or all of them shall not exceed the limit for
      which the COMPANY would be liable under this Bond if all such loss were
      sustained by any one of them.
 
    (2) Only the first named ASSURED shall be deemed to be the sole agent of the
      others for all purposes under this Bond, including but not limited to the giving
      or receiving of any notice or proof required to be given and for the purpose of
      effecting or accepting any amendments to or termination of this Bond. The
      COMPANY shall furnish each Investment Company with a copy of the
      Bond and with any amendment thereto, together with a copy of each formal
      filing of claim by any other named ASSURED and notification of the terms of
      the settlement of each such claim prior to the execution of such settlement.
 
    (3) The COMPANY shall not be responsible for the proper application of any
      payment made hereunder to the first named ASSURED.
 
    (4) Knowledge possessed or discovery made by any partner, director, trustee,
      officer or supervisory employee of any ASSURED shall constitute knowledge
      or discovery by all the ASSUREDS for the purposes of this Bond.
 
    (5) If the first named ASSURED ceases for any reason to be covered under this
      Bond, then the ASSURED next named on the APPLICATION shall thereafter
      be considered as the first named ASSURED for the purposes of this Bond.
 
Representation Made By B. The ASSURED represents that all information it has furnished in the
Assured   APPLICATION for this Bond or otherwise is complete, true and correct. Such
    APPLICATION and other information constitute part of this Bond.
 
    The ASSURED must promptly notify the COMPANY of any change in any fact or
    circumstance which materially affects the risk assumed by the COMPANY under
    this Bond.
 
    Any intentional misrepresentation, omission, concealment or incorrect statement of
    a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
    this Bond.
 
     

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 5 of 19

 

 
 

General Agreements      
(continued)      
 
Additional Offices Or C. If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,   merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or   another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or   Bond for loss which has:
Liabilities - Notice To    
Company   (1) occurred or will occur on premises, or
     
    (2) been caused or will be caused by an employee, or
       
    (3) arisen or will arise out of the assets or liabilities,
       
    of such institution, unless the ASSURED:
     
    a. gives the COMPANY written notice of the proposed consolidation, merger or
      purchase or acquisition of assets or liabilities prior to the proposed effective
      date of such action, and
       
    b. obtains the written consent of the COMPANY to extend some or all of the
      coverage provided by this Bond to such additional exposure, and
       
    c. on obtaining such consent, pays to the COMPANY an additional premium.
 
Change Of Control - D. When the ASSURED learns of a change in control (other than in an Investment
Notice To Company   Company), as set forth in Section 2(a) (9) of the Investment Company Act of
    1940, the ASSURED shall within sixty (60) days give written notice to the
    COMPANY setting forth:
     
    (1) the names of the transferors and transferees (or the names of the beneficial
      owners if the voting securities are registered in another name),
       
    (2) the total number of voting securities owned by the transferors and the
      transferees (or the beneficial owners), both immediately before and after the
      transfer, and
       
    (3) the total number of outstanding voting securities.
       
    Failure to give the required notice shall result in termination of coverage for any
    loss involving a transferee, to be effective on the date of such change in control.
 
Court Costs And E. The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees   attorneys' fees incurred and paid by the ASSURED in defense, whether or not
    successful, whether or not fully litigated on the merits and whether or not settled,
    of any claim, suit or legal proceeding with respect to which the ASSURED would
    be entitled to recovery under this Bond. However, with respect to INSURING
    CLAUSE 1., this Section shall only apply in the event that:
     
    (1) an Employee admits to being guilty of Larceny or Embezzlement,
       
    (2) an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 6 of 19

 

 
 

General Agreements    
 
 
Court Costs And (3) in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees   an agreed statement of facts between the COMPANY and the ASSURED,
(continued)   that an Employee would be found guilty of Larceny or Embezzlement if
    such Employee were prosecuted.
 
  The ASSURED shall promptly give notice to the COMPANY of any such suit or
  legal proceeding and at the request of the COMPANY shall furnish copies of all
  pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
  sole option, elect to conduct the defense of all or part of such legal proceeding.
  The defense by the COMPANY shall be in the name of the ASSURED through
  attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
  information and assistance as required by the COMPANY for such defense.
 
  If the COMPANY declines to defend the ASSURED, no settlement without the
  prior written consent of the COMPANY nor judgment against the ASSURED shall
  determine the existence, extent or amount of coverage under this Bond.
 
  If the amount demanded in any such suit or legal proceeding is within the
  DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
  costs and attorney's fees incurred in defending all or part of such suit or legal
  proceeding.
 
  If the amount demanded in any such suit or legal proceeding is in excess of the
  LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
  INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
  incurred in defending all or part of such suit or legal proceedings is limited to the
  proportion of such court costs and attorney's fees incurred that the LIMIT OF
  LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
  CLAUSE bears to the total of the amount demanded in such suit or legal
  proceeding.
 
  If the amount demanded is any such suit or legal proceeding is in excess of the
  DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
  2. of the DECLARATIONS for the applicable INSURING CLAUSE, the
  COMPANY'S liability for court costs and attorney's fees incurred in defending all or
  part of such suit or legal proceedings shall be limited to the proportion of such
  court costs or attorney's fees that the amount demanded that would be payable
  under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
  amount demanded.
 
  Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
  addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.
 
   

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 7 of 19

 

 
 

Conditions And        
Limitations        
 
 
Definitions 1. As used in this Bond:
     
    a. Computer System means a computer and all input, output, processing,
      storage, off-line media libraries, and communication facilities which are
      connected to the computer and which are under the control and supervision
      of the operating system(s) or application(s) software used by the ASSURED.
 
    b. Counterfeit means an imitation of an actual valid original which is intended
      to deceive and be taken as the original.
 
    c. Custodian means the institution designated by an Investment Company to
      maintain possession and control of its assets.
 
    d. Customer means an individual, corporate, partnership, trust customer,
      shareholder or subscriber of an Investment Company which has a written
      agreement with the ASSURED for Voice Initiated Funds Transfer
      Instruction.
 
    e. Employee means:
 
      (1) an officer of the ASSURED,
 
      (2) a natural person while in the regular service of the ASSURED at any of
        the ASSURED'S premises and compensated directly by the ASSURED
        through its payroll system and subject to the United States Internal
        Revenue Service Form W-2 or equivalent income reporting plans of
        other countries, and whom the ASSURED has the right to control and
        direct both as to the result to be accomplished and details and means
        by which such result is accomplished in the performance of such
        service,
 
      (3) a guest student pursuing studies or performing duties in any of the
        ASSURED'S premises,
 
      (4) an attorney retained by the ASSURED and an employee of such
        attorney while either is performing legal services for the ASSURED,
 
      (5) a natural person provided by an employment contractor to perform
        employee duties for the ASSURED under the ASSURED'S supervision
        at any of the ASSURED'S premises,
 
      (6) an employee of an institution merged or consolidated with the
        ASSURED prior to the effective date of this Bond,
 
      (7) a director or trustee of the ASSURED, but only while performing acts
        within the scope of the customary and usual duties of any officer or
        other employee of the ASSURED or while acting as a member of any
        committee duly elected or appointed to examine or audit or have
        custody of or access to Property of the ASSURED, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 8 of 19

 

 
 

Conditions And      
Limitations      
 
 
Definitions (8) each natural person, partnership or corporation authorized by written
(continued)   agreement with the ASSURED to perform services as electronic data
    processor of checks or other accounting records related to such checks but
    only while such person, partnership or corporation is actually performing
    such services and not:
 
    a. creating, preparing, modifying or maintaining the ASSURED'S
      computer software or programs, or
 
    b. acting as transfer agent or in any other agency capacity in issuing
      checks, drafts or securities for the ASSURED,
 
  (9) any partner, officer or employee of an investment advisor, an underwriter
    (distributor), a transfer agent or shareholder accounting recordkeeper, or an
    administrator, for an Investment Company while performing acts coming
    within the scope of the customary and usual duties of an officer or employee
    of an Investment Company or acting as a member of any committee duly
    elected or appointed to examine, audit or have custody of or access to
    Property of an Investment Company.
 
    The term Employee shall not include any partner, officer or employee of a
    transfer agent, shareholder accounting recordkeeper or administrator:
 
    a. which is not an "affiliated person" (as defined in Section 2(a) of the
      Investment Company Act of 1940) of an Investment Company or of
      the investment advisor or underwriter (distributor) of such Investment
      Company, or
 
    b. which is a "bank" (as defined in Section 2(a) of the Investment
      Company Act of 1940).
 
      This Bond does not afford coverage in favor of the employers of
      persons as set forth in e. (4), (5) and (8) above, and upon payment to
      the ASSURED by the COMPANY resulting directly from Larceny or
      Embezzlement committed by any of the partners, officers or
      employees of such employers, whether acting alone or in collusion with
      others, an assignment of such of the ASSURED'S rights and causes of
      action as it may have against such employers by reason of such acts
      so committed shall, to the extent of such payment, be given by the
      ASSURED to the COMPANY, and the ASSURED shall execute all
      papers necessary to secure to the COMPANY the rights provided for
      herein.
 
    Each employer of persons as set forth in e.(4), (5) and (8) above and the
    partners, officers and other employees of such employers shall collectively
    be deemed to be one person for all the purposes of this Bond; excepting,
    however, the fifth paragraph of Section 13.
 
    Independent contractors not specified in e.(4), (5) or (8) above,
    intermediaries, agents, brokers or other representatives of the same general
    character shall not be considered Employees.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 9 of 19

 

 
 

Conditions And    
Limitations    
 
 
Definitions f. Forgery means the signing of the name of another natural person with the
(continued)   intent to deceive but does not mean a signature which consists in whole or in
    part of one's own name, with or without authority, in any capacity for any
    purpose.
 
  g. Investment Company means any investment company registered under the
    Investment Company Act of 1940 and listed under the NAME OF ASSURED
    on the DECLARATIONS.
 
  h. Items of Deposit means one or more checks or drafts drawn upon a
    financial institution in the United States of America.
 
  i. Larceny or Embezzlement means larceny or embezzlement as defined in
    Section 37 of the Investment Company Act of 1940.
 
  j. Property means money, revenue and other stamps; securities; including any
    note, stock, treasury stock, bond, debenture, evidence of indebtedness,
    certificate of deposit, certificate of interest or participation in any profit-
    sharing agreement, collateral trust certificate, preorganization certificate or
    subscription, transferable share, investment contract, voting trust certificate,
    certificate of deposit for a security, fractional undivided interest in oil, gas, or
    other mineral rights, any interest or instruments commonly known as a
    security under the Investment Company Act of 1940, any other certificate of
    interest or participation in, temporary or interim certificate for, receipt for,
    guarantee of, or warrant or right to subscribe to or purchase any of the
    foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
    orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
    policies, deeds, mortgages on real estate and/or upon chattels and interests
    therein; assignments of such policies, deeds or mortgages; other valuable
    papers, including books of accounts and other records used by the
    ASSURED in the conduct of its business (but excluding all electronic data
    processing records); and, all other instruments similar to or in the nature of
    the foregoing in which the ASSURED acquired an interest at the time of the
    ASSURED'S consolidation or merger with, or purchase of the principal
    assets of, a predecessor or which are held by the ASSURED for any
    purpose or in any capacity and whether so held gratuitously or not and
    whether or not the ASSURED is liable therefor.
 
  k. Relative means the spouse of an Employee or partner of the ASSURED
    and any unmarried child supported wholly by, or living in the home of, such
    Employee or partner and being related to them by blood, marriage or legal
    guardianship.
 
  l. Securities, documents or other written instruments means original
    (including original counterparts) negotiable or non-negotiable instruments, or
    assignments thereof, which in and of themselves represent an equitable
    interest, ownership, or debt and which are in the ordinary course of business
    transferable by delivery of such instruments with any necessary
    endorsements or assignments.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 10 of 19

 

 
 

Conditions And      
Limitations      
 
 
Definitions   m. Subsidiary means any organization that, at the inception date of this Bond,
(continued)     is named in the APPLICATION or is created during the BOND PERIOD and
      of which more than fifty percent (50%) of the outstanding securities or voting
      rights representing the present right to vote for election of directors is owned
      or controlled by the ASSURED either directly or through one or more of its
      subsidiaries.
 
    n. Transportation Company means any organization which provides its own
      or its leased vehicles for transportation or which provides freight forwarding
      or air express services.
 
    o. Voice Initiated Election means any election concerning dividend options
      available to Investment Company shareholders or subscribers which is
      requested by voice over the telephone.
 
    p. Voice Initiated Redemption means any redemption of shares issued by an
      Investment Company which is requested by voice over the telephone.
 
    q. Voice Initiated Funds Transfer Instruction means any Voice Initiated
      Redemption or Voice Initiated Election.
 
    For the purposes of these definitions, the singular includes the plural and the
    plural includes the singular, unless otherwise indicated.
 
General Exclusions - 2. This bond does not directly or indirectly cover:
Applicable to All Insuring    
Clauses   a. loss not reported to the COMPANY in writing within sixty (60) days after
    termination of this Bond as an entirety;
 
    b. loss due to riot or civil commotion outside the United States of America and
      Canada, or any loss due to military, naval or usurped power, war or
      insurrection. This Section 2.b., however, shall not apply to loss which occurs
      in transit in the circumstances recited in INSURING CLAUSE 3., provided
      that when such transit was initiated there was no knowledge on the part of
      any person acting for the ASSURED of such riot, civil commotion, military,
      naval or usurped power, war or insurrection;
 
    c. loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
    d. loss of potential income including, but not limited to, interest and dividends
      not realized by the ASSURED or by any customer of the ASSURED;
 
    e. damages of any type for which the ASSURED is legally liable, except
      compensatory damages, but not multiples thereof, arising from a loss
      covered under this Bond;
 
    f. costs, fees and expenses incurred by the ASSURED in establishing the
      existence of or amount of loss under this Bond, except to the extent covered
      under INSURING CLAUSE 11.;
 
    g. loss resulting from indirect or consequential loss of any nature;

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 11 of 19

 

 
 

Conditions And          
Limitations          
 
General Exclusions -   h. loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring     or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses     alone or in collusion with others;
(continued)      
  i. loss, or that part of any loss, resulting solely from any violation by the
      ASSURED or by any Employee:
       
      (1) of any law regulating:
         
        a. the issuance, purchase or sale of securities,
           
        b. securities transactions on security or commodity exchanges or
          the over the counter market,
           
        c. investment companies,
           
        d. investment advisors, or
           
      (2) of any rule or regulation made pursuant to any such law; or
         
    j. loss of confidential information, material or data;
       
    k. loss resulting from voice requests or instructions received over the
      telephone, provided however, this Section 2.k. shall not apply to INSURING
      CLAUSE 7. or 9.
 
Specific Exclusions - 3. This Bond does not directly or indirectly cover:
Applicable To All Insuring    
Clauses Except Insuring   a. loss caused by an Employee, provided, however, this Section 3.a. shall not
Clause 1.     apply to loss covered under INSURING CLAUSE 2. or 3. which results
    directly from misplacement, mysterious unexplainable disappearance, or
      damage or destruction of Property;
       
    b. loss through the surrender of property away from premises of the ASSURED
      as a result of a threat:
       
      (1) to do bodily harm to any natural person, except loss of Property in
        transit in the custody of any person acting as messenger of the
        ASSURED, provided that when such transit was initiated there was no
        knowledge by the ASSURED of any such threat, and provided further
        that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
         
      (2) to do damage to the premises or Property of the ASSURED;
         
    c. loss resulting from payments made or withdrawals from any account
      involving erroneous credits to such account;
       
    d. loss involving Items of Deposit which are not finally paid for any reason
      provided however, that this Section 3.d. shall not apply to INSURING
      CLAUSE 10.;
       
    e. loss of property while in the mail;

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 12 of 19

 

 
 

Conditions And      
Limitations      
 
 
Specific Exclusions -   f. loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring     institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring     Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.     apply to loss of Property resulting directly from robbery, burglary,
(continued)     misplacement, mysterious unexplainable disappearance, damage,
      destruction or removal from the possession, custody or control of the
      ASSURED.
 
    g. loss of Property while in the custody of a Transportation Company,
      provided however, that this Section 3.g. shall not apply to INSURING
      CLAUSE 3.;
 
    h. loss resulting from entries or changes made by a natural person with
      authorized access to a Computer System who acts in good faith on
      instructions, unless such instructions are given to that person by a software
      contractor or its partner, officer, or employee authorized by the ASSURED to
      design, develop, prepare, supply, service, write or implement programs for
      the ASSURED's Computer System; or
 
    i. loss resulting directly or indirectly from the input of data into a Computer
      System terminal, either on the premises of the customer of the ASSURED
      or under the control of such a customer, by a customer or other person who
      had authorized access to the customer's authentication mechanism.
 
Specific Exclusions - 4. This bond does not directly or indirectly cover:
Applicable To All Insuring    
Clauses Except Insuring   a. loss resulting from the complete or partial non-payment of or default on any
Clauses 1., 4., And 5.     loan whether such loan was procured in good faith or through trick, artifice,
    fraud or false pretenses; provided, however, this Section 4.a. shall not apply
      to INSURING CLAUSE 8.;
 
    b. loss resulting from forgery or any alteration;
 
    c. loss involving a counterfeit provided, however, this Section 4.c. shall not
      apply to INSURING CLAUSE 5. or 6.
 
Limit Of Liability/Non- 5. At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-   the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability   notwithstanding any previous loss for which the COMPANY may have paid or be
    liable to pay under this Bond provided, however, that the liability of the COMPANY
    under this Bond with respect to all loss resulting from:
 
    a. any one act of burglary, robbery or hold-up, or attempt thereat, in which no
      Employee is concerned or implicated, or
 
    b. any one unintentional or negligent act on the part of any one person
      resulting in damage to or destruction or misplacement of Property, or
 
    c. all acts, other than those specified in a. above, of any one person, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 13 of 19

 

 
 

Conditions And      
Limitations      
 
 
Limit Of Liability/Non-   d. any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-   shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability   LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)   the total amount of such loss or losses and shall not be cumulative in amounts
    from year to year or from period to period.
 
    All acts, as specified in c. above, of any one person which
 
    i. directly or indirectly aid in any way wrongful acts of any other person or
      persons, or
 
    ii. permit the continuation of wrongful acts of any other person or persons
 
    whether such acts are committed with or without the knowledge of the wrongful
    acts of the person so aided, and whether such acts are committed with or without
    the intent to aid such other person, shall be deemed to be one loss with the
    wrongful acts of all persons so aided.
 
Discovery 6. This Bond applies only to loss first discovered by an officer of the ASSURED
    during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
    ASSURED being aware of:
 
    a. facts which may subsequently result in a loss of a type covered by this Bond,
      or
 
    b. an actual or potential claim in which it is alleged that the ASSURED is liable
      to a third party,
 
    regardless of when the act or acts causing or contributing to such loss occurred,
    even though the amount of loss does not exceed the applicable DEDUCTIBLE
    AMOUNT, or the exact amount or details of loss may not then be known.
 
Notice To Company - 7. a. The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings     practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company     an amount that is in excess of 50% of the applicable DEDUCTIBLE
      AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
 
    b. The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
      with full particulars within six (6) months after such discovery.
 
    c. Securities listed in a proof of loss shall be identified by certificate or bond
      numbers, if issued with them.
 
    d. Legal proceedings for the recovery of any loss under this Bond shall not be
      brought prior to the expiration of sixty (60) days after the proof of loss is filed
      with the COMPANY or after the expiration of twenty-four (24) months from
      the discovery of such loss.
 
    e. This Bond affords coverage only in favor of the ASSURED. No claim, suit,
      action or legal proceedings shall be brought under this Bond by anyone
      other than the ASSURED.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 14 of 19

 

 
 

Conditions And      
Limitations      
 
 
Notice To Company -   f. Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings     include electronic recordings of such instructions.
Against Company      
(continued)      
 
Deductible Amount 8. The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
    on account of loss unless the amount of such loss, after deducting the net amount
    of all reimbursement and/or recovery obtained or made by the ASSURED, other
    than from any Bond or policy of insurance issued by an insurance company and
    covering such loss, or by the COMPANY on account thereof prior to payment by
    the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
    ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
    for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
    DECLARATIONS.
 
    There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
    sustained by any Investment Company.
 
Valuation 9. BOOKS OF ACCOUNT OR OTHER RECORDS
     
    The value of any loss of Property consisting of books of account or other records
    used by the ASSURED in the conduct of its business shall be the amount paid by
    the ASSURED for blank books, blank pages, or other materials which replace the
    lost books of account or other records, plus the cost of labor paid by the
    ASSURED for the actual transcription or copying of data to reproduce such books
    of account or other records.
 
    The value of any loss of Property other than books of account or other records
    used by the ASSURED in the conduct of its business, for which a claim is made
    shall be determined by the average market value of such Property on the
    business day immediately preceding discovery of such loss provided, however,
    that the value of any Property replaced by the ASSURED with the consent of the
    COMPANY and prior to the settlement of any claim for such Property shall be the
    actual market value at the time of replacement.
 
    In the case of a loss of interim certificates, warrants, rights or other securities, the
    production of which is necessary to the exercise of subscription, conversion,
    redemption or deposit privileges, the value of them shall be the market value of
    such privileges immediately preceding their expiration if said loss is not discovered
    until after their expiration. If no market price is quoted for such Property or for
    such privileges, the value shall be fixed by agreement between the parties.
 
    OTHER PROPERTY
 
    The value of any loss of Property, other than as stated above, shall be the actual
    cash value or the cost of repairing or replacing such Property with Property of
    like quality and value, whichever is less.
 
     

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 15 of 19

 

 
 

Conditions And
Limitations
(continued)

Securities Settlement 10. In the event of a loss of securities covered under this Bond, the COMPANY may,
    at its sole discretion, purchase replacement securities, tender the value of the
    securities in money, or issue its indemnity to effect replacement securities.
 
    The indemnity required from the ASSURED under the terms of this Section
    against all loss, cost or expense arising from the replacement of securities by the
    COMPANY'S indemnity shall be:
 
    a. for securities having a value less than or equal to the applicable
      DEDUCTIBLE AMOUNT - one hundred (100%) percent;
 
    b. for securities having a value in excess of the DEDUCTIBLE AMOUNT but
      within the applicable LIMIT OF LIABILITY - the percentage that the
      DEDUCTIBLE AMOUNT bears to the value of the securities;
 
    c. for securities having a value greater than the applicable LIMIT OF LIABILITY
      - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
      the applicable LIMIT OF LIABILITY bears to the value of the securities.
 
    The value referred to in Section 10.a., b., and c. is the value in accordance with
    Section 9, VALUATION, regardless of the value of such securities at the time the
    loss under the COMPANY'S indemnity is sustained.
 
    The COMPANY is not required to issue its indemnity for any portion of a loss of
    securities which is not covered by this Bond; however, the COMPANY may do so
    as a courtesy to the ASSURED and at its sole discretion.
 
    The ASSURED shall pay the proportion of the Company's premium charge for the
    Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
    LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
    purchased by the ASSURED to obtain replacement securities.
 
Subrogation - Assignment - 11. In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery   all of the ASSURED'S rights of recovery against any person or entity to the extent
    of such payment. On request, the ASSURED shall deliver to the COMPANY an
    assignment of the ASSURED'S rights, title and interest and causes of action
    against any person or entity to the extent of such payment.
 
    Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
    applied net of the expense of such recovery in the following order:
 
    a. first, to the satisfaction of the ASSURED'S loss which would otherwise have
      been paid but for the fact that it is in excess of the applicable LIMIT OF
      LIABILITY,
 
    b. second, to the COMPANY in satisfaction of amounts paid in settlement of
      the ASSURED'S claim,
 
    c. third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
      AMOUNT, and

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 16 of 19

 

 
 

Conditions And      
Limitations      
 
 
Subrogation - Assignment -   d. fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery     ASSURED which was not covered under this Bond.
(continued)      
  Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
    recovery under this section.
 
Cooperation Of Assured 12. At the COMPANY'S request and at reasonable times and places designated by
    the COMPANY, the ASSURED shall:
 
    a. submit to examination by the COMPANY and subscribe to the same under
      oath,
 
    b. produce for the COMPANY'S examination all pertinent records, and
 
    c. cooperate with the COMPANY in all matters pertaining to the loss.
 
    The ASSURED shall execute all papers and render assistance to secure to the
    COMPANY the rights and causes of action provided for under this Bond. The
    ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
Termination 13. If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
    shall have been given by the acting party to the affected party and to the
    Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
    days prior to the effective date of such termination.
 
    If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
    shall have been given by the acting party to the affected party, and by the
    COMPANY to all ASSURED Investment Companies and to the Securities and
    Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
    the effective date of such termination.
 
    This Bond will terminate as to any one ASSURED, other than an Investment
    Company:
 
    a. immediately on the taking over of such ASSURED by a receiver or other
      liquidator or by State or Federal officials, or
 
    b. immediately on the filing of a petition under any State or Federal statute
      relative to bankruptcy or reorganization of the ASSURED, or assignment for
      the benefit of creditors of the ASSURED, or
 
    c. immediately upon such ASSURED ceasing to exist, whether through merger
      into another entity, disposition of all of its assets or otherwise.
 
    The COMPANY shall refund the unearned premium computed at short rates in
    accordance with the standard short rate cancellation tables if terminated by the
    ASSURED or pro rata if terminated for any other reason.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 17 of 19

 

 
 

Conditions And      
Limitations      
 
 
Termination   If any partner, director, trustee, or officer or supervisory employee of an
(continued)   ASSURED not acting in collusion with an Employee learns of any dishonest act
    committed by such Employee at any time, whether in the employment of the
    ASSURED or otherwise, whether or not such act is of the type covered under this
    Bond, and whether against the ASSURED or any other person or entity, the
    ASSURED:
 
    a. shall immediately remove such Employee from a position that would enable
      such Employee to cause the ASSURED to suffer a loss covered by this
      Bond; and
 
    b. within forty-eight (48) hours of learning that an Employee has committed
      any dishonest act, shall notify the COMPANY, of such action and provide full
      particulars of such dishonest act.
 
    The COMPANY may terminate coverage as respects any Employee sixty (60)
    days after written notice is received by each ASSURED Investment Company
    and the Securities and Exchange Commission, Washington, D.C. of its desire to
    terminate this Bond as to such Employee.
 
Other Insurance 14. Coverage under this Bond shall apply only as excess over any valid and collectible
    insurance, indemnity or suretyship obtained by or on behalf of:
 
    a. the ASSURED,
 
    b. a Transportation Company, or
 
    c. another entity on whose premises the loss occurred or which employed the
      person causing the loss or engaged the messenger conveying the Property
      involved.
 
Conformity 15. If any limitation within this Bond is prohibited by any law controlling this Bond's
    construction, such limitation shall be deemed to be amended so as to equal the
    minimum period of limitation provided by such law.
 
Change or Modification 16. This Bond or any instrument amending or affecting this Bond may not be changed
    or modified orally. No change in or modification of this Bond shall be effective
    except when made by written endorsement to this Bond signed by an authorized
    representative of the COMPANY.
 
    If this Bond is for a sole ASSURED, no change or modification which would
    adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
    days after written notice has been furnished to the Securities and Exchange
    Commission, Washington, D.C., by the acting party.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 18 of 19

 

 
 

Conditions And  
Limitations  
 
 
Change or Modification If this Bond is for a joint ASSURED, no charge or modification which would
(continued) adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
  days after written notice has been furnished to all insured Investment Companies
  and to the Securities and Exchange Commission, Washington, D.C., by the
  COMPANY.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 19 of 19

 

 
 

  FEDERAL INSURANCE COMPANY
   
  Endorsement No: 1
     
  Bond Number: 82126649
     
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   

 

AMEND NAME OF ASSURED ENDORSEMENT

It is agreed that NAME OF ASSURED of the DECLARATIONS for this Bond is amended to include the following:

BlackRock Bond Allocation Target Shares
BlackRock Balanced Capital Fund, Inc.
Master Basic Value LLC
BlackRock Basic Value Fund, Inc.
BlackRock California Municipal Series Trust
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Multi-State Municipal Series Trust
BlackRock Focus Growth Fund, Inc.
BlackRock Funds II
BlackRock Global Allocation Fund, Inc.
BlackRock Global SmallCap Fund, Inc.
BlackRock Municipal Bond Fund, Inc.
BlackRock Municipal Series Trust
BlackRock Mid Cap Value Opportunities Series, Inc.
BlackRock Natural Resources Trust
BlackRock Value Opportunities Fund, Inc.
BlackRock World Income Fund, Inc.
Master Bond LLC
FDP Series, Inc.
Managed Account Series
Master Focus Growth LLC
Master Value Opportunities LLC
BlackRock Series Fund, Inc.
BlackRock Variable Series Funds, Inc.
BlackRock Capital Appreciation Fund, Inc.
BlackRock Bond Fund, Inc.
BlackRock Long-Horizon Equity Fund

Investment Company shall mean also any investment company registered under the Investment Company Act of 1940 sponsored by BlackRock and under the management of the BlackRock Equity-Bond Complex Board.

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

ICAP Bond  
Form 17-02-6272 (Ed. 8-04) Page 1

 

 
 

Date: January 8, 2013


ICAP Bond  
Form 17-02-6272 (Ed. 8-04) Page 2

 

 
 

  FEDERAL INSURANCE COMPANY
 
  Endorsement No.: 2
 
  Bond Number: 82126649
 
 
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX
   
 
TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
 
It is agreed that this Bond is amended as follows:
 
1. By adding the following INSURING CLAUSE:
 
  12. Telefacsimile Instruction
 
    Loss resulting directly from the ASSURED having transferred, paid or delivered any
    funds or other Property or established any credit, debited any account or given any
    value on the faith of any fraudulent instructions sent by a Customer, financial institution
    or another office of the ASSURED by Telefacsimile directly to the ASSURED authorizing
    or acknowledging the transfer, payment or delivery of funds or Property or the
    establishment of a credit or the debiting of an account or the giving of value by the
    ASSURED where such Telefacsimile instructions:
 
    a. bear a valid test key exchanged between the ASSURED and a Customer or
      another financial institution with authority to use such test key for Telefacsimile
      instructions in the ordinary course of business, but which test key has been
      wrongfully obtained by a person who was not authorized to initiate, make,
      validate or authenticate a test key arrangement, and
 
    b. fraudulently purport to have been sent by such Customer or financial institution
      when such Telefacsimile instructions were transmitted without the knowledge
      or consent of such Customer or financial institution by a person other than such
      Customer or financial institution and which bear a Forgery of a signature,
      provided that the Telefacsimile instruction was verified by a direct call back to
      an employee of the financial institution, or a person thought by the ASSURED to
      be the Customer, or an employee of another financial institution.
 
2. By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting
  the following:  
 
  d. Customer means an individual, corporate, partnership, trust customer, shareholder or
    subscriber of an Investment Company which has a written agreement with the ASSURED
    for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction.

 

ICAP Bond  
Form 17-02-2367 (Rev. 10-03) Page 1

 

 
 

3. By adding to Section 1., Definitions, the following:
 
  r. Telefacsimile means a system of transmitting written documents by electronic signals
    over telephone lines to equipment maintained by the ASSURED for the purpose of
    reproducing a copy of said document. Telefacsimile does not mean electronic
    communication sent by Telex or similar means of communication, or through an
    electronic communication system or through an automated clearing house.
 
4. By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring
  Clause 1. the following:
 
  j. loss resulting directly or indirectly from Telefacsimile instructions provided, however, this
    exclusion shall not apply to this INSURING CLAUSE.

 

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 8, 2013


ICAP Bond  
Form 17-02-2367 (Rev. 10-03) Page 2

 

 
 

    FEDERAL INSURANCE COMPANY
 
    Endorsement No.: 3
 
    Bond Number: 82126649
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
 
EXTENDED COMPUTER SYSTEMS ENDORSEMENT
 
It is agreed that this Bond is amended as follows:
 
1. By adding the following INSURING CLAUSE:
 
  13. Extended Computer Systems
     
    A. Electronic Data, Electronic Media, Electronic Instruction
       
      Loss resulting directly from:
 
      (1) the fraudulent modification of Electronic Data, Electronic Media or Electronic
        Instruction being stored within or being run within any system covered under this
        INSURING CLAUSE,
 
      (2) robbery, burglary, larceny or theft of Electronic Data, Electronic Media or
        Electronic Instructions,
 
      (3) the acts of a hacker causing damage or destruction of Electronic Data,
        Electronic Media or Electronic Instruction owned by the ASSURED or for which
        the ASSURED is legally liable, while stored within a Computer System covered
        under this INSURING CLAUSE, or
 
      (4) the damage or destruction of Electronic Data, Electronic Media or Electronic
        Instruction owned by the ASSURED or for which the ASSURED is legally liable
        while stored within a Computer System covered under INSURING CLAUSE 13,
        provided such damage or destruction was caused by a computer program or
        similar instruction which was written or altered to intentionally incorporate a hidden
        instruction designed to damage or destroy Electronic Data, Electronic Media, or
        Electronic Instruction in the Computer System in which the computer program
        or instruction so written or so altered is used.

 

ICAP2 Bond  
Form 17-02-2976 (Ed. 1-02) Page 1

 

 
 

B. Electronic Communication
   
  Loss resulting directly from the ASSURED having transferred, paid or delivered any
  funds or property, established any credit, debited any account or given any value on the
  faith of any electronic communications directed to the ASSURED, which were
  transmitted or appear to have been transmitted through:
 
  (1) an Electronic Communication System,
     
  (2) an automated clearing house or custodian, or
     
  (3) a Telex, TWX, or similar means of communication,
 
  directly into the ASSURED'S Computer System or Communication Terminal, and
  fraudulently purport to have been sent by a customer, automated clearing house,
  custodian, or financial institution, but which communications were either not sent by said
  customer, automated clearing house, custodian, or financial institution, or were
  fraudulently modified during physical transit of Electronic Media to the ASSURED or
  during electronic transmission to the ASSURED'S Computer System or
  Communication Terminal.
   
C. Electronic Transmission
   
  Loss resulting directly from a customer of the ASSURED, any automated clearing house,
  custodian, or financial institution having transferred, paid or delivered any funds or property,
  established any credit, debited any account or given any value on the faith of any electronic
  communications, purporting to have been directed by the ASSURED to such customer,
  automated clearing house, custodian, or financial institution initiating, authorizing, or
  acknowledging, the transfer, payment, delivery or receipt of funds or property, which
  communications were transmitted through:
 
  (1) an Electronic Communication System,
     
  (2) an automated clearing house or custodian, or
     
  (3) a Telex, TWX, or similar means of communication,
 
  directly into a Computer System or Communication Terminal of said customer,
  automated clearing house, custodian, or financial institution, and fraudulently purport to
  have been directed by the ASSURED, but which communications were either not sent
  by the ASSURED, or were fraudulently modified during physical transit of Electronic
  Media from the ASSURED or during electronic transmission from the ASSURED'S
  Computer System or Communication Terminal, and for which loss the ASSURED is
  held to be legally liable.

 

ICAP2 Bond  
Form 17-02-2976 (Ed. 1-02) Page 2

 

 
 

2. By adding to Section 1., Definitions, the following:
   
  s. Communication Terminal means a teletype, teleprinter or video display terminal, or similar
    device capable of sending or receiving information electronically. Communication Terminal
    does not mean a telephone.
     
  t. Electronic Communication System means electronic communication operations by
    Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide
    International Financial Telecommunication (SWIFT), similar automated interbank
    communication systems, and Internet access facilities.
     
  u. Electronic Data means facts or information converted to a form usable in Computer
    Systems and which is stored on Electronic Media for use by computer programs.
     
  v. Electronic Instruction means computer programs converted to a form usable in a Computer
    System to act upon Electronic Data.
     
  w. Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk
    media on which data is recorded.
     
3. By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING
  CLAUSES except 1., 4., and 5.:
   
  Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 13
   
  This Bond does not directly or indirectly cover:
   
  a. loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments,
    securities, documents or written instruments used as source documentation in the preparation
    of Electronic Data;
     
  b. loss of negotiable instruments, securities, documents or written instruments except as
    converted to Electronic Data and then only in that converted form;
     
  c. loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear
    or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or
    any malfunction or error in programming or error or omission in processing;
     
  d. loss resulting directly or indirectly from the input of Electronic Data at an authorized
    electronic terminal of an Electronic Funds Transfer System or a Customer
    Communication System by a person who had authorized access from a customer to that
    customer's authentication mechanism; or
     
  e. liability assumed by the ASSURED by agreement under any contract, unless such liability would
    have attached to the ASSURED even in the absence of such agreement; or
     
  f. loss resulting directly or indirectly from:
     
    (1) written instruction unless covered under this INSURING CLAUSE; or
       
    (2) instruction by voice over the telephone, unless covered under this INSURING CLAUSE.

 

ICAP2 Bond  
Form 17-02-2976 (Ed. 1-02) Page 3

 

 
 

4. By adding to Section 9., Valuation, the following:
 
  Electronic Data, Electronic Media, Or Electronic Instruction
 
  In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used by
  the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are
  actually reproduced form other Electronic Data, Electronic Media or Electronic Instruction of the
  same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for
  the actual transcription or copying of data which shall have been furnished by the ASSURED in order to
  reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the applicable
  SINGLE LOSS LIMIT OF LIABILITY.
 
  However, if such Electronic Data can not be reproduced and said Electronic Data represents
  Securities or financial instruments having a value, then the loss will be valued as indicated in the
  SECURITIES and OTHER PROPERTY paragraphs of this Section.

 

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 8, 2013

ICAP2 Bond  
Form 17-02-2976 (Ed. 1-02) Page 4

 

 
 

  FEDERAL INSURANCE COMPANY
 
  Endorsement No.: 4
 
  Bond Number: 82126649
 
 
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX
       
 
AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT
 
It is agreed that this Bond is amended as follows:
 
1. By adding the following INSURING CLAUSE:
   
  14. Automated Telephone System Transaction
    
    Loss resulting directly from the ASSURED having transferred funds on the faith of any
    Automated Phone System (APS) Transaction, where the request for such APS
    Transaction is unauthorized or fraudulent and is made with the intent to deceive. In order for
    coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all
    APS Designated Procedures. A single failure of the ASSURED to maintain and follow a
    particular APS Designated Procedure in a particular APS Transaction will not preclude
    coverage under this INSURING CLAUSE.
    
2. By adding to Section 1., Definitions, the following:
 
  x. APS Designated Procedures means all of the following procedures:
 
    (1) No APS Transaction shall be executed unless the shareholder or unitholder to whose
      account such an APS Transaction relates has previously elected to APS
      Transactions. (Election in Application)
 
    (2) All APS Transactions shall be logged or otherwise recorded and the records shall be
      retained for at least six (6) months. (Logging)
      
      Information contained in the records shall be capable of being retrieved and produced
      within a reasonable time after retrieval of specific information is requested, at a success
      rate of no less than 85 percent.
 
    (3) The caller in any request for an APS Transaction, before executing that APS
      Transaction must enter a personal identification number (PIN), social security number
      and account number. (Identity Test)
      
      If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be
      allowed additional attempts during the same telephone call to enter the PIN. The caller
      may either be instructed to redial a customer service representative or may be
      immediately connected to such a representative. (Limited attempts to Enter PIN)

 

ICAP Bond  
Form 17-02-2345 (Ed. 10-00) Page 1

 

 
 

    (4) A written confirmation of any APS Transaction or change of address shall be mailed to
      the shareholder or unitholder to whose account such transaction relates, at the record
      address, by the end of the insured's next regular processing cycle, but in no event later
      than five (5) business days following such APS Transaction. (Written Confirmation)
 
    (5) Access to the equipment which permits the entity receiving the APS Transaction
      request to process and effect the transaction shall be limited in the following manner:
      (Access to APS Equipment)
 
  y. APS Election means any election concerning various account features available to the
    shareholder or unitholder which is made through the Automated Phone System by means of
    information transmitted by an individual caller through use of a Automated Phone System.
    These features include account statements, auto exchange, auto asset builder, automatic
    withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and
    change of address.
 
  z. APS Exchange means any exchange of shares or units in a registered account of one fund
    into shares or units in an account with the same tax identification number and same
    ownership-type code of another fund in the same complex pursuant to exchange privileges of
    the two funds, which exchange is requested through the Automated Phone System by
    means of information transmitted by an individual caller through use of an Automated Phone
    System.
 
  aa. APS Purchase means any purchase of shares or units issued by an Investment Company
    which is requested through an Automated Phone System.
 
  bb. APS Redemption means any redemption of shares or units issued by an Investment
    Company which it requested through the telephone by means of information transmitted by
    an individual caller through use of a Automated Phone System.
 
  cc. APS Transaction means any APS Purchase, APS Redemption, APS Election or APS
    Exchange.
 
  dd. Automated Phone System means an automated system which receives and converts to
    executable instructions transmissions through the Automated Phone System through use of
    a touch-tone keypad or other tone system; and always excluding transmissions from a
    computer system or part thereof.
     
3. By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring
  Clauses Except 1., 4., 5.:
   
  Section 4.A Specific Exclusion-Applicable to Insuring Clause 14
 
  This Bond does not directly or indirectly cover under Insuring Clause 14:
   
  Loss resulting from:
   
  a. the redemption of shares or units, where the proceeds of such redemption are made payable
    to other than:
     
    (1) the shares or units of record,
       
    (2) a person designated to receive redemption proceeds, or
       
    (3) a bank account designated to receive redemption proceeds, or
       
  b. the redemption of shares or units, where the proceeds of such redemption are paid by check
    mailed to any address, unless such address has either been designated the shareholder or
    unitholder by voice through an Automated Phone System or in writing, at least thirty (30)
    days prior to such redemption, or

 

ICAP Bond  
Form 17-02-2345 (Ed. 10-00) Page 2

 

 
 

c.the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.

 

 

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 8, 2013


ICAP Bond  
Form 17-02-2345 (Ed. 10-00) Page 3

 

 
 

        FEDERAL INSURANCE COMPANY
         
      Endorsement No.: 5
           
      Bond Number: 82126649
 
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
   
UNAUTHORIZED SIGNATURE ENDORSEMENT
       
It is agreed that this Bond is amended as follows:  
   
1. By adding the following INSURING CLAUSE:  
   
  15. Unauthorized Signature  
       
    Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
    Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which
    bears the signature or endorsement of one other than a person whose name and signature is on
    file with the ASSURED as a signatory on such account.  
       
    It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
    CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
    on such account.  
       
2. By adding to Section 1., Definitions, the following:  
     
  ee. Instruction means a written order to the issuer of an Uncertificated Security requesting that the
    transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
     
  ff. Uncertificated Security means a share, participation or other interest in property of or an
    enterprise of the issuer or an obligation of the issuer, which is:  
       
    (1) not represented by an instrument and the transfer of which is registered on books
      maintained for that purpose by or on behalf of the issuer, and
       
    (2) of a type commonly dealt in on securities exchanges or markets, and
       
    (3) either one of a class or series or by its terms divisible into a class or series of shares,
      participations, interests or obligations.  

 

ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 1

 

 
 

gg.Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the amount of funds stated therein.

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 8, 2013

ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 2

 

 
 

    FEDERAL INSURANCE COMPANY
    Endorsement No.: 6
         
    Bond Number: 82126649
         
 
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
   
CLAIMS EXPENSE ENDORSEMENT
       
It is agreed that this Bond is amended as follows:  
   
1. By adding the following INSURING CLAUSE:  
     
  16. Claims Expense  
     
  Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to
  determine the amount of loss where:  
     
    (1) the loss is covered under the Bond, and
        
    (2) the loss is in excess of the applicable DEDUCTIBLE AMOUNT.
       
2. Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss
  covered under this INSURING CLAUSE.  

 

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 8, 2013

ICAP Bond
Form 17-02-6282 (Ed. 11-04)

 
 

      FEDERAL INSURANCE COMPANY
       
      Endorsement No.: 7
         
      Bond Number: 82126649
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
   
      STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
       
It is agreed that this Bond is amended as follows:  
   
1. By adding the following INSURING CLAUSE:  
     
  “17. Stop Payment Order or Refusal to Pay Check  
       
    Loss resulting directly from the ASSURED being legally liable to pay compensatory damages
    for:    
         
    a. complying or failing to comply with notice from any customer of the ASSURED or any
      authorized representative of such customer, to stop payment on any check or draft made or
      drawn upon or against the ASSURED by such customer or by any authorized
      representative of such customer, or  
         
    b. refusing to pay any check or draft made or drawn upon or against the ASSURED by any
      customer of the ASSURED or by any authorized representative of such customer.”
       
2. By adding the following Specific Exclusion:  
     
  “Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 17  
     
  This Bond does not directly or indirectly cover:  
     
  a. liability assumed by the ASSURED by agreement under any contract, unless such liability would
    have attached to the ASSURED even in the absence of such agreement,
     
  b. loss arising out of:  
       
    (1) libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,
      malicious prosecution, assault or battery,  
         
    (2) sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of
      any person, or  
         
    (3) discrimination.”  
         
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: January 8, 2013


ICAP Bond
Form 17-02-2365 (Ed. 10-00)

 
 

    ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2012 FEDERAL INSURANCE COMPANY
   
    Endorsement/Rider No. 8
       
    To be attached to and  
    form a part of Bond No. 82126649
 
 
Issued to:    
     
     
DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
ENDORSEMENT
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
 
1. The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
   
2. The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced
  with the following:    
       
  If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
  rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
  furnished to all insured Investment Companies and the Securities and Exchange Commission,
  Washington, D.C., by the COMPANY.    
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.    
     
All other terms, conditions and limitations of this Bond shall remain unchanged.  

 

17-02-2437 (12/2006) rev. Page 1

 

 
 

    ENDORSEMENT/RIDER
 
Effective date of    
this endorsement/rider: November 1, 2012 FEDERAL INSURANCE COMPANY
   
  Endorsement/Rider No. 9
     
  To be attached to and  
  form a part of Bond No. 82126649
Issued to: BLACKROCK EQUITY-BOND COMPLEX  
   
 
AMEND SECTION 16 - CHANGE OR MODIFICATION ENDORSEMENT
 
In consideration of the premium charged, it is agreed that Section 16, Change or Modification, the first and
second full paragraphs are deleted and replaced with the following:  
   
This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No
change in or modification of this Bond shall be effective except when made by written endorsement to this
Bond signed by an authorized representative of the COMPANY.  
   
If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the
ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the affected
party and the Securities and Exchange Commission, Washington, D.C., by the acting party.
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

 

Q06-246 (02/2008) rev. Page 1

 

 
 

    FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 10
 
    Bond Number: 82126649
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
 
NEW YORK AMENDATORY ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
   
1. By adding to Section 13, Termination, the following:  
     
  Bonds In Effect Sixty (60) Days Or Less  
     
  If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the
  COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the
  authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
  effective date of termination.  
     
  Bonds In Effect More Than Sixty (60) Days  
     
  If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the
  COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to
  the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
  effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty
  (60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7
  below.  
     
  1. Nonpayment of premium;  
       
  2. Conviction of a crime arising out of acts increasing the hazard insured against ;
     
  3. Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the
    presentation of a claim thereunder;  
       
  4. Violation of any provision of this Bond that substantially and materially increases the hazard
    insured against, and which occurred subsequent to inception of the current BOND PERIOD;
     
  5. If applicable, material physical change in the property insured, occurring after issuance or last
    annual renewal anniversary date of this Bond, which results in the property becoming uninsurable
    in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect
    at the time this Bond was issued or last renewed; or material change in the nature or extent of this
    Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes
    the risk of loss to be substantially and materially increased beyond that contemplated at the time
    this Bond was issued or last renewed;  

 

ICAP Bond - New York  
Form 17-02-2863 (Rev. 7-03) Page 1

 

 
 

  6. A determination by the Superintendent of Insurance that continuation of the present premium
    volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public,
    or continuing the Bond itself would place the COMPANY in violation of any provision of the New
    York Insurance Code; or
     
  7. Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is
    a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of
    collecting the insurance proceeds.
     
  Notice Of Termination
   
  Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent
  or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,
  however, may deliver any notice instead of mailing it.
   
  Return Premium Calculations
   
  The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the
  COMPANY."
   
2. By adding a new Section reading as follows:
   
  "Section 17. Election To Conditionally Renew / Nonrenew This Bond
   
  Conditional Renewal
   
  If the COMPANY conditionally renews this Bond subject to:
   
  1. Change of limits of liability ;
     
  2. Change in type of coverage;
     
  3. Reduction of coverage;
     
  4. Increased deductible;
     
  5. Addition of exclusion; or
     
  6. Increased premiums in excess of 10%, exclusive of any premium increase due to and
    commensurate with insured value added; or as a result of experience rating, retrospective rating
    or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional
    Renewal immediately below.
     
  Notices Of Nonrenewal And Conditional Renewal
   
  1. If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided
    herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but
    not more than one hundred twenty (120) days before:
     
    a. The expiration date; or
       
    b. The anniversary date if this Bond has been written for a term of more than one year.

 

ICAP Bond - New York  
Form 17-02-2863 (Rev. 7-03) Page 2

 

 
 

  2. Notice shall be mailed or delivered to the ASSURED at the address shown on the
    DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, proof
    of mailing shall be sufficient proof of notice.
     
  3. Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or
    broker, or another insurer has mailed or delivered written notice to the COMPANY that the Bond
    has been replaced or is no longer desired.
     
3. By adding to General Agreement B., Representations Made By Assured, the following:
   
  No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead
  to the COMPANY'S refusal to write this Bond.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: January 8, 2013


ICAP Bond - New York  
Form 17-02-2863 (Rev. 7-03) Page 3

 

 
 

      ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2012 FEDERAL INSURANCE COMPANY
   
    Endorsement/Rider No. 11
       
    To be attached to and  
    form a part of Policy No. 82126649
 
 
Issued to: BLACKROCK EQUITY-BOND COMPLEX  
     
 
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
 
In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C.
Additional Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or
Liabilities-Notice To Company, is amended by adding the following subsection:
 
Automatic Increase in Limits for Investment Companies  
   
If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of
1940 (“the Act”), due to:    
     
(i) the creation of a new Investment Company; or  
     
(ii) an increase in asset size of current Investment Companies covered under this Bond,
   
then the minimum required increase in limits shall take place automatically without payment of
additional premium for the remainder of the BOND PERIOD.  
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.    
     
All other terms, conditions and limitations of this Bond shall remain unchanged.

 

Q10-2021 (10/2010) Page 1

 

 
 

    ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2012 FEDERAL INSURANCE COMPANY
   
  Endorsement/Rider No. 12
     
  To be attached to and  
  form a part of Bond No. 82126649
 
Issued to: BLACKROCK EQUITY-BOND COMPLEX  
   
   
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
 
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other
similar laws or regulations prohibit the coverage provided by this insurance.  
 
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.    
     
All other terms, conditions and limitations of this Bond shall remain unchanged.  

 

14-02-9228 (02/2010) Page 1

 

 
 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 13
 
      Bond Number: 82126649
 
NAME OF ASSURED: BLACKROCK EQUITY-BOND COMPLEX  
   
 
CO-SURETY ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
   
1. By adding to Section 1., Definitions, the following:  
     
  “ii. Controlling Company means FEDERAL INSURANCE COMPANY.  
       
  jj. Company means, unless otherwise specified, each insurance company, including the
    Controlling Company, executing this Endorsement.  
       
  kk. Companies means, unless otherwise specified, all of the insurance companies, including the
    Controlling Company, executing this Endorsement.”  
       
2. By adding to Section 5., Limit of Liability/Non-Reduction and Non-Accumulation of Liability, the following:
   
  “Each COMPANY shall be liable only for such proportion of any Single Loss as the LIMIT OF
  LIABILITY underwritten by such Company, as specified in this Endorsement, bears to the LIMIT OF
  LIABILITY as stated in ITEM 2. of the DECLARATIONS, but in no event shall any Company be liable
  for an amount greater than that underwritten by it.”  
     
3. By adding to Section 7., Notice To Company-Proof-Legal Proceedings Against Company, the following:
   
  “g. In the absence of a request from any Company to pay premiums directly to it, premiums for this
    Bond may be paid to the Controlling Company for the account of all Companies.
     
  h. In the absence of a request from any Company that notice of claim and proof of loss be given to
    or filed directly with it, the ASSURED giving such notice to and the filing of such proof with the
    Controlling Company shall be deemed to be in compliance with the conditions of this Bond for
    the giving of notice of loss and the filing of proof of loss, if given and filed in accordance with said
    conditions.”  
       
4. By adding to Section 13., Termination, the following:  
     
  “The Controlling Company may give notice in accordance with the terms of this Bond terminating the
  Bond as an entirety or as to any Employee or ASSURED, and any notice so given shall terminate the
  liability of all Companies as an entirety or as to such Employee or ASSURED, as the case may be.
   
  Any Company other than the Controlling Company may give notice in accordance with the terms of
  this Bond, terminating the entire liability of such other Company under this Bond or as to any person or
  entity.  
     
  In the absence of a request from any Company that notice of termination by the ASSURED of this Bond
  in its entirety may be given to or filed directly with it, the giving of such notice in accordance with the
  terms of this Bond to the Controlling Company shall terminate the liability of all Companies as an
  entirety. The ASSURED may terminate the entire liability of any Company, under this Bond by giving
  notice of such termination to that Company and by sending a copy of such notice to the Controlling
  Company.  

 

ICAP Bond  
Form 17-02-2836 (Ed. 5-02) Page 1

 

 
 

  In the event of the termination of this Bond as an entirety, no Company shall be liable to the ASSURED
  for a greater proportion of any return premium due the ASSURED than the LIMIT OF LIABILITY
  underwritten by that Company bears to the LIMIT OF LIABILITY as stated in ITEM 2. of the
  DECLARATIONS.  
 
  In the event of the termination of this Bond as to any Company, such Company alone shall be liable to
  the ASSURED for any return premium due the ASSURED on account of such termination. The
  termination of the attached Bond as to any Company other than the Controlling Company shall not
  terminate or otherwise affect the liability of the other Companies under this Bond.”
 
5. By adding the following Section:  
 
  “Section 18. Controlling Company  
 
  The execution by the Controlling Company of the DECLARATIONS, Endorsements 1 - 12, shall
  constitute execution by all the Companies signing this Endorsement.
 
  In the event this Bond is modified during the BOND PERIOD, the Controlling Company shall notify the
  Companies or their respective representatives, in writing, of such change. Each Company shall be
  deemed to agree to such modification, unless such Company notifies the Controlling Company or the
  Controlling Company’s representative in writing, that they do not agree to such modification. If a
  Company fails to object to a modification within fifteen (15) days of receipt of notice from the
  Controlling Company, such Company shall be deemed to agree to such modification.”
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2012.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Underwritten for a SINGLE LOSS FEDERAL INSURANCE COMPANY
LIMIT OF LIABILITY of $25,000,000 Controlling Company
      CHUBB & SON
      A division of Federal Insurance Company
      Manager
Date: January 8, 2013
Underwritten for a SINGLE LOSS
LIMIT OF LIABILITY of $10,450,000
 

 

ICAP Bond  
Form 17-02-2836 (Ed. 5-02) Page 2

 

 
 

     POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.

However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.


 

10-02-1281 (Ed. 1/2003)

 
 

If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The portion of your policy’s annual premium that is attributable to insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

 

 

10-02-1281 (Ed. 1/2003)

 
 

IMPORTANT NOTICE TO POLICYHOLDERS

     All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.

     Thank you for choosing Chubb.

 

 

10-02-1295 (ed. 6/2007)

 
 

Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.

If you have any questions, please contact your agent or broker.

 

 

Form 14-02-12160 (ed. 7/2006)

 
 

 

 

JOINT FIDELITY BOND AGREEMENT BY AND AMONG

THE FUNDS IN THE BLACKROCK EQUITY-BOND COMPLEX

 

JOINT FIDELITY BOND AGREEMENT (the “Agreement”), dated as of November 1, 2007, by and among the funds (each, a “Fund” and collectively, the “Funds”) in the BlackRock Equity-Bond Complex listed on Schedule A attached hereto, as the same may be amended from time to time, all of which are named insureds on a certain fidelity bond underwritten by Vigilant Insurance Company (“Vigilant”), a member of the Chubb Group of Insurance Companies, covering certain acts relating to the Funds (the “Bond”).

 

W I T N E S S E T H

 

WHEREAS, each of the Funds is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”);

 

WHEREAS, by the terms of Rule 17g-1 under the 1940 Act, the Funds are required to provide and to maintain in effect a bond against larceny and embezzlement by their officers and employees. By the terms of the rule, the Funds are authorized to secure the Bond that names all of the Funds as insureds;

 

WHEREAS, Rule 17g-1(f) under the 1940 Act requires that a registered management investment company named as an insured on a joint fidelity bond enter into a certain agreement with the other named insureds;

 

WHEREAS, a majority of the Board of Directors/Trustees (collectively, the “Board,” the members of which are referred to as “Directors”) of each Fund who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act have given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of such Bond, and the majority of such Directors have approved the amount, type, form and coverage of the Bond and the portion of the premium payable with respect to each Fund; and

 

WHEREAS, the Board has determined that the allocation of the proceeds payable under the Bond as set forth herein (which takes into account the extent to which the share of the premium allocated to each Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond) is equitable with respect to each Fund and that each Fund will benefit from its respective participation in the Bond in compliance with this Rule.

 

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the Funds hereto as follows:

 

1. Joint Insured Bond. The Funds have procured from Vigilant, a reputable fidelity insurance company, the Bond insuring each Fund against larceny and embezzlement of its securities and funds by such of its officers and employees who may, singly or jointly with others, have access to such securities or funds, directly or through authority to draw upon such funds or to direct generally the disposition of such securities. The Bond names each Fund as an insured, and complies with the requirements established by Rule 17g-1 under the 1940 Act.

 
  

 

 

2. Amount. The Bond is in an amount, based upon the total assets of each Fund, equal to or in excess of the aggregate of the minimum coverage required for each of the Funds under Rule 17g-1. The minimum coverage required for a Fund under Rule 17g-1(d)(1) shall be referred to herein as the “Minimum Coverage Amount.”

 

3. Ratable Allocation of Premium. Each Fund will pay the percentage of the premium due under the Bond which is proportionate to the ratio of its Minimum Coverage Amount to the aggregate amount of the Minimum Coverage Amounts for all of the Funds.

 

4. Ratable Allocation of Proceeds.

 

(a) In the event any recovery under the Bond is received as a result of a loss sustained by any of the Funds, then each Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would have received had it provided and maintained a single insured bond with the Minimum Coverage Amount.

 

(b) If the recovery is inadequate to indemnify fully each such Fund sustaining a loss, the recovery shall be allocated among such Funds as follows:

 

(i) Each Fund sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the Minimum Coverage Amount.

 

(ii) The remaining portion of the proceeds shall be allocated to each Fund sustaining a loss not fully covered by the allocation under subparagraph (i) in the proportion that each such Fund’s gross assets as of the end of its fiscal quarter preceding the loss bears to the sum of the gross assets of all such Funds. If such allocation would result in any Fund sustaining a loss receiving a portion of the recovery in excess of the loss actually sustained by such Fund, the aggregate of such excess portions shall be allocated among the other Funds whose losses would not be fully indemnified in the same proportion as each such Fund’s gross assets bear to the sum of the gross assets of all Funds entitled to receive a share of the excess (both determined as of the fiscal quarter of each Fund preceding the loss). Any allocation in excess of a loss actually sustained by any such Fund shall be reallocated in the same manner.

 

5. Claims and Settlements. Each Fund shall, within ten days after the making of any claim under the Bond, provide the other Funds with written notice of the amount and nature of such claim. Each Fund shall, within ten days after the receipt thereof, provide the other Funds with written notice of the terms of settlement of any claim made under the Bond by such Fund.

 

6. Modification and Amendments.

 

(a) If a Fund shall determine that the coverage required by Rule 17g-1 for such Fund has changed, or that the amount of the total coverage allocated to such Fund should

- 2 -
  

otherwise be modified, it shall so notify the other Funds setting forth the modification which it believes to be appropriate, and the proposed treatment of any increased or return premium.

 

(b) Within 60 days after such notice, the Funds shall seek the approval required by Rule 17g-1, and if approvals are obtained, shall effect an amendment to this Agreement and the Bond. Any Fund may terminate this Agreement (except with respect to losses occurring prior to such withdrawal) by giving at least 60 days’ written notice to the other Funds. The Fund(s) terminating the Agreement shall thereafter be removed as a named insured in accordance with Rule 17g-1 and the Fund(s) shall be entitled to receive the pro rata portion of any return of premium paid to the insurance company.

 

(c) This Agreement is intended to cover all entities insured under the Bond. Any insured under the Bond that is not currently listed on Schedule A hereto may be added to this Agreement by a written amendment. The Funds hereby consent to additional registered investment companies advised by BlackRock Advisors, LLC and its affiliates being named as an insured under the Bond and the Agreement.

 

7. Limitation of Liability for Massachusetts business trusts. The Declaration of Trust for each Fund listed on Schedule A hereto that is organized as a Massachusetts business trust (each, a “Massachusetts Trust”) is on file with the Secretary of the Commonwealth of Massachusetts. This Agreement is executed on behalf of such Massachusetts Trusts by the Trust’s Chief Executive Officer and not individually and the obligations imposed upon each Massachusetts Trust by this Agreement are not binding upon any of the Massachusetts Trust’s respective Board members, officers or shareholders individually but are binding only upon the assets and property of such Massachusetts Trust.

 

8. No Assignment. This Agreement is not assignable.

 

9. Counterparts. This Agreement may be executed in any number of counterparts which together shall constitute a single instrument.

 

10. Governing Law. The Agreement shall be construed in accordance with the laws of the State of New York.

 

11. Notices. All Notices and other communications hereunder shall be in writing and shall be addressed to the appropriate Fund at 40 East 52nd Street, New York, NY 10022.

 

- 3 -
  

IN WITNESS WHEREOF, each Fund has caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written.

 

 

 

    /s/ Donald C. Burke
  Name:  Donald C. Burke
  Title: Chief Executive Officer of each Fund listed on Schedule A

 

 

 

- 4 -
  

SCHEDULE A

 

 

 

BlackRock Balanced Capital Fund, Inc.

BlackRock Basic Value Fund, Inc.

BlackRock Bond Allocation Target Shares

Series C Portfolio

Series M Portfolio

Series P Portfolio

Series S Portfolio

BlackRock Bond Fund, Inc.

BlackRock Total Return Fund

BlackRock California Municipal Series Trust

BlackRock California Municipal Bond Fund

BlackRock Capital Appreciation Fund, Inc.

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund, Inc.

BlackRock Funds II

BlackRock Aggressive Growth Prepared Portfolio

BlackRock Conservative Prepared Portfolio

BlackRock Core Bond Portfolio

BlackRock Emerging Market Local Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock Global Dividend Income Portfolio

BlackRock GNMA Portfolio

BlackRock Growth Prepared Portfolio

BlackRock High Yield Bond Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Moderate Prepared Portfolio

BlackRock Multi-Asset Income Portfolio

BlackRock Prepared Portfolio 2015

BlackRock Prepared Portfolio 2020

BlackRock Prepared Portfolio 2025

BlackRock Prepared Portfolio 2030

BlackRock Prepared Portfolio 2035

BlackRock Prepared Portfolio 2040

BlackRock Prepared Portfolio 2045

BlackRock Prepared Portfolio 2050

BlackRock Secured Credit Portfolio

BlackRock Strategic Income Opportunities Portfolio

BlackRock U.S. Government Bond Portfolio

BlackRock Global Allocation Fund, Inc.

BlackRock Global SmallCap Fund, Inc.

BlackRock Long-Horizon Equity Fund

BlackRock Mid Cap Value Opportunities Series, Inc.

BlackRock Mid Cap Value Opportunities Fund

BlackRock Multi-State Municipal Series Trust

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Municipal Bond Fund, Inc.

- 5 -
  

BlackRock High Yield Municipal Fund

BlackRock National Municipal Fund

BlackRock Short-Term Municipal Fund

BlackRock Municipal Series Trust

BlackRock Intermediate Municipal Fund

BlackRock Natural Resources Trust

BlackRock Series Fund, Inc.

BlackRock Balanced Capital Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Global Allocation Portfolio

BlackRock High Yield Portfolio

BlackRock Large Cap Core Portfolio

BlackRock Money Market Portfolio

BlackRock Total Return Portfolio

BlackRock U.S. Government Bond Portfolio

BlackRock Value Opportunities Fund, Inc.

BlackRock Variable Series Funds, Inc.

BlackRock Balanced Capital V.I. Fund

BlackRock Basic Value V.I. Fund

BlackRock Capital Appreciation V.I. Fund

BlackRock Equity Dividend V.I. Fund

BlackRock Global Allocation V.I. Fund

BlackRock Global Opportunities V.I. Fund

BlackRock High Yield V.I. Fund

BlackRock International V.I. Fund

BlackRock Large Cap Core V.I. Fund

BlackRock Large Cap Growth V.I. Fund

BlackRock Large Cap Value V.I. Fund

BlackRock Money Market V.I. Fund

BlackRock S&P 500 V.I. Fund

BlackRock Total Return V.I. Fund

BlackRock U.S. Government Bond V.I. Fund

BlackRock Value Opportunities V.I. Fund

BlackRock World Income Fund, Inc.

FDP Series, Inc.

Franklin Templeton Total Return FDP Fund

Invesco Value FDP Fund

Marsico Growth FDP Fund

MFS Research International FDP Fund

Managed Account Series

Global SmallCap Portfolio

Mid Cap Value Opportunities Portfolio

BlackRock U.S. Mortgage Portfolio

Master Basic Value LLC

Master Bond LLC

Master Total Return Portfolio

Master Focus Growth LLC

Master Value Opportunities LLC

- 6 -
  

 

SECRETARY’S CERTIFICATE

 

I, Ben Archibald, the duly elected and acting Secretary of each of funds listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”), hereby certify that the following resolutions regarding the Funds’ fidelity bond were duly adopted by the Board of Directors/Trustees of each Fund on September 11, 2012, are in full force and effect and have been so since such date.

 

RESOLVED, that the terms and amount of the extension of the joint insured fidelity bond to be obtained from Federal Insurance Company, covering registered investment companies advised or managed by BlackRock Advisors, LLC, with an approximate allocation to each Fund as presented in the Board materials, be, and they hereby are, approved in substantially the form presented at the Meetings with such changes as counsel deems necessary; and

FURTHER RESOLVED, that the proper officers of each Fund are authorized to pay the amount of the total premium allocated to the Fund for the period payable with respect to such bond as described in the Joint Fidelity Bond Agreement and outlined in the attached Allocation of Premium; and

FURTHER RESOLVED, that the amount of the fidelity bond coverage is approved after consideration of all factors deemed relevant by the Board, including, but not limited to, the other parties named as insureds, the nature of the business activities of such other parties, the amount of the joint insured bond, the amount of the premium for such bond, the ratable allocation of the premium among the parties named as insured, the extent to which the share of the premium allocated to each Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, the value of the assets of the Fund, the type and terms of the arrangements made for custody of the Fund’s assets, and the nature of the securities in the Fund’s portfolio; and

FURTHER RESOLVED, that the Directors/Trustees determined that the benefits of obtaining fidelity bond coverage from Federal Insurance Company, including the opportunity to obtain stable, low-cost insurance coverage from Federal Insurance Company, justify paying the Reserve Premium and making the commitments for additional payments to Federal Insurance Company, including acceptance of restrictions upon the withdrawal of the Reserve Premium; and

FURTHER RESOLVED, that the proper officers of each Fund be, and each hereby is, authorized and empowered to execute such other documents and take such other action as may be deemed necessary or desirable to effect the Fund’s purchase of a fidelity bond from Federal Insurance Company including but not limited to executing a signature commitment to Federal Insurance Company and obtaining a Letter of Credit from State Street Bank and Trust Company; and

FURTHER RESOLVED, that the Joint Insured Fidelity Bond Agreement between the Funds and the other named joint insureds, as previously provided to the Directors, be, and it hereby is, re-approved; and

FURTHER RESOLVED, that the fidelity bond premiums paid by each Fund pursuant to Rule 17g-1 under the 1940 Act shall be reallocated from time to time to allow for changes during the policy year arising from the addition of joint insureds to the bond, the growth or loss of gross assets of the Fund during the year requiring additional or reduced coverage in accordance with Rule 17g-1(d) under the 1940 Act, or the liquidation or merger of named insureds; and

FURTHER RESOLVED, that the following practices are hereby adopted as the procedures for allocating and reallocating fidelity bond premium expense among the named joint insureds: (i) the joint fidelity bond premium expense allocated to each named insured will be

 
  

based on the amount of coverage assigned to each named insured from time to time, and (ii) coverage for the Fund under the joint insured bond will be based on the amount of coverage required by Rule 17g-1(d) under the 1940 Act from time to time plus additional coverage to allow for reasonable growth of the Fund; and

FURTHER RESOLVED, that the proper officers of each Fund be, and each hereby is, authorized and empowered to implement the foregoing procedures by, among other things: (i) monitoring the amount of fidelity bond coverage assigned to the Fund and, if necessary, increasing or decreasing such coverage to comply with the Board’s procedures, and (ii) if necessary, reallocating the joint fidelity bond expense in accordance with the foregoing procedures for allocating the premium adopted by the Board; and

FURTHER RESOLVED, that the Secretary of each Fund is hereby designated as the officer responsible for making the necessary filings and giving the notices with respect to such bond required by paragraph (g) of Rule 17g-1 under the 1940 Act; and

FURTHER RESOLVED, that the proper officers of each Fund are authorized and empowered to take such action with respect to obtaining additional fidelity bond coverage as they deem it necessary or appropriate pursuant to Rule 17g-1 under the 1940 Act.

The period for which premiums have been paid under the joint fidelity bond is November 1, 2012 to November 1, 2013.

 

  By: /s/ Ben Archibald
    Ben Archibald, Esq.
  Secretary

   
   
Dated: January 15, 2013  
- 2 -
  

Schedule A

 

Fund Gross Assets as
of September 30,
2012
Minimum Bond
Limit
BlackRock Balanced Capital Fund, Inc.    $956,163,447   $1,000,000
BlackRock Bond Allocation Target Shares    $1,280,916,233   $1,250,000
BlackRock California Municipal Series Trust      $696,240,225   $900,000
BlackRock Capital Appreciation Fund, Inc.    $5,419,141,310   $2,500,000
BlackRock Equity Dividend Fund   $24,408,260,914    $2,500,000
BlackRock EuroFund    $299,275,292   $750,000
BlackRock Funds II   $54,777,151,067    $2,500,000
BlackRock Global Allocation Fund, Inc.     $60,202,509,779   $2,500,000
BlackRock Global Dynamic Equity Fund (name changed to “BlackRock Long-Horizon Equity Fund” effective October 15, 2012)    $770,524,045   $1,000,000
BlackRock Global SmallCap Fund, Inc.    $955,466,360   $1,000,000
BlackRock Mid Cap Value Opportunities Series Inc.    $482,139,365   $750,000
BlackRock Multi-State Municipal Series Trust    $1,074,999,138   $1,250,000
BlackRock Municipal Bond Fund, Inc.    $6,633,797,644   $2,500,000
BlackRock Municipal Series Trust    $648,593,610   $900,000
BlackRock Natural Resources Trust    $533,366,457   $900,000
- 3 -
  
BlackRock Series Fund, Inc.    $1,957,303,174   $1,500,000
BlackRock Variable Series Funds, Inc.   $15,114,691,157   $2,500,000
BlackRock World Income Fund, Inc.    $245,991,150   $600,000
FDP Series, Inc.    $599,490,422   $900,000
Managed Account Series    $1,097,705,757   $1,250,000
Master Basic Value LLC / BlackRock Basic Value Fund, Inc.    $3,951,583,330   $2,300,000
Master Bond LLC / BlackRock Bond Fund, Inc.   $11,122,634,585   $2,500,000
Master Focus Growth LLC / BlackRock Focus Growth Fund, Inc.   $78,286,914   $450,000
Master Value Opportunities LLC / BlackRock Value Opportunities Fund, Inc.    $1,017,013,618   $1,250,000

 

 

 

- 4 -

 

 

 

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