787 Seventh Avenue
New York, NY 10019-6099

212 728 8000
Fax: 212 728 8111

October 25, 2011

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 Assistant 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, 2010 to November 1, 2011.

If you have any questions concerning this filing, please call the undersigned at (212) 728-8681.

Very truly yours,

/s/ Armando Capasso

Armando Capasso

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 Focus Value Fund, Inc. 

BlackRock Funds II 

BlackRock Global Allocation Fund, Inc. 

BlackRock Global Dynamic Equity Fund 

BlackRock Global Growth Fund, Inc. 

BlackRock Global SmallCap Fund, Inc. 

BlackRock International Value Trust 

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 Short-Term Bond Series, Inc.

BlackRock Utilities & Telecommunications 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 Focus Growth LLC  

Master Value Opportunities LLC 

Short-Term Bond Master LLC 

		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, 2010
			to	12:01 a.m. on	November 1, 2011
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				$ 39,800,000	$ 0
	2.	On Premises				$ 39,800,000	$ 25,000
	3.	In Transit				$ 39,800,000	$ 25,000
	4.	Forgery or Alteration				$ 39,800,000	$ 25,000
	5.	Extended Forgery				$ 39,800,000	$ 25,000
	6.	Counterfeit Money				$ 39,800,000	$ 25,000
	7.	Threats to Person				$ Not Covered	$ N/A
	8.	Computer System				$ 39,800,000	$ 25,000
	9.	Voice Initiated Funds Transfer Instruction				$ 39,800,000	$ 25,000
	10.	Uncollectible Items of Deposit				$ 25,000	$ 5,000
	11.	Audit Expense				$ 50,000	$ 5,000
	12.	Telefacsimile Transfer Fund				$ 39,800,000	$ 25,000
ITEM 3.	THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
	ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
	1 - 8
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.

ICAP Bond (5-98) - Federal 

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

	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		(1)	occurred or will occur on premises, or
Company
		(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		a.	loss not reported to the COMPANY in writing within sixty (60) days after
Clauses			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		a.	loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring			apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.			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		a.	loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring			loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.			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. (formerly BR Focus Twenty)
BlackRock Focus Value Fund, Inc.
BlackRock Fundamental Growth Fund, Inc.
BlackRock Funds II
BlackRock Global Allocation Fund, Inc.
BlackRock Global Dynamic Equity Fund
BlackRock Global Growth Fund, Inc.
BlackRock Global SmallCap Fund, Inc.
BlackRock Municipal Bond Fund, Inc.
BlackRock Municipal Series Trust
BlackRock International Value Trust
BlackRock Mid Cap Value Opportunities Series Inc.
BlackRock Natural Resources Trust
BlackRock Short-Term Bond Series, Inc.
BlackRock Utilities & Telecommunications Fund, Inc.
BlackRock Value Opportunities Fund, Inc.
BlackRock World Income Fund, Inc.
BlackRock Bond Fund, Inc.
Master Bond LLC
FDP Series, Inc.
Managed Account Series
Master Focus Growth LLC (f/k/a Master Focus Twenty LLC)
Master Value Opportunities LLC
BlackRock Principal Protected Trust
BlackRock Series Fund, Inc.
Short-Term Bond Master LLC
BlackRock Variable Series Funds, Inc.

ICAP Bond 

Form 17-02-6272 (Ed. 8-04)  Page 1

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 as of the effective date of this bond. 

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2010. 

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: February 8, 2011

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, 2010.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: February 8, 2011

ICAP Bond 

Form 17-02-2367 (Rev. 10-03)  Page 2

			ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: November 1, 2010		FEDERAL INSURANCE COMPANY
		Endorsement/Rider No.	3
		To be attached to and
		form a part of Bond No.	82126649
Issued to: BLACKROCK EQUITY-BOND COMPLEX
	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, 2010	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	4
	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.: 5
		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, 2010.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: February 8, 2011

ICAP Bond - New York 

Form 17-02-2863 (Rev. 7-03)  Page 3

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: November 1, 2010	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	6
	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

			ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: November 1, 2010		FEDERAL INSURANCE COMPANY
		Endorsement/Rider No.	7
		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

		FEDERAL INSURANCE COMPANY
		Endorsement No.:	8
		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:
	“s.	Controlling Company means FEDERAL INSURANCE COMPANY.
	t.	Company means, unless otherwise specified, each insurance company, including the
		Controlling Company, executing this Endorsement.
	u.	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 - 7, 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, 2010.
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: February 8, 2011

Underwritten for a SINGLE LOSS	National Union Fire Insurance Company of
LIMIT OF LIABILITY of $14,800,000	Pittsburgh, PA
	By
	Attorney-in-Fact

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: $        . 

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 N Portfolio
        Series P Portfolio
        Series S Portfolio
BlackRock Bond Fund, Inc.
        BlackRock High Income Fund
        BlackRock Total Return Fund
BlackRock California Municipal Series Trust*
        BlackRock California Insured Municipal Bond Fund
BlackRock Capital Appreciation Fund, Inc.
BlackRock Equity Dividend Fund*
BlackRock EuroFund*
BlackRock Focus Growth Fund, Inc.
BlackRock Focus Value Fund, Inc.
BlackRock Funds II*
        BlackRock Aggressive Growth Prepared Portfolio
        BlackRock AMT-Free Municipal Bond Portfolio
        BlackRock Bond Portfolio
        BlackRock Conservative Prepared Portfolio
        BlackRock Emerging Market Debt Portfolio
        BlackRock Floating Rate Income Portfolio
        BlackRock GNMA Portfolio
        BlackRock Government Income Portfolio
        BlackRock Growth Prepared Portfolio
        BlackRock High Yield Bond Portfolio
        BlackRock Income Portfolio
        BlackRock Income Builder Portfolio
        BlackRock Inflation Protected Bond Portfolio
        BlackRock Intermediate Government Bond Portfolio
        BlackRock International Bond Portfolio
        BlackRock Kentucky Municipal Bond Portfolio
        BlackRock Long Duration Bond Portfolio
        BlackRock Low Duration Bond Portfolio
        BlackRock Managed Income Portfolio
        BlackRock Moderate Prepared Portfolio
        BlackRock Multi-Sector Bond Portfolio
        BlackRock Ohio Municipal Bond Portfolio
        BlackRock Prepared Portfolio 2010
        BlackRock Prepared Portfolio 2015

- 5 -

        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 Strategic Income Opportunities Portfolio
        BlackRock Total Return Portfolio II
BlackRock Global Allocation Fund, Inc.
BlackRock Global Dynamic Equity Fund
BlackRock Global Growth Fund, Inc.
BlackRock Global SmallCap Fund, Inc.
BlackRock Municipal Series Trust*
        BlackRock Intermediate Municipal Fund
BlackRock International Value Trust*
        BlackRock International Value 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.
        BlackRock High Yield Municipal Fund
        BlackRock Municipal Insured Fund
        BlackRock National Municipal Fund
        BlackRock Short-Term Municipal Fund
BlackRock Natural Resources Trust*
BlackRock Principal Protected Trust
        BlackRock Basic Value Principal Protected Fund
        BlackRock Core Principal Protected Fund
        BlackRock Fundamental Growth Principal Protected Fund
BlackRock Series Fund, Inc.
        BlackRock Balanced Capital Portfolio
        BlackRock Capital Appreciation Portfolio
        BlackRock Global Allocation Portfolio
        BlackRock Government Income Portfolio
        BlackRock High Income Portfolio
        BlackRock Large Cap Core Portfolio
        BlackRock Money Market Portfolio
        BlackRock Total Return Portfolio
BlackRock Short-Term Bond Series, Inc.
        BlackRock Short-Term Bond Fund
BlackRock Utilities & Telecommunications Fund, Inc.
BlackRock Value Opportunities Fund, Inc.
BlackRock Variable Series Funds, Inc.

- 6 -

        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 Government Income V.I. Fund
        BlackRock High Income V.I. Fund
        BlackRock International Value 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 Value Opportunities V.I. Fund
BlackRock World Income Fund, Inc.
FDP Series, Inc.
        Franklin Templeton Total Return FDP Fund
        Marsico Growth FDP Fund
        MFS Research International FDP Fund
        Van Kampen Value FDP Fund
Managed Account Series
        Global SmallCap Portfolio
        High Income Portfolio
        MidCap Value Opportunities Portfolio
        US Mortgage Portfolio
Master Basic Value LLC
Master Bond LLC
        Master Total Return Portfolio
Master Focus Growth LLC
Master Value Opportunities LLC
Short-Term Bond Master LLC
        Short-Term Bond Master Portfolio

*      Denotes a Fund organized as a Massachusetts business trust.

- 7 -

ASSISTANT SECRETARY’S CERTIFICATE

I, Ben Archibald, the duly elected and acting Assistant 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 13, 2011, 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 directed 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;

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 directed 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 directed 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, 2010 to November 1, 2011.

	By:	/s/ Ben Archibald
		Ben Archibald, Esq.
		Assistant Secretary
Dated: October 25, 2011

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Schedule A

Fund	Gross Assets as of September 30, 2010	Minimum Bond Limit
BlackRock Balanced Capital Fund, Inc.	1,131,402,944	1,250,000
BlackRock Bond Allocation Target Shares	859,982,830	1,000,000
BlackRock Bond Fund, Inc.	24,975,090,256	2,500,000
BlackRock California Municipal Series Trust	425,716,264	750,000
BlackRock Capital Appreciation Fund, Inc.	3,451,113,384	2,100,000
BlackRock Equity Dividend Fund	9,115,304,520	2,500,000
BlackRock EuroFund	379,383,978	750,000
BlackRock Focus Value Fund, inc.	147,871,474	525,000
BlackRock Funds II	17,534,403,894	2,500,000
BlackRock Global Allocation Fund, Inc.	44,287,248,297	2,500,000
BlackRock Global Dynamic Equity Fund	905,505,044	1,000,000
BlackRock Global Growth Fund, Inc.	492,554,058	750,000
BlackRock Global SmallCap Fund, Inc.	1,080,685,479	1,250,000
BlackRock International Value Trust	941,216,268	1,000,000

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BlackRock Mid Cap Value Opportunities Series inc.	319,525,506	750,000
BlackRock Multi-State Municipal Series Trust	1,108,586,966	1,250,000
BlackRock Municipal Bond Fund, inc.	4,810,536,862	2,500,000
BlackRock Municipal Series Trust	300,955,434	750,000
BlackRock Natural Resources Trust	513,770,066	900,000
BlackRock Series Fund, Inc.	3,037,591,576	2,100,000
BlackRock Utilities & Telecommunications Fund, Inc.	102,784,048	525,000
BlackRock Variable Series Funds, Inc.	11,401,355,874	2,500,000
BlackRock World Income Fund, Inc.	180,900,855	600,000
FDP Series, Inc.	519,523,143	900,000
Managed Account Series	678,075,003	900,000
Master Basic Value LLC / BlackRock Basic Value Fund, Inc.	4,271,153,951	2,500,000
Master Focus Growth LLC / BlackRock Focus Growth Fund, Inc.	59,644,559	400,000
Master Value Opportunities LLC / BlackRock Value Opportunities Fund, Inc.	968,699,600	1,000,000
Short-Term Bond Master LLC/BlackRock Short-Term Bond Series, Inc.	769,007,557	1,000,000

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