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Chubb
Group of Insurance Companies
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DECLARATIONS
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FINANCIAL
INSTITUTION INVESTMENT
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15
Mountain View Road, Warren, New Jersey 07059
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COMPANY
ASSET PROTECTION BOND
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NAME
OF ASSURED (including its
Subsidiaries
):
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Bond
Number: 82126651
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BLACKROCK
INCOME TRUST
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VIGILANT
INSURANCE COMPANY
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Incorporated
under the laws of New York
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40
EAST 52ND STREET
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a
stock insurance company herein called the COMPANY
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NEW
YORK, NY 10022
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55
Water Street, New York NY
10041-2899
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ITEM 1.
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BOND
PERIOD:
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from
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12:01
a.m. on
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November
1, 2007
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to
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12:01
a.m. on
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November
1, 2008
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ITEM
2.
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LIMITS
OF LIABILITY--DEDUCTIBLE AMOUNTS:
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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.
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INSURING
CLAUSE
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LIMIT
OF LIABILITY
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DEDUCTIBLE
AMOUNT
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1.
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Employee
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$
85,000,000
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$
0
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2.
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On
Premises
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$
85,000,000
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$
25,000
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3.
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In
Transit
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$
85,000,000
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$
25,000
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4.
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Forgery
or Alteration
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$
85,000,000
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$
25,000
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5.
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Extended
Forgery
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$
85,000,000
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$
25,000
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6.
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Counterfeit
Money
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$
85,000,000
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$
25,000
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7.
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Threats
to Person
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$
Not Covered
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$
N/A
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8.
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Computer
System
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$
85,000,000
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$
25,000
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9.
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Voice
Initiated Funds Transfer Instruction
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$
85,000,000
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$
25,000
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10.
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Uncollectible
Items of Deposit
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$
50,000
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$
5,000
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11.
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Audit
Expense
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$
50,000
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$
5,000
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12.
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Telefacsimile
Transfer Fund
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$
85,000,000
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$
25,000
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ITEM
3.
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THE
LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
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Endorsements
1 - 7
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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) - Vigilant
Form
17-02-1422 (Ed. 5-98) Page 1 of 1
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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:
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Insuring
Clauses
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Employee
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1.
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Loss
resulting directly from
Larceny
or
Embezzlement
committed
by any
Employee
,
alone or in collusion with others.
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On
Premises
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2.
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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.
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In
Transit
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3.
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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:
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a.
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in
an armored motor vehicle, including loading and unloading
thereof,
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b.
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in
the custody of a natural person acting as a messenger of the
ASSURED,
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c.
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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:
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(1)
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written
records,
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(2)
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securities
issued in registered form, which are not endorsed or are restrictively
endorsed, or
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(3)
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negotiable
instruments not payable to bearer, which are not endorsed or are
restrictively endorsed.
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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.
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 1 of 19
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Insuring
Clauses
(continued)
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Forgery
Or Alteration
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4.
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Loss
resulting directly from:
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a.
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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
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or
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b.
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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
;
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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.
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For
the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten
signature.
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Extended
Forgery
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5.
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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:
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a.
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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:
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(1)
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bear
a
Forgery
or a fraudulently
material alteration,
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(2)
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have
been lost or stolen, or
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(3)
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be
Counterfeit
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b.
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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
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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.
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 2 of 19
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Insuring
Clauses
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Extended
Forgery
(continuted)
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For
the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten
signature.
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Counterfeit
Money
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6.
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Loss
resulting directly from the receipt by the ASSURED in good faith of any
Counterfeit
money.
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Threats
To Person
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7.
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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
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a.
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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
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b.
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the
ASSURED has made a reasonable effort to notify the Federal Bureau of
Investigation and local law enforcement authorities concerning such
threat.
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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.
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Computer
System
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8.
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Loss
resulting directly from fraudulent:
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a.
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entries
of data into, or
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b.
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changes
of data elements or programs within, a
Computer System
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provided the fraudulent entry or change causes:
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(1)
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funds
or other property to be transferred, paid or delivered,
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(2)
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an
account of the ASSURED or of its customer to be added, deleted, debited or
credited, or
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(3)
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an
unauthorized account or a fictitious account to be debited or
credited.
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 3 of 19
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Insuring
Clauses
(continued)
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Voice
Initiated Funds
Transfer
Instruction
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9.
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Loss
resulting directly from
Voice Initiated Funds Transfer
Instruction
directed 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:
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a.
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received
at the ASSURED'S offices by those Employees of the ASSURED specifically
authorized to receive the
Voice Initiated Funds Transfer
Instruction
,
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b.
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made
by a person purporting to be a
Customer
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and
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c.
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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.
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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.
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Uncollectible
Items of
Deposit
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10.
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Loss
resulting directly from the ASSURED having credited an account of a
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:
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a.
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redemptions
or withdrawals to be permitted,
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b.
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shares
to be issued, or
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c.
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dividends
to be paid, from an account of an
Investment
Company
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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
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Items of Deposit
shall
not be deemed uncollectible until the ASSURED'S standard collection
procedures have failed.
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Audit
Expense
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11.
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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.
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 4 of 19
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General
Agreements
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Additional
Companies Included As Assured
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A.
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If
more than one corporation, or
Investment Company
, or
any combination of them is included as the ASSURED
herein:
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(1)
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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.
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(2)
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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.
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(3)
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The
COMPANY shall not be responsible for the proper application of any payment
made hereunder to the first named ASSURED.
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(4)
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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.
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(5)
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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.
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Representation
Made By Assured
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B.
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The
ASSURED represents that all information it has furnished in the
APPLICATION for this Bond or otherwise is complete, true and correct. Such
APPLICATION and other information constitute part of this
Bond.
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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.
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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.
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 5 of 19
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General
Agreements
(continued)
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Additional
Offices Or
Employees
- Consolidation,
Merger
Or Purchase Or
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C.
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If
the ASSURED, other than an
Investment Company
,
while this Bond is in force, merges or consolidates with, or purchases or
acquires assets or liabilities of another institution, the ASSURED shall
not have the coverage afforded under this Bond for loss which
has:
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Acquisition Of Assets Or
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(1)
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occurred
or will occur on premises, or
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Liabilities - Notice To
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Company
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(2)
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been
caused or will be caused by an employee, or
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(3)
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arisen
or will arise out of the assets or liabilities, of such institution,
unless the ASSURED:
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a.
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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
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b.
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obtains
the written consent of the COMPANY to extend some or all of the coverage
provided by this Bond to such additional exposure, and
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c.
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on
obtaining such consent, pays to the COMPANY an additional
premium.
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Change
Of Control - Notice To Company
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D.
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When
the ASSURED learns of a change in control (other than in an
Investment 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:
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(1)
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the
names of the transferors and transferees (or the names of the beneficial
owners if the voting securities are registered in another
name),
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(2)
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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
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(3)
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the
total number of outstanding voting securities.
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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.
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Court
Costs And Attorneys’ Fees
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E.
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The
COMPANY will indemnify the ASSURED for court costs and reasonable
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:
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(1)
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an
Employee
admits to being guilty of
Larceny or
Embezzlement
,
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(2)
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an
Employee
is adjudicated to be
guilty of
Larceny or Embezzlement
,
or
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ICAP
Bond (5-98)
Form
17-02-1421 (Ed. 5-98) Page 6 of 19
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General
Agreements
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Court
Costs And Attorneys’ Fees(continued)
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(3)
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in
the absence of 1 or 2 above, an arbitration panel agrees, after a review
of an agreed statement of facts between the COMPANY and the ASSURED, that
an
Employee
would be found guilty
of
Larceny or Embezzlement
if such
Employee
were
prosecuted.
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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.
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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.
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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.
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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.
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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.
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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
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Conditions
And Limitations
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Definitions
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1.
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As
used in this Bond:
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a.
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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.
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b.
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Counterfeit
means an
imitation of an actual valid original which is intended to deceive and be
taken as the original.
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c.
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Custodian
means the
institution designated by an
Investment Company
to
maintain possession and control of its assets.
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d.
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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
.
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e.
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Employee
means:
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(1)
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an
officer of the ASSURED,
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(2)
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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,
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(3)
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a
guest student pursuing studies or performing duties in any of the
ASSURED'S premises,
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(4)
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an
attorney retained by the ASSURED and an employee of such attorney while
either is performing legal services for the ASSURED,
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(5)
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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,
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(6)
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an
employee of an institution merged or consolidated with the ASSURED prior
to the effective date of this Bond,
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(7)
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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
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Definitions
(continued)
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(8)
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each
natural person, partnership or corporation authorized by written 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:
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a.
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creating,
preparing, modifying or maintaining the ASSURED'S computer software or
programs, or
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b.
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acting
as transfer agent or in any other agency capacity in issuing checks,
drafts or securities for the ASSURED,
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(9)
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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
.
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The
term
Employee
shall not include any partner, officer or employee of a transfer agent,
shareholder accounting recordkeeper or administrator:
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a.
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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
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b.
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which
is a "bank" (as defined in Section 2(a) of the Investment Company Act of
1940).
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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.
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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.
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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
|
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Definitions
(continued)
|
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f.
|
Forgery
means the
signing of the name of another natural person with the 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.
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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.
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h.
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Items of Deposit
means
one or more checks or drafts drawn upon a financial institution in the
United States of America.
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i.
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Larceny or Embezzlement
means larceny or embezzlement as defined in Section 37 of the Investment
Company Act of 1940.
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j.
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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.
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k.
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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.
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l.
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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
|
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Definitions
(continued)
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m.
|
Subsidiary
means any
organization that, at the inception date of this Bond, 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.
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n.
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Transportation Company
means any organization which provides its own or its leased vehicles for
transportation or which provides freight forwarding or air express
services.
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o.
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Voice Initiated Electio
n
means any election concerning dividend options available to Investment
Company shareholders or subscribers which is requested by voice over the
telephone.
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p.
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Voice Initiated
Redemption
means any redemption of shares issued by an
Investment Company
which
is requested by voice over the telephone.
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q.
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Voice Initiated Funds Transfer
Instruction
means any
Voice Initiated
Redemption
or
Voice Initiated
Election
.
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For
the purposes of these definitions, the singular includes the plural and
the plural includes the singular, unless otherwise
indicated.
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General
Exclusions -
Applicable
to All Insuring
|
2.
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This
bond does not directly or indirectly cover:
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Clauses
|
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a.
|
loss
not reported to the COMPANY in writing within sixty (60) days after
termination of this Bond as an entirety;
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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;
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c.
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loss
resulting from the effects of nuclear fission or fusion or
radioactivity;
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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;
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e.
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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;
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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.;
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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
|
|
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General Exclusions - Applicable to All Insuring
Clauses
(continued)
|
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h.
|
loss
resulting from dishonest acts by any member of the Board of Directors or
Board of Trustees of the ASSURED who is not an
Employee
, acting alone
or in collusion with others;
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i.
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loss,
or that part of any loss, resulting solely from any violation by the
ASSURED or by any
Employee
:
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(1)
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of
any law regulating:
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a.
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the
issuance, purchase or sale of securities,
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b.
|
securities
transactions on security or commodity exchanges or the over the counter
market,
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c.
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investment
companies,
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d.
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investment
advisors, or
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(2)
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of
any rule or regulation made pursuant to any such law; or
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j.
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loss
of confidential information, material or data;
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k.
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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.
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|
Specific
Exclusions -
Applicable
To All Insuring
|
3.
|
This
Bond does not directly or indirectly cover:
|
|
Clauses
Except Insuring
Clause
1.
|
|
a.
|
loss
caused by an
Employee
, provided,
however, this Section 3.a. shall not apply to loss covered under INSURING
CLAUSE 2. or 3. which results directly from misplacement, mysterious
unexplainable disappearance, or damage or destruction of
Property
;
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b.
|
loss
through the surrender of property away from premises of the ASSURED as a
result of a threat:
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(1)
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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
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(2)
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to
do damage to the premises or
Property
of the
ASSURED;
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c.
|
loss
resulting from payments made or withdrawals from any account involving
erroneous credits to such account;
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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.;
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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
|
|
|
|
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|
Specific
Exclusions - Applicable To All Insuring Clauses Except Insuring
Clause
1.
|
|
f.
|
loss
resulting from the failure for any reason of a financial or depository
institution, its receiver or other liquidator to pay or deliver funds or
other
Property
to
the ASSURED provided further that this Section 3.f. shall not apply to
loss of
Property
resulting directly from robbery, burglary, misplacement, mysterious
unexplainable disappearance, damage, destruction or removal from the
possession, custody or control of the ASSURED.
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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.;
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h.
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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
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i.
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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.
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|
Specific
Exclusions -
Applicable To All Insuring
|
4.
|
This
bond does not directly or indirectly cover:
|
Clauses
Except Insuring
Clauses
1., 4., And 5.
|
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a.
|
loss
resulting from the complete or partial non-payment of or default on any
loan whether such loan was procured in good faith or through trick,
artifice, fraud or false pretenses; provided, however, this Section 4.a.
shall not apply to INSURING CLAUSE 8.;
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b.
|
loss
resulting from forgery or any alteration;
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c.
|
loss
involving a counterfeit provided, however, this Section 4.c. shall not
apply to INSURING CLAUSE 5. or 6.
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Limit
Of Liability/Non-
Reduction
And Non-
Accumulation
Of Liability
|
5.
|
At
all times prior to termination of this Bond, this Bond shall continue in
force for the limit stated in the applicable sections of ITEM 2. of the
DECLARATIONS, 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:
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a.
|
any
one act of burglary, robbery or hold-up, or attempt thereat, in which no
Employee
is
concerned or implicated, or
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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
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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- Reduction And Non- Accumulation Of
Liability
(continued)
|
|
d.
|
any
one casualty or event other than those specified in a., b., or c. above,
shall be deemed to be one loss and shall be limited to the applicable
LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond
irrespective of the total amount of such loss or losses and shall not be
cumulative in amounts from year to year or from period to
period.
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All
acts, as specified in c. above, of any one person which
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i.
|
directly
or indirectly aid in any way wrongful acts of any other person or persons,
or
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ii.
|
permit
the continuation of wrongful acts of any other person or
persons
|
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|
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.
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|
|
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:
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|
|
|
|
|
a.
|
facts
which may subsequently result in a loss of a type covered by this Bond,
or
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|
|
b.
|
an
actual or potential claim in which it is alleged that the ASSURED is
liable to a third party,
|
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|
|
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|
|
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 -
Proof
- Legal Proceeding
Against
Company
|
7.
|
a.
|
The
ASSURED shall give the COMPANY notice thereof at the earliest practicable
moment, not to exceed sixty (60) days after discovery of loss, in an
amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as
stated in ITEM 2. of the DECLARATIONS.
|
|
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|
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|
|
b.
|
The
ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with
full particulars within six (6) months after such
discovery.
|
|
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|
|
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|
|
c.
|
Securities
listed in a proof of loss shall be identified by certificate or bond
numbers, if issued with them.
|
|
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|
|
|
|
|
|
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 -
Proof
- Legal Proceeding
Against
Company
(continued)
|
|
f.
|
Proof
of loss involving
Voice
Initiated Funds Transfer Instruction
shall include electronic
recordings of such instructions.
|
|
|
|
|
|
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 - Recovery
|
11.
|
In
the event of a payment under this Bond, the COMPANY shall be subrogated to
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 – Recovery
(continued)
|
|
d.
|
fourth,
to the ASSURED in satisfaction of any loss suffered by the ASSURED which
was not covered under this Bond.
|
|
|
|
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
(continued)
|
|
If
any partner, director, trustee, or officer or supervisory employee of an
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
(continued)
|
|
If
this Bond is for a joint ASSURED, no charge 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 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
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
1
|
|
|
Bond
Number:
|
82126651
|
NAME OF
ASSURED: BLACKROCK INCOME TRUST
|
|
AMENDED
NAME OF ASSURED ENDORSEMENT
|
It is
agreed that the NAME OF ASSURED on the DECLARATIONS for this Bond is amended to
include the following:
BlackRock
Income Trust
BCT
Subsidiary, Inc.
BlackRock
Apex Municipal Fund, Inc.
BlackRock
Broad Investment Grade 2009 Term Trust Inc.
BlackRock
California Insured Municipal Income Trust
BlackRock
California Investment Quality Municipal Trust, Inc.
BlackRock
California Municipal 2018 Term Trust
BlackRock
California Municipal Bond Trust
BlackRock
California Municipal Income Trust
BlackRock
California Municipal Income Trust II
BlackRock
Core Bond Trust
BlackRock
Corporate High Yield Fund III, Inc.
BlackRock
Corporate High Yield Fund V, Inc.
BlackRock
Corporate High Yield Fund VI, Inc.
BlackRock
Corporate High Yield Fund, Inc.
BlackRock
Debt Strategies Fund, Inc.
BlackRock
Diversified Income Strategies Fund, Inc.
BlackRock
Dividend Achievers Trust
BlackRock
EcoSolutions Investment Trust
BlackRock
Enhanced Capital and Income Fund, Inc.
BlackRock
Enhanced Dividend Achievers Trust
BlackRock
Enhanced Equity Yield & Premium Fund, Inc.
BlackRock
Enhanced Equity Yield Fund, Inc.
BlackRock
Enhanced Government Fund, Inc.
BlackRock
Floating Rate Income Strategies Fund II, Inc.
BlackRock
Floating Rate Income Strategies Fund, Inc.
BlackRock
Florida Insured Municipal Income Trust
BlackRock
Florida Investment Quality Municipal Trust
BlackRock
Florida Municipal 2020 Term Trust
BlackRock
Florida Municipal Bond Trust
BlackRock
Florida Municipal Income Trust
BlackRock
Global Energy and Resources Trust
BlackRock
Global Equity Income Trust
BlackRock
Global Floating Rate Income Trust
BlackRock
Global Opportunities Equity Trust
BlackRock
Health Sciences Trust
BlackRock
High Income Shares
BlackRock
High Yield Trust
BlackRock
Income Opportunity Trust, Inc.
ICAP
Bond
Form
17-02-6272 (Ed. 8-04)Page 1
BlackRock
Income Trust, Inc.
BlackRock
Insured Municipal Income Trust
BlackRock
International Growth and Income Trust
BlackRock
Investment Quality Municipal Trust, Inc.
BlackRock
Limited Duration Income Trust
BlackRock
Long-Term Municipal Advantage Trust
BlackRock
Maryland Municipal Bond Trust
BlackRock
Multi-Strategy Hedge Advantage
BlackRock
Multi-Strategy Hedge Opportunities, LLC
BlackRock
Muni Intermediate Duration Fund, Inc.
BlackRock
Muni New York Intermediate Duration Fund, Inc.
BlackRock
MuniAssets Fund, Inc.
BlackRock
Municipal 2018 Term Trust
BlackRock
Municipal 2020 Term Trust
BlackRock
Municipal Bond Trust
BlackRock
Municipal Income Trust
BlackRock
Municipal Income Trust II
BlackRock
MuniEnhanced Fund, Inc.
BlackRock
MuniHoldings California Insured Fund, Inc.
BlackRock
MuniHoldings Florida Insured Fund
BlackRock
MuniHoldings Fund II, Inc.
BlackRock
MuniHoldings Fund, Inc.
BlackRock
MuniHoldings Insured Fund II, Inc.
BlackRock
MuniHoldings Insured Fund, Inc.
BlackRock
MuniHoldings New Jersey Insured Fund, Inc.
BlackRock
MuniHoldings New York Insured Fund, Inc.
BlackRock
MuniVest Fund II, Inc.
BlackRock
MuniVest Fund, Inc.
BlackRock
MuniYield Arizona Fund, Inc.
BlackRock
MuniYield California Fund, Inc.
BlackRock
MuniYield California Insured Fund, Inc.
BlackRock
MuniYield Florida Fund
BlackRock
MuniYield Florida Insured Fund
BlackRock
MuniYield Fund, Inc.
BlackRock
MuniYield Insured Fund, Inc.
BlackRock
MuniYield Michigan Insured Fund II, Inc.
BlackRock
MuniYield Michigan Insured Fund, Inc.
BlackRock
MuniYield New Jersey Fund, Inc.
BlackRock
MuniYield New Jersey Insured Fund, Inc.
BlackRock
MuniYield New York Insured Fund, Inc.
BlackRock
MuniYield Pennsylvania Insured Fund
BlackRock
MuniYield Quality Fund II, Inc.
BlackRock
MuniYield Quality Fund, Inc.
BlackRock
New Jersey Investment Quality Municipal Trust, Inc.
BlackRock
New Jersey Municipal Bond Trust
BlackRock
New Jersey Municipal Income Trust
BlackRock
New York Insured Municipal Income Trust
BlackRock
New York Investment Quality Municipal Trust, Inc.
BlackRock
New York Municipal 2018 Term Trust
BlackRock
New York Municipal Bond Trust
BlackRock
New York Municipal Income Trust
BlackRock
New York Municipal Income Trust II
BlackRock
Preferred and Corporate Income Strategies Fund, Inc.
BlackRock
Preferred and Equity Advantage Trust
BlackRock
Preferred Income Strategies Fund, Inc.
BlackRock
Preferred Opportunity Trust
BlackRock
Real Asset Equity Trust
ICAP
Bond
Form
17-02-6272 (Ed. 8-04)Page 2
BlackRock
S&P Quality Rankings Global Equity Managed Trust
Master
Senior Floating Rate, LLC
BlackRock
Senior Floating Rate Fund II, Inc.
BlackRock
Senior Floating Rate Fund, Inc.
BlackRock
Senior High Income Fund, Inc.
BlackRock
Strategic Bond Trust
BlackRock
Strategic Dividend Achievers Trust
BlackRock
Virginia Municipal Bond Trust
BlackRock
World Investment Trust
The
BlackRock California Insured Municipal 2008 Term Trust, Inc.
The
BlackRock Florida Insured Municipal 2008 Term Trust, Inc.
The
BlackRock Insured Municipal 2008 Term Trust, Inc.
The
BlackRock Insured Municipal Term Trust, Inc.
The
BlackRock New York Insured Municipal 2008 Term Trust, Inc.
The
BlackRock Pennsylvania Strategic Municipal Trust
The
BlackRock Strategic Municipal Trust
The
Massachusetts Health & Education Tax-Exempt Trust
This
Endorsement applies to loss discovered after 12:01 a.m. on November 1,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date:
February 4, 2008
ICAP
Bond
Form
17-02-6272 (Ed. 8-04)Page 3
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
2
|
|
|
Bond
Number:
|
82126651
|
NAME OF
ASSURED: BLACKROCK INCOME TRUST
|
|
TELEFACXIMILE
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,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date:
February 4, 2008
ICAP
Bond
Form
17-02-2367 (Rev. 10-03) Page 2
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
3
|
|
|
Bond
Number:
|
82126651
|
NAME OF
ASSURED: BLACKROCK INCOME TRUST
|
|
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."
|
|
|
|
|
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,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date:
February 4, 2008
ICAP
Bond - New York
Form
17-02-2863 (Rev. 7-03) Page 3
ENDORSEMENT/RIDER
Effective
date of
|
this
endorsement/rider: November 1, 2007
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement/Rider
No.:
|
4
|
|
|
To
be attached to and from a part of Bond No.
|
82126651
|
Issued
to: BLACKROCK INCOME TRUST
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, 2007
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement/Rider
No.:
|
5
|
|
|
To
be attached to and from a part of Bond No.
|
82126651
|
Issued
to: BLACKROCK INCOME TRUST
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
ENDORSEMENT/RIDER
Effective
date of
|
this
endorsement/rider: November 1, 2007
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement/Rider
No.:
|
6
|
|
|
To
be attached to and from a part of Bond No.
|
82126651
|
Issued
to: BLACKROCK INCOME TRUST
COMPLIANCE
WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is
agreed that this insurance does not apply to the extent that trade or economic
sanctions or other laws or regulations prohibit the coverage provided by this
insurance.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date:
February 4, 2008
Form
14-02-9228 (Ed. 4/2004)
ENDORSEMENT/RIDER
Effective
date of
|
this
endorsement/rider: November 1, 2007
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement/Rider
No.:
|
7
|
|
|
To
be attached to and from a part of Bond No.
|
82126651
|
NAME OF
ASSURED: BLACKROCK INCOME TRUST
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
VIGILANT 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 - 6, 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,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Underwritten
for a SINGLE LOSS
|
VIGILANT
INSURANCE COMPANY
|
|
LIMIT
OF LIABILITY of $25,000,000
|
Controlling
Company
|
|
|
CHUBB
& SON
|
|
|
A
division of Federal Insurance Company
Manager
|
Date:
February 4, 2008
|
Underwritten
for a SINGLE LOSS
|
National
Union Fire Insurance Company of
|
|
|
LIMIT
OF LIABILITY of $25,000,000
|
Pittsburgh,
PA
|
|
|
|
|
|
|
|
|
|
|
|
By
|
|
|
|
Attorney-in-Fact
|
|
|
|
|
|
|
Underwritten
for a SINGLE LOSS
|
St.
Paul Mercury Insurance Company
|
|
|
LIMIT
OF LIABILITY of $25,000,000
|
|
|
|
|
|
|
|
|
By
|
|
|
|
Attorney-in-Fact
|
|
|
|
|
|
|
Underwritten
for a SINGLE LOSS
|
Liberty
Mutual Insurance Company
|
|
|
LIMIT
OF LIABILITY of $10,000,000
|
|
|
|
|
|
|
|
|
By
|
|
|
|
Attorney-in-Fact
|
|
|
|
Chubb & Son
, div. of
Federal Insurance Company
|
|
|
as
manager of the member insurers of the
|
|
|
Chubb
Group of Insurance Companies
|
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 of 2002 (the “Act”)
effective November 26, 2002, this policy makes available to you insurance for
losses arising out of certain acts of international 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 acting on behalf of any foreign person or foreign
interest, 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 90% of covered
terrorism losses that exceed the statutorily established deductible to be paid
by the insurance company providing the coverage. The portion of your policy’s
annual premium that is attributable to insurance for such acts of terrorism is:
$
-0-.
If you
have any questions about this notice, please contact your agent or
broker.
Form
10-02-1281 (Ed. 1/2003)
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
8
|
|
|
Bond
Number:
|
82126651
|
NAME
OF ASSURED: BlackRock INCOME TRUST
DELETE AN
ENDORSEMENT
It
is agreed that this Bond is amended by deleting Endorsement Number(s) 1 in its
entirety.
This
Endorsement applies to loss discovered after 12:01 a.m. on November 1,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
ICAP
Bond
Form
17-02-5647 (Ed. 11-03)
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
9
|
|
|
Bond
Number:
|
82126651
|
NAME
OF ASSURED: BlackRock INCOME TRUST
AMEND
NAME OF ASSURED ENDORSEMENT
It
is agreed that NAME OF ASSURED of the DECLARATIONS for this Bond is amended to
include following:
BlackRock
Income Trust
BCT
Subsidiary, Inc.
BlackRock
Apex Municipal Fund, Inc.
BlackRock
Broad Investment Grade 2009 Term Trust Inc.
BlackRock
California Insured Municipal Income Trust
BlackRock
California Investment Quality Municipal Trust, Inc.
BlackRock
California Municipal 2018 Term Trust
BlackRock
California Municipal Bond Trust
BlackRock
California Municipal Income Trust
BlackRock
California Municipal Income Trust II
BlackRock
Core Bond Trust
BlackRock
Corporate High Yield Fund III, Inc.
BlackRock
Corporate High Yield Fund V, Inc.
BlackRock
Corporate High Yield Fund VI, Inc.
BlackRock
Corporate High Yield Fund, Inc.
BlackRock
Debt Strategies Fund, Inc.
BlackRock
Diversified Income Strategies Fund, Inc.
BlackRock
Dividend Achievers ™ Trust
BlackRock
EcoSolutions Investment Trust
BlackRock
Enhanced Capital and Income Fund, Inc.
BlackRock
Enhanced Dividend Achievers ™ Trust
BlackRock
Enhanced Equity Yield & Premium Fund, Inc.
BlackRock
Enhanced Equity Yield Fund, Inc.
BlackRock
Enhanced Government Fund, Inc.
BlackRock
Floating Rate Income Strategies Fund II, Inc.
BlackRock
Floating Rate Income Strategies Fund, Inc.
BlackRock
Florida Insured Municipal Income Trust
BlackRock
Florida Investment Quality Municipal Trust
BlackRock
Florida Municipal 2020 Term Trust
BlackRock
Florida Municipal Bond Trust
BlackRock
Florida Municipal Income Trust
BlackRock
Global Energy and Resources Trust
BlackRock
Global Equity Income Trust
BlackRock
Global Floating Rate Income Trust
BlackRock
Global Opportunities Equity Trust
BlackRock
Health Sciences Trust
BlackRock
High Income Shares
BlackRock
High Yield Trust
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 1
BlackRock
Income Opportunity Trust, Inc.
BlackRock
Income Trust, Inc.
BlackRock
Insured Municipal Income Trust
BlackRock
International Growth and Income Trust
BlackRock
Investment Quality Municipal Trust, Inc.
BlackRock
Limited Duration Income Trust
BlackRock
Long-Term Municipal Advantage Trust
BlackRock
Maryland Municipal Bond Trust
BlackRock
Multi-Strategy Hedge Advantage
BlackRock
Multi-Strategy Hedge Opportunities, LLC
BlackRock
Muni Intermediate Duration Fund, Inc.
BlackRock
Muni New York Intermediate Duration Fund, Inc.
BlackRock
MuniAssets Fund, Inc.
BlackRock
Municipal 2018 Term Trust
BlackRock
Municipal 2020 Term Trust
BlackRock
Municipal Bond Trust
BlackRock
Municipal Income Trust
BlackRock
Municipal Income Trust II
BlackRock
MuniEnhanced Fund, Inc.
BlackRock
MuniHoldings California Insured Fund, Inc.
BlackRock
MuniHoldings Florida Insured Fund
BlackRock
MuniHoldings Fund II, Inc.
BlackRock
MuniHoldings Fund, Inc.
BlackRock
MuniHoldings Insured Fund II, Inc.
BlackRock
MuniHoldings Insured Fund, Inc.
BlackRock
MuniHoldings New Jersey Insured Fund, Inc.
BlackRock
MuniHoldings New York Insured Fund, Inc.
BlackRock
MuniVest Fund II, Inc.
BlackRock
MuniVest Fund, Inc.
BlackRock
MuniYield Arizona Fund, Inc.
BlackRock
MuniYield California Fund, Inc.
BlackRock
MuniYield California Insured Fund, Inc.
BlackRock
MuniYield Florida Fund
BlackRock
MuniYield Florida Insured Fund
BlackRock
MuniYield Fund, Inc.
BlackRock
MuniYield Insured Fund, Inc.
BlackRock
MuniYield Michigan Insured Fund II, Inc.
BlackRock
MuniYield Michigan Insured Fund, Inc.
BlackRock
MuniYield New Jersey Fund, Inc.
BlackRock
MuniYield New Jersey Insured Fund, Inc.
BlackRock
MuniYield New York Insured Fund, Inc.
BlackRock
MuniYield Pennsylvania Insured Fund
BlackRock
MuniYield Quality Fund II, Inc.
BlackRock
MuniYield Quality Fund, Inc.
BlackRock
New Jersey Investment Quality Municipal Trust, Inc.
BlackRock
New Jersey Municipal Bond Trust
BlackRock
New Jersey Municipal Income Trust
BlackRock
New York Insured Municipal Income Trust
BlackRock
New York Investment Quality Municipal Trust, Inc.
BlackRock
New York Municipal 2018 Term Trust
BlackRock
New York Municipal Bond Trust
BlackRock
New York Municipal Income Trust
BlackRock
New York Municipal Income Trust II
BlackRock
Preferred and Corporate Income Strategies Fund, Inc.
BlackRock
Preferred and Equity Advantage Trust
BlackRock
Preferred Income Strategies Fund, Inc.
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 2
BlackRock
Preferred Opportunity Trust
BlackRock
Real Asset Equity Trust
BlackRock
S&P Quality Rankings Global Equity Managed Trust
Master
Senior Floating Rate LLC
BlackRock
Senior Floating Rate Fund II, Inc.
BlackRock
Senior Floating Rate Fund, Inc.
BlackRock
Senior High Income Fund, Inc.
BlackRock
Strategic Bond Trust
BlackRock
Strategic Dividend Achievers ™ Trust
BlackRock
Virginia Municipal Bond Trust
BlackRock
World Investment Trust
TheBlackRock
California Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Florida Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Insured Municipal Term Trust, Inc.
TheBlackRock
New York Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Pennsylvania Strategic Municipal Trust
TheBlackRock
Strategic Municipal Trust
The
Massachusetts Health & Education Tax-Exempt Trust
This
Endorsement applies to loss discovered after 12:01 a.m. on November 1,
2007.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 3
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
10
|
|
|
Bond
Number:
|
82126651
|
NAME
OF ASSURED: BLACKROCK INCOME TRUST
DELETE
AN ENDORSEMENT
It
is agreed that this Bond is amended by deleting Endorsement Number(s) 9 in its
entirety.
This
Endorsement applies to loss discovered after 12:01 a.m. on January 29,
2008.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
ICAP
Bond
Form
17-02-5647 (Ed. 11-03)
|
|
VIGILANT
INSURANCE COMPANY
|
|
|
Endorsement
No.:
|
11
|
|
|
Bond
Number:
|
82126651
|
NAME
OF ASSURED: BLACKROCK INCOME TRUST
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
Income Trust
BCT
Subsidiary, Inc.
BlackRock
Apex Municipal Fund, Inc.
BlackRock
Broad Investment Grade 2009 Term Trust Inc.
BlackRock
California Insured Municipal Income Trust
BlackRock
California Investment Quality Municipal Trust, Inc.
BlackRock
California Municipal 2018 Term Trust
BlackRock
California Municipal Bond Trust
BlackRock
California Municipal Income Trust
BlackRock
California Municipal Income Trust II
BlackRock
Core Bond Trust
BlackRock
Corporate High Yield Fund III, Inc.
BlackRock
Corporate High Yield Fund V, Inc.
BlackRock
Corporate High Yield Fund VI, Inc.
BlackRock
Corporate High Yield Fund, Inc.
BlackRock
Debt Strategies Fund, Inc.
BlackRock
Diversified Income Strategies Fund, Inc.
BlackRock
Dividend Achievers ™ Trust
BlackRock
EcoSolutions Investment Trust
BlackRock
Enhanced Capital and Income Fund, Inc.
BlackRock
Enhanced Dividend Achievers ™ Trust
BlackRock
Enhanced Equity Yield & Premium Fund, Inc.
BlackRock
Enhanced Equity Yield Fund, Inc.
BlackRock
Enhanced Government Fund, Inc.
BlackRock
Floating Rate Income Strategies Fund II, Inc.
BlackRock
Floating Rate Income Strategies Fund, Inc.
BlackRock
Florida Insured Municipal Income Trust
BlackRock
Florida Investment Quality Municipal Trust
BlackRock
Florida Municipal 2020 Term Trust
BlackRock
Florida Municipal Bond Trust
BlackRock
Florida Municipal Income Trust
BlackRock
Global Energy and Resources Trust
BlackRock
Global Equity Income Trust
BlackRock
Global Floating Rate Income Trust
BlackRock
Global Opportunities Equity Trust
BlackRock
Health Sciences Trust
BlackRock
High Income Shares
BlackRock
High Yield Trust
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 1
BlackRock
Income Opportunity Trust, Inc.
BlackRock
Income Trust, Inc.
BlackRock
Insured Municipal Income Trust
BlackRock
International Growth and Income Trust
BlackRock
Investment Quality Municipal Trust, Inc.
BlackRock
Limited Duration Income Trust
BlackRock
Long-Term Municipal Advantage Trust
BlackRock
Maryland Municipal Bond Trust
BlackRock
Multi-Strategy Hedge Advantage
BlackRock
Multi-Strategy Hedge Opportunities, LLC
BlackRock
Muni Intermediate Duration Fund, Inc.
BlackRock
Muni New York Intermediate Duration Fund, Inc.
BlackRock
MuniAssets Fund, Inc.
BlackRock
Municipal 2018 Term Trust
BlackRock
Municipal 2020 Term Trust
BlackRock
Municipal Bond Trust
BlackRock
Municipal Income Trust
BlackRock
Municipal Income Trust II
BlackRock
MuniEnhanced Fund, Inc.
BlackRock
MuniHoldings California Insured Fund, Inc.
BlackRock
MuniHoldings Florida Insured Fund
BlackRock
MuniHoldings Fund II, Inc.
BlackRock
MuniHoldings Fund, Inc.
BlackRock
MuniHoldings Insured Fund II, Inc.
BlackRock
MuniHoldings Insured Fund, Inc.
BlackRock
MuniHoldings New Jersey Insured Fund, Inc.
BlackRock
MuniHoldings New York Insured Fund, Inc.
BlackRock
MuniVest Fund II, Inc.
BlackRock
MuniVest Fund, Inc.
BlackRock
MuniYield Arizona Fund, Inc.
BlackRock
MuniYield California Fund, Inc.
BlackRock
MuniYield California Insured Fund, Inc.
BlackRock
MuniYield Florida Fund
BlackRock
MuniYield Florida Insured Fund
BlackRock
MuniYield Fund, Inc.
BlackRock
MuniYield Insured Fund, Inc.
BlackRock
MuniYield Michigan Insured Fund II, Inc.
BlackRock
MuniYield Michigan Insured Fund, Inc.
BlackRock
MuniYield New Jersey Fund, Inc.
BlackRock
MuniYield New Jersey Insured Fund, Inc.
BlackRock
MuniYield New York Insured Fund, Inc.
BlackRock
MuniYield Pennsylvania Insured Fund
BlackRock
MuniYield Quality Fund II, Inc.
BlackRock
MuniYield Quality Fund, Inc.
BlackRock
New Jersey Investment Quality Municipal Trust, Inc.
BlackRock
New Jersey Municipal Bond Trust
BlackRock
New Jersey Municipal Income Trust
BlackRock
New York Insured Municipal Income Trust
BlackRock
New York Investment Quality Municipal Trust, Inc.
BlackRock
New York Municipal 2018 Term Trust
BlackRock
New York Municipal Bond Trust
BlackRock
New York Municipal Income Trust
BlackRock
New York Municipal Income Trust II
BlackRock
Preferred and Corporate Income Strategies Fund, Inc.
BlackRock
Preferred and Equity Advantage Trust
BlackRock
Preferred Income Strategies Fund, Inc.
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 2
BlackRock
Preferred Opportunity Trust
BlackRock
Real Asset Equity Trust
BlackRock
S&P Quality Rankings Global Equity Managed Trust
Master
Senior Floating Rate LLC
BlackRock
Senior Floating Rate Fund II, Inc.
BlackRock
Senior Floating Rate Fund, Inc.
BlackRock
Senior High Income Fund, Inc.
BlackRock
Strategic Bond Trust
BlackRock
Strategic Dividend Achievers ™ Trust
BlackRock
Virginia Municipal Bond Trust
BlackRock
World Investment Trust
TheBlackRock
California Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Florida Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Insured Municipal Term Trust, Inc.
TheBlackRock
New York Insured Municipal 2008 Term Trust, Inc.
TheBlackRock
Pennsylvania Strategic Municipal Trust
TheBlackRock
Strategic Municipal Trust
The
Massachusetts Health & Education Tax-Exempt Trust
BlackRock
Defined Opportunity Credit Trust
This
Endorsement applies to loss discovered after 12:01 a.m. on January 29,
2008.
ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
ICAP
Bond
Form
17-02-6272 (Ed. 8-04) Page 3
JOINT
FIDELITY BOND AGREEMENT BY AND AMONG
THE
BLACKROCK CLOSED-END FUNDS
JOINT
FIDELITY BOND AGREEMENT (the “Agreement”), dated as of November 1, 2007, by and
among the BlackRock Closed-End Funds (each, a “Fund” and collectively, the
“Funds”) 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 a
closed-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
Joint Fidelity 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 the amount based upon the total assets of each Fund, which are equal
to or in excess of the minimum coverages required for each Fund under Rule
17g-1.
3.
Ratable Allocation of
Premium.
Each Fund will pay the percentage of the premium due
under the Joint Fidelity Bond which is proportionate to the coverage as
described in Paragraph 2.
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 required by Rule 17g-1(d)(1) under the 1940 Act.
(b) If
the recovery is inadequate fully to indemnify 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 amount of coverage maintained by such Fund as set forth under
Paragraph 2.
(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 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 Joint Fidelity
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 Jersey.
11.
Notices.
All
Notices and other communications hereunder shall be in writing and shall be
addressed to the appropriate Fund at P.O. Box 9011, Princeton,
NJ 08543-9011.
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/
Neal Andrews
|
|
|
Name:
|
Neal
Andrews
|
|
|
Title:
|
Assistant
Treasurer of each Fund listed
|
|
|
|
on
Schedule A
|
Schedule
A
BlackRock
Income Opportunity Trust, Inc.
BlackRock
Income Trust, Inc.
BlackRock
Insured Municipal Income Trust
BlackRock
International Growth and Income Trust
BlackRock
Investment Quality Municipal Trust, Inc.
BlackRock
Limited Duration Income Trust
BlackRock
Long-Term Municipal Advantage Trust
BlackRock
Maryland Municipal Bond Trust
BlackRock
Multi-Strategy Hedge Advantage
BlackRock
Multi-Strategy Hedge Opportunities, LLC
BlackRock
Muni Intermediate Duration Fund, Inc.
BlackRock
Muni New York Intermediate Duration Fund, Inc.
BlackRock
MuniAssets Fund, Inc.
BlackRock
Municipal 2018 Term Trust
BlackRock
Municipal 2020 Term Trust
BlackRock
Municipal Bond Trust
BlackRock
Municipal Income Trust
BlackRock
Municipal Income Trust II
BlackRock
MuniEnhanced Fund, Inc.
BlackRock
MuniHoldings California Insured Fund, Inc.
BlackRock
MuniHoldings Florida Insured Fund
BlackRock
MuniHoldings Fund II, Inc.
BlackRock
MuniHoldings Fund, Inc.
BlackRock
MuniHoldings Insured Fund II, Inc.
BlackRock
MuniHoldings Insured Fund, Inc.
BlackRock
MuniHoldings New Jersey Insured Fund, Inc.
BlackRock
MuniHoldings New York Insured Fund, Inc.
BlackRock
MuniVest Fund II, Inc.
BlackRock
MuniVest Fund, Inc.
BlackRock
MuniYield Arizona Fund, Inc.
BlackRock
MuniYield California Fund, Inc.
BlackRock
MuniYield California Insured Fund, Inc.
BlackRock
MuniYield Florida Fund
BlackRock
MuniYield Florida Insured Fund
BlackRock
MuniYield Fund, Inc.
BlackRock
MuniYield Insured Fund, Inc.
BlackRock
MuniYield Michigan Insured Fund II, Inc.
BlackRock
MuniYield Michigan Insured Fund, Inc.
BlackRock
MuniYield New Jersey Fund, Inc.
BlackRock
MuniYield New Jersey Insured Fund, Inc.
BlackRock
MuniYield New York Insured Fund, Inc.
BlackRock
MuniYield Pennsylvania Insured Fund
BlackRock
MuniYield Quality Fund II, Inc.
BlackRock
MuniYield Quality Fund, Inc.
BlackRock
New Jersey Investment Quality Municipal Trust, Inc.
BlackRock
New Jersey Municipal Bond Trust
BlackRock
New Jersey Municipal Income Trust
BlackRock
New York Insured Municipal Income Trust
BlackRock
New York Investment Quality Municipal Trust, Inc.
BlackRock
New York Municipal 2018 Term Trust
BlackRock
New York Municipal Bond Trust
BlackRock
New York Municipal Income Trust
BlackRock
New York Municipal Income Trust II
BlackRock
Preferred and Corporate Income Strategies Fund, Inc.
BlackRock
Preferred and Equity Advantage Trust
BlackRock
Preferred Income Strategies Fund, Inc.