13. Extended Computer Systems
|
|
|
|
|
|
A. Electronic Data, Electronic Media, Electronic Instruction
|
|
|
|
Loss resulting directly from:
|
|
|
|
|
(1
|
)
|
the fraudulent modification of
Electronic Data, Electronic Media
or
Electronic
|
|
|
|
|
Instruction
being stored within or being run within any system covered under this
|
|
|
|
|
INSURING CLAUSE,
|
|
|
|
|
(2
|
)
|
robbery, burglary, larceny or theft of
Electronic Data, Electronic Media
or
|
|
|
|
|
Electronic Instructions
,
|
|
|
|
|
(3
|
)
|
the acts of a hacker causing damage or destruction of
Electronic Data,
|
|
|
|
|
Electronic Media
or
Electronic Instruction
owned by the ASSURED or for which
|
|
|
|
|
the ASSURED is legally liable, while stored within a
Computer System
covered
|
|
|
|
|
under this INSURING CLAUSE, or
|
|
|
|
|
(4
|
)
|
the damage or destruction of
Electronic Data, Electronic Media
or
Electronic
|
|
|
|
|
Instruction
owned by the ASSURED or for which the ASSURED is legally liable
|
|
|
|
|
while stored within a
Computer System
covered under INSURING CLAUSE 13,
|
|
|
|
|
provided such damage or destruction was caused by a computer program or
|
|
|
|
|
similar instruction which was written or altered to intentionally incorporate a hidden
|
|
|
|
|
instruction designed to damage or destroy
Electronic Data, Electronic Media
, or
|
|
|
|
|
Electronic Instruction
in the
Computer System
in which the computer program
|
|
|
|
|
or instruction so written or so altered is used.
|
|
|
|
ICAP2 Bond
|
|
Form 17-02-2976 (Ed. 1-02)
|
Page 1
|
|
|
|
B.
|
Electronic Communication
|
|
Loss resulting directly from the ASSURED having transferred, paid or delivered any
|
|
funds or property, established any credit, debited any account or given any value on the
|
|
faith of any electronic communications directed to the ASSURED, which were
|
|
transmitted or appear to have been transmitted through:
|
|
|
(1)
|
an
Electronic Communication System
,
|
|
(2)
|
an automated clearing house or custodian, or
|
|
(3)
|
a Telex, TWX, or similar means of communication,
|
|
|
directly into the ASSURED'S
Computer System
or
Communication Terminal
, and
|
|
fraudulently purport to have been sent by a customer, automated clearing house,
|
|
custodian, or financial institution, but which communications were either not sent by said
|
|
customer, automated clearing house, custodian, or financial institution, or were
|
|
fraudulently modified during physical transit of
Electronic Media
to the ASSURED or
|
|
during electronic transmission to the ASSURED'S
Computer System
or
|
|
Communication Terminal
.
|
C.
|
Electronic Transmission
|
|
Loss resulting directly from a customer of the ASSURED, any automated clearing house,
|
|
custodian, or financial institution having transferred, paid or delivered any funds or property,
|
|
established any credit, debited any account or given any value on the faith of any electronic
|
|
communications, purporting to have been directed by the ASSURED to such customer,
|
|
automated clearing house, custodian, or financial institution initiating, authorizing, or
|
|
acknowledging, the transfer, payment, delivery or receipt of funds or property, which
|
|
communications were transmitted through:
|
|
|
(1)
|
an
Electronic Communication System
,
|
|
(2)
|
an automated clearing house or custodian, or
|
|
(3)
|
a Telex, TWX, or similar means of communication,
|
|
|
directly into a
Computer System
or
Communication Terminal
of said customer,
|
|
automated clearing house, custodian, or financial institution, and fraudulently purport to
|
|
have been directed by the ASSURED, but which communications were either not sent
|
|
by the ASSURED, or were fraudulently modified during physical transit of
Electronic
|
|
Media
from the ASSURED or during electronic transmission from the ASSURED'S
|
|
Computer System
or
Communication Terminal
, and for which loss the ASSURED is
|
|
held to be legally liable.
|
|
|
ICAP2 Bond
|
|
Form 17-02-2976 (Ed. 1-02)
|
Page 2
|
|
|
|
|
|
2
|
.
|
By adding to Section 1., Definitions, the following:
|
|
|
s.
|
Communication Terminal
means a teletype, teleprinter or video display terminal, or similar
|
|
|
|
device capable of sending or receiving information electronically.
Communication Terminal
|
|
|
|
does not mean a telephone.
|
|
|
t.
|
Electronic Communication System
means electronic communication operations by
|
|
|
|
Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide
|
|
|
|
International Financial Telecommunication (SWIFT), similar automated interbank
|
|
|
|
communication systems, and Internet access facilities.
|
|
|
u.
|
Electronic Data
means facts or information converted to a form usable in
Computer
|
|
|
|
Systems
and which is stored on
Electronic Media
for use by computer programs.
|
|
|
v.
|
Electronic Instruction
means computer programs converted to a form usable in a
Computer
|
|
|
|
System
to act upon
Electronic Data
.
|
|
|
w.
|
Electronic Media
means the magnetic tape, magnetic disk, optical disk, or any other bulk
|
|
|
|
media on which data is recorded.
|
3
|
.
|
By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING
|
|
|
CLAUSES except 1., 4., and 5.:
|
|
|
Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 13
|
|
|
This Bond does not directly or indirectly cover:
|
|
|
a.
|
loss resulting directly or indirectly from
Forged
, altered or fraudulent negotiable instruments,
|
|
|
|
securities, documents or written instruments used as source documentation in the preparation
|
|
|
|
of
Electronic Data
;
|
|
|
b.
|
loss of negotiable instruments, securities, documents or written instruments except as
|
|
|
|
converted to
Electronic Data
and then only in that converted form;
|
|
|
c.
|
loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear
|
|
|
|
or tear, gradual deterioration, electrical disturbance,
Electronic Media
failure or breakdown or
|
|
|
|
any malfunction or error in programming or error or omission in processing;
|
|
|
d.
|
loss resulting directly or indirectly from the input of
Electronic Data
at an authorized
|
|
|
|
electronic terminal of an
Electronic Funds Transfer System
or a
Customer
|
|
|
|
Communication System
by a person who had authorized access from a customer to that
|
|
|
|
customer's authentication mechanism; or
|
|
|
e.
|
liability assumed by the ASSURED by agreement under any contract, unless such liability would
|
|
|
|
have attached to the ASSURED even in the absence of such agreement; or
|
|
|
f.
|
loss resulting directly or indirectly from:
|
|
|
|
(1)
|
written instruction unless covered under this INSURING CLAUSE; or
|
|
|
|
(2)
|
instruction by voice over the telephone, unless covered under this INSURING CLAUSE.
|
|
|
ICAP2 Bond
|
|
Form 17-02-2976 (Ed. 1-02)
|
Page 3
|
|
|
|
4
|
.
|
By adding to Section 9., Valuation, the following:
|
|
|
|
Electronic Data, Electronic Media, Or Electronic Instruction
|
|
|
|
In case of loss of, or damage to,
Electronic Data, Electronic Media
or
Electronic Instruction
used by
|
|
|
the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are
|
|
|
actually reproduced form other
Electronic Data, Electronic Media
or
Electronic Instruction
of the
|
|
|
same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for
|
|
|
the actual transcription or copying of data which shall have been furnished by the ASSURED in order to
|
|
|
reproduce such
Electronic Data, Electronic Media
or
Electronic Instruction
subject to the applicable
|
|
|
SINGLE LOSS LIMIT OF LIABILITY.
|
|
|
|
However, if such
Electronic Data
can not be reproduced and said
Electronic Data
represents
|
|
|
Securities
or financial instruments having a value, then the loss will be valued as indicated in the
|
|
|
SECURITIES and OTHER PROPERTY paragraphs of this Section.
|
|
|
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Date: December 8, 2011
|
|
ICAP2 Bond
|
|
Form 17-02-2976 (Ed. 1-02)
|
Page 4
|
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.: 4
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
|
NAME OF ASSURED:
|
BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
|
|
|
AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
By adding the following INSURING CLAUSE:
|
|
|
|
14. Automated Telephone System Transaction
|
|
|
|
Loss resulting directly from the ASSURED having transferred funds on the faith of any
|
|
|
Automated Phone System (APS) Transaction
, where the request for such
APS
|
|
|
Transaction
is unauthorized or fraudulent and is made with the intent to deceive. In order for
|
|
|
coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all
|
|
|
APS Designated Procedures
. A single failure of the ASSURED to maintain and follow a
|
|
|
particular
APS Designated Procedure
in a particular
APS Transaction
will not preclude
|
|
|
coverage under this INSURING CLAUSE.
|
|
2
|
.
|
By adding to Section 1., Definitions, the following:
|
|
|
|
|
x.
APS Designated Procedures
means all of the following procedures:
|
|
|
|
|
(1
|
)
|
No
APS Transaction
shall be executed unless the shareholder or unitholder to whose
|
|
|
|
|
account such an
APS Transaction
relates has previously elected to
APS
|
|
|
|
|
Transactions
. (Election in Application)
|
|
|
|
|
(2
|
)
|
All
APS Transactions
shall be logged or otherwise recorded and the records shall be
|
|
|
|
|
retained for at least six (6) months. (Logging)
|
|
|
|
|
|
Information contained in the records shall be capable of being retrieved and produced
|
|
|
|
|
within a reasonable time after retrieval of specific information is requested, at a success
|
|
|
|
|
rate of no less than 85 percent.
|
|
|
|
|
(3
|
)
|
The caller in any request for an
APS Transaction
, before executing that
APS
|
|
|
|
|
Transaction
must enter a personal identification number (PIN), social security number
|
|
|
|
|
and account number. (Identity Test)
|
|
|
|
|
|
If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be
|
|
|
|
|
allowed additional attempts during the same telephone call to enter the PIN. The caller
|
|
|
|
|
may either be instructed to redial a customer service representative or may be
|
|
|
|
|
immediately connected to such a representative. (Limited attempts to Enter PIN)
|
|
|
ICAP Bond
|
|
Form 17-02-2345 (Ed. 10-00)
|
Page 1
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
A written confirmation of any
APS Transaction
or change of address shall be mailed to
|
|
|
|
|
|
the shareholder or unitholder to whose account such transaction relates, at the record
|
|
|
|
|
|
address, by the end of the insured's next regular processing cycle, but in no event later
|
|
|
|
|
|
than five (5) business days following such
APS Transaction
. (Written Confirmation)
|
|
|
|
|
(5
|
)
|
Access to the equipment which permits the entity receiving the
APS Transaction
|
|
|
|
|
|
request to process and effect the transaction shall be limited in the following manner:
|
|
|
|
|
|
(Access to APS Equipment)
|
|
|
|
y.
|
APS Election
means any election concerning various account features available to the
|
|
|
|
shareholder or unitholder which is made through the
Automated Phone System
by means of
|
|
|
|
information transmitted by an individual caller through use of a
Automated Phone System
.
|
|
|
|
These features include account statements, auto exchange, auto asset builder, automatic
|
|
|
|
withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and
|
|
|
|
change of address.
|
|
|
|
z.
|
APS Exchange
means any exchange of shares or units in a registered account of one fund
|
|
|
|
into shares or units in an account with the same tax identification number and same
|
|
|
|
ownership-type code of another fund in the same complex pursuant to exchange privileges of
|
|
|
|
the two funds, which exchange is requested through the
Automated Phone System
by
|
|
|
|
means of information transmitted by an individual caller through use of an
Automated Phone
|
|
|
|
System
.
|
|
|
|
aa.
|
APS Purchase
means any purchase of shares or units issued by an
Investment Company
|
|
|
|
which is requested through an
Automated Phone System
.
|
|
|
|
bb.
|
APS Redemption
means any redemption of shares or units issued by an
Investment
|
|
|
|
Company
which it requested through the telephone by means of information transmitted by
|
|
|
|
an individual caller through use of a
Automated Phone System
.
|
|
|
|
cc.
|
APS Transaction
means any
APS Purchase, APS Redemption, APS Election
or
APS
|
|
|
|
Exchange
.
|
|
|
|
dd.
|
Automated Phone System
means an automated system which receives and converts to
|
|
|
|
executable instructions transmissions through the
Automated Phone System
through use of
|
|
|
|
a touch-tone keypad or other tone system; and always excluding transmissions from a
|
|
|
|
computer system or part thereof.
|
|
|
|
|
3
|
.
|
By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring
|
|
|
Clauses Except 1., 4., 5.:
|
|
|
Section 4.A Specific Exclusion-Applicable to Insuring Clause 14
|
|
|
|
This Bond does not directly or indirectly cover under Insuring Clause 14:
|
|
|
Loss resulting from:
|
|
|
a.
|
the redemption of shares or units, where the proceeds of such redemption are made payable
|
|
|
|
to other than:
|
|
|
|
(1
|
)
|
the shares or units of record,
|
|
|
|
(2
|
)
|
a person designated to receive redemption proceeds, or
|
|
|
|
(3
|
)
|
a bank account designated to receive redemption proceeds, or
|
|
|
b.
|
the redemption of shares or units, where the proceeds of such redemption are paid by check
|
|
|
|
mailed to any address, unless such address has either been designated the shareholder or
|
|
|
|
unitholder by voice through an
Automated Phone System
or in writing, at least thirty (30)
|
|
|
|
days prior to such redemption, or
|
|
|
|
|
|
|
c.
|
the redemption of shares or units, where shareholder or unitholder of the ASSURED
|
|
|
|
designated bank account of record.
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
|
|
Date: December 8, 2011
|
|
ICAP Bond
|
|
Form 17-02-2345 (Ed. 10-00)
|
Page 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
|
Endorsement No.: 5
|
|
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
NAME OF ASSURED: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
UNAUTHORIZED SIGNATURE ENDORSEMENT
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
By adding the following INSURING CLAUSE:
|
|
|
|
15
|
.
|
Unauthorized Signature
|
|
|
|
|
|
Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
|
|
|
|
|
Withdrawal Order
made or drawn on or against the account of the ASSURED’S customer which
|
|
|
|
|
bears the signature or endorsement of one other than a person whose name and signature is on
|
|
|
|
|
file with the ASSURED as a signatory on such account.
|
|
|
|
|
|
It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
|
|
|
|
|
CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
|
|
|
|
|
on such account.
|
|
2
|
.
|
By adding to Section 1., Definitions, the following:
|
|
|
|
ee.
|
|
Instruction
means a written order to the issuer of an
Uncertificated Security
requesting that the
|
|
|
|
|
transfer, pledge or release from pledge of the specified
Uncertificated Security
be registered.
|
|
|
ff.
|
|
Uncertificated Security
means a share, participation or other interest in property of or an
|
|
|
|
|
enterprise of the issuer or an obligation of the issuer, which is:
|
|
|
|
|
|
(1
|
)
|
not represented by an instrument and the transfer of which is registered on books
|
|
|
|
|
|
|
maintained for that purpose by or on behalf of the issuer, and
|
|
|
|
|
(2
|
)
|
of a type commonly dealt in on securities exchanges or markets, and
|
|
|
|
|
(3
|
)
|
either one of a class or series or by its terms divisible into a class or series of shares,
|
|
|
|
|
|
|
participations, interests or obligations.
|
|
|
|
ICAP Bond
|
|
Form 17-02-5602 (Ed. 10-03)
|
Page 1
|
|
|
gg.
|
Withdrawal Order
means a non-negotiable instrument, other than an
Instruction
, signed by a
|
|
customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the
|
|
amount of funds stated therein.
|
|
|
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Date: December 8, 2011
|
|
ICAP Bond
|
|
Form 17-02-5602 (Ed. 10-03)
|
Page 2
|
|
|
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.:
|
6
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
NAME OF ASSURED: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
CLAIMS EXPENSE ENDORSEMENT
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
By adding the following INSURING CLAUSE:
|
|
|
|
16. Claims Expense
|
|
|
|
Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to
|
|
|
determine the amount of loss where:
|
|
|
|
(1
|
)
|
the loss is covered under the Bond, and
|
|
|
|
(2
|
)
|
the loss is in excess of the applicable DEDUCTIBLE AMOUNT.
|
|
2
|
.
|
Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss
|
|
|
covered under this INSURING CLAUSE.
|
|
|
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Date: December 8, 2011
ICAP Bond
Form 17-02-6282 (Ed. 11-04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
|
|
Endorsement No.:
|
7
|
|
|
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
NAME OF ASSURED: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
|
By adding the following INSURING CLAUSE:
|
|
|
|
“
|
17
|
.
|
Stop Payment Order or Refusal to Pay Check
|
|
|
|
|
|
|
Loss resulting directly from the ASSURED being legally liable to pay compensatory damages
|
|
|
|
|
|
for:
|
|
|
|
|
|
|
|
|
a.
|
|
complying or failing to comply with notice from any customer of the ASSURED or any
|
|
|
|
|
|
|
|
authorized representative of such customer, to stop payment on any check or draft made or
|
|
|
|
|
|
|
|
drawn upon or against the ASSURED by such customer or by any authorized
|
|
|
|
|
|
|
|
representative of such customer, or
|
|
|
|
|
|
|
b.
|
|
refusing to pay any check or draft made or drawn upon or against the ASSURED by any
|
|
|
|
|
|
|
|
customer of the ASSURED or by any authorized representative of such customer.”
|
2
|
.
|
|
By adding the following Specific Exclusion:
|
|
|
|
|
“Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 17
|
|
|
|
|
This Bond does not directly or indirectly cover:
|
|
|
|
|
a.
|
|
liability assumed by the ASSURED by agreement under any contract, unless such liability would
|
|
|
|
|
|
have attached to the ASSURED even in the absence of such agreement,
|
|
|
|
b.
|
|
loss arising out of:
|
|
|
|
|
|
|
(1
|
)
|
libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,
|
|
|
|
|
|
|
|
malicious prosecution, assault or battery,
|
|
|
|
|
|
|
(2
|
)
|
sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of
|
|
|
|
|
|
|
|
any person, or
|
|
|
|
|
|
|
(3
|
)
|
discrimination.”
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Date: December 8, 2011
ICAP Bond
Form 17-02-2365 (Ed. 10-00)
|
|
|
|
|
|
|
|
|
ENDORSEMENT/RIDER
|
Effective date of
|
|
|
this endorsement/rider: November 1, 2011
|
FEDERAL INSURANCE COMPANY
|
|
|
|
Endorsement/Rider No.
|
8
|
|
|
|
To be attached to and
|
|
|
|
|
form a part of Bond No.
|
82126650
|
|
|
Issued to: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
|
DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT
|
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
|
1
|
.
|
The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
|
2
|
.
|
The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced
|
|
|
with the following:
|
|
|
|
|
If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
|
|
|
rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
|
|
|
furnished to all insured
Investment Companies
and the Securities and Exchange Commission,
|
|
|
Washington, D.C., by the COMPANY.
|
|
|
|
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
|
terms and conditions of coverage.
|
|
|
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
|
17-02-2437 (12/2006) rev.
Page 1
|
|
|
|
|
ENDORSEMENT/RIDER
|
|
Effective date of
|
|
|
this endorsement/rider: November 1, 2011
|
FEDERAL INSURANCE COMPANY
|
|
Endorsement/Rider No.
|
9
|
|
To be attached to and
|
|
|
form a part of Bond No.
|
82126650
|
Issued to: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
|
AMEND SECTION 16 - CHANGE OR MODIFICATION ENDORSEMENT
|
In consideration of the premium charged, it is agreed that Section 16, Change or Modification, the first and
|
second full paragraphs are deleted and replaced with the following:
|
|
This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No
|
change in or modification of this Bond shall be effective except when made by written endorsement to this
|
Bond signed by an authorized representative of the COMPANY.
|
|
If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the
|
ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the affected
|
party and the Securities and Exchange Commission, Washington, D.C., by the acting party.
|
|
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
|
and conditions of coverage.
|
|
|
|
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
Q06-246 (02/2008) rev.
Page 1
|
|
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
Endorsement No.: 10
|
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
|
NAME OF ASSURED: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
NEW YORK AMENDATORY ENDORSEMENT
|
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
By adding to Section 13, Termination, the following:
|
|
|
|
Bonds In Effect Sixty (60) Days Or Less
|
|
|
|
If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the
|
|
|
COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the
|
|
|
authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
|
|
|
effective date of termination.
|
|
|
|
Bonds In Effect More Than Sixty (60) Days
|
|
|
|
If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the
|
|
|
COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to
|
|
|
the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
|
|
|
effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty
|
|
|
(60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7
|
|
|
below.
|
|
|
|
1
|
.
|
Nonpayment of premium;
|
|
|
|
2
|
.
|
Conviction of a crime arising out of acts increasing the hazard insured against ;
|
|
|
3
|
.
|
Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the
|
|
|
|
|
presentation of a claim thereunder;
|
|
|
|
4
|
.
|
Violation of any provision of this Bond that substantially and materially increases the hazard
|
|
|
|
|
insured against, and which occurred subsequent to inception of the current BOND PERIOD;
|
|
|
5
|
.
|
If applicable, material physical change in the property insured, occurring after issuance or last
|
|
|
|
|
annual renewal anniversary date of this Bond, which results in the property becoming uninsurable
|
|
|
|
|
in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect
|
|
|
|
|
at the time this Bond was issued or last renewed; or material change in the nature or extent of this
|
|
|
|
|
Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes
|
|
|
|
|
the risk of loss to be substantially and materially increased beyond that contemplated at the time
|
|
|
|
|
this Bond was issued or last renewed;
|
|
|
|
ICAP Bond - New York
|
|
Form 17-02-2863 (Rev. 7-03)
|
Page 1
|
|
|
|
|
|
|
|
|
6
|
.
|
A determination by the Superintendent of Insurance that continuation of the present premium
|
|
|
|
|
volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public,
|
|
|
|
|
or continuing the Bond itself would place the COMPANY in violation of any provision of the New
|
|
|
|
|
York Insurance Code; or
|
|
|
7
|
.
|
Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is
|
|
|
|
|
a probable risk or danger that the
Property
will be destroyed by the ASSURED for the purpose of
|
|
|
|
|
collecting the insurance proceeds.
|
|
|
Notice Of Termination
|
|
|
Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent
|
|
|
or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,
|
|
|
however, may deliver any notice instead of mailing it.
|
|
|
Return Premium Calculations
|
|
|
The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the
|
|
|
COMPANY."
|
2
|
.
|
By adding a new Section reading as follows:
|
|
|
"Section 17. Election To Conditionally Renew / Nonrenew This Bond
|
|
|
Conditional Renewal
|
|
|
If the COMPANY conditionally renews this Bond subject to:
|
|
|
1
|
.
|
Change of limits of liability ;
|
|
|
2
|
.
|
Change in type of coverage;
|
|
|
3
|
.
|
Reduction of coverage;
|
|
|
4
|
.
|
Increased deductible;
|
|
|
5
|
.
|
Addition of exclusion; or
|
|
|
6
|
.
|
Increased premiums in excess of 10%, exclusive of any premium increase due to and
|
|
|
|
|
commensurate with insured value added; or as a result of experience rating, retrospective rating
|
|
|
|
|
or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional
|
|
|
|
|
Renewal immediately below.
|
|
|
Notices Of Nonrenewal And Conditional Renewal
|
|
|
1
|
.
|
If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided
|
|
|
|
|
herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but
|
|
|
|
|
not more than one hundred twenty (120) days before:
|
|
|
|
|
a.
|
The expiration date; or
|
|
|
|
|
b.
|
The anniversary date if this Bond has been written for a term of more than one year.
|
|
|
ICAP Bond - New York
|
|
Form 17-02-2863 (Rev. 7-03)
|
Page 2
|
|
|
|
|
|
|
|
2
|
.
|
Notice shall be mailed or delivered to the ASSURED at the address shown on the
|
|
|
|
|
DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, proof
|
|
|
|
|
of mailing shall be sufficient proof of notice.
|
|
|
3
|
.
|
Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or
|
|
|
|
|
broker, or another insurer has mailed or delivered written notice to the COMPANY that the Bond
|
|
|
|
|
has been replaced or is no longer desired.
|
3
|
.
|
By adding to General Agreement B., Representations Made By Assured, the following:
|
|
|
No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead
|
|
|
to the COMPANY'S refusal to write this Bond.
|
|
|
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
|
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
Date: December 8, 2011
|
|
ICAP Bond - New York
|
|
Form 17-02-2863 (Rev. 7-03)
|
Page 3
|
|
|
|
|
|
|
|
ENDORSEMENT/RIDER
|
Effective date of
|
|
|
this endorsement/rider: November 1, 2011
|
FEDERAL INSURANCE COMPANY
|
|
|
Endorsement/Rider No.
|
11
|
|
|
To be attached to and
|
|
|
|
form a part of Policy No.
|
82126650
|
|
|
Issued to:
|
BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
|
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
|
In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C.
|
Additional Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or
|
Liabilities-Notice To Company, is amended by adding the following subsection:
|
Automatic Increase in Limits for Investment Companies
|
|
If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of
|
1940 (“the Act”), due to:
|
|
|
(i)
|
the creation of a new
Investment Company
; or
|
|
(ii)
|
an increase in asset size of current
Investment Companies
covered under this Bond,
|
then the minimum required increase in limits shall take place automatically without payment of
|
additional premium for the remainder of the BOND PERIOD.
|
|
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
|
conditions of coverage.
|
|
|
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
Q10-2021 (10/2010)
Page 1
|
|
|
|
|
ENDORSEMENT/RIDER
|
Effective date of
|
|
|
this endorsement/rider: November 1, 2011
|
FEDERAL INSURANCE COMPANY
|
|
Endorsement/Rider No.
|
12
|
|
To be attached to and
|
|
|
form a part of Bond No.
|
82126650
|
|
Issued to: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
|
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other
|
similar laws or regulations prohibit the coverage provided by this insurance.
|
|
|
|
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
|
terms and conditions of coverage.
|
|
|
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
|
14-02-9228 (02/2010)
Page 1
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.:
|
13
|
|
|
|
|
Bond Number:
|
82126650
|
|
|
|
NAME OF ASSURED: BLACKROCK EQUITY-LIQUIDITY COMPLEX
|
|
|
CO-SURETY ENDORSEMENT
|
|
It is agreed that this Bond is amended as follows:
|
|
1
|
.
|
By adding to Section 1., Definitions, the following:
|
|
|
|
“ii.
|
Controlling Company
means
FEDERAL INSURANCE COMPANY
.
|
|
|
|
jj.
|
Company
means, unless otherwise specified, each insurance company, including the
|
|
|
|
Controlling Company
, executing this Endorsement.
|
|
|
|
kk.
|
Companies
means, unless otherwise specified, all of the insurance companies, including the
|
|
|
|
Controlling Company
, executing this Endorsement.”
|
|
2
|
.
|
By adding to Section 5., Limit of Liability/Non-Reduction and Non-Accumulation of Liability, the following:
|
|
|
“Each COMPANY shall be liable only for such proportion of any
Single Loss
as the LIMIT OF
|
|
|
LIABILITY underwritten by such
Company
, as specified in this Endorsement, bears to the LIMIT OF
|
|
|
LIABILITY as stated in ITEM 2. of the DECLARATIONS, but in no event shall any
Company
be liable
|
|
|
for an amount greater than that underwritten by it.”
|
|
3
|
.
|
By adding to Section 7., Notice To Company-Proof-Legal Proceedings Against Company, the following:
|
|
|
“g.
|
In the absence of a request from any
Company
to pay premiums directly to it, premiums for this
|
|
|
|
Bond may be paid to the
Controlling Company
for the account of all
Companies
.
|
|
|
h.
|
In the absence of a request from any
Company
that notice of claim and proof of loss be given to
|
|
|
|
or filed directly with it, the ASSURED giving such notice to and the filing of such proof with the
|
|
|
|
Controlling Company
shall be deemed to be in compliance with the conditions of this Bond for
|
|
|
|
the giving of notice of loss and the filing of proof of loss, if given and filed in accordance with said
|
|
|
|
conditions.”
|
|
4
|
.
|
By adding to Section 13., Termination, the following:
|
|
|
|
“The
Controlling Company
may give notice in accordance with the terms of this Bond terminating the
|
|
|
Bond as an entirety or as to any
Employee
or ASSURED, and any notice so given shall terminate the
|
|
|
liability of all
Companies
as an entirety or as to such
Employee
or ASSURED, as the case may be.
|
|
|
Any Company other than the
Controlling Company
may give notice in accordance with the terms of
|
|
|
this Bond, terminating the entire liability of such other
Company
under this Bond or as to any person or
|
|
|
entity.
|
|
|
|
In the absence of a request from any
Company
that notice of termination by the ASSURED of this Bond
|
|
|
in its entirety may be given to or filed directly with it, the giving of such notice in accordance with the
|
|
|
terms of this Bond to the
Controlling Company
shall terminate the liability of all
Companies
as an
|
|
|
entirety. The ASSURED may terminate the entire liability of any
Company
, under this Bond by giving
|
|
|
notice of such termination to that
Company
and by sending a copy of such notice to the
Controlling
|
|
|
Company
.
|
|
|
|
ICAP Bond
|
|
Form 17-02-2836 (Ed. 5-02)
|
Page 1
|
|
|
|
|
|
|
|
In the event of the termination of this Bond as an entirety, no
Company
shall be liable to the ASSURED
|
|
|
for a greater proportion of any return premium due the ASSURED than the LIMIT OF LIABILITY
|
|
|
underwritten by that
Company
bears to the LIMIT OF LIABILITY as stated in ITEM 2. of the
|
|
|
DECLARATIONS.
|
|
|
|
|
In the event of the termination of this Bond as to any
Company
, such
Company
alone shall be liable to
|
|
|
the ASSURED for any return premium due the ASSURED on account of such termination. The
|
|
|
termination of the attached Bond as to any
Company
other than the
Controlling Company
shall not
|
|
|
terminate or otherwise affect the liability of the other
Companies
under this Bond.”
|
|
5
|
.
|
By adding the following Section:
|
|
|
|
|
“Section 18.
|
Controlling Company
|
|
|
|
|
The execution by the
Controlling Company
of the DECLARATIONS, Endorsements 1-12, shall
|
|
|
constitute execution by all the
Companies
signing this Endorsement.
|
|
|
|
In the event this Bond is modified during the BOND PERIOD, the
Controlling Company
shall notify the
|
|
|
Companies
or their respective representatives, in writing, of such change. Each
Company
shall be
|
|
|
deemed to agree to such modification, unless such
Company
notifies the
Controlling Company
or the
|
|
|
Controlling Company’s
representative in writing, that they do not agree to such modification. If a
|
|
|
Company
fails to object to a modification within fifteen (15) days of receipt of notice from the
|
|
|
Controlling Company
, such
Company
shall be deemed to agree to such modification.”
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2011.
|
|
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
Underwritten for a SINGLE LOSS
|
FEDERAL INSURANCE COMPANY
|
LIMIT OF LIABILITY of $25,000,000
|
Controlling Company
|
|
|
|
|
CHUBB & SON
|
|
|
|
|
A division of Federal Insurance Company
|
|
|
|
|
Manager
|
Date: December 8, 2011
|
|
Underwritten for a SINGLE LOSS
|
National Union Fire Insurance Company of
|
LIMIT OF LIABILITY of $12,300,000
|
Pittsburgh, PA
|
|
|
|
By
|
|
Attorney-in-Fact
|
|
|
ICAP Bond
|
|
Form 17-02-2836 (Ed. 5-02)
|
Page 2
|
|
POLICYHOLDER
|
DISCLOSURE NOTICE OF
|
TERRORISM INSURANCE COVERAGE
|
(for policies with no terrorism exclusion or sublimit)
|
You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective
December 26, 2007, this policy makes available to you insurance for losses arising out of
certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the
Treasury, in concurrence with the Secretary of State and the Attorney General of the
United States, to be an act of terrorism; to be a violent act or an act that is dangerous to
human life, property or infrastructure; to have resulted in damage within the United
States, or outside the United States in the case of an air carrier or vessel or the premises
of a United States Mission; and to have been committed by an individual or individuals as
part of an effort to coerce the civilian population of the United States or to influence the
policy or affect the conduct of the United States Government by coercion.
|
|
You should know that the insurance provided by your policy for losses caused by acts of
terrorism is partially reimbursed by the United States under the formula set forth in the
Act. Under this formula, the United States pays 85% of covered terrorism losses that
exceed the statutorily established deductible to be paid by the insurance company
providing the coverage.
|
|
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury
shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.
|
|
10-02-1281 (Ed. 1/2003)
|
If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a Program Year (January 1 through December 31) and we have met our
insurer deductible under the Act, we shall not be liable for the payment of any portion of
the amount of such losses that exceeds $100 billion, and in such case insured losses up
to that amount are subject to pro rata allocation in accordance with procedures
established by the Secretary of the Treasury.
|
|
The portion of your policy’s annual premium that is attributable to insurance for such acts
of terrorism is: $
-0-.
|
|
If you have any questions about this notice, please contact your agent or broker.
|
10-02-1281 (Ed. 1/2003)
|
IMPORTANT NOTICE TO POLICYHOLDERS
|
|
|
|
All of the members of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on
US insurance transactions is available under the Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.
|
|
Thank you for choosing Chubb.
|
10-02-1295 (ed. 6/2007)
|
Important Notice:
|
|
|
|
The SEC Requires Proof of Your Fidelity Insurance Policy
|
|
Your company is now required to file an electronic copy of your fidelity insurance coverage
|
(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to
|
rules adopted by the SEC on June 12, 2006.
|
|
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance
|
policy as well as instructions on how to submit this proof of fidelity insurance coverage to the
|
SEC. You can expect to receive this information from your agent/broker shortly.
|
|
The electronic copy of your policy is provided by Chubb solely as a convenience and does not
|
affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.
|
The terms and conditions of the policy mailed to you, which are the same as those set forth in
|
the electronic copy, constitute the entire agreement between your company and Chubb.
|
|
If you have any questions, please contact your agent or broker.
|
Form 14-02-12160 (ed. 7/2006)
JOINT FIDELITY BOND AGREEMENT BY AND AMONG
THE FUNDS IN THE BLACKROCK EQUITY-LIQUIDITY COMPLEX
JOINT FIDELITY BOND AGREEMENT (the “Agreement”), dated as of November 1, 2007, by and among the funds (each, a “Fund” and collectively, the “Funds”) in the BlackRock Equity-Liquidity Complex listed on Schedule A attached hereto, as the same may be amended from time to time, all of which are named insureds on a certain fidelity bond underwritten by Vigilant Insurance Company (“Vigilant”), a member of the Chubb Group of Insurance Companies, covering certain acts relating to the Funds (the “Bond”).
W
I
T
N
E
S
S
E
T
H
WHEREAS, each of the Funds is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”);
WHEREAS, by the terms of Rule 17g-1 under the 1940 Act, the Funds are required to provide and to maintain in effect a bond against larceny and embezzlement by their officers and employees. By the terms of the rule, the Funds are authorized to secure the Bond that names all of the Funds as insureds;
WHEREAS, Rule 17g-1(f) under the 1940 Act requires that a registered management investment company named as an insured on a joint fidelity bond enter into a certain agreement with the other named insureds;
WHEREAS, a majority of the Board of Directors/Trustees (collectively, the “Board,” the members of which are referred to as “Directors”) of each Fund who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act have given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of such Bond, and the majority of such Directors have approved the amount, type, form and coverage of the Bond and the portion of the premium payable with respect to each Fund; and
WHEREAS, the Board has determined that the allocation of the proceeds payable under the Bond as set forth herein (which takes into account the extent to which the share of the premium allocated to each Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond) is equitable with respect to each Fund and that each Fund will benefit from its respective participation in the Bond in compliance with this Rule.
NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the Funds hereto as follows:
1.
Joint Insured Bond
.
The Funds have procured from Vigilant, a reputable fidelity insurance company, the Bond insuring each Fund against larceny and embezzlement of its securities and funds by such of its officers and employees who may, singly or jointly with others,
have access to such securities or funds, directly or through authority to draw upon such funds or to direct generally the disposition of such securities. The Bond names each Fund as an insured, and complies with the requirements established by Rule 17g-1 under the 1940 Act.
2.
Amount.
The Bond is in an amount based upon the total assets of each Fund, equal to or in excess of the aggregate of the minimum coverage required for each of the Funds under Rule 17g-1. The minimum coverage required for a Fund under Rule 17g-1(d)(1) shall be referred to herein as the “Minimum Coverage Amount”.
3.
Ratable Allocation of Premium.
Each Fund will pay the percentage of the premium due under the Bond which is proportionate to the ratio of its Minimum Coverage Amount to the aggregate amount of the Minimum Coverage Amounts for all of the Funds.
4.
Ratable Allocation of Proceeds.
(a) In the event any recovery under the Bond is received as a result of a loss sustained by any of the Funds, then each Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would have received had it provided and maintained a single insured bond with the Minimum Coverage Amount.
(b) If the recovery is inadequate to indemnify fully each such Fund sustaining a loss, the recovery shall be allocated among such Funds as follows:
(i) Each Fund sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the Minimum Coverage Amount.
(ii) The remaining portion of the proceeds shall be allocated to each Fund sustaining a loss not fully covered by the allocation under subparagraph (i) in the proportion that each such Fund’s gross assets as of the end of its fiscal quarter preceding the loss bears to the sum of the gross assets of all such Funds. If such allocation would result in any Fund sustaining a loss receiving a portion of the recovery in excess of the loss actually sustained by such Fund, the aggregate of such excess portions shall be allocated among the other Funds whose losses would not be fully indemnified in the same proportion as each such Fund’s gross assets bear to the sum of the gross assets of all Funds entitled to receive a share of the excess (both determined as of the fiscal quarter of each Fund preceding the loss). Any allocation in excess of a loss actually sustained by any such Fund shall be reallocated in the same manner.
5.
Claims and Settlements.
Each Fund shall, within ten days after the making of any claim under the Bond, provide the other Funds with written notice of the amount and nature of such claim. Each Fund shall, within ten days after the receipt thereof, provide the other Funds with written notice of the terms of settlement of any claim made under the Bond by such Fund.
6.
Modification and Amendments.
(a) If a Fund shall determine that the coverage required by Rule 17g-1 for such Fund has changed, or that the amount of the total coverage allocated to such Fund should otherwise be modified, it shall so notify the other Funds setting forth the modification which it believes to be appropriate, and the proposed treatment of any increased or return premium.
(b) Within 60 days after such notice, the Funds shall seek the approval required by Rule 17g-1, and if approvals are obtained, shall effect an amendment to this Agreement and the Bond. Any Fund may terminate this Agreement (except with respect to losses occurring prior to such withdrawal) by giving at least 60 days’ written notice to the other Funds. The Fund(s) terminating the Agreement shall thereafter be removed as a named insured in accordance with Rule 17g-1 and the Fund(s) shall be entitled to receive the pro rata portion of any return of premium paid to the insurance company.
(c) This Agreement is intended to cover all entities insured under the Bond. Any insured under the Bond that is not currently listed on Schedule A hereto may be added to this Agreement by a written amendment. The Funds hereby consent to additional registered investment companies advised by BlackRock Advisors, LLC and its affiliates being named as an insured under the Bond and the Agreement.
7.
Limitation of Liability for Massachusetts business trusts.
The Declaration of Trust for each Fund listed on Schedule A hereto that is organized as a Massachusetts business trust (each, a “Massachusetts Trust”) is on file with the Secretary of the Commonwealth of Massachusetts. This Agreement is executed on behalf of such Massachusetts Trusts by the Trust’s Chief Executive Officer and not individually and the obligations imposed upon each Massachusetts Trust by this Agreement are not binding upon any of the Massachusetts Trust’s respective Board members, officers or shareholders individually but are binding only upon the assets and property of such Massachusetts Trust.
|
8.
|
No Assignment.
This Agreement is not assignable.
|
|
9.
|
Counterparts.
This Agreement may be executed in any number of counterparts
|
|
which together shall constitute a single instrument.
|
10.
Governing Law.
The Agreement shall be construed in accordance with the laws of the State of New York.
11.
Notices.
All Notices and other communications hereunder shall be in writing and shall be addressed to the appropriate Fund at 40 East 52
nd
Street, New York, New York 10022.
IN WITNESS WHEREOF, each Fund has caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written.
|
|
/s/ Donald C. Burke
|
|
|
|
Name:
|
Donald C. Burke
|
|
|
|
Title:
|
Chief Executive Officer of each Fund listed on Schedule A
|
|
Dated: February 9, 2012
Schedule A
BBIF Government Securities Fund
BBIF Money Fund
BBIF Tax-Exempt Fund
BBIF Treasury Fund
BIF Government Securities Fund
BIF Money Fund
BIF Multi-State Municipal Series Trust
BIF Arizona Municipal Money Fund
BIF California Municipal Money Fund
BIF Connecticut Municipal Money Fund
BIF Florida Municipal Money Fund
BIF Massachusetts Municipal Money Fund
BIF Michigan Municipal Money Fund
BIF New Jersey Municipal Money Fund
BIF New York Municipal Money Fund
BIF North Carolina Municipal Money Fund
BIF Ohio Municipal Money Fund
BIF Pennsylvania Municipal Money Fund
BIF Tax-Exempt Fund
BIF Treasury Fund
BlackRock Financial Institutions Series Trust
BlackRock Summit Cash Reserves Fund
BlackRock Funds
SM
BlackRock All-Cap Energy & Resources Portfolio
BlackRock Asset Allocation Portfolio
BlackRock China Fund
BlackRock Commodity Strategies Fund
BlackRock Emerging Markets Long/Short Equity Fund
BlackRock Exchange Portfolio
BlackRock Energy & Resources Portfolio
BlackRock Global Long/Short Credit Fund
BlackRock Global Opportunities Portfolio
BlackRock Health Sciences Opportunities Portfolio
BlackRock Index Equity Portfolio
BlackRock India Fund
BlackRock International Opportunities Portfolio
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock Mid-Cap Value Equity Portfolio
BlackRock Money Market Portfolio
BlackRock Municipal Money Market Portfolio
BlackRock New Jersey Municipal Money Market Portfolio
BlackRock North Carolina Municipal Money Market Portfolio
BlackRock Ohio Municipal Money Market Portfolio
BlackRock Pennsylvania Municipal Money Market Portfolio
BlackRock Science & Technology Opportunities Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock U.S. Opportunities Portfolio
BlackRock U.S. Treasury Money Market Portfolio
BlackRock Virginia Municipal Money Market Portfolio
BlackRock World Gold Fund
Black Rock Funds III
BlackRock ACWI ex-US Index Fund
BlackRock Cash Funds: Institutional
BlackRock Cash Funds: Prime
BlackRock Cash Funds: Government
BlackRock Cash Funds: Treasury
LifePath
®
Index Retirement Portfolio
LifePath
®
Index 2020 Portfolio
LifePath
®
Index 2025 Portfolio
LifePath
®
Index 2030 Portfolio
LifePath
®
Index 2035 Portfolio
LifePath
®
Index 2040 Portfolio
LifePath
®
Index 2045 Portfolio
LifePath
®
Index 2050 Portfolio
LifePath
®
Index 2055 Portfolio
LifePath
®
Retirement Portfolio
LifePath 2020 Portfolio
®
LifePath
®
2025 Portfolio
LifePath 2030 Portfolio
®
LifePath
®
2035 Portfolio
LifePath 2040 Portfolio
®
LifePath
®
2045 Portfolio
LifePath
®
2050 Portfolio
LifePath
®
2055 Portfolio
BlackRock Bond Index Fund
BlackRock CoreAlpha Bond Fund
BlackRock Russell 1000 Index Fund
BlackRock S & P 500 Stock Fund
BlackRock Global Emerging Markets Fund, Inc.
BlackRock Index Funds, Inc.
International Index Fund
S&P 500 Index Fund
Small Cap Index Fund
BlackRock Large Cap Series Funds, Inc.
BlackRock Large Cap Core Fund
BlackRock Large Cap Core Plus Fund
BlackRock Large Cap Core Retirement Portfolio
BlackRock Large Cap Growth Fund
BlackRock Large Cap Growth Retirement Portfolio
BlackRock Large Cap Value Fund
BlackRock Large Cap Value Retirement Portfolio
BlackRock Latin America Fund, Inc.
BlackRock Liquidity Funds
California Money Fund
Federal Trust Fund
FedFund
MuniCash
MuniFund
New York Money Fund
TempCash
TempFund
T-Fund
Treasury Trust Fund
BlackRock Master LLC
BlackRock Master International Portfolio
BlackRock Master Small Cap Growth Portfolio
BlackRock Pacific Fund, Inc.
BlackRock Series, Inc.
BlackRock International Fund
BlackRock Small Cap Growth Fund II
Funds For Institutions Series
FFI Government Fund
FFI Institutional Fund
FFI Institutional Tax-Exempt Fund
FFI Premier Institutional Fund
FFI Select Institutional Fund
FFI Treasury Fund
Master Government Securities LLC
Master Institutional Money Market LLC
Government Portfolio
Institutional Portfolio
Institutional Tax-Exempt Portfolio
Premier Institutional Portfolio
Treasury Portfolio
Master Investment Portfolio
ACWI ex-US Index Master Portfolio
Prime Money Market Master Portfolio
Money Market Master Portfolio
Government Money Market Master Portfolio
Treasury Money Market Master Portfolio
LifePath
®
Index Retirement Master Portfolio
LifePath
®
Index 2020 Master Portfolio
LifePath
®
Index 2025 Master Portfolio
LifePath
®
Index 2030 Master Portfolio
LifePath
®
Index 2035 Master Portfolio
LifePath
®
Index 2040 Master Portfolio
LifePath
®
Index 2045 Master Portfolio
LifePath
®
Index 2050 Master Portfolio
LifePath
®
Index 2055 Master Portfolio
LifePath
®
Retirement Master Portfolio
LifePath 2020 Master Portfolio
®
LifePath
®
2025 Master Portfolio
LifePath 2030 Master Portfolio
LifePath
®
2035 Master Portfolio
®
LifePath 2040 Master Portfolio
®
LifePath
®
2045 Master Portfolio
LifePath
®
2050 Master Portfolio
LifePath
®
2055 Master Portfolio
Active Stock Master Portfolio
CoreAlpha Bond Master Portfolio
Russell 1000 Index Master Portfolio
S & P 500 Stock Master Portfolio
Bond Index Master Portfolio
Master Large Cap Series LLC
Master Large Cap Core Portfolio
Master Large Cap Growth Portfolio
Master Large Cap Value Portfolio
Master Money LLC
Master Tax-Exempt LLC
Master Treasury LLC
Quantitative Master Series LLC
Master Core Bond Enhanced Index Series
Master Enhanced International Series
Master Enhanced S&P 500 Series
Master Enhanced Small Cap Series
Master Extended Market Index Series
Master International Index Series
Master Mid Cap Index Series
Master S&P 500 Index Series
Master Small Cap Index Series
Ready Assets Prime Money Fund
Ready Assets U.S. Treasury Money Fund
Ready Assets U.S.A. Government Money Fund
Retirement Series Trust
Retirement Reserves Money Fund
As amended September 22, 2011
ASSISTANT SECRETARY’S CERTIFICATE
I, Ben Archibald, the duly elected and acting Assistant Secretary of each of the funds listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”), hereby certify as follows:
A.
The following resolutions regarding the Funds’ fidelity bond were duly adopted by the Board of Directors/Trustees of each Fund on September 22, 2011, are in full force and effect and have been so since such date.
RESOLVED, that the terms and amount of the extension of the joint insured fidelity bond to be obtained from Federal Insurance Company and National Union Fire Insurance Company of Pittsburgh, PA (collectively, the “Insurance Provider”) covering registered investment companies advised or managed by BlackRock Advisors, LLC, with an approximate allocation to each Fund as presented in the Board materials, be, and they hereby are, approved in substantially the form presented at the Meetings with such changes as counsel deems necessary;
FURTHER RESOLVED, that the proper officers of each Fund are authorized to pay the amount of the total premium allocated to the Fund for the period payable with respect to such bond as described in the Joint Fidelity Bond Agreement and outlined in the Joint Fidelity Bond Agreement previously approved by the Boards;
FURTHER RESOLVED, that the amount of the fidelity bond coverage is approved after consideration of all factors deemed relevant by the Board, including, but not limited to, the other parties named as insureds, the nature of the business activities of such other parties, the amount of the joint insured bond, the amount of the premium for such bond, the ratable allocation of the premium among the parties named as insureds, the extent to which the share of the premium allocated to each Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, the value of the assets of the Fund, the type and terms of the arrangements made for custody of the Fund’s assets, and the nature of the securities in the Fund’s portfolio;
FURTHER RESOLVED, that the proper officers of each Fund be, and each hereby is, authorized and directed to execute such other documents and take such other action as may be deemed necessary or desirable to effect the Fund’s purchase of a fidelity bond from the Insurance Provider including but not limited to executing a signature commitment to the Insurance Provider and obtaining a Letter of Credit from State Street Bank and Trust Company;
FURTHER RESOLVED, that the form of Joint Fidelity Bond Agreement between the Funds and the other named joint insureds, in substantially the form as previously provided to the Directors, is approved with such further changes therein as an officer of a Fund may deem necessary or advisable with the advice
of counsel, such officers’ execution of the Agreement to be conclusive evidence of this determination;
FURTHER RESOLVED, that an officer of each Fund is authorized to execute and deliver such Agreement on behalf of the Fund;
FURTHER RESOLVED, that the fidelity bond premiums paid by each Fund pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), shall be reallocated from time to time to allow for changes during the policy year arising from the addition of joint insureds to the bond, the growth or loss of gross assets of the Fund during the year requiring additional or reduced coverage in accordance with Rule 17g-1(d) under the 1940 Act, or the liquidation or merger of named insureds;
FURTHER RESOLVED, that the following practices are hereby adopted as the procedures for allocating and reallocating fidelity bond premium expense among the named joint insureds: (i) the joint fidelity bond premium expense allocated to each named insured will be based on the amount of coverage assigned to each named insured from time to time, and (ii) coverage for the Fund under the joint insured bond will be based on the amount of coverage required by Rule 17g-1(d) under the 1940 Act from time to time plus additional coverage to allow for reasonable growth of the Fund;
FURTHER RESOLVED, that the proper officers of each Fund be, and each hereby is, authorized and directed to implement the foregoing procedures by, among other things: (i) monitoring the amount of fidelity bond coverage assigned to the Fund and, if necessary, increasing or decreasing such coverage to comply with the Board’s procedures, and (ii) if necessary, reallocating the joint fidelity bond expense in accordance with the foregoing procedures for allocating the premium adopted by the Board;
FURTHER RESOLVED, that the Secretary of each Fund is hereby designated as the officer responsible for making the necessary filings and giving the notices with respect to such bond required by paragraph (g) of Rule 17g-1 under the 1940 Act; and
FURTHER RESOLVED, that the proper officers of each Fund are authorized and directed to take such action with respect to obtaining additional fidelity bond coverage as they deem it necessary or appropriate pursuant to Rule 17g-1 under the 1940 Act.
B.
The amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under the joint fidelity bond is set forth in Schedule A hereto.
C.
The period for which premiums have been paid under the joint fidelity bond is November 1, 2011 to November 1, 2012.
|
By:
|
/s/
Ben Archibald
|
|
|
|
Ben Archibald
|
|
|
Assistant Secretary
|
|
|
|
|
Dated: February 9, 2012
|
|