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Cma Treasury Fund (MM) | NASDAQ:CMTXX | NASDAQ | Ordinary Share |
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|
SIDLEY
AUSTIN
LLP
787
SEVENTH AVENUE
NEW
YORK, NY 10019
(212)
839 5300
(212)
839 5599 FAX
|
BEIJING
BRUSSELS
CHICAGO
DALLAS
FRANKFURT
GENEVA
HONG
KONG
LONDON
|
LOS
ANGELES
NEW
YORK
SAN
FRANCISCO
SHANGHAI
SINGAPORE
SYDNEY
TOKYO
WASHINGTON,
D.C.
|
FOUNDED
1866
|
Re:
|
Rule
17g-1 Filing For Registered Investment Companies Listed on Schedule
A
|
|
Advised by BlackRock
Advisors, LLC or an affiliate (the
“Funds”)
|
Very truly yours, | ||
/s/ Ellen W. Harris | ||
Ellen W. Harris |
cc:
|
Edward
Baer
|
|
John
A. MacKinnon
|
Chubb Group of
Insurance Companies
|
DECLARATIONS
|
|||||||||||||||
FINANCIAL INSTITUTION
INVESTMENT
|
||||||||||||||||
15 Mountain View Road, Warren,
New Jersey 07059
|
COMPANY ASSET PROTECTION
BOND
|
|||||||||||||||
NAME OF ASSURED (including its
Subsidiaries
):
|
Bond Number:
82126650
|
|||||||||||||||
BLACKROCK EQUITY - LIQUIDITY
COMPLEX
|
||||||||||||||||
VIGILANT
INSURANCE COMPANY
|
||||||||||||||||
Incorporated under the laws of
New York
|
||||||||||||||||
40 EAST 52nd
STREET
|
a stock insurance company herein
called the COMPANY
|
|||||||||||||||
NEW YORK, NY
10022
|
||||||||||||||||
55 Water Street, New York NY
10041-2899
|
||||||||||||||||
ITEM
1.
|
BOND
PERIOD:
|
from
|
12:01 a.m.
on
|
November 1,
2007
|
||||||||||||
to
|
12:01 a.m.
on
|
November 1,
2008
|
||||||||||||||
ITEM
2.
|
LIMITS OF LIABILITY--DEDUCTIBLE
AMOUNTS:
|
|||||||||||||||
If “Not Covered” is inserted
below opposite any specified INSURING CLAUSE, such INSURING
CLAUSE
|
||||||||||||||||
and any other reference shall be
deemed to be deleted.
There
shall be no deductible applicable to any
|
||||||||||||||||
loss under
INSURING CLAUSE 1. sustained by any Investment
Company.
|
||||||||||||||||
DEDUCTIBLE
|
||||||||||||||||
INSURING
CLAUSE
|
LIMIT OF
LIABILITY
|
AMOUNT
|
||||||||||||||
1.
|
Employee
|
$
60,000,000
|
$ 0
|
|||||||||||||
2.
|
On
Premises
|
$
60,000,000
|
$
25,000
|
|||||||||||||
3.
|
In Transit
|
$
60,000,000
|
$
25,000
|
|||||||||||||
4.
|
Forgery or
Alteration
|
$
60,000,000
|
$
25,000
|
|||||||||||||
5.
|
Extended
Forgery
|
$
60,000,000
|
$
25,000
|
|||||||||||||
6.
|
Counterfeit
Money
|
$
60,000,000
|
$
25,000
|
|||||||||||||
7.
|
Threats to
Person
|
$ Not
Covered
|
$ N/A
|
|||||||||||||
8.
|
Computer
System
|
$
60,000,000
|
$
25,000
|
|||||||||||||
9.
|
Voice Initiated Funds Transfer
Instruction
|
$
60,000,000
|
$
25,000
|
|||||||||||||
10.
|
Uncollectible Items of
Deposit
|
$ 25,000
|
$ 5,000
|
|||||||||||||
11.
|
Audit
Expense
|
$ 50,000
|
$ 5,000
|
|||||||||||||
12.
|
Telefacsimile Transfer
Fund
|
$
60,000,000
|
$25,000
|
|||||||||||||
ITEM
3.
|
THE LIABILITY OF THE COMPANY IS
ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
|
|||||||||||||||
ENDORSEMENTS EXECUTED
SIMULTANEOUSLY HEREWITH:
|
||||||||||||||||
Endorsements 1 -
7
|
||||||||||||||||
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
|
The COMPANY, in consideration of
payment of the required premium, and in reliance
|
||||||||
on the APPLICATION and all other
statements made and information furnished to the
|
||||||||
COMPANY by the ASSURED, and
subject to the DECLARATIONS made a part of this
|
||||||||
Bond and to all other terms and
conditions of this Bond, agrees to pay the
ASSURED
|
||||||||
for:
|
||||||||
Insuring
Clauses
|
||||||||
Employee
|
1.
|
Loss resulting directly from
Larceny
or
Embezzlement
committed by
any
|
||||||
Employee
, alone or in collusion with
others.
|
||||||||
On
Premises
|
2.
|
Loss of
Property
resulting directly
from robbery, burglary, false pretenses,
|
||||||
common law or statutory larceny,
misplacement, mysterious unexplainable
|
||||||||
disappearance, damage,
destruction or removal, from the possession, custody
or
|
||||||||
control of the ASSURED, while
such
Property
is lodged or
deposited at premises
|
||||||||
located
anywhere.
|
||||||||
In
Transit
|
3.
|
Loss of
Property
resulting directly
from common law or statutory larceny,
|
||||||
misplacement, mysterious
unexplainable disappearance, damage or
destruction,
|
||||||||
while the
Property
is in transit
anywhere:
|
||||||||
a.
|
in an armored motor vehicle,
including loading and unloading thereof,
|
|||||||
b.
|
in the custody of a natural
person acting as a messenger of the ASSURED,
|
|||||||
or
|
||||||||
c.
|
in the custody of a
Transportation
Company
and being
transported in a
|
|||||||
conveyance other than an armored
motor vehicle provided, however, that
|
||||||||
covered
Property
transported in such
manner is limited to the following:
|
||||||||
(1)
|
written
records,
|
|||||||
(2)
|
securities issued in registered
form, which are not endorsed or are
|
|||||||
restrictively endorsed,
or
|
||||||||
(3)
|
negotiable instruments not
payable to bearer, which are not endorsed
|
|||||||
or are restrictively
endorsed.
|
||||||||
Coverage under this INSURING
CLAUSE begins immediately on the receipt of
|
||||||||
such
Property
by the natural
person or
Transportation
Company
and
ends
|
||||||||
immediately on delivery to the
premises of the addressee or to any
representative
|
||||||||
of the addressee located
anywhere.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 1
of 19
|
Insuring
Clauses
|
||||||||
(continued)
|
||||||||
Forgery Or
Alteration
|
4.
|
Loss resulting directly
from:
|
||||||
a.
|
Forgery
on, or fraudulent
material alteration of, any bills of exchange,
|
|||||||
checks, drafts, acceptances,
certificates of deposits, promissory notes, due
|
||||||||
bills, money orders, orders upon
public treasuries, letters of credit, other
|
||||||||
written promises, orders or
directions to pay sums certain in money, or
|
||||||||
receipts for the withdrawal of
Property
, or
|
||||||||
b.
|
transferring, paying or
delivering any funds or other
Property
, or
establishing
|
|||||||
any credit or giving any value in
reliance on any written instructions, advices
|
||||||||
or applications directed to the
ASSURED authorizing or acknowledging the
|
||||||||
transfer, payment, delivery or
receipt of funds or other
Property
, which
|
||||||||
instructions, advices or
applications fraudulently purport to bear the
|
||||||||
handwritten signature of any
customer of the ASSURED, or shareholder or
|
||||||||
subscriber to shares of an
Investment
Company
, or of any
financial
|
||||||||
institution or
Employee
but which
instructions, advices or applications either
|
||||||||
bear a
Forgery
or have been
fraudulently materially altered without the
|
||||||||
knowledge and consent of such
customer, shareholder, subscriber, financial
|
||||||||
institution or
Employee
;
|
||||||||
excluding, however, under this
INSURING CLAUSE any loss covered under
|
||||||||
INSURING CLAUSE 5. of this Bond,
whether or not coverage for INSURING
|
||||||||
CLAUSE 5. is provided for in the
DECLARATIONS of this Bond.
|
||||||||
For the purpose of this INSURING
CLAUSE, a mechanically reproduced facsimile
|
||||||||
signature is treated the same as
a handwritten signature.
|
||||||||
Extended
Forgery
|
5.
|
Loss resulting directly from the
ASSURED having, in good faith, and in the
|
||||||
ordinary course of business, for
its own account or the account of others in any
|
||||||||
capacity:
|
||||||||
a.
|
acquired, accepted or received,
accepted or received, sold or delivered, or
|
|||||||
given value, extended credit or
assumed liability, in reliance on any original
|
||||||||
Securities,
documents or other written instruments
which
prove to:
|
||||||||
(1)
|
bear a
Forgery
or a fraudulently
material alteration,
|
|||||||
(2)
|
have been lost or stolen,
or
|
|||||||
(3)
|
be
Counterfeit
,
or
|
|||||||
b.
|
guaranteed in writing or
witnessed any signatures on any transfer,
|
|||||||
assignment, bill of sale, power
of attorney, guarantee, endorsement or other
|
||||||||
obligation upon or in connection
with any
Securities,
documents or other
|
||||||||
written
instruments
.
|
||||||||
Actual physical possession, and
continued actual physical possession if taken as
|
||||||||
collateral,
of such
Securities,
documents or other written instruments
by
an
|
||||||||
Employee,
Custodian
, or a
Federal or State chartered deposit institution of
the
|
||||||||
ASSURED is a condition precedent
to the ASSURED having relied on such items.
|
||||||||
Release or return of such
collateral is an acknowledgment by the ASSURED that
it
|
||||||||
no longer relies on such
collateral.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 2
of 19
|
Insuring
Clauses
|
||||||||
Extended
Forgery
|
For the purpose of this INSURING
CLAUSE, a mechanically reproduced facsimile
|
|||||||
(continued)
|
signature is treated the same as
a handwritten signature.
|
|||||||
Counterfeit
Money
|
6.
|
Loss resulting directly from the
receipt by the ASSURED in good faith of any
|
||||||
Counterfeit
money.
|
||||||||
Threats To
Person
|
7.
|
Loss resulting directly from
surrender of
Property
away from an office
of the
|
||||||
ASSURED as a result of a threat
communicated to the ASSURED to do bodily
|
||||||||
harm to an
Employee
as defined in
Section 1.e. (1), (2) and (5), a
Relative
or
|
||||||||
invitee of such
Employee
, or a resident of the household
of such
Employee
, who
|
||||||||
is, or allegedly is, being held
captive provided, however, that prior to the
surrender
|
||||||||
of such
Property
:
|
||||||||
a.
|
the
Employee
who receives the
threat has made a reasonable effort to
|
|||||||
notify an officer of the ASSURED
who is not involved in such threat, and
|
||||||||
b.
|
the ASSURED has made a reasonable
effort to notify the Federal Bureau of
|
|||||||
Investigation and local law
enforcement authorities concerning such threat.
|
||||||||
It is agreed that for purposes of
this INSURING CLAUSE, any
Employee
of
the
|
||||||||
ASSURED, as set forth in the
preceding paragraph, shall be deemed to be an
|
||||||||
ASSURED hereunder, but only with
respect to the surrender of money, securities
|
||||||||
and other tangible personal
property in which such
Employee
has a legal
or
|
||||||||
equitable
interest.
|
||||||||
Computer
System
|
8.
|
Loss resulting directly from
fraudulent:
|
||||||
a.
|
entries of data into,
or
|
|||||||
b.
|
changes of data elements or
programs within,
|
|||||||
a
Computer
System
, provided the
fraudulent entry or change causes:
|
||||||||
(1)
|
funds or other property to be
transferred, paid or delivered,
|
|||||||
(2)
|
an account of the ASSURED or of
its customer to be added, deleted,
|
|||||||
debited or credited,
or
|
||||||||
(3)
|
an unauthorized account or a
fictitious account to be debited or
|
|||||||
credited.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 3
of 19
|
Insuring
Clauses
|
||||||
(continued)
|
||||||
Voice
Initiated Funds
|
9.
|
Loss
resulting directly from
Voice
Initiated Funds Transfer Instruction
directed
|
||||
Transfer
Instruction
|
to the ASSURED authorizing the
transfer of dividends or redemption proceeds of
|
|||||
Investment
Company
shares from
a
Customer's
account, provided
such
Voice
|
||||||
Initiated
Funds Transfer Instruction
was:
|
||||||
a.
|
received at the ASSURED'S offices
by those
Employees
of the
ASSURED
|
|||||
specifically authorized to
receive the
Voice
Initiated Funds Transfer
|
||||||
Instruction
,
|
||||||
b.
|
made by a person purporting to be
a
Customer
, and
|
|||||
c.
|
made by said person for the
purpose of causing the ASSURED or
Customer
|
|||||
to sustain a loss or making an
improper personal financial gain for such
|
||||||
person or any other
person.
|
||||||
In order for coverage to apply
under this INSURING CLAUSE, all
Voice
Initiated
|
||||||
Funds
Transfer Instructions
must be received and processed in
accordance with
|
||||||
the Designated Procedures
outlined in the APPLICATION furnished to the
|
||||||
COMPANY.
|
||||||
Uncollectible
Items of
|
10.
|
Loss resulting directly from the
ASSURED having credited an account of a
|
||||
Deposit
|
customer, shareholder or
subscriber on the faith of any
Items
of Deposit
which
|
|||||
prove to be uncollectible,
provided that the crediting of such account
causes:
|
||||||
a.
|
redemptions or withdrawals to be
permitted,
|
|||||
b.
|
shares to be issued,
or
|
|||||
c.
|
dividends to be
paid,
|
|||||
from an account of an
Investment
Company
.
|
||||||
In order for coverage to apply
under this INSURING CLAUSE, the ASSURED must
|
||||||
hold
Items
of Deposit
for the
minimum number of days stated in the
|
||||||
APPLICATION before permitting any
redemptions or withdrawals, issuing any
|
||||||
shares or paying any dividends
with respect to such
Items
of Deposit
.
|
||||||
Items
of Deposit
shall not
be deemed uncollectible until the ASSURED'S
|
||||||
standard collection procedures
have failed.
|
||||||
Audit
Expense
|
11.
|
Expense incurred by the ASSURED
for that part of the cost of audits or
|
||||
examinations required by any
governmental regulatory authority or
self-regulatory
|
||||||
organization to be conducted by
such authority, organization or their appointee
by
|
||||||
reason of the discovery of loss
sustained by the ASSURED and covered by this
|
||||||
Bond.
|
|
|
General
Agreements
|
||||||
Additional
Companies
|
A.
|
If more than one corporation, or
Investment
Company
, or any
combination of
|
||||
Included As
Assured
|
them is included as the ASSURED
herein:
|
|||||
(1)
|
The total liability of the
COMPANY under this Bond for loss or losses
|
|||||
sustained by any one or more or
all of them shall not exceed the limit for
|
||||||
which the COMPANY would be liable
under this Bond if all such loss were
|
||||||
sustained by any one of
them.
|
||||||
(2)
|
Only the first named ASSURED
shall be deemed to be the sole agent of the
|
|||||
others for all purposes under
this Bond, including but not limited to the
giving
|
||||||
or receiving of any notice or
proof required to be given and for the purpose
of
|
||||||
effecting or accepting any
amendments to or termination of this Bond. The
|
||||||
COMPANY shall furnish each
Investment
Company
with a copy
of the
|
||||||
Bond and with any amendment
thereto, together with a copy of each formal
|
||||||
filing of claim by any other
named ASSURED and notification of the terms of
|
||||||
the settlement of each such claim
prior to the execution of such settlement.
|
||||||
(3)
|
The COMPANY shall not be
responsible for the proper application of any
|
|||||
payment made hereunder to the
first named ASSURED.
|
||||||
(4)
|
Knowledge possessed or discovery
made by any partner, director, trustee,
|
|||||
officer or supervisory employee
of any ASSURED shall constitute knowledge
|
||||||
or discovery by all the ASSUREDS
for the purposes of this Bond.
|
||||||
(5)
|
If the first named ASSURED ceases
for any reason to be covered under this
|
|||||
Bond, then the ASSURED next named
on the APPLICATION shall thereafter
|
||||||
be considered as the first named
ASSURED for the purposes of this Bond.
|
||||||
Representation
Made By
|
B.
|
The ASSURED represents that all
information it has furnished in the
|
||||
Assured
|
APPLICATION for this Bond or
otherwise is complete, true and correct. Such
|
|||||
APPLICATION and other information
constitute part of this Bond.
|
||||||
The ASSURED must promptly notify
the COMPANY of any change in any fact or
|
||||||
circumstance which materially
affects the risk assumed by the COMPANY under
|
||||||
this
Bond.
|
||||||
Any intentional
misrepresentation, omission, concealment or incorrect statement
of
|
||||||
a material fact, in the
APPLICATION or otherwise, shall be grounds for recision
of
|
||||||
this
Bond.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 5
of 19
|
General
Agreements
|
||||||
(continued)
|
||||||
Additional
Offices Or
|
C.
|
If the ASSURED, other than an
Investment
Company
, while this
Bond is in force,
|
||||
Employees -
Consolidation,
|
merges or consolidates with, or
purchases or acquires assets or liabilities of
|
|||||
Merger Or
Purchase Or
|
another institution, the ASSURED
shall not have the coverage afforded under this
|
|||||
Acquisition
Of Assets
|
Bond for loss which
has:
|
|||||
OrLiabilities
- Notice To
|
(1)
|
occurred or will occur on
premises, or
|
||||
Company
|
||||||
(2)
|
been caused or will be caused by
an employee, or
|
|||||
(3)
|
arisen or will arise out of the
assets or liabilities,
|
|||||
of such institution, unless the
ASSURED:
|
||||||
a.
|
gives the COMPANY written notice
of the proposed consolidation, merger or
|
|||||
purchase or acquisition of assets
or liabilities prior to the proposed effective
|
||||||
date of such action,
and
|
||||||
b.
|
obtains the written consent of
the COMPANY to extend some or all of the
|
|||||
coverage provided by this Bond to
such additional exposure, and
|
||||||
c.
|
on obtaining such consent, pays
to the COMPANY an additional premium.
|
|||||
Change Of
Control -
|
D.
|
When the ASSURED learns of a
change in control (other than in an
Investment
|
||||
Notice To
Company
|
Company
), as set forth in Section 2(a)
(9) of the Investment Company Act of
|
|||||
1940,
|
the ASSURED shall within sixty
(60) days give written notice to the
|
|||||
COMPANY setting
forth:
|
||||||
(1)
|
the names of the transferors and
transferees (or the names of the beneficial
|
|||||
owners if the voting securities
are registered in another name),
|
||||||
(2)
|
the total number of voting
securities owned by the transferors and the
|
|||||
transferees (or the beneficial
owners), both immediately before and after the
|
||||||
transfer,
and
|
||||||
(3)
|
the total number of outstanding
voting securities.
|
|||||
Failure to give the required
notice shall result in termination of coverage for
any
|
||||||
loss involving a transferee, to
be effective on the date of such change in
control.
|
||||||
Court Costs
And
|
E.
|
The COMPANY will indemnify the
ASSURED for court costs and reasonable
|
||||
Attorneys’
Fees
|
attorneys' fees incurred and paid
by the ASSURED in defense, whether or not
|
|||||
successful, whether or not fully
litigated on the merits and whether or not
settled,
|
||||||
of any claim, suit or legal
proceeding with respect to which the ASSURED
would
|
||||||
be entitled to recovery under
this Bond. However, with respect to INSURING
|
||||||
CLAUSE 1., this Section shall
only apply in the event that:
|
||||||
(1)
|
an
Employee
admits
to being guilty of
Larceny or
Embezzlement
,
|
|||||
(2)
|
an
Employee
is adjudicated to be
guilty of
Larceny
or Embezzlement
,
or
|
|
General
Agreements
|
||||
Court Costs
And
|
(3)
|
in the absence of 1 or 2 above,
an arbitration panel agrees, after a review of
|
||
Attorneys’
Fees
|
an agreed statement of facts
between the COMPANY and the ASSURED,
|
|||
(continued)
|
that an
Employee
would be found
guilty of
Larceny
or Embezzlement
if
|
|||
such
Employee
were
prosecuted.
|
||||
The ASSURED shall promptly give
notice to the COMPANY of any such suit or
|
||||
legal proceeding and at the
request of the COMPANY shall furnish copies of
all
|
||||
pleadings and pertinent papers to
the COMPANY. The COMPANY may, at its
|
||||
sole option, elect to conduct the
defense of all or part of such legal proceeding.
|
||||
The defense by the COMPANY shall
be in the name of the ASSURED through
|
||||
attorneys selected by the
COMPANY. The ASSURED shall provide all
reasonable
|
||||
information and assistance as
required by the COMPANY for such defense.
|
||||
If the COMPANY declines to defend
the ASSURED, no settlement without the
|
||||
prior written consent of the
COMPANY nor judgment against the ASSURED shall
|
||||
determine the existence, extent
or amount of coverage under this Bond.
|
||||
If the amount demanded in any
such suit or legal proceeding is within the
|
||||
DEDUCTIBLE AMOUNT, if any, the
COMPANY shall have no liability for court
|
||||
costs and attorney's fees
incurred in defending all or part of such suit or
legal
|
||||
proceeding.
|
||||
If the amount demanded in any
such suit or legal proceeding is in excess of
the
|
||||
LIMIT OF LIABILITY stated in ITEM
2. of the DECLARATIONS for the applicable
|
||||
INSURING CLAUSE, the COMPANY'S
liability for court costs and attorney's fees
|
||||
incurred in defending all or part
of such suit or legal proceedings is limited to
the
|
||||
proportion of such court costs
and attorney's fees incurred that the LIMIT OF
|
||||
LIABILITY stated in ITEM 2. of
the DECLARATIONS for the applicable INSURING
|
||||
CLAUSE bears to the total of the
amount demanded in such suit or legal
|
||||
proceeding.
|
||||
If the amount demanded is any
such suit or legal proceeding is in excess of
the
|
||||
DEDUCTIBLE AMOUNT, if any, but
within the LIMIT OF LIABILITY stated in ITEM
|
||||
2.
|
of the DECLARATIONS for the
applicable INSURING CLAUSE, the
|
|||
COMPANY'S liability for court
costs and attorney's fees incurred in defending all
or
|
||||
part of such suit or legal
proceedings shall be limited to the proportion of
such
|
||||
court costs or attorney's fees
that the amount demanded that would be payable
|
||||
under this Bond after application
of the DEDUCTIBLE AMOUNT, bears to the total
|
||||
amount
demanded.
|
||||
Amounts paid by the COMPANY for
court costs and attorneys' fees shall be in
|
||||
addition to the LIMIT OF
LIABILITY stated in ITEM 2. of the
DECLARATIONS.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 7
of 19
|
Conditions
And
|
||||||||
Limitations
|
||||||||
Definitions
|
1.
|
As used in this
Bond:
|
||||||
a.
|
Computer
System
means a
computer and all input, output, processing,
|
|||||||
storage, off-line media
libraries, and communication facilities which
are
|
||||||||
connected to the computer and
which are under the control and supervision
|
||||||||
of the operating system(s) or
application(s) software used by the ASSURED.
|
||||||||
b.
|
Counterfeit
means an imitation
of an actual valid original which is intended
|
|||||||
to deceive and be taken as the
original.
|
||||||||
c.
|
Custodian
means the
institution designated by an
Investment
Company
to
|
|||||||
maintain possession and control
of its assets.
|
||||||||
d.
|
Customer
means an individual,
corporate, partnership, trust customer,
|
|||||||
shareholder or subscriber of an
Investment
Company
which has a
written
|
||||||||
agreement with the ASSURED for
Voice
Initiated Funds Transfer
|
||||||||
Instruction
.
|
||||||||
e.
|
Employee
means:
|
|||||||
(1)
|
an officer of the
ASSURED,
|
|||||||
(2)
|
a natural person while in the
regular service of the ASSURED at any of
|
|||||||
the ASSURED'S premises and
compensated directly by the ASSURED
|
||||||||
through its payroll system and
subject to the United States Internal
|
||||||||
Revenue Service Form W-2 or
equivalent income reporting plans of
|
||||||||
other countries, and whom the
ASSURED has the right to control and
|
||||||||
direct both as to the result to
be accomplished and details and means
|
||||||||
by which such result is
accomplished in the performance of such
|
||||||||
service,
|
||||||||
(3)
|
a guest student pursuing studies
or performing duties in any of the
|
|||||||
ASSURED'S
premises,
|
||||||||
(4)
|
an attorney retained by the
ASSURED and an employee of such
|
|||||||
attorney while either is
performing legal services for the ASSURED,
|
||||||||
(5)
|
a natural person provided by an
employment contractor to perform
|
|||||||
employee duties for the ASSURED
under the ASSURED'S supervision
|
||||||||
at any of the ASSURED'S
premises,
|
||||||||
(6)
|
an employee of an institution
merged or consolidated with the
|
|||||||
ASSURED prior to the effective
date of this Bond,
|
||||||||
(7)
|
a director or trustee of the
ASSURED, but only while performing acts
|
|||||||
within the scope of the customary
and usual duties of any officer or
|
||||||||
other employee of the ASSURED or
while acting as a member of any
|
||||||||
committee duly elected or
appointed to examine or audit or have
|
||||||||
custody of or access to
Property
of the ASSURED,
or
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 8
of 19
|
Conditions
And
|
||||||
Limitations
|
||||||
Definitions
|
(8)
|
each natural person, partnership
or corporation authorized by written
|
||||
(continued)
|
agreement with the ASSURED to
perform services as electronic data
|
|||||
processor of checks or other
accounting records related to such checks but
|
||||||
only while such person,
partnership or corporation is actually
performing
|
||||||
such services and
not:
|
||||||
a.
|
creating, preparing, modifying or
maintaining the ASSURED'S
|
|||||
computer software or programs,
or
|
||||||
b.
|
acting as transfer agent or in
any other agency capacity in issuing
|
|||||
checks, drafts or securities for
the ASSURED,
|
||||||
(9)
|
any partner, officer or employee
of an investment advisor, an underwriter
|
|||||
(distributor), a transfer agent
or shareholder accounting recordkeeper, or an
|
||||||
administrator, for an
Investment
Company
while
performing acts coming
|
||||||
within the scope of the customary
and usual duties of an officer or employee
|
||||||
of an
Investment
Company
or acting as
a member of any committee duly
|
||||||
elected or appointed to examine,
audit or have custody of or access to
|
||||||
Property
of
an Investment
Company
.
|
||||||
The term
Employee
shall not include
any partner, officer or employee of a
|
||||||
transfer agent, shareholder
accounting recordkeeper or administrator:
|
||||||
a.
|
which is not an "affiliated
person" (as defined in Section 2(a) of the
|
|||||
Investment Company Act of 1940)
of an
Investment
Company
or
of
|
||||||
the investment advisor or
underwriter (distributor) of such
Investment
|
||||||
Company
,
or
|
||||||
b.
|
which is a "bank" (as defined in
Section 2(a) of the Investment
|
|||||
Company Act of
1940).
|
||||||
This Bond does not afford
coverage in favor of the employers of
|
||||||
persons as set forth in e. (4),
(5) and (8) above, and upon payment to
|
||||||
the ASSURED by the COMPANY
resulting directly from
Larceny
or
|
||||||
Embezzlement
committed by any of
the partners, officers or
|
||||||
employees of such employers,
whether acting alone or in collusion
|
||||||
with others, an assignment of
such of the ASSURED'S rights and
|
||||||
causes of action as it may have
against such employers by reason of
|
||||||
such acts so committed shall, to
the extent of such payment, be given
|
||||||
by the ASSURED to the COMPANY,
and the ASSURED shall execute
|
||||||
all papers necessary to secure to
the COMPANY the rights provided
|
||||||
for
herein.
|
||||||
Each employer of persons as set
forth in e.(4), (5) and (8) above and the
|
||||||
partners, officers and other
employees of such employers shall collectively
|
||||||
be deemed to be one person for
all the purposes of this Bond; excepting,
|
||||||
however, the fifth paragraph of
Section 13.
|
||||||
Independent contractors not
specified in e.(4), (5) or (8) above,
|
||||||
intermediaries, agents, brokers
or other representatives of the same general
|
||||||
character shall not be considered
Employees
.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page 9
of 19
|
Conditions
And
|
||||
Limitations
|
||||
Definitions
|
f.
|
Forgery
means the signing of
the name of another natural person with the
|
||
(continued)
|
intent to deceive but does not
mean a signature which consists in whole or in
|
|||
part of one's own name, with or
without authority, in any capacity for any
|
||||
purpose.
|
||||
g.
|
Investment
Company
means any
investment company registered under the
|
|||
Investment Company Act of 1940
and listed under the NAME OF ASSURED
|
||||
on the
DECLARATIONS.
|
||||
h.
|
Items
of Deposit
means one
or more checks or drafts drawn upon a
|
|||
financial institution in the
United States of America.
|
||||
i.
|
Larceny
or Embezzlement
means larceny or embezzlement as
defined in
|
|||
Section 37 of the Investment
Company Act of 1940.
|
||||
j.
|
Property
means money, revenue
and other stamps; securities; including any
|
|||
note, stock, treasury stock,
bond, debenture, evidence of indebtedness,
|
||||
certificate of deposit,
certificate of interest or participation in any
profit-
|
||||
sharing agreement, collateral
trust certificate, preorganization certificate
or
|
||||
subscription, transferable share,
investment contract, voting trust certificate,
|
||||
certificate of deposit for a
security, fractional undivided interest in oil, gas,
or
|
||||
other mineral rights, any
interest or instruments commonly known as a
|
||||
security under the Investment
Company Act of 1940, any other certificate of
|
||||
interest or participation in,
temporary or interim certificate for, receipt
for,
|
||||
guarantee of, or warrant or right
to subscribe to or purchase any of the
|
||||
foregoing; bills of exchange;
acceptances; checks; withdrawal orders; money
|
||||
orders; travelers' letters of
credit; bills of lading; abstracts of title;
insurance
|
||||
policies, deeds, mortgages on
real estate and/or upon chattels and interests
|
||||
therein; assignments of such
policies, deeds or mortgages; other valuable
|
||||
papers, including books of
accounts and other records used by the
|
||||
ASSURED in the conduct of its
business (but excluding all electronic data
|
||||
processing records); and, all
other instruments similar to or in the nature of
|
||||
the foregoing in which the
ASSURED acquired an interest at the time of the
|
||||
ASSURED'S consolidation or merger
with, or purchase of the principal
|
||||
assets of, a predecessor or which
are held by the ASSURED for any
|
||||
purpose or in any capacity and
whether so held gratuitously or not and
|
||||
whether or not the ASSURED is
liable therefor.
|
||||
k.
|
Relative
means the spouse of
an
Employee
or partner of the
ASSURED
|
|||
and any unmarried child supported
wholly by, or living in the home of, such
|
||||
Employee
or partner and being
related to them by blood, marriage or legal
|
||||
guardianship.
|
||||
l.
|
Securities,
documents or other written instruments
means
original
|
|||
(including original counterparts)
negotiable or non-negotiable instruments, or
|
||||
assignments thereof, which in and
of themselves represent an equitable
|
||||
interest, ownership, or debt and
which are in the ordinary course of business
|
||||
transferable by delivery of such
instruments with any necessary
|
||||
endorsements or
assignments.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
10 of 19
|
Conditions
And
|
||||||
Limitations
|
||||||
Definitions
|
m.
|
Subsidiary
means any
organization that, at the inception date of this
Bond,
|
||||
(continued)
|
is named in the APPLICATION or is
created during the BOND PERIOD and
|
|||||
of which more than fifty percent
(50%) of the outstanding securities or voting
|
||||||
rights representing the present
right to vote for election of directors is owned
|
||||||
or controlled by the ASSURED
either directly or through one or more of its
|
||||||
subsidiaries.
|
||||||
n.
|
Transportation
Company
means any
organization which provides its own
|
|||||
or its leased vehicles for
transportation or which provides freight
forwarding
|
||||||
or air express
services.
|
||||||
o.
|
Voice
Initiated Election
means any election concerning
dividend options
|
|||||
available to
Investment
Company
shareholders
or subscribers which is
|
||||||
requested by voice over the
telephone.
|
||||||
p.
|
Voice
Initiated Redemption
means any redemption of shares
issued by an
|
|||||
Investment
Company
which is
requested by voice over the telephone.
|
||||||
q.
|
Voice
Initiated Funds Transfer Instruction
means
any
Voice
Initiated
|
|||||
Redemption
or
Voice
Initiated Election
.
|
||||||
For the purposes of these
definitions, the singular includes the plural and
the
|
||||||
plural includes the singular,
unless otherwise indicated.
|
||||||
General
Exclusions -
|
2.
|
This bond does
not directly or indirectly cover:
|
||||
Applicable to
All Insuring
|
a.
|
loss not reported to the COMPANY
in writing within sixty (60) days after
|
||||
Clauses
|
termination of this Bond as an
entirety;
|
|||||
b.
|
loss due to riot or civil
commotion outside the United States of America
and
|
|||||
Canada, or any loss due to
military, naval or usurped power, war or
|
||||||
insurrection. This Section 2.b.,
however, shall not apply to loss which occurs
|
||||||
in transit in the circumstances
recited in INSURING CLAUSE 3., provided
|
||||||
that when such transit was
initiated there was no knowledge on the part of
|
||||||
any person acting for the ASSURED
of such riot, civil commotion, military,
|
||||||
naval or usurped power, war or
insurrection;
|
||||||
c.
|
loss resulting from the effects
of nuclear fission or fusion or radioactivity;
|
|||||
d.
|
loss of potential income
including, but not limited to, interest and
dividends
|
|||||
not realized by the ASSURED or by
any customer of the ASSURED;
|
||||||
e.
|
damages of any type for which the
ASSURED is legally liable, except
|
|||||
compensatory damages, but not
multiples thereof, arising from a loss
|
||||||
covered under this
Bond;
|
||||||
f.
|
costs, fees and expenses incurred
by the ASSURED in establishing the
|
|||||
existence of or amount of loss
under this Bond, except to the extent covered
|
||||||
under INSURING CLAUSE
11.;
|
||||||
g.
|
loss resulting from indirect or
consequential loss of any
nature;
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
11 of 19
|
Conditions
And
|
||||||||||
Limitations
|
||||||||||
General
Exclusions -
|
h.
|
loss resulting from dishonest
acts by any member of the Board of Directors
|
||||||||
Applicable to
All Insuring
|
or Board of Trustees of the
ASSURED who is not an
Employee
,
acting
|
|||||||||
Clauses
|
alone or in collusion with
others;
|
|||||||||
(continued)
|
i.
|
loss, or that part of any loss,
resulting solely from any violation by the
|
||||||||
ASSURED or by any
Employee
:
|
||||||||||
(1)
|
of any law
regulating:
|
|||||||||
a.
|
the issuance, purchase or sale of
securities,
|
|||||||||
b.
|
securities transactions on
security or commodity exchanges or
|
|||||||||
the over the counter
market,
|
||||||||||
c.
|
investment
companies,
|
|||||||||
d.
|
investment advisors,
or
|
|||||||||
(2)
|
of any rule or regulation made
pursuant to any such law; or
|
|||||||||
j.
|
loss of confidential information,
material or data;
|
|||||||||
k.
|
loss resulting from voice
requests or instructions received over the
|
|||||||||
telephone, provided however, this
Section 2.k. shall not apply to INSURING
|
||||||||||
CLAUSE 7. or
9.
|
||||||||||
Specific
Exclusions -
|
3.
|
This Bond does
not directly or indirectly cover:
|
||||||||
Applicable To
All Insuring
|
a.
|
loss caused by an
Employee
, provided, however, this Section
3.a. shall not
|
||||||||
Clauses
Except Insuring
|
apply to loss covered under
INSURING CLAUSE 2. or 3. which results
|
|||||||||
Clause
1.
|
directly from misplacement,
mysterious unexplainable disappearance, or
|
|||||||||
damage or destruction of
Property
;
|
||||||||||
b.
|
loss through the surrender of
property away from premises of the ASSURED
|
|||||||||
as a result of a
threat:
|
||||||||||
(1)
|
to do bodily harm to any natural
person, except loss of
Property
in
|
|||||||||
transit in the custody of any
person acting as messenger of the
|
||||||||||
ASSURED, provided that when such
transit was initiated there was no
|
||||||||||
knowledge by the ASSURED of any
such threat, and provided further
|
||||||||||
that this Section 3.b. shall not
apply to INSURING CLAUSE 7., or
|
||||||||||
(2)
|
to do damage to the premises or
Property
of the
ASSURED;
|
|||||||||
c.
|
loss resulting from payments made
or withdrawals from any account
|
|||||||||
involving erroneous credits to
such account;
|
||||||||||
d.
|
loss involving
Items
of Deposit
which are
not finally paid for any reason
|
|||||||||
provided however, that this
Section 3.d. shall not apply to INSURING
|
||||||||||
CLAUSE
10.;
|
||||||||||
e.
|
loss of property while in the
mail;
|
|
Conditions
And
|
||||||
Limitations
|
||||||
Specific
Exclusions -
|
f.
|
loss resulting from the failure
for any reason of a financial or depository
|
||||
Applicable To
All Insuring
|
institution, its receiver or
other liquidator to pay or deliver funds or
other
|
|||||
Clauses
Except Insuring
|
Property
to the ASSURED
provided further that this Section 3.f. shall
not
|
|||||
Clause
1.
|
apply to loss of
Property
resulting directly
from robbery, burglary,
|
|||||
(continued)
|
misplacement, mysterious
unexplainable disappearance, damage,
|
|||||
destruction or removal from the
possession, custody or control of the
|
||||||
ASSURED.
|
||||||
g.
|
loss of
Property
while in the custody
of a
Transportation
Company
,
|
|||||
provided however, that this
Section 3.g. shall not apply to INSURING
|
||||||
CLAUSE
3.;
|
||||||
h.
|
loss resulting from entries or
changes made by a natural person with
|
|||||
authorized access to a
Computer
System
who acts in
good faith on
|
||||||
instructions, unless such
instructions are given to that person by a
software
|
||||||
contractor or its partner,
officer, or employee authorized by the ASSURED
to
|
||||||
design, develop, prepare, supply,
service, write or implement programs for
|
||||||
the ASSURED's
Computer
System
;
or
|
||||||
i.
|
loss resulting directly or
indirectly from the input of data into a
Computer
|
|||||
System
terminal, either on
the premises of the customer of the ASSURED
|
||||||
or under the control of such a
customer, by a customer or other person who
|
||||||
had authorized access to the
customer's authentication mechanism.
|
||||||
Specific
Exclusions -
|
4.
|
This bond does
not directly or indirectly cover:
|
||||
Applicable To
All Insuring
|
a.
|
loss resulting from the complete
or partial non-payment of or default on any
|
||||
Clauses
Except Insuring
|
loan whether such loan was
procured in good faith or through trick,
artifice,
|
|||||
Clauses 1.,
4., And 5.
|
fraud or false pretenses;
provided, however, this Section 4.a. shall not
apply
|
|||||
to INSURING CLAUSE
8.;
|
||||||
b.
|
loss resulting from forgery or
any alteration;
|
|||||
c.
|
loss involving a counterfeit
provided, however, this Section 4.c. shall not
|
|||||
apply to INSURING CLAUSE 5. or
6.
|
||||||
Limit Of
Liability/Non-
|
5.
|
At all times prior to termination
of this Bond, this Bond shall continue in force
for
|
||||
Reduction And
Non-
|
the limit stated in the
applicable sections of ITEM 2. of the
DECLARATIONS,
|
|||||
Accumulation
Of Liability
|
notwithstanding any previous loss
for which the COMPANY may have paid or be
|
|||||
liable to pay under this Bond
provided, however, that the liability of the
COMPANY
|
||||||
under this Bond with respect to
all loss resulting from:
|
||||||
a.
|
any one act of burglary, robbery
or hold-up, or attempt thereat, in which no
|
|||||
Employee
is concerned or
implicated, or
|
||||||
b.
|
any one unintentional or
negligent act on the part of any one person
|
|||||
resulting in damage to or
destruction or misplacement of
Property
, or
|
||||||
c.
|
all acts, other than those
specified in a. above, of any one person,
or
|
|
Conditions
And
|
||||||
Limitations
|
||||||
Limit Of
Liability/Non-
|
d.
|
any one casualty or event other
than those specified in a., b., or c. above,
|
||||
Reduction And
Non-
|
shall be deemed to be one loss
and shall be limited to the applicable LIMIT OF
|
|||||
Accumulation
Of Liability
|
LIABILITY stated in ITEM 2. of
the DECLARATIONS of this Bond irrespective of
|
|||||
(continued)
|
the total amount of such loss or
losses and shall not be cumulative in amounts
|
|||||
from year to year or from period
to period.
|
||||||
All acts, as specified in c.
above, of any one person which
|
||||||
i.
|
directly or indirectly aid in any
way wrongful acts of any other person or
|
|||||
persons,
or
|
||||||
ii.
|
permit the continuation of
wrongful acts of any other person or persons
|
|||||
whether such acts are committed
with or without the knowledge of the wrongful
|
||||||
acts of the person so aided, and
whether such acts are committed with or without
|
||||||
the intent to aid such other
person, shall be deemed to be one loss with the
|
||||||
wrongful acts of all persons so
aided.
|
||||||
Discovery
|
6.
|
This Bond applies only to loss
first discovered by an officer of the ASSURED
|
||||
during the BOND PERIOD. Discovery
occurs at the earlier of an officer of the
|
||||||
ASSURED being aware
of:
|
||||||
a.
|
facts which may subsequently
result in a loss of a type covered by this Bond,
|
|||||
or
|
||||||
b.
|
an actual or potential claim in
which it is alleged that the ASSURED is liable
|
|||||
to a third
party,
|
||||||
regardless of when the act or
acts causing or contributing to such loss
occurred,
|
||||||
even though the amount of loss
does not exceed the applicable DEDUCTIBLE
|
||||||
AMOUNT, or the exact amount or
details of loss may not then be known.
|
||||||
Notice To
Company -
|
7.
|
a.
|
The ASSURED shall give the
COMPANY notice thereof at the earliest
|
|||
Proof - Legal
Proceedings
|
practicable moment, not to exceed
sixty (60) days after discovery of loss, in
|
|||||
Against
Company
|
an amount that is in excess of
50% of the applicable DEDUCTIBLE
|
|||||
AMOUNT, as stated in ITEM 2. of
the DECLARATIONS.
|
||||||
b.
|
The ASSURED shall furnish to the
COMPANY proof of loss, duly sworn to,
|
|||||
with full particulars within six
(6) months after such discovery.
|
||||||
c.
|
Securities listed in a proof of
loss shall be identified by certificate or bond
|
|||||
numbers, if issued with
them.
|
||||||
d.
|
Legal proceedings for the
recovery of any loss under this Bond shall not
be
|
|||||
brought prior to the expiration
of sixty (60) days after the proof of loss is
filed
|
||||||
with the COMPANY or after the
expiration of twenty-four (24) months from
|
||||||
the discovery of such
loss.
|
||||||
e.
|
This Bond affords coverage only
in favor of the ASSURED. No claim, suit,
|
|||||
action or legal proceedings shall
be brought under this Bond by anyone
|
||||||
other than the
ASSURED.
|
|
Conditions
And
|
||||||
Limitations
|
||||||
Notice To
Company -
|
f.
|
Proof
of loss involving
Voice
Initiated Funds Transfer Instruction
shall
|
||||
Proof - Legal
Proceedings
|
include electronic recordings of
such instructions.
|
|||||
Against
Company
|
||||||
(continued)
|
||||||
Deductible
Amount
|
8.
|
The COMPANY shall not be liable
under any INSURING CLAUSES of this Bond
|
||||
on account of loss unless the
amount of such loss, after deducting the net
amount
|
||||||
of all reimbursement and/or
recovery obtained or made by the ASSURED, other
|
||||||
than from any Bond or policy of
insurance issued by an insurance company and
|
||||||
covering such loss, or by the
COMPANY on account thereof prior to payment by
|
||||||
the COMPANY of such loss, shall
exceed the DEDUCTIBLE AMOUNT set forth in
|
||||||
ITEM 3. of the DECLARATIONS, and
then for such excess only, but in no event
|
||||||
for more than the applicable
LIMITS OF LIABILITY stated in ITEM 2. of the
|
||||||
DECLARATIONS.
|
||||||
There shall be no deductible
applicable to any loss under INSURING CLAUSE 1.
|
||||||
sustained by any
Investment
Company
.
|
||||||
Valuation
|
9.
|
BOOKS OF
ACCOUNT OR OTHER RECORDS
|
||||
The value of any loss of
Property
consisting of books
of account or other records
|
||||||
used by the ASSURED in the
conduct of its business shall be the amount paid
by
|
||||||
the ASSURED for blank books,
blank pages, or other materials which replace
the
|
||||||
lost books of account or other
records, plus the cost of labor paid by the
|
||||||
ASSURED for the actual
transcription or copying of data to reproduce such
books
|
||||||
of account or other
records.
|
||||||
The value of any loss of
Property
other than books of
account or other records
|
||||||
used by the ASSURED in the
conduct of its business, for which a claim is
made
|
||||||
shall be determined by the
average market value of such
Property
on
the
|
||||||
business day immediately
preceding discovery of such loss provided,
however,
|
||||||
that the value of any
Property
replaced by the
ASSURED with the consent of the
|
||||||
COMPANY and prior to the
settlement of any claim for such
Property
shall be
the
|
||||||
actual market value at the time
of replacement.
|
||||||
In the case of a loss of interim
certificates, warrants, rights or other securities,
the
|
||||||
production of which is necessary
to the exercise of subscription, conversion,
|
||||||
redemption or deposit privileges,
the value of them shall be the market value of
|
||||||
such privileges immediately
preceding their expiration if said loss is not
discovered
|
||||||
until after their expiration. If
no market price is quoted for such
Property
or
for
|
||||||
such privileges, the value shall
be fixed by agreement between the parties.
|
||||||
OTHER
PROPERTY
|
||||||
The value of any loss of
Property
, other than as stated above,
shall be the actual
|
||||||
cash value or the cost of
repairing or replacing such
Property
with
Property
of
|
||||||
like quality and value, whichever
is less.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
15 of 19
|
Conditions
And
|
||||||
Limitations
|
||||||
(continued)
|
||||||
Securities
Settlement
|
10.
|
In the event of a loss of
securities covered under this Bond, the COMPANY
may,
|
||||
at its sole discretion, purchase
replacement securities, tender the value of the
|
||||||
securities in money, or issue its
indemnity to effect replacement securities.
|
||||||
The indemnity required from the
ASSURED under the terms of this Section
|
||||||
against all loss, cost or expense
arising from the replacement of securities by
the
|
||||||
COMPANY'S indemnity shall
be:
|
||||||
a.
|
for securities having a value
less than or equal to the applicable
|
|||||
DEDUCTIBLE AMOUNT - one hundred
(100%) percent;
|
||||||
b.
|
for securities having a value in
excess of the DEDUCTIBLE AMOUNT but
|
|||||
within the applicable LIMIT OF
LIABILITY - the percentage that the
|
||||||
DEDUCTIBLE AMOUNT bears to the
value of the securities;
|
||||||
c.
|
for securities having a value
greater than the applicable LIMIT OF LIABILITY
|
|||||
- the percentage that the
DEDUCTIBLE AMOUNT and portion in excess of
|
||||||
the applicable LIMIT OF LIABILITY
bears to the value of the securities.
|
||||||
The value referred to in Section
10.a., b., and c. is the value in accordance
with
|
||||||
Section 9, VALUATION, regardless
of the value of such securities at the time the
|
||||||
loss under the COMPANY'S
indemnity is sustained.
|
||||||
The COMPANY is not required to
issue its indemnity for any portion of a loss of
|
||||||
securities which is not covered
by this Bond; however, the COMPANY may do so
|
||||||
as a courtesy to the ASSURED and
at its sole discretion.
|
||||||
The ASSURED shall pay the
proportion of the Company's premium charge for
the
|
||||||
Company's indemnity as set forth
in Section 10.a., b., and c. No portion of the
|
||||||
LIMIT OF LIABILITY shall be used
as payment of premium for any indemnity
|
||||||
purchased by the ASSURED to
obtain replacement securities.
|
||||||
Subrogation –
Assignment -
11.
|
In the event of a payment under
this Bond, the COMPANY shall be subrogated to
|
|||||
Recovery
|
all of the ASSURED'S rights of
recovery against any person or entity to the
extent
|
|||||
of such payment. On request, the
ASSURED shall deliver to the COMPANY an
|
||||||
assignment of the ASSURED'S
rights, title and interest and causes of action
|
||||||
against any person or entity to
the extent of such payment.
|
||||||
Recoveries, whether effected by
the COMPANY or by the ASSURED, shall be
|
||||||
applied net of the expense of
such recovery in the following order:
|
||||||
a.
|
first, to the satisfaction of the
ASSURED'S loss which would otherwise have
|
|||||
been paid but for the fact that
it is in excess of the applicable LIMIT OF
|
||||||
LIABILITY,
|
||||||
b.
|
second, to the COMPANY in
satisfaction of amounts paid in settlement of
|
|||||
the ASSURED'S
claim,
|
||||||
c.
|
third, to the ASSURED in
satisfaction of the applicable DEDUCTIBLE
|
|||||
AMOUNT,
and
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
16 of 19
|
Conditions
And
|
||||||
Limitations
|
||||||
Subrogation -
Assignment -
|
d.
|
fourth, to the ASSURED in
satisfaction of any loss suffered by the
|
||||
Recovery
|
ASSURED which was not covered
under this Bond.
|
|||||
(continued)
|
Recovery from reinsurance or
indemnity of the COMPANY shall not be deemed a
|
|||||
recovery under this
section.
|
||||||
Cooperation
Of Assured
|
12.
|
At the COMPANY'S request and at
reasonable times and places designated by
|
||||
the COMPANY, the ASSURED
shall:
|
||||||
a.
|
submit to examination by the
COMPANY and subscribe to the same under
|
|||||
oath,
|
||||||
b.
|
produce for the COMPANY'S
examination all pertinent records, and
|
|||||
c.
|
cooperate with the COMPANY in all
matters pertaining to the loss.
|
|||||
The ASSURED shall execute all
papers and render assistance to secure to the
|
||||||
COMPANY the rights and causes of
action provided for under this Bond. The
|
||||||
ASSURED shall do nothing after
loss to prejudice such rights or causes of
action.
|
||||||
Termination
|
13.
|
If the Bond is for a sole
ASSURED, it shall not be terminated unless written
notice
|
||||
shall have been given by the
acting party to the affected party and to the
|
||||||
Securities and Exchange
Commission, Washington, D.C., not less than sixty
(60)
|
||||||
days prior to the effective date
of such termination.
|
||||||
If the Bond is for a joint
ASSURED, it shall not be terminated unless written
notice
|
||||||
shall have been given by the
acting party to the affected party, and by the
|
||||||
COMPANY to all ASSURED
Investment
Companies
and to the
Securities and
|
||||||
Exchange Commission, Washington,
D.C., not less than sixty (60) days prior to
|
||||||
the effective date of such
termination.
|
||||||
This Bond will terminate as to
any one ASSURED, other than an
Investment
|
||||||
Company
:
|
||||||
a.
|
immediately on the taking over of
such ASSURED by a receiver or other
|
|||||
liquidator or by State or Federal
officials, or
|
||||||
b.
|
immediately on the filing of a
petition under any State or Federal statute
|
|||||
relative to bankruptcy or
reorganization of the ASSURED, or assignment for
|
||||||
the benefit of creditors of the
ASSURED, or
|
||||||
c.
|
immediately upon such ASSURED
ceasing to exist, whether through merger
|
|||||
into another entity, disposition
of all of its assets or otherwise.
|
||||||
The COMPANY shall refund the
unearned premium computed at short rates in
|
||||||
accordance with the standard
short rate cancellation tables if terminated by
the
|
||||||
ASSURED or pro rata if terminated
for any other reason.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
17 of 19
|
Conditions
And
|
||||||
Limitations
|
||||||
Termination
|
If any partner, director,
trustee, or officer or supervisory employee of
an
|
|||||
(continued)
|
ASSURED not acting in collusion
with an
Employee
learns of any
dishonest act
|
|||||
committed by such
Employee
at any time, whether
in the employment of the
|
||||||
ASSURED or otherwise, whether or
not such act is of the type covered under this
|
||||||
Bond, and whether against the
ASSURED or any other person or entity, the
|
||||||
ASSURED:
|
||||||
a.
|
shall immediately remove such
Employee
from a position that
would enable
|
|||||
such
Employee
to cause the ASSURED
to suffer a loss covered by this
|
||||||
Bond;
and
|
||||||
b.
|
within forty-eight (48) hours of
learning that an
Employee
has
committed
|
|||||
any dishonest act, shall notify
the COMPANY, of such action and provide full
|
||||||
particulars of such dishonest
act.
|
||||||
The COMPANY may terminate
coverage as respects any
Employee
sixty
(60)
|
||||||
days after written notice is
received by each ASSURED
Investment
Company
|
||||||
and the Securities and Exchange
Commission, Washington, D.C. of its desire to
|
||||||
terminate this Bond as to such
Employee
.
|
||||||
Other
Insurance
|
14.
|
Coverage under this Bond shall
apply only as excess over any valid and
collectible
|
||||
insurance, indemnity or
suretyship obtained by or on behalf of:
|
||||||
a.
|
the
ASSURED,
|
|||||
b.
|
a
Transportation
Company
,
or
|
|||||
c.
|
another entity on whose premises
the loss occurred or which employed the
|
|||||
person causing the loss or
engaged the messenger conveying the
Property
|
||||||
involved.
|
||||||
Conformity
|
15.
|
If any limitation within this
Bond is prohibited by any law controlling this
Bond's
|
||||
construction, such limitation
shall be deemed to be amended so as to equal the
|
||||||
minimum period of limitation
provided by such law.
|
||||||
Change or
Modification
|
16.
|
This Bond or any instrument
amending or affecting this Bond may not be
changed
|
||||
or modified orally. No change in
or modification of this Bond shall be effective
|
||||||
except when made by written
endorsement to this Bond signed by an authorized
|
||||||
representative of the
COMPANY.
|
||||||
If this Bond is for a sole
ASSURED, no change or modification which would
|
||||||
adversely affect the rights of
the ASSURED shall be effective prior to sixty
(60)
|
||||||
days after written notice has
been furnished to the Securities and Exchange
|
||||||
Commission, Washington, D.C., by
the acting party.
|
|
Conditions
And
|
||
Limitations
|
||
Change or
Modification
|
If this Bond is for a joint
ASSURED, no charge or modification which would
|
|
(continued)
|
adversely affect the rights of
the ASSURED shall be effective prior to sixty
(60)
|
|
days after written notice has
been furnished to all insured
Investment
Companies
|
||
and to the Securities and
Exchange Commission, Washington, D.C., by the
|
||
COMPANY.
|
ICAP Bond
(5-98)
Form 17-02-1421 (Ed. 5-98) Page
19 of 19
|
VIGILANT
INSURANCE COMPANY
|
||
Endorsement
No:
|
1
|
|
Bond
Number:
|
82126650
|
|
NAME OF ASSURED: BLACKROCK EQUITY
- LIQUIDITY COMPLEX
|
||
AMEND NAME OF
ASSURED ENDORSEMENT
|
||
It is agreed that NAME OF ASSURED
of the DECLARATIONS for this Bond is amended to include
the
|
||
following:
|
||
BlackRock Developing Capital
Markets Fund, Inc.
|
||
BlackRock Financial Institutions
Series Trust:
|
||
BlackRock
Funds
|
||
Global Financial Services Master
LLC
|
||
BlackRock Global Financial
Services Fund, Inc.
|
||
BlackRock Healthcare Fund,
Inc.
|
||
Quantitative Master Series
LLC
|
||
BlackRock Index Funds,
Inc.
|
||
BlackRock Master
LLC
|
||
BlackRock Series,
Inc.
|
||
Master Large Cap Series
LLC
|
||
BlackRock Large Cap Series Funds,
Inc.
|
||
BlackRock Latin America Fund,
Inc.
|
||
BlackRock Liquidity
Funds
|
||
BlackRock Pacific Fund,
Inc.
|
||
BlackRock Technology Fund, Inc.
(formerly Global Technology)
|
||
CMA Multi-State Municipal Series
Trust
|
||
Master Government Securities
LLC
|
||
CMA Government Securities
Fund
|
||
WCMA Government Securities
Fund
|
||
Master Money
LLC
|
||
CMA Money
Fund
|
||
WCMA Money
Fund
|
||
Master Tax-Exempt
LLC
|
||
CMA Tax-Exempt
Fund
|
||
WCMA Tax-Exempt
Fund
|
||
Master Treasury
LLC
|
||
CMA Treasury
Fund
|
||
WCMA Treasury
Fund
|
||
Merrill Lynch Institutional Money
Market LLC
|
||
Merrill Lynch Funds for
Institutions Series
|
||
Merrill Lynch Ready Assets
Trust
|
||
Merrill Lynch Retirement Series
Trust
|
||
Merrill Lynch U.S. Treasury Money
Fund
|
||
Merrill Lynch U.S.A. Government
Reserves
|
ICAP Bond
Form 17-02-6272 (Ed. 8-04) Page
1
|
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.
|
VIGILANT
INSURANCE COMPANY
|
||||||||
Endorsement No.:
2
|
||||||||
Bond
Number:
|
82126650
|
|||||||
NAME OF
ASSURED:
|
BLACKROCK EQUITY - LIQUIDITY
COMPLEX
|
|||||||
TELEFACSIMILE
INSTRUCTION FRAUD ENDORSEMENT
|
||||||||
It is agreed that this Bond is
amended as follows:
|
||||||||
1.
|
By adding the following INSURING
CLAUSE:
|
|||||||
12.
|
Telefacsimile
Instruction
|
|||||||
Loss resulting directly from the
ASSURED having transferred, paid or delivered any
funds
|
||||||||
or other
Property
or established any
credit, debited any account or given any value on
the
|
||||||||
faith of any fraudulent
instructions sent by a
Customer
, financial institution or
another
|
||||||||
office of the ASSURED by
Telefacsimile
directly to the
ASSURED authorizing or
|
||||||||
acknowledging the transfer,
payment or delivery of funds or
Property
or
the
|
||||||||
establishment of a credit or the
debiting of an account or the giving of value by
the
|
||||||||
ASSURED where such
Telefacsimile
instructions:
|
||||||||
a.
|
bear a valid test key exchanged
between the ASSURED and a
Customer
or
|
|||||||
another financial institution
with authority to use such test key for
Telefacsimile
|
||||||||
instructions in the ordinary
course of business, but which test key has been
|
||||||||
wrongfully obtained by a person
who was not authorized to initiate, make,
validate
|
||||||||
or authenticate a test key
arrangement, and
|
||||||||
b.
|
fraudulently purport to have been
sent by such
Customer
or financial
institution
|
|||||||
when such
Telefacsimile
instructions were
transmitted without the knowledge or
|
||||||||
consent of such
Customer
or financial
institution by a person other than such
|
||||||||
Customer
or financial
institution and which bear a
Forgery
of a
signature,
|
||||||||
provided that the
Telefacsimile
instruction was
verified by a direct call back to an
|
||||||||
employee of the financial
institution, or a person thought by the ASSURED to
be
|
||||||||
the
Customer
, or an employee of another
financial institution.
|
||||||||
2.
|
By deleting from Section 1.,
Definitions, the definition of
Customer
in its entirety, and
substituting
|
|||||||
the
following:
|
||||||||
d.
|
Customer
means an individual,
corporate, partnership, trust customer, shareholder
or
|
|||||||
subscriber of an Investment
Company which has a written agreement with the
ASSURED
|
||||||||
for
Voice
Initiated Funds Transfer Instruction
or
Telefacsimile
Instruction.
|
ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page
1
|
3.
|
By adding to Section 1.,
Definitions, the following:
|
|||
r.
|
Telefacsimile
means a system of
transmitting written documents by electronic
signals
|
|||
over telephone lines to equipment
maintained by the ASSURED for the purpose of
|
||||
reproducing a copy of said
document.
Telefacsimile
does not mean
electronic
|
||||
communication sent by Telex or
similar means of communication, or through an
|
||||
electronic communication system
or through an automated clearing house.
|
||||
4.
|
By adding to Section 3., Specific
Exclusions Applicable to All Insuring Clauses Except
Insuring
|
|||
Clause 1. the
following:
|
||||
j.
|
loss resulting directly or
indirectly from
Telefacsimile
instructions
provided, however, this
|
|||
exclusion shall not apply to this
INSURING CLAUSE.
|
||||
This Endorsement applies to loss
discovered after 12:01 a.m. on November 1, 2007.
|
||||
ALL OTHER TERMS AND CONDITIONS OF
THIS BOND REMAIN UNCHANGED.
|
ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page
2
|
VIGILANT
INSURANCE COMPANY
|
||
Endorsement No.:
3
|
||
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, 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
|
||||||
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.
|
ENDORSEMENT/RIDER
|
||||
Effective date
of
|
||||
this endorsement/rider: November
1, 2007
|
VIGILANT
INSURANCE COMPANY
|
|||
Endorsement/Rider No.
5
|
|
|||
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.
|
Effective date
of
|
||||
this endorsement: November 1,
2007
|
VIGILANT
INSURANCE COMPANY
|
|||
Endorsement No.:
6
|
||||
To be attached to and form a part
of Bond
|
||||
Number:
|
82126650
|
|||
Issued to: BLACKROCK EQUITY -
LIQUIDITY COMPLEX
|
||||
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.
|
VIGILANT
INSURANCE COMPANY
|
||||
Endorsement No.: 7 | ||||
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:
|
|||||
“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
.
|
|
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
|
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
$10,000,000
|
||
By
|
||
Attorney-in-Fact
|
ICAP Bond
Form 17-02-2836 (Ed. 5-02) Page
2
|
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)
|
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.
|
VIGILANT
INSURANCE COMPANY
|
||
Endorsement
No.:
8
|
||
Bond Number:
82126650
|
NAME OF ASSURED: BLACKROCK EQUITY
- LIQUIDITY COMPLEX
|
||
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.
|
VIGILANT
INSURANCE COMPANY
|
||
Endorsement No:
9
|
||
Bond Number:
82126650
|
NAME OF ASSURED: BLACKROCK EQUITY
- LIQUIDITY COMPLEX
|
||
AMEND NAME OF
ASSURED ENDORSEMENT
|
||
It is agreed that NAME OF ASSURED
of the DECLARATIONS for this Bond is amended to include
the
|
||
following:
|
||
BlackRock Developing Capital
Markets Fund, Inc.
|
||
BlackRock Financial Institutions
Series Trust
|
||
BlackRock
Funds
|
||
Global Financial Services Master
LLC
|
||
BlackRock Global Financial
Services Fund, Inc.
|
||
BlackRock Healthcare Fund,
Inc.
|
||
Quantitative Master Series
LLC
|
||
BlackRock Index Funds,
Inc.
|
||
BlackRock Master
LLC
|
||
BlackRock Series,
Inc.
|
||
Master Large Cap Series
LLC
|
||
BlackRock Large Cap Series Funds,
Inc.
|
||
BlackRock Latin America Fund,
Inc.
|
||
BlackRock Liquidity
Funds
|
||
BlackRock Pacific Fund,
Inc.
|
||
BlackRock Technology Fund, Inc.
(formerly Global Technology)
|
||
CMA Multi-State Municipal Series
Trust
|
||
Master Government Securities
LLC
|
||
CMA Government Securities
Fund
|
||
WCMA Government Securities
Fund
|
||
Master Money
LLC
|
||
CMA Money
Fund
|
||
WCMA Money
Fund
|
||
Master Tax-Exempt
LLC
|
||
CMA Tax-Exempt
Fund
|
||
WCMA Tax-Exempt
Fund
|
||
Master Treasury
LLC
|
||
CMA Treasury
Fund
|
||
WCMA Treasury
Fund
|
||
Merrill Lynch Institutional Money
Market LLC
|
||
Merrill Lynch Funds for
Institutions Series
|
||
Merrill Lynch Ready Assets
Trust
|
||
Merrill Lynch Retirement Series
Trust
|
||
Merrill Lynch U.S. Treasury Money
Fund
|
||
Merrill Lynch U.S.A. Government
Reserves
|
ICAP Bond
|
|
Form 17-02-6272 (Ed. 8-04)
Page
1
|
|
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
2
|
|
NAME OF ASSURED: BLACKROCK EQUITY
- LIQUIDITY COMPLEX
|
||
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 March 17, 2008.
|
||
ALL OTHER TERMS AND CONDITIONS OF
THIS BOND REMAIN UNCHANGED.
|
VIGILANT
INSURANCE COMPANY
|
||
Endorsement No:
11
|
||
Bond Number:
82126650
|
NAME OF ASSURED: BLACKROCK EQUITY
- LIQUIDITY COMPLEX
|
||
AMEND NAME OF
ASSURED ENDORSEMENT
|
||
It is agreed that NAME OF ASSURED
of the DECLARATIONS for this Bond is amended to include
the
|
||
following:
|
||
BlackRock Global Emerging Markets
Fund, Inc. (f/k/a BlackRock Developing Capital Markets Fund,
Inc.)
|
||
BlackRock Financial Institutions
Series Trust
|
||
BlackRock
Funds
|
||
Global Financial Services Master
LLC
|
||
BlackRock Global Financial
Services Fund, Inc.
|
||
BlackRock Healthcare Fund,
Inc.
|
||
Quantitative Master Series
LLC
|
||
BlackRock Index Funds,
Inc.
|
||
BlackRock Master
LLC
|
||
BlackRock Series,
Inc.
|
||
Master Large Cap Series
LLC
|
||
BlackRock Large Cap Series Funds,
Inc.
|
||
BlackRock Latin America Fund,
Inc.
|
||
BlackRock Liquidity
Funds
|
||
BlackRock Pacific Fund,
Inc.
|
||
BlackRock Technology Fund, Inc.
(formerly Global Technology)
|
||
CMA Multi-State Municipal Series
Trust
|
||
Master Government Securities
LLC
|
||
CMA Government Securities
Fund
|
||
WCMA Government Securities
Fund
|
||
Master Money
LLC
|
||
CMA Money
Fund
|
||
WCMA Money
Fund
|
||
Master Tax-Exempt
LLC
|
||
CMA Tax-Exempt
Fund
|
||
WCMA Tax-Exempt
Fund
|
||
Master Treasury
LLC
|
||
CMA Treasury
Fund
|
||
WCMA Treasury
Fund
|
||
Merrill Lynch Institutional Money
Market LLC
|
||
Merrill Lynch Funds for
Institutions Series
|
||
Merrill Lynch Ready Assets
Trust
|
||
Merrill Lynch Retirement Series
Trust
|
||
Merrill Lynch U.S. Treasury Money
Fund
|
||
Merrill Lynch U.S.A. Government
Reserves
|
ICAP Bond
|
|
Form 17-02-6272 (Ed. 8-04)
Page
1
|
|
This Endorsement applies to loss
discovered after 12:01 a.m. on March 17, 2008.
|
ALL OTHER TERMS AND CONDITIONS OF
THIS BOND REMAIN UNCHANGED.
|
ICAP Bond
|
|
Form 17-02-6272 (Ed. 8-04)
Page
2
|
|
|
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.
|
|
/s/ Donald C. Burke | ||
Name: | Donald C. Burke | ||
Title: | Chief Executive Officer of each Fund listed on Schedule A | ||
By:
|
/s/
Edward Baer
|
||
Edward
Baer, Esq.
|
|||
Assistant
Secretary
|
|||
Dated:
June 18, 2008
|
Fund
|
Net
Assets as of September 30, 2007
|
Minimum Bond
Requirement under
Rule
17g-1
|
BlackRock
Financial Institutions Series Trust
|
58,900,000
|
400,000
|
BlackRock
Funds
SM
|
15,128,579,908
|
2,500,000
|
BlackRock
Global Emerging Markets Fund, Inc.
|
306,212,872.74
|
750,000
|
Global
Financial Services Master LLC/
BlackRock
Global Financial Services Fund, Inc.
|
95,111,910
|
450,000
|
BlackRock
Healthcare Fund, Inc.
|
463,131,521
|
750,000
|
BlackRock
Latin America Fund, Inc.
|
682,537,780
|
900,000
|
BlackRock
Liquidity Funds
|
85,690,080,148
|
2,500,000
|
BlackRock
Master LLC/
BlackRock
Series, Inc.
|
681,059,389
|
900,000
|
BlackRock
Pacific Fund, Inc.
|
1,110,328,965
|
1,250,000
|
BlackRock
Technology Fund, Inc.
|
205,541,113
|
600,000
|
CMA
Multi-State Municipal Series Trust
|
10,447,999,660
|
2,500,000
|
Master
Institutional Money Market LLC
|
67,762,100,000
|
2,500,000
|
Merrill
Lynch Funds for Institutions Series
|
7,975,000,000
|
2,500,000
|
Master
Large Cap Series LLC/
BlackRock
Large Cap Series Funds, Inc.
|
11,700,000,000
|
2,500,000
|
Master
Government Securities LLC/
CMA
Government Securities Fund/
WCMA
Government Securities Fund
|
1,064,880,033
|
1,250,000
|
Master
Money LLC/
CMA
Money Fund/
WCMA
Money Fund
|
18,672,811,956
|
2,500,000
|
Master
Tax-Exempt LLC/
CMA
Tax-Exempt LLC/
WCMA
Tax-Exempt LLC
|
10,631,636,962
|
2,500,000
|
Master
Treasury LLC/
CMA
Treasury Fund/
WCMA
Treasury Fund
|
1,421,660,268
|
1,500,000
|
Merrill
Lynch Ready Assets Trust
|
4,911,063,658
|
2,500,000
|
Merrill
Lynch Retirement Series Trust
|
4,648,709,414
|
2,500,000
|
Merrill
Lynch U.S. Treasury Money Fund
|
129,011,611
|
525,000
|
Merrill
Lynch U.S.A. Government Reserves
|
128,187,763
|
525,000
|
Quantitative
Master Series LLC/
BlackRock
Index Funds, Inc.
|
7,910,091,164
|
2,500,000
|
1 Year Cma Treasury Fund Chart |
1 Month Cma Treasury Fund Chart |
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