Edgar Filing: BLACKROCK APEX MUNICIPAL FUND INC

blackrock4017g.htm

BLACKROCK CLOSED-END FUNDS

November 20, 2009

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Ladies and Gentlemen:

In accordance with Rule 17g-1 of the Investment Company Act of 1940, as amended (the "1940 Act"), enclosed, on behalf of each BlackRock closed-end fund (each, a "Fund" and collectively, the “Funds”) listed on Annex A hereto, are the following documents:

·	A copy of the Joint Fidelity Bond of the Funds;

·	A copy of the Joint Insured Bond Agreement among the Funds;

A copy of the resolutions of the Board of Directors/Trustees (the "Board") of each Fund (except for BlackRock Fixed Income Value Opportunities) approving the Joint Fidelity Bond, adopted by a majority of the members of the Board who are not "interested persons" as defined by section 2(a)(19) of the 1940 Act on September 11, 2008;

·	A copy of the resolutions of the Board of BlackRock Fixed Income Value Opportunities approving the Joint Fidelity Bond, adopted by a majority of the members of the Board who are not "interested persons" as defined by section 2(a)(19) of the 1940 Act on December 5, 2008; and

·	A statement showing the amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under the Joint Fidelity Bond.

The premiums for the Joint Fidelity Bond have been paid for the period from November 1, 2008 to November 1, 2009 for each Fund (except for BlackRock Fixed Income Value Opportunities). The premiums for the Joint Fidelity Bond have been paid for the period from February 27, 2009 to November 1, 2009 for BlackRock Fixed Income Value Opportunities.

Sincerely,

/s/ Howard B. Surloff__

Howard B. Surloff

Secretary of the Funds

Annex A

1	BlackRock Dividend Achievers Trust
2	BlackRock EcoSolutions Investment Trust
3	BlackRock Enhanced Capital and Income Fund, Inc.
4	BlackRock Enhanced Dividend Achievers Trust
5	BlackRock Energy and Resources Trust
6	BlackRock Global Opportunities Equity Trust
7	BlackRock Health Sciences Trust
8	BlackRock International Growth and Income Trust
9	BlackRock Credit Allocation Income Trust I, Inc. (f/k/a BlackRock Preferred and Corporate Income Strategies Fund, Inc.)
10	BlackRock Credit Allocation Income Trust IV (f/k/a BlackRock Preferred and Equity Advantage Trust)
11	BlackRock Credit Allocation Income Trust II, Inc. (f/k/a BlackRock Preferred Income Strategies Fund, Inc.)
12	BlackRock Credit Allocation Income Trust III (f/k/a BlackRock Preferred Opportunity Trust)
13	BlackRock Real Asset Equity Trust
14	BlackRock S&P Quality Rankings Global Equity Managed Trust
15	BlackRock Strategic Dividend Achievers Trust
16	BlackRock Apex Municipal Fund, Inc.
17	BlackRock California Insured Municipal Income Trust
18	BlackRock California Investment Quality Municipal Trust, Inc.
19	BlackRock California Municipal 2018 Term Trust
20	BlackRock California Municipal Bond Trust
21	BlackRock California Municipal Income Trust
22	BlackRock California Municipal Income Trust II
23	BlackRock Insured Municipal Income Investment Trust
24	BlackRock Investment Quality Municipal Income Trust
25	BlackRock Florida Municipal 2020 Term Trust
26	BlackRock Municipal Bond Investment Trust
27	BlackRock Municipal Income Investment Trust
28	BlackRock Insured Municipal Income Trust
29	BlackRock Insured Municipal Term Trust, Inc.
30	BlackRock Investment Quality Municipal Trust, Inc.
31	BlackRock Long-Term Municipal Advantage Trust
32	BlackRock Maryland Municipal Bond Trust
33	Massachusetts Health & Education Tax Exempt Trust
34	BlackRock Muni Intermediate Duration Fund, Inc.
35	BlackRock Muni New York Intermediate Duration Fund, Inc.
36	BlackRock MuniAssets Fund, Inc.
37	BlackRock Municipal 2018 Term Trust
38	BlackRock Municipal 2020 Term Trust
39	BlackRock Municipal Bond Trust
40	BlackRock Municipal Income Trust
41	BlackRock Municipal Income Trust II
42	BlackRock MuniEnhanced Fund, Inc.
43	BlackRock MuniHoldings California Insured Fund, Inc.
44	BlackRock MuniHoldings Insured Investment Fund
45	BlackRock MuniHoldings Fund II, Inc.
46	BlackRock MuniHoldings Fund, Inc.
47	BlackRock MuniHoldings Insured Fund II, Inc.
48	BlackRock MuniHoldings Insured Fund, Inc.
49	BlackRock MuniHoldings New Jersey Insured Fund, Inc.
50	BlackRock MuniHoldings New York Insured Fund, Inc.
51	BlackRock MuniVest Fund II, Inc.

52	BlackRock MuniVest Fund, Inc.
53	BlackRock MuniYield Arizona Fund, Inc.
54	BlackRock MuniYield California Fund, Inc.
55	BlackRock MuniYield California Insured Fund, Inc.
56	BlackRock MuniYield Investment Fund
57	BlackRock MuniYield Insured Investment Fund
58	BlackRock MuniYield Fund, Inc.
59	BlackRock MuniYield Insured Fund, Inc.
60	BlackRock MuniYield Michigan Insured Fund II, Inc.
61	BlackRock MuniYield Michigan Insured Fund, Inc.
62	BlackRock MuniYield New Jersey Fund, Inc.
63	BlackRock MuniYield New Jersey Insured Fund, Inc.
64	BlackRock MuniYield New York Insured Fund, Inc.
65	BlackRock MuniYield Pennsylvania Insured Fund
66	BlackRock MuniYield Quality Fund II, Inc.
67	BlackRock MuniYield Quality Fund, Inc.
68	BlackRock New Jersey Investment Quality Municipal Trust, Inc.
69	BlackRock New Jersey Municipal Bond Trust
70	BlackRock New Jersey Municipal Income Trust
71	BlackRock New York Insured Municipal Income Trust
72	BlackRock New York Investment Quality Municipal Trust, Inc.
73	BlackRock New York Municipal 2018 Term Trust
74	BlackRock New York Municipal Bond Trust
75	BlackRock New York Municipal Income Trust
76	BlackRock New York Municipal Income Trust II
77	BlackRock Pennsylvania Strategic Municipal Trust
78	BlackRock Strategic Municipal Trust
79	BlackRock Virginia Municipal Bond Trust
80	BlackRock Debt Strategies Fund, Inc.
81	BlackRock Diversified Income Strategies Fund, Inc.
82	BlackRock Floating Rate Income Strategies Fund, Inc.
83	BlackRock Floating Rate Income Strategies Fund II, Inc.
84	Master Senior Floating Rate LLC
85	BlackRock Senior Floating Rate Fund, Inc.
86	BlackRock Senior Floating Rate Fund II, Inc.
87	BlackRock Senior High Income Fund, Inc.
88	BlackRock Core Bond Trust
89	BlackRock Floating Rate Income Trust
90	BlackRock High Income Shares
91	BlackRock High Yield Trust
92	BlackRock Income Opportunity Trust, Inc.
93	BlackRock Income Trust, Inc.
94	BlackRock Limited Duration Income Trust
95	BlackRock Strategic Bond Trust
96	BlackRock Corporate High Yield Fund, Inc.
97	BlackRock Corporate High Yield Fund III, Inc.
98	BlackRock Corporate High Yield Fund V, Inc.
99	BlackRock Corporate High Yield Fund VI, Inc.
100	BlackRock Enhanced Government Fund, Inc.
101	BlackRock Defined Opportunity Credit Trust
102	BlackRock Fixed Income Value Opportunities

JOINT FIDELITY BOND

		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: 82126651

BLACKROCK INCOME TRUST
						VIGILANT INSURANCE COMPANY
40 E 52ND STREET						Incorporated under the laws of New York
						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, 2008
			to	12:01 a.m. on	November 1, 2009

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				$ 85,000,000	$ 0
	2.	On Premises				$ 85,000,000	$ 25,000
	3.	In Transit				$ 85,000,000	$ 25,000
	4.	Forgery or Alteration				$ 85,000,000	$ 25,000
	5.	Extended Forgery				$ 85,000,000	$ 25,000
	6.	Counterfeit Money				$ 85,000,000	$ 25,000
	7.	Threats to Person				$ Not Covered	$ N/A
	8.	Computer System				$ 85,000,000	$ 25,000
	9.	Voice Initiated Funds Transfer Instruction				$ 85,000,000	$ 25,000
	10.	Uncollectible Items of Deposit				$ 50,000	$ 5,000
	11.	Audit Expense				$ 50,000	$ 5,000
	12.	Telefacsimile Transfer Fund				$ 85,000,000	$ 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.

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

General Agreements


Additional Companies	A.	If more than one corporation, or Investment Company, or any combination of
Included As Assured		them is included as the ASSURED herein:
		(1)	The total liability of the COMPANY under this Bond for loss or losses
			sustained by any one or more or all of them shall not exceed the limit for
			which the COMPANY would be liable under this Bond if all such loss were
			sustained by any one of them.

		(2)	Only the first named ASSURED shall be deemed to be the sole agent of the
			others for all purposes under this Bond, including but not limited to the giving
			or receiving of any notice or proof required to be given and for the purpose of
			effecting or accepting any amendments to or termination of this Bond. The
			COMPANY shall furnish each Investment Company with a copy of the
			Bond and with any amendment thereto, together with a copy of each formal
			filing of claim by any other named ASSURED and notification of the terms of
			the settlement of each such claim prior to the execution of such settlement.

		(3)	The COMPANY shall not be responsible for the proper application of any
			payment made hereunder to the first named ASSURED.

		(4)	Knowledge possessed or discovery made by any partner, director, trustee,
			officer or supervisory employee of any ASSURED shall constitute knowledge
			or discovery by all the ASSUREDS for the purposes of this Bond.

		(5)	If the first named ASSURED ceases for any reason to be covered under this
			Bond, then the ASSURED next named on the APPLICATION shall thereafter
			be considered as the first named ASSURED for the purposes of this Bond.



Representation Made By	B.	The ASSURED represents that all information it has furnished in the
Assured		APPLICATION for this Bond or otherwise is complete, true and correct. Such
		APPLICATION and other information constitute part of this Bond.

		The ASSURED must promptly notify the COMPANY of any change in any fact or
		circumstance which materially affects the risk assumed by the COMPANY under
		this Bond.

		Any intentional misrepresentation, omission, concealment or incorrect statement of
		a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
		this Bond.

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

General Agreements
(continued)

Additional Offices Or	C.	If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,		merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or		another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or		Bond for loss which has:
Liabilities - Notice To		(1)	occurred or will occur on premises, or
Company
		(2)	been caused or will be caused by an employee, or
		(3)	arisen or will arise out of the assets or liabilities,
		of such institution, unless the ASSURED:
		a.	gives the COMPANY written notice of the proposed consolidation, merger or
			purchase or acquisition of assets or liabilities prior to the proposed effective
			date of such action, and
		b.	obtains the written consent of the COMPANY to extend some or all of the
			coverage provided by this Bond to such additional exposure, and
		c.	on obtaining such consent, pays to the COMPANY an additional premium.



Change Of Control -	D.	When the ASSURED learns of a change in control (other than in an Investment
Notice To Company		Company), as set forth in Section 2(a) (9) of the Investment Company Act of
		1940,	the ASSURED shall within sixty (60) days give written notice to the
		COMPANY setting forth:
		(1)	the names of the transferors and transferees (or the names of the beneficial
			owners if the voting securities are registered in another name),
		(2)	the total number of voting securities owned by the transferors and the
			transferees (or the beneficial owners), both immediately before and after the
			transfer, and
		(3)	the total number of outstanding voting securities.
		Failure to give the required notice shall result in termination of coverage for any
		loss involving a transferee, to be effective on the date of such change in control.



Court Costs And	E.	The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees		attorneys' fees incurred and paid by the ASSURED in defense, whether or not
		successful, whether or not fully litigated on the merits and whether or not settled,
		of any claim, suit or legal proceeding with respect to which the ASSURED would
		be entitled to recovery under this Bond. However, with respect to INSURING
		CLAUSE 1., this Section shall only apply in the event that:
		(1)	an Employee admits to being guilty of Larceny or Embezzlement,
		(2)	an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

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

General Agreements


Court Costs And	(3)	in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees		an agreed statement of facts between the COMPANY and the ASSURED,
(continued)		that an Employee would be found guilty of Larceny or Embezzlement if
		such Employee were prosecuted.

	The ASSURED shall promptly give notice to the COMPANY of any such suit or
	legal proceeding and at the request of the COMPANY shall furnish copies of all
	pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
	sole option, elect to conduct the defense of all or part of such legal proceeding.
	The defense by the COMPANY shall be in the name of the ASSURED through
	attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
	information and assistance as required by the COMPANY for such defense.

	If the COMPANY declines to defend the ASSURED, no settlement without the
	prior written consent of the COMPANY nor judgment against the ASSURED shall
	determine the existence, extent or amount of coverage under this Bond.

	If the amount demanded in any such suit or legal proceeding is within the
	DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
	costs and attorney's fees incurred in defending all or part of such suit or legal
	proceeding.

	If the amount demanded in any such suit or legal proceeding is in excess of the
	LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
	INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
	incurred in defending all or part of such suit or legal proceedings is limited to the
	proportion of such court costs and attorney's fees incurred that the LIMIT OF
	LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
	CLAUSE bears to the total of the amount demanded in such suit or legal
	proceeding.

	If the amount demanded is any such suit or legal proceeding is in excess of the
	DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
	2.	of the DECLARATIONS for the applicable INSURING CLAUSE, the
	COMPANY'S liability for court costs and attorney's fees incurred in defending all or
	part of such suit or legal proceedings shall be limited to the proportion of such
	court costs or attorney's fees that the amount demanded that would be payable
	under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
	amount demanded.

	Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
	addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

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

Conditions And
Limitations


Definitions	1.	As used in this Bond:
		a.	Computer System means a computer and all input, output, processing,
			storage, off-line media libraries, and communication facilities which are
			connected to the computer and which are under the control and supervision
			of the operating system(s) or application(s) software used by the ASSURED.

		b.	Counterfeit means an imitation of an actual valid original which is intended
			to deceive and be taken as the original.

		c.	Custodian means the institution designated by an Investment Company to
			maintain possession and control of its assets.

		d.	Customer means an individual, corporate, partnership, trust customer,
			shareholder or subscriber of an Investment Company which has a written
			agreement with the ASSURED for Voice Initiated Funds Transfer
			Instruction.

		e.	Employee means:

			(1)	an officer of the ASSURED,

			(2)	a natural person while in the regular service of the ASSURED at any of
				the ASSURED'S premises and compensated directly by the ASSURED
				through its payroll system and subject to the United States Internal
				Revenue Service Form W-2 or equivalent income reporting plans of
				other countries, and whom the ASSURED has the right to control and
				direct both as to the result to be accomplished and details and means
				by which such result is accomplished in the performance of such
				service,

			(3)	a guest student pursuing studies or performing duties in any of the
				ASSURED'S premises,

			(4)	an attorney retained by the ASSURED and an employee of such
				attorney while either is performing legal services for the ASSURED,

			(5)	a natural person provided by an employment contractor to perform
				employee duties for the ASSURED under the ASSURED'S supervision
				at any of the ASSURED'S premises,

			(6)	an employee of an institution merged or consolidated with the
				ASSURED prior to the effective date of this Bond,

			(7)	a director or trustee of the ASSURED, but only while performing acts
				within the scope of the customary and usual duties of any officer or
				other employee of the ASSURED or while acting as a member of any
				committee duly elected or appointed to examine or audit or have
				custody of or access to Property of the ASSURED, or

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

Conditions And
Limitations


Definitions	(8)	each natural person, partnership or corporation authorized by written
(continued)		agreement with the ASSURED to perform services as electronic data
		processor of checks or other accounting records related to such checks but
		only while such person, partnership or corporation is actually performing
		such services and not:

		a.	creating, preparing, modifying or maintaining the ASSURED'S
			computer software or programs, or

		b.	acting as transfer agent or in any other agency capacity in issuing
			checks, drafts or securities for the ASSURED,

	(9)	any partner, officer or employee of an investment advisor, an underwriter
		(distributor), a transfer agent or shareholder accounting recordkeeper, or an
		administrator, for an Investment Company while performing acts coming
		within the scope of the customary and usual duties of an officer or employee
		of an Investment Company or acting as a member of any committee duly
		elected or appointed to examine, audit or have custody of or access to
		Property of an Investment Company.

		The term Employee shall not include any partner, officer or employee of a
		transfer agent, shareholder accounting recordkeeper or administrator:

		a.	which is not an "affiliated person" (as defined in Section 2(a) of the
			Investment Company Act of 1940) of an Investment Company or of
			the investment advisor or underwriter (distributor) of such Investment
			Company, or

		b.	which is a "bank" (as defined in Section 2(a) of the Investment
			Company Act of 1940).

			This Bond does not afford coverage in favor of the employers of
			persons as set forth in e. (4), (5) and (8) above, and upon payment to
			the ASSURED by the COMPANY resulting directly from Larceny or
			Embezzlement committed by any of the partners, officers or
			employees of such employers, whether acting alone or in collusion with
			others, an assignment of such of the ASSURED'S rights and causes of
			action as it may have against such employers by reason of such acts
			so committed shall, to the extent of such payment, be given by the
			ASSURED to the COMPANY, and the ASSURED shall execute all
			papers necessary to secure to the COMPANY the rights provided for
			herein.

		Each employer of persons as set forth in e.(4), (5) and (8) above and the
		partners, officers and other employees of such employers shall collectively
		be deemed to be one person for all the purposes of this Bond; excepting,
		however, the fifth paragraph of Section 13.

		Independent contractors not specified in e.(4), (5) or (8) above,
		intermediaries, agents, brokers or other representatives of the same general
		character shall not be considered Employees.

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

Conditions And
Limitations


Definitions	f.	Forgery means the signing of the name of another natural person with the
(continued)		intent to deceive but does not mean a signature which consists in whole or in
		part of one's own name, with or without authority, in any capacity for any
		purpose.

	g.	Investment Company means any investment company registered under the
		Investment Company Act of 1940 and listed under the NAME OF ASSURED
		on the DECLARATIONS.

	h.	Items of Deposit means one or more checks or drafts drawn upon a
		financial institution in the United States of America.

	i.	Larceny or Embezzlement means larceny or embezzlement as defined in
		Section 37 of the Investment Company Act of 1940.

	j.	Property means money, revenue and other stamps; securities; including any
		note, stock, treasury stock, bond, debenture, evidence of indebtedness,
		certificate of deposit, certificate of interest or participation in any profit-
		sharing agreement, collateral trust certificate, preorganization certificate or
		subscription, transferable share, investment contract, voting trust certificate,
		certificate of deposit for a security, fractional undivided interest in oil, gas, or
		other mineral rights, any interest or instruments commonly known as a
		security under the Investment Company Act of 1940, any other certificate of
		interest or participation in, temporary or interim certificate for, receipt for,
		guarantee of, or warrant or right to subscribe to or purchase any of the
		foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
		orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
		policies, deeds, mortgages on real estate and/or upon chattels and interests
		therein; assignments of such policies, deeds or mortgages; other valuable
		papers, including books of accounts and other records used by the
		ASSURED in the conduct of its business (but excluding all electronic data
		processing records); and, all other instruments similar to or in the nature of
		the foregoing in which the ASSURED acquired an interest at the time of the
		ASSURED'S consolidation or merger with, or purchase of the principal
		assets of, a predecessor or which are held by the ASSURED for any
		purpose or in any capacity and whether so held gratuitously or not and
		whether or not the ASSURED is liable therefor.

	k.	Relative means the spouse of an Employee or partner of the ASSURED
		and any unmarried child supported wholly by, or living in the home of, such
		Employee or partner and being related to them by blood, marriage or legal
		guardianship.

	l.	Securities, documents or other written instruments means original
		(including original counterparts) negotiable or non-negotiable instruments, or
		assignments thereof, which in and of themselves represent an equitable
		interest, ownership, or debt and which are in the ordinary course of business
		transferable by delivery of such instruments with any necessary
		endorsements or assignments.

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

Conditions And
Limitations


Definitions		m.	Subsidiary means any organization that, at the inception date of this Bond,
(continued)			is named in the APPLICATION or is created during the BOND PERIOD and
			of which more than fifty percent (50%) of the outstanding securities or voting
			rights representing the present right to vote for election of directors is owned
			or controlled by the ASSURED either directly or through one or more of its
			subsidiaries.

		n.	Transportation Company means any organization which provides its own
			or its leased vehicles for transportation or which provides freight forwarding
			or air express services.

		o.	Voice Initiated Election means any election concerning dividend options
			available to Investment Company shareholders or subscribers which is
			requested by voice over the telephone.

		p.	Voice Initiated Redemption means any redemption of shares issued by an
			Investment Company which is requested by voice over the telephone.

		q.	Voice Initiated Funds Transfer Instruction means any Voice Initiated
			Redemption or Voice Initiated Election.

		For the purposes of these definitions, the singular includes the plural and the
		plural includes the singular, unless otherwise indicated.



General Exclusions -	2.	This bond does not directly or indirectly cover:
Applicable to All Insuring		a.	loss not reported to the COMPANY in writing within sixty (60) days after
Clauses			termination of this Bond as an entirety;

		b.	loss due to riot or civil commotion outside the United States of America and
			Canada, or any loss due to military, naval or usurped power, war or
			insurrection. This Section 2.b., however, shall not apply to loss which occurs
			in transit in the circumstances recited in INSURING CLAUSE 3., provided
			that when such transit was initiated there was no knowledge on the part of
			any person acting for the ASSURED of such riot, civil commotion, military,
			naval or usurped power, war or insurrection;

		c.	loss resulting from the effects of nuclear fission or fusion or radioactivity;

		d.	loss of potential income including, but not limited to, interest and dividends
			not realized by the ASSURED or by any customer of the ASSURED;

		e.	damages of any type for which the ASSURED is legally liable, except
			compensatory damages, but not multiples thereof, arising from a loss
			covered under this Bond;

		f.	costs, fees and expenses incurred by the ASSURED in establishing the
			existence of or amount of loss under this Bond, except to the extent covered
			under INSURING CLAUSE 11.;

		g.	loss resulting from indirect or consequential loss of any nature;

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

Conditions And
Limitations

General Exclusions -		h.	loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring			or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses			alone or in collusion with others;
(continued)		i.	loss, or that part of any loss, resulting solely from any violation by the
			ASSURED or by any Employee:
			(1)	of any law regulating:
				a.	the issuance, purchase or sale of securities,
				b.	securities transactions on security or commodity exchanges or
					the over the counter market,
				c.	investment companies,
				d.	investment advisors, or
			(2)	of any rule or regulation made pursuant to any such law; or
		j.	loss of confidential information, material or data;
		k.	loss resulting from voice requests or instructions received over the
			telephone, provided however, this Section 2.k. shall not apply to INSURING
			CLAUSE 7. or 9.



Specific Exclusions -	3.	This Bond does not directly or indirectly cover:
Applicable To All Insuring		a.	loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring			apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.			directly from misplacement, mysterious unexplainable disappearance, or
			damage or destruction of Property;
		b.	loss through the surrender of property away from premises of the ASSURED
			as a result of a threat:
			(1)	to do bodily harm to any natural person, except loss of Property in
				transit in the custody of any person acting as messenger of the
				ASSURED, provided that when such transit was initiated there was no
				knowledge by the ASSURED of any such threat, and provided further
				that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
			(2)	to do damage to the premises or Property of the ASSURED;
		c.	loss resulting from payments made or withdrawals from any account
			involving erroneous credits to such account;
		d.	loss involving Items of Deposit which are not finally paid for any reason
			provided however, that this Section 3.d. shall not apply to INSURING
			CLAUSE 10.;
		e.	loss of property while in the mail;

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

Conditions And
Limitations


Specific Exclusions -		f.	loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring			institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring			Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.			apply to loss of Property resulting directly from robbery, burglary,
(continued)			misplacement, mysterious unexplainable disappearance, damage,
			destruction or removal from the possession, custody or control of the
			ASSURED.

		g.	loss of Property while in the custody of a Transportation Company,
			provided however, that this Section 3.g. shall not apply to INSURING
			CLAUSE 3.;

		h.	loss resulting from entries or changes made by a natural person with
			authorized access to a Computer System who acts in good faith on
			instructions, unless such instructions are given to that person by a software
			contractor or its partner, officer, or employee authorized by the ASSURED to
			design, develop, prepare, supply, service, write or implement programs for
			the ASSURED's Computer System; or

		i.	loss resulting directly or indirectly from the input of data into a Computer
			System terminal, either on the premises of the customer of the ASSURED
			or under the control of such a customer, by a customer or other person who
			had authorized access to the customer's authentication mechanism.



Specific Exclusions -	4.	This bond does not directly or indirectly cover:
Applicable To All Insuring		a.	loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring			loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.			fraud or false pretenses; provided, however, this Section 4.a. shall not apply
			to INSURING CLAUSE 8.;

		b.	loss resulting from forgery or any alteration;

		c.	loss involving a counterfeit provided, however, this Section 4.c. shall not
			apply to INSURING CLAUSE 5. or 6.



Limit Of Liability/Non-	5.	At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-		the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability		notwithstanding any previous loss for which the COMPANY may have paid or be
		liable to pay under this Bond provided, however, that the liability of the COMPANY
		under this Bond with respect to all loss resulting from:

		a.	any one act of burglary, robbery or hold-up, or attempt thereat, in which no
			Employee is concerned or implicated, or

		b.	any one unintentional or negligent act on the part of any one person
			resulting in damage to or destruction or misplacement of Property, or

		c.	all acts, other than those specified in a. above, of any one person, or

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

Conditions And
Limitations


Limit Of Liability/Non-		d.	any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-		shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability		LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)		the total amount of such loss or losses and shall not be cumulative in amounts
		from year to year or from period to period.

		All acts, as specified in c. above, of any one person which

		i.	directly or indirectly aid in any way wrongful acts of any other person or
			persons, or

		ii.	permit the continuation of wrongful acts of any other person or persons

		whether such acts are committed with or without the knowledge of the wrongful
		acts of the person so aided, and whether such acts are committed with or without
		the intent to aid such other person, shall be deemed to be one loss with the
		wrongful acts of all persons so aided.



Discovery	6.	This Bond applies only to loss first discovered by an officer of the ASSURED
		during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
		ASSURED being aware of:

		a.	facts which may subsequently result in a loss of a type covered by this Bond,
			or

		b.	an actual or potential claim in which it is alleged that the ASSURED is liable
			to a third party,

		regardless of when the act or acts causing or contributing to such loss occurred,
		even though the amount of loss does not exceed the applicable DEDUCTIBLE
		AMOUNT, or the exact amount or details of loss may not then be known.



Notice To Company -	7.	a.	The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings			practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company			an amount that is in excess of 50% of the applicable DEDUCTIBLE
			AMOUNT, as stated in ITEM 2. of the DECLARATIONS.

		b.	The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
			with full particulars within six (6) months after such discovery.

		c.	Securities listed in a proof of loss shall be identified by certificate or bond
			numbers, if issued with them.

		d.	Legal proceedings for the recovery of any loss under this Bond shall not be
			brought prior to the expiration of sixty (60) days after the proof of loss is filed
			with the COMPANY or after the expiration of twenty-four (24) months from
			the discovery of such loss.

		e.	This Bond affords coverage only in favor of the ASSURED. No claim, suit,
			action or legal proceedings shall be brought under this Bond by anyone
			other than the ASSURED.

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

Conditions And
Limitations


Notice To Company -		f.	Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings			include electronic recordings of such instructions.
Against Company
(continued)



Deductible Amount	8.	The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
		on account of loss unless the amount of such loss, after deducting the net amount
		of all reimbursement and/or recovery obtained or made by the ASSURED, other
		than from any Bond or policy of insurance issued by an insurance company and
		covering such loss, or by the COMPANY on account thereof prior to payment by
		the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
		ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
		for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
		DECLARATIONS.

		There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
		sustained by any Investment Company.



Valuation	9.	BOOKS OF ACCOUNT OR OTHER RECORDS
		The value of any loss of Property consisting of books of account or other records
		used by the ASSURED in the conduct of its business shall be the amount paid by
		the ASSURED for blank books, blank pages, or other materials which replace the
		lost books of account or other records, plus the cost of labor paid by the
		ASSURED for the actual transcription or copying of data to reproduce such books
		of account or other records.

		The value of any loss of Property other than books of account or other records
		used by the ASSURED in the conduct of its business, for which a claim is made
		shall be determined by the average market value of such Property on the
		business day immediately preceding discovery of such loss provided, however,
		that the value of any Property replaced by the ASSURED with the consent of the
		COMPANY and prior to the settlement of any claim for such Property shall be the
		actual market value at the time of replacement.

		In the case of a loss of interim certificates, warrants, rights or other securities, the
		production of which is necessary to the exercise of subscription, conversion,
		redemption or deposit privileges, the value of them shall be the market value of
		such privileges immediately preceding their expiration if said loss is not discovered
		until after their expiration. If no market price is quoted for such Property or for
		such privileges, the value shall be fixed by agreement between the parties.

		OTHER PROPERTY

		The value of any loss of Property, other than as stated above, shall be the actual
		cash value or the cost of repairing or replacing such Property with Property of
		like quality and value, whichever is less.

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

Conditions And
Limitations
(continued)


Securities Settlement	10.	In the event of a loss of securities covered under this Bond, the COMPANY may,
		at its sole discretion, purchase replacement securities, tender the value of the
		securities in money, or issue its indemnity to effect replacement securities.

		The indemnity required from the ASSURED under the terms of this Section
		against all loss, cost or expense arising from the replacement of securities by the
		COMPANY'S indemnity shall be:

		a.	for securities having a value less than or equal to the applicable
			DEDUCTIBLE AMOUNT - one hundred (100%) percent;

		b.	for securities having a value in excess of the DEDUCTIBLE AMOUNT but
			within the applicable LIMIT OF LIABILITY - the percentage that the
			DEDUCTIBLE AMOUNT bears to the value of the securities;

		c.	for securities having a value greater than the applicable LIMIT OF LIABILITY
			- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
			the applicable LIMIT OF LIABILITY bears to the value of the securities.

		The value referred to in Section 10.a., b., and c. is the value in accordance with
		Section 9, VALUATION, regardless of the value of such securities at the time the
		loss under the COMPANY'S indemnity is sustained.

		The COMPANY is not required to issue its indemnity for any portion of a loss of
		securities which is not covered by this Bond; however, the COMPANY may do so
		as a courtesy to the ASSURED and at its sole discretion.

		The ASSURED shall pay the proportion of the Company's premium charge for the
		Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
		LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
		purchased by the ASSURED to obtain replacement securities.



Subrogation - Assignment - 11.		In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery		all of the ASSURED'S rights of recovery against any person or entity to the extent
		of such payment. On request, the ASSURED shall deliver to the COMPANY an
		assignment of the ASSURED'S rights, title and interest and causes of action
		against any person or entity to the extent of such payment.

		Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
		applied net of the expense of such recovery in the following order:

		a.	first, to the satisfaction of the ASSURED'S loss which would otherwise have
			been paid but for the fact that it is in excess of the applicable LIMIT OF
			LIABILITY,

		b.	second, to the COMPANY in satisfaction of amounts paid in settlement of
			the ASSURED'S claim,

		c.	third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
			AMOUNT, and

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

Conditions And
Limitations


Subrogation - Assignment -		d.	fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery			ASSURED which was not covered under this Bond.
(continued)		Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
		recovery under this section.



Cooperation Of Assured	12.	At the COMPANY'S request and at reasonable times and places designated by
		the COMPANY, the ASSURED shall:

		a.	submit to examination by the COMPANY and subscribe to the same under
			oath,

		b.	produce for the COMPANY'S examination all pertinent records, and

		c.	cooperate with the COMPANY in all matters pertaining to the loss.

		The ASSURED shall execute all papers and render assistance to secure to the
		COMPANY the rights and causes of action provided for under this Bond. The
		ASSURED shall do nothing after loss to prejudice such rights or causes of action.



Termination	13.	If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
		shall have been given by the acting party to the affected party and to the
		Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
		days prior to the effective date of such termination.

		If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
		shall have been given by the acting party to the affected party, and by the
		COMPANY to all ASSURED Investment Companies and to the Securities and
		Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
		the effective date of such termination.

		This Bond will terminate as to any one ASSURED, other than an Investment
		Company:

		a.	immediately on the taking over of such ASSURED by a receiver or other
			liquidator or by State or Federal officials, or

		b.	immediately on the filing of a petition under any State or Federal statute
			relative to bankruptcy or reorganization of the ASSURED, or assignment for
			the benefit of creditors of the ASSURED, or

		c.	immediately upon such ASSURED ceasing to exist, whether through merger
			into another entity, disposition of all of its assets or otherwise.

		The COMPANY shall refund the unearned premium computed at short rates in
		accordance with the standard short rate cancellation tables if terminated by the
		ASSURED or pro rata if terminated for any other reason.

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

Conditions And
Limitations


Termination		If any partner, director, trustee, or officer or supervisory employee of an
(continued)		ASSURED not acting in collusion with an Employee learns of any dishonest act
		committed by such Employee at any time, whether in the employment of the
		ASSURED or otherwise, whether or not such act is of the type covered under this
		Bond, and whether against the ASSURED or any other person or entity, the
		ASSURED:

		a.	shall immediately remove such Employee from a position that would enable
			such Employee to cause the ASSURED to suffer a loss covered by this
			Bond; and

		b.	within forty-eight (48) hours of learning that an Employee has committed
			any dishonest act, shall notify the COMPANY, of such action and provide full
			particulars of such dishonest act.

		The COMPANY may terminate coverage as respects any Employee sixty (60)
		days after written notice is received by each ASSURED Investment Company
		and the Securities and Exchange Commission, Washington, D.C. of its desire to
		terminate this Bond as to such Employee.



Other Insurance	14.	Coverage under this Bond shall apply only as excess over any valid and collectible
		insurance, indemnity or suretyship obtained by or on behalf of:

		a.	the ASSURED,

		b.	a Transportation Company, or

		c.	another entity on whose premises the loss occurred or which employed the
			person causing the loss or engaged the messenger conveying the Property
			involved.



Conformity	15.	If any limitation within this Bond is prohibited by any law controlling this Bond's
		construction, such limitation shall be deemed to be amended so as to equal the
		minimum period of limitation provided by such law.



Change or Modification	16.	This Bond or any instrument amending or affecting this Bond may not be changed
		or modified orally. No change in or modification of this Bond shall be effective
		except when made by written endorsement to this Bond signed by an authorized
		representative of the COMPANY.

		If this Bond is for a sole ASSURED, no change or modification which would
		adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
		days after written notice has been furnished to the Securities and Exchange
		Commission, Washington, D.C., by the acting party.

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

Conditions And
Limitations


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

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

	VIGILANT INSURANCE COMPANY

	Endorsement No:	1

	Bond Number:	82126651

	NAME OF ASSURED: BLACKROCK INCOME TRUST




	AMEND NAME OF ASSURED ENDORSEMENT

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


	BlackRock Income Trust
	BCT Subsidiary, Inc.
	BlackRock Apex Municipal Fund, Inc.
	BlackRock Broad Investment Grade 2009 Term Trust Inc.
	BlackRock California Insured Municipal Income Trust
	BlackRock California Investment Quality Municipal Trust, Inc.
	BlackRock California Municipal 2018 Term Trust
	BlackRock California Municipal Bond Trust
	BlackRock California Municipal Income Trust
	BlackRock California Municipal Income Trust II
	BlackRock Core Bond Trust
	BlackRock Corporate High Yield Fund III, Inc.
	BlackRock Corporate High Yield Fund V, Inc.
	BlackRock Corporate High Yield Fund VI, Inc.
	BlackRock Corporate High Yield Fund, Inc.
	BlackRock Debt Strategies Fund, Inc.
	BlackRock Diversified Income Strategies Fund, Inc.
	BlackRock Dividend Achievers ™ Trust
	BlackRock EcoSolutions Investment Trust
	BlackRock Enhanced Capital and Income Fund, Inc.
	BlackRock Enhanced Dividend Achievers ™ Trust
	BlackRock Enhanced Equity Yield & Premium Fund, Inc.
	BlackRock Enhanced Equity Yield Fund, Inc.
	BlackRock Enhanced Government Fund, Inc.
	BlackRock Floating Rate Income Strategies Fund II, Inc.
	BlackRock Floating Rate Income Strategies Fund, Inc.
	BlackRock Insured Municipal Income Investment Trust
	(f/k/a BlackRock Florida Insured Municipal Income Trust)
	BlackRock Investment Quality Municipal Income Trust
	BlackRock Florida Investment Quality Municipal Trust
	BlackRock Florida Municipal 2020 Term Trust
	BlackRock Municipal Bond Investment Trust
	(f/k/a BlackRock Florida Municipal Bond Trust)
	BlackRock Municipal Income Investment Trust
	(f/k/a BlackRock Florida Municipal Income Trust)
	BlackRock Global Energy and Resources Trust
	BlackRock Global Equity Income Trust
	BlackRock Global Floating Rate Income Trust

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

	BlackRock Global Opportunities Equity Trust
	BlackRock Health Sciences Trust
	BlackRock High Income Shares
	BlackRock High Yield Trust
	BlackRock Income Opportunity Trust, Inc.
	BlackRock Income Trust, Inc.
	BlackRock Insured Municipal Income Trust
	BlackRock International Growth and Income Trust
	BlackRock Investment Quality Municipal Trust, Inc.
	BlackRock Limited Duration Income Trust
	BlackRock Long-Term Municipal Advantage Trust
	BlackRock Maryland Municipal Bond Trust
	BlackRock Multi-Strategy Hedge Advantage
	BlackRock Multi-Strategy Hedge Opportunities, LLC
	BlackRock Muni Intermediate Duration Fund, Inc.
	BlackRock Muni New York Intermediate Duration Fund, Inc.
	BlackRock MuniAssets Fund, Inc.
	BlackRock Municipal 2018 Term Trust
	BlackRock Municipal 2020 Term Trust
	BlackRock Municipal Bond Trust
	BlackRock Municipal Income Trust
	BlackRock Municipal Income Trust II
	BlackRock MuniEnhanced Fund, Inc.
	BlackRock MuniHoldings California Insured Fund, Inc.
	BlackRock MuniHoldings Insured InvestmentTrust
	(f//k/a BlackRock MuniHoldings Florida Insured Fund)
	BlackRock MuniHoldings Fund II, Inc.
	BlackRock MuniHoldings Fund, Inc.
	BlackRock MuniHoldings Insured Fund II, Inc.
	BlackRock MuniHoldings Insured Fund, Inc.
	BlackRock MuniHoldings New Jersey Insured Fund, Inc.
	BlackRock MuniHoldings New York Insured Fund, Inc.
	BlackRock MuniVest Fund II, Inc.
	BlackRock MuniVest Fund, Inc.
	BlackRock MuniYield Arizona Fund, Inc.
	BlackRock MuniYield California Fund, Inc.
	BlackRock MuniYield California Insured Fund, Inc.
	BlackRock MuniYield Investment Fund
	(f/k/a BlackRock MuniYield Florida Fund)
	BlackRockMuniYield Insured Investment Fund
	(f/k/a BlackRock MuniYield Florida Insured Fund)
	BlackRock MuniYield Fund, Inc.
	BlackRock MuniYield Insured Fund, Inc.
	BlackRock MuniYield Michigan Insured Fund II, Inc.
	BlackRock MuniYield Michigan Insured Fund, Inc.
	BlackRock MuniYield New Jersey Fund, Inc.
	BlackRock MuniYield New Jersey Insured Fund, Inc.
	BlackRock MuniYield New York Insured Fund, Inc.
	BlackRock MuniYield Pennsylvania Insured Fund
	BlackRock MuniYield Quality Fund II, Inc.
	BlackRock MuniYield Quality Fund, Inc.
	BlackRock New Jersey Investment Quality Municipal Trust, Inc.
	BlackRock New Jersey Municipal Bond Trust
	BlackRock New Jersey Municipal Income Trust
	BlackRock New York Insured Municipal Income Trust
	BlackRock New York Investment Quality Municipal Trust, Inc.

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

BlackRock New York Municipal 2018 Term Trust

BlackRock New York Municipal Bond Trust

BlackRock New York Municipal Income Trust

BlackRock New York Municipal Income Trust II

BlackRock Preferred and Corporate Income Strategies Fund, Inc.

BlackRock Preferred and Equity Advantage Trust

BlackRock Preferred Income Strategies Fund, Inc.

BlackRock Preferred Opportunity Trust

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

Master Senior Floating Rate LLC

BlackRock Senior Floating Rate Fund II, Inc.

BlackRock Senior Floating Rate Fund, Inc.

BlackRock Senior High Income Fund, Inc.

BlackRock Strategic Bond Trust

BlackRock Strategic Dividend Achievers ™ Trust

BlackRock Virginia Municipal Bond Trust

BlackRock World Investment Trust

The BlackRock California Insured Municipal 2008 Term Trust, Inc.

The BlackRock Florida Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal Term Trust, Inc.

The BlackRock New York Insured Municipal 2008 Term Trust, Inc.

The BlackRock Pennsylvania Strategic Municipal Trust

The BlackRock Strategic Municipal Trust

The Massachusetts Health & Education Tax-Exempt Trust

BlackRock Defined Opportunity Credit Trust

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 5, 2008

ICAP Bond
Form 17-02-6272 (Ed. 8-04)	Page 3

	VIGILANT INSURANCE COMPANY

	Endorsement No.: 2

	Bond Number:	82126651

NAME OF ASSURED:			BLACKROCK INCOME TRUST


			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, 2008.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 5, 2008

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

				VIGILANT INSURANCE COMPANY

				Endorsement No.: 3

				Bond Number:	82126651

NAME OF ASSURED: BLACKROCK INCOME TRUST


		NEW YORK AMENDATORY ENDORSEMENT

It is agreed that this Bond is amended as follows:
1.	By adding to Section 13, Termination, the following:
	Bonds In Effect Sixty (60) Days Or Less
	If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the
	COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the
	authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
	effective date of termination.
	Bonds In Effect More Than Sixty (60) Days
	If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the
	COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to
	the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
	effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty
	(60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7
	below.
	1.	Nonpayment of premium;
	2.	Conviction of a crime arising out of acts increasing the hazard insured against ;
	3.	Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the
		presentation of a claim thereunder;
	4.	Violation of any provision of this Bond that substantially and materially increases the hazard
		insured against, and which occurred subsequent to inception of the current BOND PERIOD;
	5.	If applicable, material physical change in the property insured, occurring after issuance or last
		annual renewal anniversary date of this Bond, which results in the property becoming uninsurable
		in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect
		at the time this Bond was issued or last renewed; or material change in the nature or extent of this
		Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes
		the risk of loss to be substantially and materially increased beyond that contemplated at the time
		this Bond was issued or last renewed;

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

	6.	A determination by the Superintendent of Insurance that continuation of the present premium
		volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public,
		or continuing the Bond itself would place the COMPANY in violation of any provision of the New
		York Insurance Code; or
	7.	Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is
		a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of
		collecting the insurance proceeds.
	Notice Of Termination
	Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent
	or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,
	however, may deliver any notice instead of mailing it.
	Return Premium Calculations
	The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the
	COMPANY."
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, 2008.




ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 5, 2008

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

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: November 1, 2008	VIGILANT INSURANCE COMPANY
	Endorsement/Rider No.	4
	To be attached to and
	form a part of Bond No.	82126651

Issued to: BLACKROCK INCOME TRUST

	DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
		ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1.	The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
2.	The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced
	with the following:
	If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
	rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
	furnished to all insured Investment Companies and the Securities and Exchange Commission,
	Washington, D.C., by the COMPANY.


The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.

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

Page 1

		ENDORSEMENT/RIDER

Effective date of
this endorsement/rider: November 1, 2008	VIGILANT INSURANCE COMPANY
	Endorsement/Rider No.	5
	To be attached to and
	form a part of Bond No.	82126651
Issued to: BLACKROCK INCOME TRUST



AMEND SECTION 16 - CHANGE OR MODIFICATION ENDORSEMENT
In consideration of the premium charged, it is agreed that Section 16, Change or Modification, the first and
second full paragraphs are deleted and replaced with the following:
This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No
change in or modification of this Bond shall be effective except when made by written endorsement to this
Bond signed by an authorized representative of the COMPANY.
If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the
ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the affected
party and the Securities and Exchange Commission, Washington, D.C., by the acting party.


The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

Q06-246 (02/2008) rev.

Page 1

Effective date of
this endorsement: November 1, 2008	VIGILANT INSURANCE COMPANY
	Endorsement No.: 6
	To be attached to and form a part of Bond
	Number:	82126651


Issued to: BLACKROCK INCOME TRUST

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws
or regulations prohibit the coverage provided by this insurance.




ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 5, 2008

Form 14-02-9228 (Ed. 4/2004)

				VIGILANT INSURANCE COMPANY

				Endorsement No.:		7

				Bond Number:		82126651

NAME OF ASSURED: BLACKROCK INCOME TRUST


		CO-SURETY ENDORSEMENT

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

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

	In the event of the termination of this Bond as an entirety, no Company shall be liable to the ASSURED
	for a greater proportion of any return premium due the ASSURED than the LIMIT OF LIABILITY
	underwritten by that Company bears to the LIMIT OF LIABILITY as stated in ITEM 2. of the
	DECLARATIONS.
	In the event of the termination of this Bond as to any Company, such Company alone shall be liable to
	the ASSURED for any return premium due the ASSURED on account of such termination. The
	termination of the attached Bond as to any Company other than the Controlling Company shall not
	terminate or otherwise affect the liability of the other Companies under this Bond.”
5.	By adding the following Section:
	“Section 18.	Controlling Company
	The execution by the Controlling Company of the DECLARATIONS, Endorsements 1 - 6, shall
	constitute execution by all the Companies signing this Endorsement.
	In the event this Bond is modified during the BOND PERIOD, the Controlling Company shall notify the
	Companies or their respective representatives, in writing, of such change. Each Company shall be
	deemed to agree to such modification, unless such Company notifies the Controlling Company or the
	Controlling Company’s representative in writing, that they do not agree to such modification. If a
	Company fails to object to a modification within fifteen (15) days of receipt of notice from the
	Controlling Company, such Company shall be deemed to agree to such modification.”
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

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 $15,000,000

		By
		Attorney-in-Fact

Underwritten for a SINGLE LOSS		Liberty Mutual Insurance Company
LIMIT OF LIABILITY of $10,000,000

		By
		Attorney-in-Fact

Underwritten for a SINGLE LOSS		Continental Casualty Company
LIMIT OF LIABILITY of $10,000,000

		By
		Attorney-in-Fact

ICAP Bond
Form 17-02-2836 (Ed. 5-02)	Page 3

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)


		VIGILANT INSURANCE COMPANY
		Endorsement No.:	8
		Bond Number:	82126651
NAME OF ASSURED: BLACKROCK INCOME TRUST

	DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 1 in its entirety.


This Endorsement applies to loss discovered after 12:01 a.m. on February 27, 2009.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: March 6, 2009

ICAP Bond

Form 17-02-5647 (Ed. 11-03)



		VIGILANT INSURANCE COMPANY

		Endorsement No:	9

		Bond Number:	82126651

NAME OF ASSURED: BLACKROCK INCOME TRUST



	AMEND NAME OF ASSURED ENDORSEMENT

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


BlackRock Income Trust
BCT Subsidiary, Inc.
BlackRock Apex Municipal Fund, Inc.
BlackRock Broad Investment Grade 2009 Term Trust Inc.
BlackRock California Insured Municipal Income Trust
BlackRock California Investment Quality Municipal Trust, Inc.
BlackRock California Municipal 2018 Term Trust
BlackRock California Municipal Bond Trust
BlackRock California Municipal Income Trust
BlackRock California Municipal Income Trust II
BlackRock Core Bond Trust
BlackRock Corporate High Yield Fund III, Inc.
BlackRock Corporate High Yield Fund V, Inc.
BlackRock Corporate High Yield Fund VI, Inc.
BlackRock Corporate High Yield Fund, Inc.
BlackRock Debt Strategies Fund, Inc.
BlackRock Diversified Income Strategies Fund, Inc.
BlackRock Dividend Achievers ™ Trust
BlackRock EcoSolutions Investment Trust
BlackRock Enhanced Capital and Income Fund, Inc.
BlackRock Enhanced Dividend Achievers ™ Trust
BlackRock Enhanced Equity Yield & Premium Fund, Inc.
BlackRock Enhanced Equity Yield Fund, Inc.
BlackRock Enhanced Government Fund, Inc.
BlackRock Floating Rate Income Strategies Fund II, Inc.
BlackRock Floating Rate Income Strategies Fund, Inc.
BlackRock Insured Municipal Income Investment Trust
(f/k/a BlackRock Florida Insured Municipal Income Trust)
BlackRock Investment Quality Municipal Income Trust
BlackRock Florida Investment Quality Municipal Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock Municipal Bond Investment Trust
(f/k/a BlackRock Florida Municipal Bond Trust)
BlackRock Municipal Income Investment Trust
(f/k/a BlackRock Florida Municipal Income Trust)
BlackRock Global Energy and Resources Trust
BlackRock Global Equity Income Trust
BlackRock Global Floating Rate Income Trust

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

BlackRock Global Opportunities Equity Trust

BlackRock Health Sciences Trust

BlackRock High Income Shares

BlackRock High Yield Trust

BlackRock Income Opportunity Trust, Inc.

BlackRock Income Trust, Inc.

BlackRock Insured Municipal Income Trust

BlackRock International Growth and Income Trust

BlackRock Investment Quality Municipal Trust, Inc.

BlackRock Limited Duration Income Trust

BlackRock Long-Term Municipal Advantage Trust

BlackRock Maryland Municipal Bond Trust

BlackRock Multi-Strategy Hedge Advantage

BlackRock Multi-Strategy Hedge Opportunities, LLC

BlackRock Muni Intermediate Duration Fund, Inc.

BlackRock Muni New York Intermediate Duration Fund, Inc.

BlackRock MuniAssets Fund, Inc.

BlackRock Municipal 2018 Term Trust

BlackRock Municipal 2020 Term Trust

BlackRock Municipal Bond Trust

BlackRock Municipal Income Trust

BlackRock Municipal Income Trust II

BlackRock MuniEnhanced Fund, Inc.

BlackRock MuniHoldings California Insured Fund, Inc.

BlackRock MuniHoldings Insured InvestmentTrust

(f//k/a BlackRock MuniHoldings Florida Insured Fund)

BlackRock MuniHoldings Fund II, Inc.

BlackRock MuniHoldings Fund, Inc.

BlackRock MuniHoldings Insured Fund II, Inc.

BlackRock MuniHoldings Insured Fund, Inc.

BlackRock MuniHoldings New Jersey Insured Fund, Inc.

BlackRock MuniHoldings New York Insured Fund, Inc.

BlackRock MuniVest Fund II, Inc.

BlackRock MuniVest Fund, Inc.

BlackRock MuniYield Arizona Fund, Inc.

BlackRock MuniYield California Fund, Inc.

BlackRock MuniYield California Insured Fund, Inc.

BlackRock MuniYield Investment Fund

(f/k/a BlackRock MuniYield Florida Fund)

BlackRockMuniYield Insured Investment Fund

(f/k/a BlackRock MuniYield Florida Insured Fund)

BlackRock MuniYield Fund, Inc.

BlackRock MuniYield Insured Fund, Inc.

BlackRock MuniYield Michigan Insured Fund II, Inc.

BlackRock MuniYield Michigan Insured Fund, Inc.

BlackRock MuniYield New Jersey Fund, Inc.

BlackRock MuniYield New Jersey Insured Fund, Inc.

BlackRock MuniYield New York Insured Fund, Inc.

BlackRock MuniYield Pennsylvania Insured Fund

BlackRock MuniYield Quality Fund II, Inc.

BlackRock MuniYield Quality Fund, Inc.

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

BlackRock New Jersey Municipal Bond Trust

BlackRock New Jersey Municipal Income Trust

BlackRock New York Insured Municipal Income Trust

BlackRock New York Investment Quality Municipal Trust, Inc.

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

BlackRock New York Municipal 2018 Term Trust

BlackRock New York Municipal Bond Trust

BlackRock New York Municipal Income Trust

BlackRock New York Municipal Income Trust II

BlackRock Preferred and Corporate Income Strategies Fund, Inc.

BlackRock Preferred and Equity Advantage Trust

BlackRock Preferred Income Strategies Fund, Inc.

BlackRock Preferred Opportunity Trust

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

Master Senior Floating Rate LLC

BlackRock Senior Floating Rate Fund II, Inc.

BlackRock Senior Floating Rate Fund, Inc.

BlackRock Senior High Income Fund, Inc.

BlackRock Strategic Bond Trust

BlackRock Strategic Dividend Achievers ™ Trust

BlackRock Virginia Municipal Bond Trust

BlackRock World Investment Trust

The BlackRock California Insured Municipal 2008 Term Trust, Inc.

The BlackRock Florida Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal Term Trust, Inc.

The BlackRock New York Insured Municipal 2008 Term Trust, Inc.

The BlackRock Pennsylvania Strategic Municipal Trust

The BlackRock Strategic Municipal Trust

The Massachusetts Health & Education Tax-Exempt Trust

BlackRock Defined Opportunity Credit Trust

BlackRock Fixed Income Value Opportunities

This Endorsement applies to loss discovered after 12:01 a.m. on February 27, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: March 6, 2009

ICAP Bond
Form 17-02-6272 (Ed. 8-04)	Page 3


	VIGILANT INSURANCE COMPANY
	Endorsement No.:	10
	Bond Number:	82126651
	NAME OF ASSURED: BLACKROCK INCOME TRUST

DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 9 in its entirety.


This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: November 4, 2009

ICAP Bond

Form 17-02-5647 (Ed. 11-03)


	VIGILANT INSURANCE COMPANY

	Endorsement No:	11

	Bond Number:	82126651

	NAME OF ASSURED: BLACKROCK INCOME TRUST

AMEND NAME OF ASSURED ENDORSEMENT

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


BlackRock Income Trust
BCT Subsidiary, Inc.
BlackRock Apex Municipal Fund, Inc.
BlackRock Broad Investment Grade 2009 Term Trust Inc.
BlackRock California Insured Municipal Income Trust
BlackRock California Investment Quality Municipal Trust, Inc.
BlackRock California Municipal 2018 Term Trust
BlackRock California Municipal Bond Trust
BlackRock California Municipal Income Trust
BlackRock California Municipal Income Trust II
BlackRock Core Bond Trust
BlackRock Corporate High Yield Fund III, Inc.
BlackRock Corporate High Yield Fund V, Inc.
BlackRock Corporate High Yield Fund VI, Inc.
BlackRock Corporate High Yield Fund, Inc.
BlackRock Debt Strategies Fund, Inc.
BlackRock Diversified Income Strategies Fund, Inc.
BlackRock Dividend Achievers ™ Trust
BlackRock EcoSolutions Investment Trust
BlackRock Enhanced Capital and Income Fund, Inc.
BlackRock Enhanced Dividend Achievers ™ Trust
BlackRock Enhanced Government Fund, Inc.
BlackRock Floating Rate Income Strategies Fund II, Inc.
BlackRock Floating Rate Income Strategies Fund, Inc.
BlackRock Insured Municipal Income Investment Trust
(f/k/a BlackRock Florida Insured Municipal Income Trust)
BlackRock Investment Quality Municipal Income Trust
BlackRock Investment Quality Municipal Trust
BlackRock Florida Municipal 2020 Term Trust
BlackRock Municipal Bond Investment Trust
(f/k/a BlackRock Florida Municipal Bond Trust)
BlackRock Municipal Income Investment Trust
(f/k/a BlackRock Florida Municipal Income Trust)
BlackRock Energy and Resources Trust
BlackRock Global Equity Income Trust
BlackRock Floating Rate Income Trust
BlackRock Global Opportunities Equity Trust
BlackRock Health Sciences Trust

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


BlackRock High Income Shares
BlackRock High Yield Trust
BlackRock Income Opportunity Trust, Inc.
BlackRock Income Trust, Inc.
BlackRock Insured Municipal Income Trust
BlackRock International Growth and Income Trust
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Limited Duration Income Trust
BlackRock Long-Term Municipal Advantage Trust
BlackRock Maryland Municipal Bond Trust
BlackRock Multi-Strategy Hedge Advantage
BlackRock Multi-Strategy Hedge Opportunities, LLC
BlackRock Muni Intermediate Duration Fund, Inc.
BlackRock Muni New York Intermediate Duration Fund, Inc.
BlackRock MuniAssets Fund, Inc.
BlackRock Municipal 2018 Term Trust
BlackRock Municipal 2020 Term Trust
BlackRock Municipal Bond Trust
BlackRock Municipal Income Trust
BlackRock Municipal Income Trust II
BlackRock MuniEnhanced Fund, Inc.
BlackRock MuniHoldings California Insured Fund, Inc.
BlackRock MuniHoldings Insured Investment Fund
(f//k/a BlackRock MuniHoldings Florida Insured Fund)
BlackRock MuniHoldings Fund II, Inc.
BlackRock MuniHoldings Fund, Inc.
BlackRock MuniHoldings Insured Fund II, Inc.
BlackRock MuniHoldings Insured Fund, Inc.
BlackRock MuniHoldings New Jersey Insured Fund, Inc.
BlackRock MuniHoldings New York Insured Fund, Inc.
BlackRock MuniVest Fund II, Inc.
BlackRock MuniVest Fund, Inc.
BlackRock MuniYield Arizona Fund, Inc.
BlackRock MuniYield California Fund, Inc.
BlackRock MuniYield California Insured Fund, Inc.
BlackRock MuniYield Investment Fund
(f/k/a BlackRock MuniYield Florida Fund)
BlackRockMuniYield Insured Investment Fund
(f/k/a BlackRock MuniYield Florida Insured Fund)
BlackRock MuniYield Fund, Inc.
BlackRock MuniYield Insured Fund, Inc.
BlackRock MuniYield Michigan Insured Fund II, Inc.
BlackRock MuniYield Michigan Insured Fund, Inc.
BlackRock MuniYield New Jersey Fund, Inc.
BlackRock MuniYield New Jersey Insured Fund, Inc.
BlackRock MuniYield New York Insured Fund, Inc.
BlackRock MuniYield Pennsylvania Insured Fund
BlackRock MuniYield Quality Fund II, Inc.
BlackRock MuniYield Quality Fund, Inc.
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New Jersey Municipal Bond Trust
BlackRock New Jersey Municipal Income Trust
BlackRock New York Insured Municipal Income Trust
BlackRock New York Investment Quality Municipal Trust, Inc.
BlackRock New York Municipal 2018 Term Trust
BlackRock New York Municipal Bond Trust

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

BlackRock New York Municipal Income Trust

BlackRock New York Municipal Income Trust II

BlackRock Preferred and Corporate Income Strategies Fund, Inc.

BlackRock Preferred and Equity Advantage Trust

BlackRock Preferred Income Strategies Fund, Inc.

BlackRock Preferred Opportunity Trust

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

Master Senior Floating Rate LLC

BlackRock Senior Floating Rate Fund II, Inc.

BlackRock Senior Floating Rate Fund, Inc.

BlackRock Senior High Income Fund, Inc.

BlackRock Strategic Bond Trust

BlackRock Strategic Dividend Achievers â„¢ Trust

BlackRock Virginia Municipal Bond Trust

BlackRock World Investment Trust

The BlackRock California Insured Municipal 2008 Term Trust, Inc.

The BlackRock Florida Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal 2008 Term Trust, Inc.

The BlackRock Insured Municipal Term Trust, Inc.

The BlackRock New York Insured Municipal 2008 Term Trust, Inc.

The BlackRock Pennsylvania Strategic Municipal Trust

The BlackRock Strategic Municipal Trust

The Massachusetts Health & Education Tax-Exempt Trust

BlackRock Defined Opportunity Credit Trust

BlackRock Fixed Income Value Opportunities

This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: November 4, 2009


ICAP Bond
Form 17-02-6272 (Ed. 8-04)	Page 3

JOINT FIDELITY BOND AGREEMENT

JOINT FIDELITY BOND AGREEMENT BY AND AMONG

THE BLACKROCK CLOSED-END FUNDS

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

WITNESSETH

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

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

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

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

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

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

1. Joint Insured Bond. The Funds have procured from Vigilant, a reputable fidelity insurance company, the Bond insuring each Fund against larceny and embezzlement of its securities and funds by such of its officers and employees who may, singly or jointly with others, have access to such securities or funds, directly or through authority to draw upon such funds or

to direct generally the disposition of such securities. The Bond names each Fund as an insured, and complies with the requirements established by Rule 17g-1 under the 1940 Act.

2. Amount. The Bond is in the amount based upon the total assets of each Fund, which are equal to or in excess of the minimum coverages required for each Fund under Rule 17g-1.

3. Ratable Allocation of Premium. Each Fund will pay the percentage of the premium due under the Joint Fidelity Bond which is proportionate to the coverage as described in Paragraph 2.

4. Ratable Allocation of Proceeds.

(a) In the event any recovery under the Bond is received as a result of a loss sustained by any of the Funds, then each Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)(1) under the 1940 Act.

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

(i) Each Fund sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the amount of coverage maintained by such Fund as set forth under Paragraph 2.

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

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

6. Modification and Amendments.

- 2 -

(a) If a Fund shall determine that the coverage required by Rule 17g-1 for such Fund has changed, or that the amount of the total coverage allocated to such Fund should otherwise be modified, it shall so notify the other Funds setting forth the modification which it believes to be appropriate, and the proposed treatment of any increased or return premium.

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

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

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

8. No Assignment. This Agreement is not assignable.

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

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

11. Notices. All Notices and other communications hereunder shall be in writing and shall be addressed to the appropriate Fund at P.O. Box 9011, Princeton, NJ 08543-9011.

- 3 -

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

		/s/ Neal Andrews
	Name:	Neal Andrews
	Title:	Assistant Treasurer of each Fund listed
		on Schedule A

- 4 -

Schedule A (as of November 20, 2009)

BlackRock Dividend Achievers Trust

BlackRock EcoSolutions Investment Trust

BlackRock Enhanced Capital and Income Fund, Inc.

BlackRock Enhanced Dividend Achievers Trust

BlackRock Energy and Resources Trust

BlackRock Global Opportunities Equity Trust

BlackRock Health Sciences Trust

BlackRock International Growth and Income Trust

BlackRock Credit Allocation Income Trust I, Inc. (f/k/a BlackRock Preferred and Corporate Income Strategies Fund, Inc.)

BlackRock Credit Allocation Income Trust IV (f/k/a BlackRock Preferred and Equity Advantage Trust)

BlackRock Credit Allocation Income Trust II, Inc. (f/k/a BlackRock Preferred Income Strategies Fund, Inc.)

BlackRock Credit Allocation Income Trust III (f/k/a BlackRock Preferred Opportunity Trust)

BlackRock Real Asset Equity Trust

BlackRock S&P Quality Rankings Global Equity Managed Trust

BlackRock Strategic Dividend Achievers Trust

BlackRock Apex Municipal Fund, Inc.

BlackRock California Insured Municipal Income Trust

BlackRock California Investment Quality Municipal Trust, Inc.

BlackRock California Municipal 2018 Term Trust

BlackRock California Municipal Bond Trust

BlackRock California Municipal Income Trust

BlackRock California Municipal Income Trust II

BlackRock Insured Municipal Income Investment Trust

BlackRock Investment Quality Municipal Income Trust

BlackRock Florida Municipal 2020 Term Trust

BlackRock Municipal Bond Investment Trust

BlackRock Municipal Income Investment Trust

BlackRock Insured Municipal Income Trust

BlackRock Insured Municipal Term Trust, Inc.

BlackRock Investment Quality Municipal Trust, Inc.

BlackRock Long-Term Municipal Advantage Trust

BlackRock Maryland Municipal Bond Trust

Massachusetts Health & Education Tax Exempt Trust

BlackRock Muni Intermediate Duration Fund, Inc.

BlackRock Muni New York Intermediate Duration Fund, Inc.

BlackRock MuniAssets Fund, Inc.

BlackRock Municipal 2018 Term Trust

BlackRock Municipal 2020 Term Trust

BlackRock Municipal Bond Trust

BlackRock Municipal Income Trust

BlackRock Municipal Income Trust II

BlackRock MuniEnhanced Fund, Inc.

BlackRock MuniHoldings California Insured Fund, Inc.

BlackRock MuniHoldings Insured Investment Fund

BlackRock MuniHoldings Fund II, Inc.

BlackRock MuniHoldings Fund, Inc.

BlackRock MuniHoldings Insured Fund II, Inc.

BlackRock MuniHoldings Insured Fund, Inc.

BlackRock MuniHoldings New Jersey Insured Fund, Inc.

BlackRock MuniHoldings New York Insured Fund, Inc.

BlackRock MuniVest Fund II, Inc.

BlackRock MuniVest Fund, Inc.

BlackRock MuniYield Arizona Fund, Inc.

BlackRock MuniYield California Fund, Inc.

BlackRock MuniYield California Insured Fund, Inc.

BlackRock MuniYield Investment Fund

BlackRock MuniYield Insured Investment Fund

BlackRock MuniYield Fund, Inc.

BlackRock MuniYield Insured Fund, Inc.

BlackRock MuniYield Michigan Insured Fund II, Inc.

BlackRock MuniYield Michigan Insured Fund, Inc.

BlackRock MuniYield New Jersey Fund, Inc.

BlackRock MuniYield New Jersey Insured Fund, Inc.

BlackRock MuniYield New York Insured Fund, Inc.

BlackRock MuniYield Pennsylvania Insured Fund

BlackRock MuniYield Quality Fund II, Inc.

BlackRock MuniYield Quality Fund, Inc.

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

BlackRock New Jersey Municipal Bond Trust

BlackRock New Jersey Municipal Income Trust

BlackRock New York Insured Municipal Income Trust

BlackRock New York Investment Quality Municipal Trust, Inc.

BlackRock New York Municipal 2018 Term Trust

BlackRock New York Municipal Bond Trust

BlackRock New York Municipal Income Trust

BlackRock New York Municipal Income Trust II

BlackRock Pennsylvania Strategic Municipal Trust

BlackRock Strategic Municipal Trust

BlackRock Virginia Municipal Bond Trust

BlackRock Debt Strategies Fund, Inc.

BlackRock Diversified Income Strategies Fund, Inc.

BlackRock Floating Rate Income Strategies Fund, Inc.

BlackRock Floating Rate Income Strategies Fund II, Inc.

Master Senior Floating Rate LLC

BlackRock Senior Floating Rate Fund, Inc.

BlackRock Senior Floating Rate Fund II, Inc.

BlackRock Senior High Income Fund, Inc.

BlackRock Core Bond Trust

BlackRock Floating Rate Income Trust

BlackRock High Income Shares

BlackRock High Yield Trust

BlackRock Income Opportunity Trust, Inc.

BlackRock Income Trust, Inc.

BlackRock Limited Duration Income Trust

BlackRock Strategic Bond Trust

BlackRock Corporate High Yield Fund, Inc.

BlackRock Corporate High Yield Fund III, Inc.

BlackRock Corporate High Yield Fund V, Inc.

BlackRock Corporate High Yield Fund VI, Inc.

BlackRock Enhanced Government Fund, Inc.

BlackRock Defined Opportunity Credit Trust

BlackRock Fixed Income Value Opportunities

RESOLUTIONS FOR THE FUNDS

(except BlackRock Fixed Income Value Opportunities)

RESOLVED, that the Boards have determined that participation by the Funds in the joint fidelity bond which provides for equitable sharing of recoveries, including payment of any reserve premiums, is in the best interests of the Funds; and further

RESOLVED, that the proposed premiums for the joint fidelity bond to be allocated to each of the Funds are fair and reasonable to each of the Funds; and further

RESOLVED, that the Boards, including a majority of the Independent Board Members, hereby approve the joint fidelity bond; and further

RESOLVED, that the proper officers of each Fund be, and they hereby are, authorized to take such additional actions as they deem necessary or advisable to carry out the intent of the foregoing resolutions; and further

RESOLVED, that all actions heretofore taken in connection with any matter referred to in the foregoing resolutions be hereby approved, ratified and confirmed in all respects.

RESOLUTIONS

FOR

BLACKROCK FIXED INCOME VALUE OPPORTUNITIES

RESOLVED, that the Board of Trustees has determined that the participation by the Trust and other funds, series or accounts managed by the Advisors in the joint fidelity bond which provides for equitable sharing of recoveries, including payment of any reserve premiums, is in the best interests of the Trust; and further

RESOLVED, that the agreement between the Trust and other funds, series or accounts managed by the Advisors to enter into the joint fidelity bond (the "Joint Insured Bond Agreement"), be, and it hereby is, adopted and approved substantially in the form previously approved and adopted by the Board of Trustees on behalf of the BlackRock Closed-End Funds, together with such changes and modifications as the officers of the Trust deem advisable; and further

RESOLVED, that the Board of Trustees, including a majority of the Independent Trustees, shall review such Joint Insured Bond Agreement at least annually in order to ascertain whether or not such policy continues to be in the best interests of the Trust, and whether or not the premiums to be paid by the Trust are fair and reasonable; and further

RESOLVED, that in accordance with Rule 17g-1(h) under the Investment Company Act, the Secretary of the Trust is hereby designated as the officer of the Trust who is authorized and directed to make the filings with the SEC and give the notices required by Rule 17g-1(g); and further

RESOLVED, that the officers of the Trust be, and they hereby are, authorized and directed at all times to take all actions necessary to assure compliance with these resolutions and Rule 17g-1 of the Investment Company Act.

SINGLED INSURED BOND STATEMENT

Fund	Gross Assets as of September 30, 2008 (in dollars)	Amount of Bond (in dollars)
BlackRock Dividend Achievers Trust	653,941,450	900,000
BlackRock EcoSolutions Investment Trust	167,894,874	600,000
BlackRock Enhanced Capital and Income Fund, Inc.	214,595,393	600,000
BlackRock Enhanced Dividend Achievers Trust	775,872,446	1,000,000
BlackRock Energy and Resources Trust	827,954,523	1,000,000
BlackRock Global Opportunities Equity Trust	284,551,098	750,000
BlackRock Health Sciences Trust	209,373,018	600,000
BlackRock International Growth and Income Trust	1,433,805,618	1,250,000
BlackRock Credit Allocation Income Trust I, Inc. (f/k/a BlackRock Preferred and Corporate Income Strategies Fund, Inc.)	259,635,912	750,000
BlackRock Credit Allocation Income Trust IV (f/k/a BlackRock Preferred and Equity Advantage Trust)	1,161,839,243	1,250,000
BlackRock Credit Allocation Income Trust II, Inc. (f/k/a BlackRock Preferred Income Strategies Fund, Inc.)	1,006,607,365	1,250,000
BlackRock Credit Allocation Income Trust III (f/k/a BlackRock Preferred Opportunity Trust)	404,685,521	750,000
BlackRock Real Asset Equity Trust	777,537,578	1,000,000
BlackRock S&P Quality Rankings Global Equity Managed Trust	90,919,776	450,000
BlackRock Strategic Dividend Achievers Trust	343,471,447	750,000
BlackRock Apex Municipal Fund, Inc.	172,019,553	600,000
BlackRock California Insured Municipal Income Trust	104,256,179	525,000
BlackRock California Investment Quality Municipal Trust, Inc.	18,891,558	225,000
BlackRock California Municipal 2018 Term Trust	142,345,375	525,000
BlackRock California Municipal Bond Trust	73,942,178	400,000
BlackRock California Municipal Income Trust	295,491,927	750,000
BlackRock California Municipal Income Trust II	160,986,308	600,000
BlackRock Insured Municipal Income Investment Trust	157,463,011	600,000
BlackRock Investment Quality Municipal Income Trust	20,255,094	250,000
BlackRock Florida Municipal 2020 Term Trust	116,477,204	525,000
BlackRock Municipal Bond Investment Trust	72,658,120	400,000
BlackRock Municipal Income Investment Trust	136,567,551	525,000
BlackRock Insured Municipal Income Trust	484,644,910	750,000
BlackRock Insured Municipal Term Trust, Inc.	320,266,773	750,000
BlackRock Investment Quality Municipal Trust, Inc.	345,181,739	750,000
BlackRock Long-Term Municipal Advantage Trust	284,214,559	750,000
BlackRock Maryland Municipal Bond Trust	42,830,277	350,000
Massachusetts Health & Education Tax Exempt Trust	45,407,886	350,000
BlackRock Muni Intermediate Duration Fund, Inc.	792,507,764	1,000,000
BlackRock Muni New York Intermediate Duration Fund, Inc.	82,548,627	450,000
BlackRock MuniAssets Fund, Inc.	249,008,311	600,000
BlackRock Municipal 2018 Term Trust	348,055,704	750,000
BlackRock Municipal 2020 Term Trust	433,031,446	750,000
BlackRock Municipal Bond Trust	218,783,664	600,000
BlackRock Municipal Income Trust	814,349,600	1,000,000
BlackRock Municipal Income Trust II	453,365,237	750,000
BlackRock MuniEnhanced Fund, Inc.	436,476,046	750,000
BlackRock MuniHoldings California Insured Fund, Inc.	847,598,393	1,000,000
BlackRock MuniHoldings Insured Investment Fund	766,810,836	1,000,000
BlackRock MuniHoldings Fund II, Inc.	211,782,134	600,000
BlackRock MuniHoldings Fund, Inc.	293,647,740	750,000
BlackRock MuniHoldings Insured Fund II, Inc.	411,693,621	750,000
BlackRock MuniHoldings Insured Fund, Inc.	247,347,122	600,000

BlackRock MuniHoldings New Jersey Insured Fund, Inc.	465,727,801	750,000
BlackRock MuniHoldings New York Insured Fund, Inc.	642,786,374	900,000
BlackRock MuniVest Fund II, Inc.	403,402,896	750,000
BlackRock MuniVest Fund, Inc.	784,201,084	1,000,000
BlackRock MuniYield Arizona Fund, Inc.	95,168,039	450,000
BlackRock MuniYield California Fund, Inc.	408,257,801	750,000
BlackRock MuniYield California Insured Fund, Inc.	650,736,525	900,000
BlackRock MuniYield Investment Fund	261,737,335	750,000
BlackRock MuniYield Insured Investment Fund	169,466,549	600,000
BlackRock MuniYield Fund, Inc.	826,453,634	1,000,000
BlackRock MuniYield Insured Fund, Inc.	1,140,759,700	1,250,000
BlackRock MuniYield Michigan Insured Fund II, Inc.	236,192,301	600,000
BlackRock MuniYield Michigan Insured Fund, Inc.	385,574,048	750,000
BlackRock MuniYield New Jersey Fund, Inc.	293,625,875	750,000
BlackRock MuniYield New Jersey Insured Fund, Inc.	183,269,274	600,000
BlackRock MuniYield New York Insured Fund, Inc.	735,390,691	900,000
BlackRock MuniYield Pennsylvania Insured Fund	227,180,177	600,000
BlackRock MuniYield Quality Fund II, Inc.	372,227,707	750,000
BlackRock MuniYield Quality Fund, Inc.	580,159,683	900,000
BlackRock New Jersey Investment Quality Municipal Trust, Inc.	18,571,258	225,000
BlackRock New Jersey Municipal Bond Trust	48,898,747	350,000
BlackRock New Jersey Municipal Income Trust	159,129,874	600,000
BlackRock New York Insured Municipal Income Trust	121,270,415	525,000
BlackRock New York Investment Quality Municipal Trust, Inc.	26,032,440	300,000
BlackRock New York Municipal 2018 Term Trust	84,319,547	450,000
BlackRock New York Municipal Bond Trust	59,663,622	400,000
BlackRock New York Municipal Income Trust	256,779,797	750,000
BlackRock New York Municipal Income Trust II	109,040,657	525,000
BlackRock Pennsylvania Strategic Municipal Trust	43,120,436	350,000
BlackRock Strategic Municipal Trust	133,669,742	525,000
BlackRock Virginia Municipal Bond Trust	33,883,628	300,000
BlackRock Debt Strategies Fund, Inc.	695,292,235	900,000
BlackRock Defined Opportunity Credit Trust	180,058,871	600,000
BlackRock Diversified Income Strategies Fund, Inc.	209,421,638	600,000
BlackRock Floating Rate Income Strategies Fund, Inc.	369,243,851	750,000
BlackRock Floating Rate Income Strategies Fund II, Inc.	210,072,039	600,000
Master Senior Floating Rate LLC.	559,581,965	900,000
BlackRock Senior Floating Rate Fund, Inc.	357,044,894	750,000
BlackRock Senior Floating Rate Fund II, Inc.	163,945,101	600,000
BlackRock Senior High Income Fund, Inc.	342,060,440	750,000
BlackRock Core Bond Trust	587,379,591	900,000
BlackRock Floating Rate Income Trust	564,912,453	900,000
BlackRock High Income Shares	149,647,828	525,000
BlackRock High Yield Trust	57,251,173	400,000
BlackRock Income Opportunity Trust, Inc.	655,111,599	900,000
BlackRock Income Trust, Inc.	788,616,887	1,000,000
BlackRock Limited Duration Income Trust	804,744,402	1,000,000
BlackRock Strategic Bond Trust	87,734,308	450,000
BlackRock Corporate High Yield Fund, Inc.	292,755,829	750,000
BlackRock Corporate High Yield Fund III, Inc.	313,902,479	750,000
BlackRock Corporate High Yield Fund V, Inc.	451,804,979	750,000
BlackRock Corporate High Yield Fund VI, Inc.	483,887,074	750,000
BlackRock Enhanced Government Fund, Inc.	330,742,134	750,000

Fund	Gross Assets as of February 27, 2009 (in dollars)	Amount of Bond (in dollars)
BlackRock Fixed Income Value Opportunities	306,147,213.65	750,000