HOUSTON

LOS ANGELES

NEW YORK

PALO ALTO

WASHINGTON, D.C.

WILMINGTON

December 20, 2018

BRUSSELS

FRANKFURT

HONG KONG

LONDON

MOSCOW

MUNICH

PARIS

SÃO PAULO

SEOUL

SHANGHAI

SINGAPORE

TOKYO

TORONTO

Rule 17g-1 Filing For Registered Investment Companies Listed on Annex A

Advised by BlackRock Advisors, LLC or an affiliate

A copy of the extended bond period endorsement;

A copy of endorsements which amend the definition of the “Name of Assured”

A copy of the Fidelity Bond;

A copy of the Joint Insured Bond Agreement, with an updated Schedule A;

A copy of the resolutions of the Board of Directors/Trustees (the “Board”) of each Fund (except BlackRock Multi-Sector Opportunities Trust) 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 (the “Independent Board Members”) on September 6, 2017;

A copy of the resolutions of the Board of BlackRock Multi-Sector Opportunities Trust and BlackRock Multi-Sector Opportunities Trust II approving the Joint Fidelity Bond, adopted by a majority of the Independent Board Members on October 26, 2017 and July 30, 2018, respectively;

A copy of the resolutions of the Board of each Fund approving the extension of the Joint Fidelity Bond, adopted by a majority of the Independent Board Members on September 7, 2018; 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.

Janey Ahn, Esq.

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PLEASE RETURN THIS BILL WITH REMITTANCE AND NOTE HEREON ANY CHANGES. BILL WILL BE RECEIPTED AND RETURNED TO YOU PROMPTLY UPON REQUEST.

EFFECTIVE DATE

COVERAGE

November 1, 2018

To

January 1, 2019

0% Commission

ITEM 1.   

ICAP Bond

Form 17-02-5032 (Ed. 11-02)

ICAP Bond

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

ICAP Bond

Form 17-02-6272 (Ed. 8-04)

ICAP Bond

Form 17-02-6272 (Ed. 8-04)

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

ITEM 1.   

ITEM 2.   

INSURING CLAUSE

1. Employee

2. On Premises

3. In Transit

4. Forgery or Alteration

5. Extended Forgery

6. Counterfeit Money

7. Threats to Person

8. Computer System

9. Voice Initiated Funds Transfer Instruction

10. Uncollectible Items of Deposit

11. Audit Expense

ITEM 3.   

1 - 15

ICAP Bond (5-98) - Federal

Form 17-02-1421 (Ed. 5-98)

Page 1 of 1

The COMPANY, in consideration of payment of the required premium, and in reliance on the APPLICATION and all other statements made and information furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED for:

Loss resulting directly from Larceny or Embezzlement committed by any Employee, alone or in collusion with others.

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.

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)

For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Extended Forgery

(continued)

For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.

Loss resulting directly from the receipt by the ASSURED in good faith of any Counterfeit money.

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.

an unauthorized account or a fictitious account to be debited or credited.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Voice Initiated Funds

Transfer Instruction

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

Deposit

Items of Deposit shall not be deemed uncollectible until the ASSURED’S standard collection procedures have failed.

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)

Additional Companies

Included As Assured

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

Assured

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)

General Agreements

(continued)

Additional Offices Or

Employees - Consolidation,

Merger Or Purchase Or

Acquisition Of Assets Or

Liabilities - Notice To

Company

(1)

occurred or will occur on premises, or

(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:

on obtaining such consent, pays to the COMPANY an additional premium.

Change Of Control -

Notice To Company

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

Attorneys’ Fees

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Court Costs And

Attorneys’ Fees

(continued)

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)

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Definitions

(continued)

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Definitions

(continued)

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Definitions

(continued)

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

General Exclusions -

Applicable to All Insuring Clauses

a.

loss not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

General Exclusions - Applicable to All Insuring Clauses

(continued)

h.

i.

loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any Employee:

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.

a.

loss caused by an Employee, provided, however, this Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction of Property;

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1.

(continued)

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.

a.

loss resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however, this Section 4.a. shall not apply to INSURING CLAUSE 8.;

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Limit Of Liability/Non- Reduction And Non- Accumulation Of Liability (continued)

d.

any one casualty or event other than those specified in a., b., or c. above, shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.

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.

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.

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)

Notice To Company - Proof - Legal Proceedings Against Company

(continued)

f.

Proof of loss involving Voice Initiated Funds Transfer Instruction shall include electronic recordings of such instructions.

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.

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)

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.

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)

Conditions and

Limitations

Subrogation - Assignment – Recovery

(continued)

Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.

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.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Conditions and

Limitations

Termination

(continued)

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.

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

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.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

Conditions And

Limitations

Change or Modification

(continued)

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)

ICAP Bond

Form 17-02-6272 (Ed. 8-04)

ICAP Bond

Form 17-02-6272 (Ed. 8-04)

INSURING CLAUSE

1. Employee

2. On Premises

3. In Transit

4. Forgery or Alteration

5. Extended Forgery

6. Counterfeit Money

7. Threats to Person

8. Computer System

9. Voice Initiated Funds Transfer Instruction

10. Uncollectible Items of Deposit

11. Audit Expense

12. Telefacsimile Transfer Fraud

13. Extended Computer Systems

14. Automated Telephone Transaction

15. Unauthorized Signature

16. Claims Expense

17. Stop Payment

ICAP Bond

Form 17-02-1582 (Ed. 5-98)

By adding the following INSURING CLAUSE:

Telefacsimile Instruction

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

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.

By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting the following:

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)

By adding to Section 1., Definitions, the following:

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.

By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring Clause 1. the following:

loss resulting directly or indirectly from Telefacsimile instructions provided, however, this exclusion shall not apply to this INSURING CLAUSE.

Date:

January 11, 2018

By

ICAP Bond

Form 17-02-2367 (Rev. 10-03)

By adding the following INSURING CLAUSE:

Extended Computer Systems

Electronic Data, Electronic Media, Electronic Instruction

the fraudulent modification of Electronic Data, Electronic Media or Electronic Instruction being stored within or being run within any system covered under this INSURING CLAUSE,

robbery, burglary, larceny or theft of Electronic Data, Electronic Media or Electronic Instructions,

the acts of a hacker causing damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the ASSURED or for which the ASSURED is legally liable, while stored within a Computer System covered under this INSURING CLAUSE, or

the damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the ASSURED or for which the ASSURED is legally liable while stored within a Computer System covered under INSURING CLAUSE 13, provided such damage or destruction was caused by a computer program or similar instruction which was written or altered to intentionally incorporate a hidden instruction designed to damage or destroy Electronic Data, Electronic Media, or Electronic Instruction in the Computer System in which the computer program or instruction so written or so altered is used.

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)

Electronic Communication

an Electronic Communication System,

an automated clearing house or custodian, or

a Telex, TWX, or similar means of communication,

Electronic Transmission

an Electronic Communication System,

an automated clearing house or custodian, or

a Telex, TWX, or similar means of communication,

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)

By adding to Section 1., Definitions, the following:

Communication Terminal means a teletype, teleprinter or video display terminal, or similar device capable of sending or receiving information electronically. Communication Terminal does not mean a telephone.

Electronic Communication System means electronic communication operations by Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide International Financial Telecommunication (SWIFT), similar automated interbank communication systems, and Internet access facilities.

Electronic Data means facts or information converted to a form usable in Computer Systems and which is stored on Electronic Media for use by computer programs.

Electronic Instruction means computer programs converted to a form usable in a Computer System to act upon Electronic Data.

Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk media on which data is recorded.

By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING CLAUSES except 1., 4., and 5.:

loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments, securities, documents or written instruments used as source documentation in the preparation of Electronic Data;

loss of negotiable instruments, securities, documents or written instruments except as converted to Electronic Data and then only in that converted form;

loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or any malfunction or error in programming or error or omission in processing;

loss resulting directly or indirectly from the input of Electronic Data at an authorized electronic terminal of an Electronic Funds Transfer System or a Customer Communication System by a person who had authorized access from a customer to that customer’s authentication mechanism; or

liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement; or

loss resulting directly or indirectly from:

written instruction unless covered under this INSURING CLAUSE; or

instruction by voice over the telephone, unless covered under this INSURING CLAUSE.

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)

By adding to Section 9., Valuation, the following:

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)

By adding the following INSURING CLAUSE:

Automated Telephone System Transaction

By adding to Section 1., Definitions, the following:

APS Designated Procedures means all of the following procedures:

No APS Transaction shall be executed unless the shareholder or unitholder to whose account such an APS Transaction relates has previously elected to APS Transactions. (Election in Application)

All APS Transactions shall be logged or otherwise recorded and the records shall be retained for at least six (6) months. (Logging)

The caller in any request for an APS Transaction, before executing that APS Transaction must enter a personal identification number (PIN), social security number and account number. (Identity Test)

ICAP Bond

Form 17-02-2345 (Ed. 10-00)

A written confirmation of any APS Transaction or change of address shall be mailed to the shareholder or unitholder to whose account such transaction relates, at the record address, by the end of the insured’s next regular processing cycle, but in no event later than five (5) business days following such APS Transaction. (Written Confirmation)

Access to the equipment which permits the entity receiving the APS Transaction request to process and effect the transaction shall be limited in the following manner: (Access to APS Equipment)

APS Election means any election concerning various account features available to the shareholder or unitholder which is made through the Automated Phone System by means of information transmitted by an individual caller through use of a Automated Phone System. These features include account statements, auto exchange, auto asset builder, automatic withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and change of address.

APS Exchange means any exchange of shares or units in a registered account of one fund into shares or units in an account with the same tax identification number and same ownership-type code of another fund in the same complex pursuant to exchange privileges of the two funds, which exchange is requested through the Automated Phone System by means of information transmitted by an individual caller through use of an Automated Phone System.

APS Purchase means any purchase of shares or units issued by an Investment Company which is requested through an Automated Phone System.

APS Redemption means any redemption of shares or units issued by an Investment Company which it requested through the telephone by means of information transmitted by an individual caller through use of a Automated Phone System.

APS Transaction means any APS Purchase, APS Redemption, APS Election or APS Exchange.

Automated Phone System means an automated system which receives and converts to executable instructions transmissions through the Automated Phone System through use of a touch-tone keypad or other tone system; and always excluding transmissions from a computer system or part thereof.

By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring Clauses Except 1., 4., 5.:

the redemption of shares or units, where the proceeds of such redemption are made payable to other than:

the shares or units of record,

a person designated to receive redemption proceeds, or

a bank account designated to receive redemption proceeds, or

the redemption of shares or units, where the proceeds of such redemption are paid by check mailed to any address, unless such address has either been designated the shareholder or unitholder by voice through an Automated Phone System or in writing, at least thirty (30) days prior to such redemption, or

ICAP Bond

Form 17-02-2345 (Ed. 10-00)

the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.

ICAP Bond

Form 17-02-2345 (Ed. 10-00)

By adding the following INSURING CLAUSE:

Unauthorized Signature

By adding to Section 1., Definitions, the following:

Instruction means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge or release from pledge of the specified Uncertificated Security be registered.

Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:

not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and

of a type commonly dealt in on securities exchanges or markets, and

either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

ICAP Bond

Form 17-02-5602 (Ed. 10-03)

Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the amount of funds stated therein.

ICAP Bond

Form 17-02-5602 (Ed. 10-03)

By adding the following INSURING CLAUSE:

Claims Expense

the loss is covered under the Bond, and

the loss is in excess of the applicable DEDUCTIBLE AMOUNT.

Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss covered under this INSURING CLAUSE.

ICAP Bond

Form 17-02-6282 (Ed. 11-04)

By adding the following INSURING CLAUSE:

Stop Payment Order or Refusal to Pay Check

complying or failing to comply with notice from any customer of the ASSURED or any authorized representative of such customer, to stop payment on any check or draft made or drawn upon or against the ASSURED by such customer or by any authorized representative of such customer, or

refusing to pay any check or draft made or drawn upon or against the ASSURED by any customer of the ASSURED or by any authorized representative of such customer.”

By adding the following Specific Exclusion:

liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement,

loss arising out of:

libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious prosecution, assault or battery,

sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person, or

discrimination.”

ICAP Bond

Form 17-02-2365 (Ed. 10-00)

Effective date of

this endorsement/rider: November 1, 2017

Q06-246 (02/2008) rev.

Effective date of

this endorsement/rider: November 1, 2017

The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.

The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:

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

By adding to Section 13, Termination, the following:

Nonpayment of premium;

Conviction of a crime arising out of acts increasing the hazard insured against ;

Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the presentation of a claim thereunder;

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;

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)

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

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.

By adding a new Section reading as follows:

Change of limits of liability ;

Change in type of coverage;

Reduction of coverage;

Increased deductible;

Addition of exclusion; or

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.

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:

The expiration date; or

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)

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.

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.

By adding to General Agreement B., Representations Made By Assured, the following:

ICAP Bond - New York

Form 17-02-2863 (Rev. 7-03)

Effective date of

this endorsement/rider: November 1, 2017

82126651

the creation of a new Investment Company; or

an increase in asset size of current Investment Companies covered under this Bond,