BLACKROCK
October 3, 2006
Securities and Exchange Commission
100 F Street, N.W.
Washington, DC 20549
Dear Sirs:
Pursuant to Section 17(g) of the Investment Company Act of 1940, as amended, and
Rule 17g-1 thereunder, I hereby enclose for filing an amendment to the joint
fidelity bond (the "Bond") of the BlackRock closed-end funds. This amendment is
being filed for the purposes of adding BlackRock Real Asset Equity Trust ("BCF")
(File No. 811-21931) to the coverage of the Bond.
Enclosed herewith in accordance with Rule 17g-1 please find: (i) a copy of the
insurance binder for the endorsement to the Bond adding BCF, (ii) a copy of the
insurance binder for the amended joint fidelity bond agreement adding BCF, and
(iii) a copy of the resolutions adopted by the Board of Trustees of BCF on
August 23, 2006 with respect to these matters. BCF was added to the Bond
effective September 27, 2006, and the Bond will terminate September 29, 2007. In
connection with this addition of BCF to the Bond, premiums on the Bond for BCF
have been paid through September 29, 2007. Absent the joint fidelity bond, BCF
would have maintained an individual fidelity bond of $1,000,000.
Should you have any questions regarding this filing, feel free to contact me at
(212) 810-3439.
Sincerely,
/s/ Vincent B. Tritto
Vincent B. Tritto
Secretary
BlackRock Real Asset Equity Trust
100 Bellevue Parkway
Wilmington, DE 19809
Tel 302.797.2000
INSURANCE BINDER 58429 FRANK CRYSTAL
& COMPANY
FINANCIAL SQUARE 32 OLD SLIP NEW YORK, NY 10005
(212) 344-2444 (800) 221-5830
TELEX: 222792 CABLE: CRYSTINSCOS
TELECOPIER:(212) 425-7017
Insured's Mailing Address Date Typed 9/26/06
By: JB8
BlackRock Closed End Funds A/E: RDB
40 East 52nd Street Insured's No.
New York, NY 10022 Telephone Confirmation [ ]
Company or Agency Date
With Whom
St. Paul Fire & Marine Ins. Co.
c/o St. Paul Travelers
485 Lexington Avenue
New York, NY 10017
_____________________________________________________________________________________________________________
New Order [ ] Endorsement [ ] Renewal [ ] Rewrite [ ] Information Only [X]
_____________________________________________________________________________________________________________
Name (if different from mailing address)
Inception or Effective Date 9/27/06
Expiration 9/29/06
Policy No. 490PB0791
Company St. Paul Fire & Marine Ins. Co.
_____________________________________________________________________________________________________________
Location(s) (if different from mailing address)
Prepaid [ ]
Installment [ ]
Premium $n/a
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
Type of Coverage - Excess RMIC Bond
Specifications - It is hereby understood and agreed effective September 27, 2006,
that the following is to be added to the policy as an Additional Named Insured:
1. BlackRock Real Asset Equity Trust (BCF)
_____________________________________________________________________________________________________________
Mortgagee [ ] Loss Payee [ ] Additional Insured [ ] Other [ ]
_____________________________________________________________________________________________________________
Enclosure [ ] The undersigned company agrees, for its respective
interests only and to the extent respectively
_______________________________________________ indicated to effect insurance or changes as set forth.
This agreement is binding for account of the Assured
Remarks [ ] until acceptance of satisfactory policy and/or
endorsement and/or term agreed to by Frank Crystal
& Co. Inc. This Binder is issued for a period of 60
days and automatically will be extended for additional
consecutive periods of 60 days until acceptance of the
Policy, Bond, and/or Endorsement by the Assured.
_____________________________________________________________________________________________________________
Name of Underwriter:
For Frank Crystal & Co., Inc.
Refer to: Robert Duran (Print or Type) Naureen Rasul
/s/ Maureen Rasul
Signature Original signature on file with Frank Crystal & Co., Inc.
_____________________________________________________________________________________________________________
Admitted [X] Non-Admitted [ ] For (Insurance Company) St. Paul Fire & Marine Insurance
Company
Date Signed
_____________________________________________________________________________________________________________
INSURANCE BINDER 58430 FRANK CRYSTAL
& COMPANY
FINANCIAL SQUARE 32 OLD SLIP NEW YORK, NY 10005
(212) 344-2444 (800) 221-5830
TELEX: 222792 CABLE: CRYSTINSCOS
TELECOPIER:(212) 425-7017
Insured's Mailing Address Date Typed 9/26/06
By: JB8
BlackRock Closed End Funds A/E: RDN
40 East 52nd Street Insured's No.
New York, NY 10022 Telephone Confirmation [ ]
Date
Company or Agency With Whom
Vigilant Insurance Company
c/o Chubb
55 Water Street
New York, NY 10041
_____________________________________________________________________________________________________________
New Order [ ] Endorsement [ ] Renewal [ ] Rewrite [ ] Information Only [X]
_____________________________________________________________________________________________________________
Name (if different from mailing address)
Inception or Effective Date 9/27/06
Expiration 9/29/06
Policy No. 81448382
Company Vigilant Insurance Company
_____________________________________________________________________________________________________________
Location(s) (if different from mailing address)
Prepaid [ ]
Installment [ ]
Premium $n/a
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
Type of Coverage - RMIC Bond
Specifications - It is hereby understood and agreed effective September 27, 2006,
that the following is to be added to the policy as an Additional Named Insured:
1. BlackRock Real Asset Equity Trust (BCF)
_____________________________________________________________________________________________________________
Mortgagee [ ] Loss Payee [ ] Additional Insured [ ] Other [ ]
_____________________________________________________________________________________________________________
Enclosure [ ] The undersigned company agrees, for its respective
interests only and to the extent respectively
_______________________________________________ indicated to effect insurance or changes as set forth.
This agreement is binding for account of the Assured
Remarks [ ] until acceptance of satisfactory policy and/or
endorsement and/or term agreed to by Frank Crystal
& Co., Inc. This Binder is issued for a period of 60
days and automatically will be extended for additional
consecutive periods of 60 days until acceptance of the
Policy, Bond, and/or Endorsement by the Assured.
_____________________________________________________________________________________________________________
Name of Underwriter:
For Frank Crystal & Co., Inc.
Refer to: Robert Duran (Print or Type) Lisa Friscia
/s/ Lisa Friscia
Signature Original signature on file with Frank Crystal & Co., Inc.
_____________________________________________________________________________________________________________
For (Insurance Company) Vigilant Insurance Company
Admitted [X] Non-Admitted [ ]
Date Signed
_____________________________________________________________________________________________________________
BCF RESOLUTION
--------------
Joint Fidelity Bond
-------------------
RESOLVED, that the Board of Trustees of the Trust has determined that
the participation by the Trust and other funds, series or accounts managed by
the Advisor 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 Advisor 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
Trustees who are not "interested persons" (as defined in the 1940 Act) of the
Trust or the Advisor, 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 1940 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 said Rule 17g-1.