• |
BlackRock
Sustainable Advantage Global Equity Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
For More Information | Fund and Service Providers | Inside Back Cover | ||||
Additional Information | Back Cover |
(fees paid directly from your investment) |
Investor A Shares |
Institutional Shares | ||||||||
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) |
||||||||||
Maximum
Deferred Sales Charge (Load) (as a percentage of offering price or
redemption proceeds, whichever is lower) |
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(expenses that you pay each year as a percentage of the value of your investment) |
Investor A Shares |
Institutional Shares | ||||||||
Management
Fee2 |
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Distribution
and/or Service (12b‑1) Fees |
||||||||||
Other
Expenses3 |
||||||||||
Total
Annual Fund Operating Expenses |
||||||||||
Fee
Waivers and/or Expense Reimbursements2,4 |
( |
( |
||||||||
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements2,4 |
1. |
2. | As
described in the “Management of the Fund” section of the Fund’s prospectus
beginning on page 41, BlackRock has contractually agreed to waive the
management fee with respect to any portion of the Fund’s assets estimated
to be attributable to investments in other equity and fixed-income mutual
funds and exchange-traded funds managed by BlackRock or its affiliates
that have a contractual management fee, through |
3. |
4. | As
described in the “Management of the Fund” section of the Fund’s prospectus
beginning on page 41, BlackRock has contractually agreed to waive and/or
reimburse fees or expenses in order to limit Total Annual Fund Operating
Expenses After Fee Waivers and/or Expense Reimbursements (excluding
Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and
certain other Fund expenses) as a percentage of average daily net assets
to 0.96% (for Investor A Shares) and 0.71% (for Institutional Shares)
through June 30, 2025. The Fund may have to repay some of these
waivers and/or reimbursements to BlackRock in the two years following such
waivers and/or reimbursements. Any such repayment obligation will
terminate on June 21, 2030. The contractual agreement may be
terminated upon 90 days’ notice by a majority of the non‑interested
trustees of the Trust or by a vote of a majority of the outstanding voting
securities of the
Fund. |
1 Year | 3 Years | |||||||
Investor
A Shares |
$ | $ | ||||||
Institutional
Shares |
$ | $ |
∎ |
Equity
Securities Risk — Stock markets are volatile. The price of
equity securities fluctuates based on changes in a company’s financial
condition and overall market and economic
conditions. |
∎ |
ESG Investing
Risk — The Fund intends to screen out particular issuers
pursuant to certain criteria established by BlackRock, and to measure ESG
characteristics, including characteristics related to climate, with
respect to certain investments pursuant to a methodology determined by
BlackRock. This may affect the Fund’s exposure to certain issuers and the
Fund may forego certain investment opportunities. The Fund’s results may
be lower than other funds that do not seek to invest in issuers based on
ESG criteria, or that use a different methodology to screen out issuers or
evaluate ESG criteria. The Fund seeks to identify issuers that it believes
are better positioned to manage ESG risks and opportunities related to
their businesses and to avoid certain companies and industries with ESG
related risks, but investors may differ in their views of what constitutes
positive or negative ESG criteria. As a result, the Fund may invest in
issuers that do not reflect the beliefs and values of any particular
investor. In evaluating a security or issuer based on ESG criteria,
BlackRock is dependent upon certain information and data from third party
providers of ESG research, which may be incomplete, inaccurate or
unavailable. As a result, there is a risk that BlackRock may incorrectly
assess a security or issuer. There is also a risk that BlackRock may not
apply the relevant ESG criteria correctly or that the Fund could have
indirect exposure to issuers who do not meet the relevant ESG criteria
used by the Fund. Neither the Fund nor BlackRock make any representation
or warranty, express or implied, with respect to the fairness,
correctness, accuracy, reasonableness or completeness of such ESG
assessment. There may be limitations with respect to availability of ESG
data in certain sectors, as well as limited availability of investments
with positive ESG assessments in certain sectors. BlackRock’s evaluation
of ESG criteria is subjective and may change over
time. |
∎ |
Foreign
Securities Risk — Foreign investments often involve special
risks not present in U.S. investments that can increase the chances that
the Fund will lose money. These risks
include: |
∎ |
The
Fund generally holds its foreign securities and cash in foreign banks and
securities depositories, which may be recently organized or new to the
foreign custody business and may be subject to only limited or no
regulatory
oversight. |
∎ |
Changes
in foreign currency exchange rates can affect the value of the Fund’s
portfolio. |
∎ |
The
economies of certain foreign markets may not compare favorably with the
economy of the United States with respect to such issues as growth of
gross national product, reinvestment of capital, resources and balance of
payments
position. |
∎ |
The
governments of certain countries, or the U.S. Government with respect to
certain countries, may prohibit or impose substantial restrictions through
capital controls and/or sanctions on foreign investments in the capital
markets or certain industries in those countries, which may prohibit or
restrict the ability to own or transfer currency, securities, derivatives
or other
assets. |
∎ |
Many
foreign governments do not supervise and regulate stock exchanges, brokers
and the sale of securities to the same extent as does the United States
and may not have laws to protect investors that are comparable to U.S.
securities
laws. |
∎ |
Settlement
and clearance procedures in certain foreign markets may result in delays
in payment for or delivery of securities not typically associated with
settlement and clearance of U.S.
investments. |
∎ |
The
Fund’s claims to recover foreign withholding taxes may not be successful,
and if the likelihood of recovery of foreign withholding taxes materially
decreases, due to, for example, a change in tax regulation or approach in
the foreign country, accruals in the Fund’s net asset value for such
refunds may be written down partially or in full, which will adversely
affect the Fund’s net asset
value. |
∎ |
The
European financial markets have recently experienced volatility and
adverse trends due to concerns about economic downturns in, or rising
government debt levels of, several European countries as well as acts of
war in the region. These events may spread to other countries in Europe
and may affect the value and liquidity of certain of the Fund’s
investments. |
∎ |
Model
Risk — The Fund seeks to pursue its investment objective by
using proprietary models that incorporate quantitative analysis.
Investments selected using these models may perform differently than as
forecasted due to the factors incorporated into the models and the
weighting of each factor, changes from historical trends, and issues in
the construction and implementation of the models (including, but not
limited to, software issues and other technological issues). There is no
guarantee that BlackRock’s use of these models will result in effective
investment decisions for the
Fund. |
∎ |
Convertible
Securities Risk — The market value of a convertible security
performs like that of a regular debt security; that is, if market interest
rates rise, the value of a convertible security usually falls. In
addition, convertible securities are subject to the risk that the issuer
will not be able to pay interest, principal or dividends when due, and
their market value may change based on changes in the issuer’s credit
rating or the market’s perception of the issuer’s creditworthiness. Since
it derives a portion of its value from the common stock into which it may
be converted, a convertible security is also subject to the same types of
market and issuer risks that apply to the underlying common stock,
including the potential for increased volatility in the price of the
convertible
security. |
∎ |
Derivatives
Risk — The Fund’s use of derivatives may increase its costs,
reduce the Fund’s returns and/or increase volatility. Derivatives involve
significant risks,
including: |
∎ |
Emerging
Markets Risk — Emerging markets are riskier than more
developed markets because they tend to develop unevenly and may never
fully develop. Investments in emerging markets may be considered
speculative. Emerging markets are more likely to experience hyperinflation
and currency devaluations, which adversely affect returns to U.S.
investors. In addition, many emerging securities markets have far lower
trading volumes and less liquidity than developed
markets. |
∎ |
Geographic
Concentration Risk — From time to time the Fund may invest a
substantial amount of its assets in issuers located in a single country or
a limited number of countries. If the Fund concentrates its investments in
this manner, it assumes the risk that economic, political and social
conditions in those countries will have a significant impact on its
investment performance. The Fund’s investment performance may also be more
volatile if it concentrates its investments in certain countries,
especially emerging market
countries. |
∎ |
High Portfolio
Turnover Risk — The Fund may engage in active and frequent
trading of its portfolio securities. High portfolio turnover (more than
100%) may result in increased transaction costs to the Fund, including
brokerage commissions, dealer mark‑ups and other transaction costs on the
sale of the securities and on reinvestment in other securities. The sale
of Fund portfolio securities may result in the realization and/or
distribution to shareholders of higher capital gains or losses as compared
to a fund with less active trading policies. These effects of higher than
normal portfolio turnover may adversely affect Fund
performance. |
∎ |
Leverage
Risk — Some transactions may give rise to a form of economic
leverage. These transactions may include, among others, derivatives, and
may expose the Fund to greater risk and increase its costs. The use of
leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so to satisfy its obligations or to meet the
applicable requirements of the Investment Company Act of 1940, as amended,
and the rules thereunder. Increases and decreases in the value of the
Fund’s portfolio will be magnified when the Fund uses
leverage. |
∎ |
Market Risk and
Selection Risk — Market risk is the risk that one or more
markets in which the Fund invests will go down in value, including the
possibility that the markets will go down sharply and unpredictably. The
value of a security or other asset may decline due to changes in general
market conditions, economic trends or events that are not specifically
related to the issuer of the security or other asset, or factors that
affect a particular issuer or issuers, exchange, country, group of
countries, region, market, industry, group of industries, sector or asset
class. Local, regional or global events such as war, acts of terrorism,
the spread of infectious illness or other public health issues like
pandemics or epidemics, recessions, or other events could have a
significant impact on the Fund and its investments. Selection risk is the
risk that the securities selected by Fund management will underperform the
markets, the relevant indices or the securities selected by other funds
with similar investment objectives and investment strategies. The Fund
seeks to pursue its investment objective by using proprietary models that
incorporate quantitative analysis and is subject to “Model Risk” as
described above. This means you may lose
money. |
∎ |
Mid Cap
Securities Risk — The securities of mid cap companies
generally trade in lower volumes and are generally subject to greater and
less predictable price changes than the securities of larger
capitalization
companies. |
∎ |
“New Issues”
Risk — “New issues”
are IPOs of equity securities. Securities issued in IPOs have no trading
history, and information about the companies may be available for very
limited periods. In addition, the prices of securities sold in IPOs may be
highly volatile or may decline shortly after the
IPO. |
∎ |
Preferred
Securities Risk — Preferred securities may pay fixed or
adjustable rates of return. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity
securities. In addition, a company’s preferred securities generally pay
dividends only after the company makes required payments to holders of its
bonds and other debt. For this reason, the value of preferred securities
will usually react more strongly than bonds and other debt to actual or
perceived changes in the company’s financial condition or prospects.
Preferred securities of smaller companies may be more vulnerable to
adverse developments than preferred securities of larger
companies. |
∎ |
Risk of
Investing in the United States — Certain changes in the U.S.
economy, such as when the U.S. economy weakens or when its financial
markets decline, may have an adverse effect on the securities to which the
Fund has
exposure. |
∎ |
Small Cap and
Emerging Growth Securities Risk — Small cap or emerging
growth companies may have limited product lines or markets. They may be
less financially secure than larger, more established companies. They may
depend on a more limited management group than larger capitalized
companies. |
Name |
Portfolio Manager of the Fund Since | Title | ||
Raffaele
Savi |
2023 | Senior Managing Director of BlackRock, Inc. | ||
Kevin
Franklin |
2023 | Managing Director of BlackRock, Inc. | ||
Richard
Mathieson, CA |
2023 | Managing Director of BlackRock, Inc. | ||
Anna
Hawley, CFA |
2023 | Director and Senior Portfolio Manager of BlackRock, Inc. |
Investor A Shares | Institutional Shares | |||
Minimum Initial Investment |
$1,000
for all accounts except:
• $50,
if establishing an Automatic Investment Plan.
• There
is no investment minimum for employer-sponsored retirement plans (not
including SEP IRAs, SIMPLE IRAs or SARSEPs).
• There
is no investment minimum for certain fee‑based programs. |
There
is no minimum initial investment for:
• Employer-sponsored
retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state
sponsored 529 college savings plans, collective trust funds, investment
companies or other pooled investment vehicles, unaffiliated thrifts and
unaffiliated banks and trust companies, each of which may purchase shares
of the Fund through a Financial Intermediary that has entered into an
agreement with the Fund’s distributor to purchase such shares.
• Clients
of Financial Intermediaries that: (i) charge such clients a fee for
advisory, investment consulting, or similar services or (ii) have
entered into an agreement with the Fund’s distributor to offer
Institutional Shares through a no‑load program or investment
platform.
• Clients
investing through a self-directed IRA brokerage account program sponsored
by a retirement plan record-keeper, provided that such program offers only
mutual fund options and that the program maintains an account with the
Fund on an omnibus basis.
$2 million
for individuals and “Institutional Investors,” which include, but are not
limited to, endowments, foundations, family offices, local, city, and
state governmental institutions, corporations and insurance company
separate accounts who may purchase shares of the Fund through a Financial
Intermediary that has entered into an agreement with the Fund’s
distributor to purchase such shares.
$1,000
for:
• Clients
investing through Financial Intermediaries that offer such shares on a
platform that charges a transaction based sales commission outside of the
Fund.
• Tax‑qualified
accounts for insurance agents that are registered representatives of an
insurance company’s broker-dealer that has entered into an agreement with
the Fund’s distributor to offer Institutional Shares, and the family
members of such persons. | ||
Minimum Additional Investment | $50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum). | No subsequent minimum. |
(i) |
issuers
that derive more than zero percent of revenue from the production of
controversial weapons; |
(ii) |
issuers
that derive more than zero percent of revenue from the production of
civilian firearms; |
(iii) |
issuers
that derive more than zero percent of revenue from the production of
tobacco-related products; |
(iv) |
issuers
that derive more than five percent of revenue from thermal coal
generation, unless such issuers either (a) have made certain
commitments to reduce climate impact or (b) derive at least fifty
percent of revenue from alternative energy sources;
|
(v) |
issuers
that derive more than five percent of revenue from thermal coal mining;
and |
(vi) |
issuers
that derive more than five percent of revenue from oil sands extraction.
|
ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND |
The Fund is managed by a team of financial professionals. Raffaele Savi, Kevin Franklin, Richard Mathieson, CA and Anna Hawley, CFA are the portfolio managers and are jointly and primarily responsible for the day‑to‑day management of the Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the portfolio management team. |
∎ |
Borrowing — The Fund may borrow
up to the limits set forth under the Investment Company Act of 1940, as
amended (the “Investment Company Act”), the rules and regulations
thereunder and any applicable exemptive relief. |
∎ |
Depositary
Receipts — The Fund may invest in securities of foreign
issuers in the form of depositary receipts or other securities that are
convertible into securities of foreign issuers. American Depositary
Receipts are receipts typically issued by an American bank or trust
company that evidence underlying securities issued by a foreign
corporation. European Depositary Receipts (issued in Europe) and Global
Depositary Receipts (issued throughout the world) each evidence a similar
ownership arrangement. The Fund may invest in unsponsored depositary
receipts. |
∎ |
Illiquid
Investments — The Fund may invest up to an aggregate amount
of 15% of its net assets in illiquid investments. An illiquid investment
is any investment that the Fund reasonably expects cannot be sold or
disposed of in current market conditions in seven calendar days or less
without the sale or disposition significantly changing the market value of
the investment. |
∎ |
Investment
Companies — The Fund has the ability to invest in other
investment companies, such as exchange-traded funds (“ETFs”), unit
investment trusts, and open‑end and closed‑end funds, subject to the
applicable limits under the Investment Company Act and the rules
thereunder. The Fund may invest in affiliated investment companies,
including affiliated money market funds and affiliated ETFs.
|
∎ |
Money Market
Securities — The Fund may invest in high quality money
market securities pending investments or when it expects to need cash to
pay redeeming shareholders. The Fund will not be deemed to deviate from
its normal strategies if it holds these securities pending investments.
|
∎ |
Real Estate
Investment Trusts — The Fund may invest in real estate
investment trusts (“REITs”). REITs are companies that own interests in
real estate or in real estate-related loans or other interests, and have
revenue primarily consisting of rent derived from owned, income producing
real estate properties and capital gains from the sale of such properties.
REITs can generally be classified as equity REITs, mortgage REITs and
hybrid REITs. Equity REITs invest the majority of their assets directly in
real property and derive their income primarily from rents. Equity REITs
can also realize capital gains by selling properties that have appreciated
in value. Mortgage REITs invest the majority of their assets in real
estate mortgages and derive their income primarily from interest payments.
Hybrid REITs combine the characteristics of both equity REITs and mortgage
REITs. REITs are not taxed on income distributed to shareholders provided
they comply with the requirements of the Internal Revenue Code of 1986, as
amended (the “Internal Revenue Code”). |
∎ |
Repurchase
Agreements and Purchase and Sale Contracts — The Fund may
enter into certain types of repurchase agreements or purchase and sale
contracts. Under a repurchase agreement, the seller agrees to repurchase a
security at a mutually agreed-upon time and price. A purchase and sale
contract is similar to a repurchase agreement, but purchase and sale
contracts also provide that the purchaser receives any interest on the
security paid during the period. |
∎ |
Restricted
Securities —
Restricted securities are securities that cannot be offered for public
resale unless registered under the applicable securities laws or that have
a contractual restriction that prohibits or limits their resale. They may
include Rule 144A securities, which are privately placed securities that
can be resold to qualified institutional buyers but not to the general
public, and securities of U.S. and non‑U.S. issuers that are offered
pursuant to Regulation S under the Securities Act of 1933, as amended.
|
∎ |
Rights — The Fund may purchase
securities pursuant to the exercise of subscription rights, which allow an
issuer’s existing shareholders to purchase additional common stock at a
price substantially below the market price of the shares.
|
∎ |
Securities
Lending — The Fund may lend securities with a value up to
331⁄3% of its total assets to financial
institutions that provide cash or securities issued or guaranteed by the
U.S. Government as collateral. |
∎ |
Temporary
Defensive Strategies — For temporary defensive purposes, for
example, to respond to adverse market, economic, political or other
conditions, the Fund may depart from its principal investment strategies
and may restrict the markets in which it invests and may invest without
limitation in cash, cash equivalents, money market securities, such as
U.S. Treasury and agency obligations, other U.S. Government securities,
short-term debt obligations of corporate issuers, certificates of deposit,
bankers acceptances, commercial paper (short-term, unsecured, negotiable
promissory notes of a domestic or foreign issuer) or other high quality
fixed income securities. Temporary defensive positions may affect the
Fund’s ability to achieve its investment objective.
|
∎ |
Warrants
— A warrant gives the Fund the right to buy stock. The
warrant specifies the amount of underlying stock, the purchase (or
“exercise”) price and the date the warrant expires. The Fund has no
obligation to exercise the warrant and buy the stock. A warrant has value
only if the Fund is able to exercise it or sell it before it expires.
|
∎ |
When-Issued and
Delayed Delivery Securities and Forward Commitments — The
purchase or sale of securities on a when-issued basis, on a delayed
delivery basis or through a forward commitment involves the purchase or
sale of securities by the Fund at an established price with payment and
delivery taking place in the future. The Fund enters into these
transactions to obtain what is considered an advantageous price to the
Fund at the time of entering into the transaction.
|
∎ |
Convertible
Securities Risk — The market value of a convertible security
performs like that of a regular debt security; that is, if market interest
rates rise, the value of a convertible security usually falls. In
addition, convertible securities are subject to the risk that the issuer
will not be able to pay interest, principal or dividends when due, and
their market value may change based on changes in the issuer’s credit
rating or the market’s perception of the issuer’s creditworthiness. Since
it derives a portion of its value from the common stock into which it may
be converted, a convertible security is also subject to the same types of
market and issuer risks that apply to the underlying common stock,
including the potential for increased volatility in the price of the
convertible security. |
∎ |
Derivatives
Risk — The Fund’s use of derivatives may increase its costs,
reduce the Fund’s returns and/or increase volatility. Derivatives involve
significant risks, including: |
∎ |
Emerging
Markets Risk — The risks of foreign investments are usually
much greater for emerging markets. Investments in emerging markets may be
considered speculative. Emerging markets may include those in countries
considered emerging or developing by the World Bank, the International
Finance Corporation or the United Nations. Emerging markets are riskier
than more developed markets because they tend to develop unevenly and may
never fully develop. They are more likely to experience hyperinflation and
currency devaluations, which adversely affect returns to U.S. investors.
In addition, many emerging markets have far lower trading volumes and less
liquidity than developed markets. Since these markets are often small,
they may be more likely to suffer sharp and frequent price changes or
long-term price depression because of adverse publicity, investor
perceptions or the actions of a few large investors. In addition,
traditional measures of investment value used in the United States, such
as price to earnings ratios, may not apply to certain small markets. Also,
there may be less publicly available information about issuers in emerging
markets than would be available about issuers in more developed capital
markets, and such issuers may not be subject to accounting, auditing and
financial reporting standards and requirements comparable to those to
which U.S. companies are subject. |
∎ |
Equity
Securities Risk — Common and preferred stocks represent
equity ownership in a company. Stock markets are volatile. The price of
equity securities will fluctuate and can decline and reduce the value of a
portfolio investing in equities. The value of equity securities purchased
by the Fund could decline if the financial condition of the companies the
Fund invests in declines or if overall market and economic conditions
deteriorate. The value of equity securities may also decline due to
factors that affect a particular industry or industries, such as labor
shortages or an increase in production costs and competitive conditions
within an industry. In addition, the value may decline due to general
market conditions that are not specifically related to a company or
industry, such as real or perceived adverse economic conditions, changes
in the general outlook for corporate earnings, changes in inflation,
interest or currency rates or generally adverse investor sentiment.
|
∎ |
ESG Investing
Risk — The Fund intends to screen out particular issuers
pursuant to certain criteria established by BlackRock, and to measure ESG
characteristics, including characteristics related to climate, with
respect to certain investments pursuant to a methodology determined by
BlackRock. This may affect the Fund’s exposure to certain issuers and the
Fund may forego certain investment opportunities. The Fund’s results may
be lower than other funds that do not seek to invest in issuers based on
ESG criteria, or that use a different methodology to screen out issuers or
evaluate ESG criteria. The Fund seeks to identify issuers that it believes
are better positioned to manage ESG risks and opportunities related to
their businesses and to avoid certain companies and industries with ESG
related risks, but investors may differ in their views of what constitutes
positive or negative ESG criteria. As a result, the Fund may invest in
issuers that do not reflect the beliefs and values of any particular
investor. In evaluating a security or issuer based on ESG criteria,
BlackRock is dependent upon certain information and data from third party
providers of ESG research, which may be incomplete, inaccurate or
unavailable. As a result, there is a risk that BlackRock may incorrectly
assess a security or issuer. There is also a risk that BlackRock may not
apply the relevant ESG criteria correctly or that the Fund could have
indirect exposure to issuers who do not meet the relevant ESG criteria
used by the Fund. Neither the Fund nor BlackRock make any representation
or warranty, express or implied, with respect to the fairness,
correctness, accuracy, reasonableness or completeness of such ESG
assessment. There may be limitations with respect to availability of ESG
data in certain sectors, as well as limited availability of investments
with positive ESG assessments in certain sectors. BlackRock’s evaluation
of ESG criteria is subjective and may change over time.
|
∎ |
Foreign
Securities Risk — Securities traded in foreign markets have
often (though not always) performed differently from securities traded in
the United States. However, such investments often involve special risks
not present in U.S. investments that can increase the chances that the
Fund will lose money. In particular, the Fund is subject to the risk that
because there may be fewer investors on foreign exchanges and a smaller
number of securities traded each day, it may be more difficult for the
Fund to buy and sell securities on those exchanges. In addition, prices of
foreign securities may go up and down more than prices of securities
traded in the United States. |
∎ |
Geographic
Concentration Risk — From time to time the Fund may invest a
substantial amount of its assets in issuers located in a single country or
a limited number of countries. If the Fund concentrates its investments in
this manner, it assumes the risk that economic, political and social
conditions in those countries will have a significant impact on its
investment performance. The Fund’s investment performance may also be more
volatile if it concentrates its investments in certain countries,
especially emerging market countries. |
∎ |
High Portfolio
Turnover Risk — The Fund may engage in active and frequent
trading of its portfolio securities. High portfolio turnover (more than
100%) may result in increased transaction costs to the Fund, including
brokerage commissions, dealer mark‑ups and other transaction costs on the
sale of the securities and on reinvestment in other securities. The sale
of Fund portfolio securities may result in the realization and/or
distribution to shareholders of higher capital gains or losses as compared
to a fund with less active trading policies. These effects of higher than
normal portfolio turnover may adversely affect Fund performance.
|
∎ |
Leverage Risk
— Some transactions may give rise to a form of economic
leverage. These transactions may include, among others, derivatives, and
may expose the Fund to greater risk and increase its costs. As an open‑end
investment company registered with the Securities and Exchange Commission
(the “SEC”), the Fund is subject to the federal securities laws, including
the Investment Company Act and the rules thereunder. Under Rule 18f‑4
under the Investment Company Act, among other things, the Fund must either
use derivatives in a limited manner or comply with an outer limit on fund
leverage risk based on value‑at‑risk. The use of leverage may cause the
Fund to liquidate portfolio positions when it may not be advantageous to
do so to satisfy its obligations or to meet the applicable requirements of
the Investment Company Act and the rules thereunder. Increases and
decreases in the value of the Fund’s portfolio will be magnified when the
Fund uses leverage. |
∎ |
Market Risk and
Selection Risk — Market risk is the risk that one or more
markets in which the Fund invests will go down in value, including the
possibility that the markets will go down sharply and unpredictably. The
value of a security or other asset may decline due to changes in general
market conditions, economic trends or events that are not specifically
related to the issuer of the security or other asset, or factors that
affect a particular issuer or issuers, exchange, country, group of
countries, region, market, industry, group of industries, sector or asset
class. Local, regional or global events such as war, acts of terrorism,
the spread of infectious illness or other public health issues like
pandemics or epidemics, recessions, or other events could have a
significant impact on the Fund and its investments. Selection risk is the
risk that the securities selected by Fund management will underperform the
markets, the relevant indices or the securities selected by other funds
with similar investment objectives and investment strategies. The Fund
seeks to pursue its investment objective by using proprietary models that
incorporate quantitative analysis and is subject to “Model Risk” as
described below. This means you may lose money. |
∎ |
Mid Cap
Securities Risk — The securities of mid cap companies
generally trade in lower volumes and are generally subject to greater and
less predictable price changes than the securities of larger
capitalization companies. |
∎ |
Model
Risk — The Fund seeks to pursue its investment objective by
using proprietary models that incorporate quantitative analysis.
Investments selected using these models may perform differently than as
forecasted due to the factors incorporated into the models and the
weighting of each factor, as well as the level and scope of changes from
historical trends. In addition, issues in the construction and
implementation of the models, including software or hardware malfunction,
power loss, software bugs, malicious code, viruses, system crashes and
other technological failures or various other events or circumstances
within or beyond the control of BlackRock, may adversely impact the Fund.
Please see also “Cyber Security Risk” below. There is no guarantee that
BlackRock’s use of these models will result in effective investment
decisions for the Fund. |
∎ |
“New Issues”
Risk — “New issues” are IPOs of equity securities.
Investments in companies that have recently gone public have the potential
to produce substantial gains for the Fund. However, there is no assurance
that the Fund will have access to profitable IPOs and therefore investors
should not rely on these past gains as an indication of future
performance. The investment performance of the Fund during periods when it
is unable to invest significantly or at all in IPOs may be lower than
during periods when the Fund is able to do so. In addition, as the Fund
increases in size, the impact of IPOs on the Fund’s performance will
generally decrease. Securities issued in IPOs are subject to many of the
same risks as investing in companies with smaller market capitalizations.
Securities issued in IPOs have no trading history, and information about
the companies may be available for very limited periods. In addition, the
prices of securities sold in IPOs may be highly volatile or may decline
shortly after the IPO. When an IPO is brought to the market, availability
may be limited and the Fund may not be able to buy any shares at the
offering price, or, if it is able to buy shares, it may not be able to buy
as many shares at the offering price as it would like.
|
∎ |
Preferred
Securities Risk — Preferred securities may pay fixed or
adjustable rates of return. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity
securities. In addition, a company’s preferred securities generally pay
dividends only after the company makes required payments to holders of its
bonds and other debt. For this reason, the value of preferred securities
will usually react more strongly than bonds and other debt to actual or
perceived changes in the company’s financial condition or prospects.
Preferred securities of smaller companies may be more vulnerable to
adverse developments than preferred securities of larger companies.
|
∎ |
Risk of
Investing in the United States — A decrease in imports or exports,
changes in trade regulations, inflation and/or an economic recession in
the United States may have a material adverse effect on the U.S. economy
and the securities listed on U.S. exchanges. Proposed and adopted policy
and legislative changes in the United States are changing many aspects of
financial, commercial, public health, environmental, and other regulation
and may have a significant effect on U.S. markets generally, as well as on
the value of certain securities. Governmental agencies project that the
United States will continue to maintain elevated public debt levels for
the foreseeable future. Although elevated debt levels do not necessarily
indicate or cause economic problems, elevated public debt service costs
may constrain future economic growth. |
∎ |
Small Cap and
Emerging Growth Securities Risk — Small cap or emerging
growth companies may have limited product lines or markets. They may be
less financially secure than larger, more established companies. They may
depend on a small number of key personnel. If a product fails or there are
other adverse developments, or if management changes, the Fund’s
investment in a small cap or emerging growth company may lose substantial
value. In addition, it is more difficult to get information on smaller
companies, which tend to be less well known, have shorter operating
histories, do not have significant ownership by large investors and are
followed by relatively few securities analysts. |
∎ |
Borrowing
Risk — Borrowing may exaggerate changes in the net asset
value of Fund shares and in the return on the Fund’s portfolio. Borrowing
will cost the Fund interest expense and other fees. The costs of borrowing
may reduce the Fund’s return. Borrowing may cause the Fund to liquidate
positions when it may not be advantageous to do so to satisfy its
obligations. |
∎ |
Cyber Security
Risk — Failures or breaches of the electronic systems of the
Fund, the Fund’s adviser, distributor, and other service providers, or the
issuers of securities in which the Fund invests have the ability to cause
disruptions and negatively impact the Fund’s business operations,
potentially resulting in financial losses to the Fund and its
shareholders. While the Fund has established business continuity plans and
risk management systems seeking to address system breaches or failures,
there are inherent limitations in such plans and systems. Furthermore, the
Fund cannot control the cyber security plans and systems of the Fund’s
service providers or issuers of securities in which the Fund invests.
|
∎ |
Depositary
Receipts Risk — Depositary receipts are generally subject to
the same risks as the foreign securities that they evidence or into which
they may be converted. In addition to investment risks associated with the
underlying issuer, depositary receipts expose the Fund to additional risks
associated with the non‑uniform terms that apply to depositary receipt
programs, credit exposure to the depository bank and to the sponsors and
other parties with whom the depository bank establishes the programs,
currency risk and the risk of an illiquid market for depositary receipts.
The issuers of unsponsored depositary receipts are not obligated to
disclose information that is, in the United States, considered material.
Therefore, there may be less information available regarding these issuers
and there may not be a correlation between such information and the market
value of the depositary receipts. While depositary receipts provide an
alternative to directly purchasing underlying foreign securities in their
respective markets and currencies, they continue to be subject to many of
the risks associated with investing directly in foreign securities,
including political, economic, and currency risk.
|
∎ |
Expense
Risk — Fund expenses are subject to a variety of factors,
including fluctuations in the Fund’s net assets. Accordingly, actual
expenses may be greater or less than those indicated. For example, to the
extent that the Fund’s net assets decrease due to market declines or
redemptions, the Fund’s expenses will increase as a percentage of Fund net
assets. During periods of high market volatility, these increases in the
Fund’s expense ratio could be significant. |
∎ |
Illiquid
Investments Risk — The Fund may not acquire any illiquid
investment if, immediately after the acquisition, the Fund would have
invested more than 15% of its net assets in illiquid investments. An
illiquid investment is any investment that the Fund reasonably expects
cannot be sold or disposed of in current market conditions in seven
calendar days or less without the sale or disposition significantly
changing the market value of the investment. Liquid investments may become
illiquid after purchase by the Fund, particularly during periods of market
turmoil. There can be no assurance that a security or instrument that is
deemed to be liquid when purchased will continue to be liquid for as long
as it is held by the Fund, and any security or instrument held by the Fund
may be deemed an illiquid investment pursuant to the Fund’s liquidity risk
management program. The Fund’s illiquid investments may reduce the returns
of the Fund because it may be difficult to sell the illiquid investments
at an advantageous time or price. In addition, if the Fund is limited in
its ability to sell illiquid investments during periods when shareholders
are redeeming their shares, the Fund will need to sell liquid securities
to meet redemption requests and illiquid securities will become a larger
portion of the Fund’s holdings. An investment may be illiquid due to,
among other things, the lack of an active trading market. To the extent
that the Fund’s principal investment strategies involve derivatives or
securities with substantial market and/or credit risk, the Fund will tend
to have the greatest exposure to the risks associated with illiquid
investments. Illiquid investments may be harder to value, especially in
changing markets, and if the Fund is forced to sell these investments to
meet redemption requests or for other cash needs, the Fund may suffer a
loss. In addition, when there is illiquidity in the market for certain
securities, the Fund, due to limitations on illiquid investments, may be
subject to purchase and sale restrictions. |
∎ |
Investment in
Other Investment Companies Risk — As with other investments,
investments in other investment companies, including ETFs, are subject to
market and selection risk. In addition, if the Fund acquires shares of
investment companies, including ones affiliated with the Fund,
shareholders bear both their proportionate share of expenses in the Fund
(including management and advisory fees) and, indirectly, the expenses of
the investment companies (to the extent not offset by BlackRock through
waivers). To the extent the Fund is held by an affiliated fund, the
ability of the Fund itself to hold other investment companies may be
limited. |
∎ |
Large
Shareholder and Large-Scale Redemption Risk — Certain
shareholders, including a third-party investor, the Fund’s adviser or an
affiliate of the Fund’s adviser, or another entity, may from time to time
own or manage a substantial amount of Fund shares or may invest in the
Fund and hold its investment for a limited period of time. There can be no
assurance that any large shareholder or large group of shareholders would
not redeem their investment or that the size of the Fund would be
maintained. Redemptions of a large number of Fund shares by these
shareholders may adversely affect the Fund’s liquidity and net assets.
These redemptions may force the Fund to sell portfolio securities to meet
redemption requests when it might not otherwise do so, which may
negatively impact the Fund’s NAV and increase the Fund’s brokerage costs
and/or accelerate the realization of taxable income and cause the Fund to
make taxable distributions to its shareholders earlier than the Fund
otherwise would have. In addition, under certain circumstances,
non‑redeeming shareholders may be treated as receiving a
disproportionately large taxable distribution during or with respect to
such tax year. The Fund also may be required to sell its more liquid Fund
investments to meet a large redemption, in which case the Fund’s remaining
assets may be less liquid, more volatile, and more difficult to price. In
addition, large redemptions can result in the Fund’s current expenses
being allocated over a smaller asset base, which generally results in an
increase in the Fund’s expense ratio. Because large redemptions can
adversely affect a portfolio manager’s ability to implement a fund’s
investment strategy, the Fund also reserves the right to redeem in‑kind,
subject to certain conditions. In addition, large purchases of Fund shares
may adversely affect the Fund’s performance to the extent that the Fund is
delayed in investing new cash and is required to maintain a larger cash
position than it ordinarily would, diluting its investment returns.
|
∎ |
Money Market
Securities Risk — If market conditions improve while the
Fund has invested some or all of its assets in high quality money market
securities, this strategy could result in reducing the potential gain from
the market upswing, thus reducing the Fund’s opportunity to achieve its
investment objective. |
∎ |
REIT Investment
Risk — In addition to the risks facing real estate-related
securities, such as a decline in property values due to increasing
vacancies, a decline in rents resulting from unanticipated economic, legal
or technological developments or a decline in the price of securities of
real estate companies due to a failure of borrowers to pay their loans or
poor management, investments in REITs involve unique risks. REITs may have
limited financial resources, may trade less frequently and in limited
volume, may engage in dilutive offerings of securities and may be more
volatile than other securities. REIT issuers may also fail to maintain
their exemptions from investment company registration or fail to qualify
for the “dividends paid deduction” under the Internal Revenue Code, which
allows REITs to reduce their corporate taxable income for dividends paid
to their shareholders. Ordinary REIT dividends received by the Fund and
distributed to the Fund’s shareholders will generally be taxable as
ordinary income and will not constitute “qualified dividend income.”
However, for tax years beginning after December 31, 2017 and before
January 1, 2026, a non-corporate taxpayer who is a direct REIT
shareholder may claim a 20% “qualified business income” deduction for
ordinary REIT dividends, and a regulated investment company may report
dividends as eligible for this deduction to the extent the regulated
investment company’s income is derived from ordinary REIT dividends
(reduced by allocable regulated investment company expenses). A
shareholder may treat the dividends as such provided the regulated
investment company and the shareholder satisfy applicable holding period
requirements. |
∎ |
Repurchase
Agreements and Purchase and Sale Contracts Risk — If the
other party to a repurchase agreement or purchase and sale contract
defaults on its obligation under the agreement, the Fund may suffer delays
and incur costs or lose money in exercising its rights under the
agreement. If the seller fails to repurchase the security in either
situation and the market value of the security declines, the Fund may lose
money. |
∎ |
Restricted
Securities Risk —
Limitations on the resale of restricted securities may have an adverse
effect on their marketability, and may prevent the Fund from disposing of
them promptly at advantageous prices. Restricted securities may not be
listed on an exchange and may have no active trading market. In order to
sell such securities, the Fund may have to bear the expense of registering
the securities for resale and the risk of substantial delays in effecting
the registration. Other transaction costs may be higher for restricted
securities than unrestricted securities. Restricted securities may be
difficult to value because market quotations may not be readily available,
and the securities may have significant volatility. Also, the Fund may get
only limited information about the issuer of a given restricted security,
and therefore may be less able to predict a loss. Certain restricted
securities may involve a high degree of business and financial risk and
may result in substantial losses to the Fund. |
∎ |
Rights
Risk — The failure to exercise subscription rights to
purchase common stock would result in the dilution of the Fund’s interest
in the issuing company. The market for such rights is not well developed,
and, accordingly, the Fund may not always realize full value on the sale
of rights. |
∎ |
Securities
Lending Risk — Securities lending involves the risk that the
borrower may fail to return the securities in a timely manner or at all.
As a result, the Fund may lose money and there may be a delay in
recovering the loaned securities. The Fund could also lose money if it
does not recover the securities and/or the value of the collateral falls,
including the value of investments made with cash collateral. These events
could trigger adverse tax consequences for the Fund.
|
∎ |
Valuation
Risk — The price the
Fund could receive upon the sale of any particular portfolio investment
may differ from the Fund’s valuation of the investment, particularly for
securities that trade in thin or volatile markets or that are valued using
a fair valuation methodology or a price provided by an independent pricing
service. As a result, the price received upon the sale of an investment
may be less than the value ascribed by the Fund, and the Fund could
realize a greater than expected loss or lesser than expected gain upon the
sale of the investment. Pricing services that value fixed-income
securities generally utilize a range of market-based and security-specific
inputs and assumptions, as well as considerations about general market
conditions, to establish a price. Pricing services generally value
fixed-income securities assuming orderly transactions of an institutional
round lot size, but may be held or transactions may be conducted in such
securities in smaller, odd lot sizes. Odd lots may trade at lower prices
than institutional round lots. The Fund’s ability to value its investments
may also be impacted by technological issues and/or errors by pricing
services or other third-party service providers.
|
∎ |
Warrants Risk
— If the price of the underlying stock does not rise above
the exercise price before the warrant expires, the warrant generally
expires without any value and the Fund will lose any amount it paid for
the warrant. Thus, investments in warrants may involve substantially more
risk than investments in common stock. Warrants may trade in the same
markets as their underlying stock; however, the price of the warrant does
not necessarily move with the price of the underlying stock.
|
∎ |
When-Issued and
Delayed Delivery Securities and Forward Commitments Risk —
When-issued and delayed delivery securities and forward commitments
involve the risk that the security the Fund buys will lose value prior to
its delivery. There also is the risk that the security will not be issued
or that the other party to the transaction will not meet its obligation.
If this occurs, the Fund may lose both the investment opportunity for the
assets it set aside to pay for the security and any gain in the security’s
price. |
Investor A Shares | Institutional Shares | |||
Availability | Generally available through Financial Intermediaries. |
Limited
to certain investors, including:
• Individuals
and “Institutional Investors,” which include, but are not limited to,
endowments, foundations, family offices, local, city and state
governmental institutions, corporations and insurance company separate
accounts, who may purchase shares of the Fund through a Financial
Intermediary that has entered into an agreement with the Distributor to
purchase such shares.
• Employer-sponsored
retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state
sponsored 529 college savings plans, collective trust funds, investment
companies or other pooled investment vehicles, unaffiliated thrifts and
unaffiliated banks and trust companies, each of which may purchase shares
of the Fund through a Financial Intermediary that has entered into an
agreement with the Distributor to purchase such shares.
• Employees,
officers and directors/trustees of BlackRock or its affiliates and
immediate family members of such persons, if they open an account directly
with BlackRock.
• Participants
in certain programs sponsored by BlackRock or its affiliates or other
Financial Intermediaries.
• Tax‑qualified
accounts for insurance agents that are registered representatives of an
insurance company’s broker-dealer that has entered into an agreement with
the Distributor to offer Institutional Shares, and the family members of
such persons.
|
Investor A Shares | Institutional Shares | |||
Availability (continued) | Generally available through Financial Intermediaries. (continued) |
• Clients
investing through Financial Intermediaries that have entered into an
agreement with the Distributor to offer such shares on a platform that
charges a transaction based sales commission outside of the Fund.
• Clients
investing through a self-directed IRA brokerage account program sponsored
by a retirement plan record-keeper, provided that such program offers only
mutual fund options and that the program maintains an account with the
Fund on an omnibus basis. | ||
Minimum Investment |
$1,000
for all accounts except:
• $50,
if establishing an Automatic Investment Plan(“AIP”).
• There
is no investment minimum for employer- sponsored retirement plans (not
including SEP IRAs, SIMPLE IRAs or SARSEPs).
• There
is no investment minimum for certain fee‑based programs. |
There
is no investment minimum for:
• Employer-sponsored
retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state
sponsored 529 college savings plans, collective trust funds, investment
companies or other pooled investment vehicles, unaffiliated thrifts and
unaffiliated banks and trust companies.
• Employees,
officers and directors/trustees of BlackRock or its affiliates and
immediate family members of such persons, if they open an account directly
with BlackRock.
• Clients
of Financial Intermediaries that: (i) charge such clients a fee for
advisory, investment consulting, or similar services or (ii) have
entered into an agreement with the Distributor to offer Institutional
Shares through a no‑load program or investment platform.
• Clients
investing through a self-directed IRA brokerage account program sponsored
by a retirement plan record-keeper, provided that such program offers only
mutual fund options and that the program maintains an account with the
Fund on an omnibus basis. $2 million for individuals and
Institutional Investors. $1,000 investment minimum for:
• Clients
investing through Financial Intermediaries that offer such shares on a
platform that charges a transaction based sales commission outside of the
Fund.
• Tax‑qualified
accounts for insurance agents that are registered representatives of an
insurance company’s broker-dealer that has entered into an agreement with
the Distributor to offer Institutional Shares, and the family members of
such persons. | ||
Initial Sales Charge? | Yes. Payable at time of purchase. Lower sales charges are available for larger investments. | No. Entire purchase price is invested in shares of the Fund. | ||
Deferred Sales Charge? | No. (May be charged for purchases of $1 million or more that are redeemed within 18 months.) | No. | ||
Distribution and Service (12b‑1) Fees? | No Distribution Fee. 0.25% Annual Service Fee. | No. | ||
Redemption Fees? | No. | No. | ||
Conversion to Investor A Shares? | N/A | No. |
Investor A Shares | Institutional Shares | |||
Advantage | Makes sense for investors who are eligible to have the sales charge reduced or eliminated or who have a long-term investment horizon because there are no ongoing distribution fees. | No up‑front sales charge so you start off owning more shares. No distribution or service fees. | ||
Disadvantage | You pay a sales charge up‑front, and therefore you start off owning fewer shares. | Limited availability. |
1. |
Please
see “Details About the Share Classes” for more information about each
share class. |
Your
Investment |
Sales Charge
as
a % of Offering Price |
Sales Charge as a % of Your Investment1 |
Dealer Compensation as a % of Offering Price |
|||||||||
Less
than $25,000 |
5.25% | 5.54% | 5.00% | |||||||||
$25,000
but less than $50,000 |
4.75% | 4.99% | 4.50% | |||||||||
$50,000
but less than $100,000 |
4.00% | 4.17% | 3.75% | |||||||||
$100,000
but less than $250,000 |
3.00% | 3.09% | 2.75% | |||||||||
$250,000
but less than $500,000 |
2.50% | 2.56% | 2.25% | |||||||||
$500,000
but less than $750,000 |
2.00% | 2.04% | 1.75% | |||||||||
$750,000
but less than $1,000,000 |
1.50% | 1.52% | 1.25% | |||||||||
$1,000,000
and over2 |
0.00% | 0.00% | —2 |
1. |
Rounded
to the nearest one‑hundredth percent. |
2. |
If
you invest $1,000,000 or more in Investor A Shares, you will not pay an
initial sales charge. In that case, BlackRock compensates the Financial
Intermediary from its own resources. However, if you redeem your shares
within 18 months after purchase, you may be charged a deferred sales
charge of 1.00% of the lesser of the original cost of the shares being
redeemed or your redemption proceeds. Such deferred sales charge may be
waived in connection with certain fee‑based programs.
|
i. |
Buy
a specified amount of Investor A, Investor C, Investor P, Institutional,
Class K and/or Premier Shares, |
ii. |
Make
an investment in one or more Eligible Unlisted BlackRock Closed‑End Funds
and/or |
iii. |
Make
an investment through the BlackRock CollegeAdvantage 529 Program in one or
more BlackRock Funds. |
i. |
The
current value of an investor’s existing Investor A and A1, Investor C,
Investor P, Institutional, Class K and Premier Shares in most
BlackRock Funds, |
ii. |
The
current value of an investor’s existing shares of Eligible Unlisted
BlackRock Closed‑End Funds and |
iii. |
The
investment in the BlackRock CollegeAdvantage 529 Program by the investor
or by or on behalf of the investor’s spouse and children.
|
∎ |
Certain
employer-sponsored retirement plans. For purposes of this waiver,
employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs
or SARSEPs; |
∎ |
Rollovers
of current investments through certain employer-sponsored retirement
plans, provided the shares are transferred to the same BlackRock Fund as
either a direct rollover, or subsequent to distribution, the rolled-over
proceeds are contributed to a BlackRock IRA through an account directly
with the Fund; or purchases by IRA programs that are sponsored by
Financial Intermediary firms provided the Financial Intermediary firm has
entered into a Class A Net Asset Value agreement with respect to such
program with the Distributor; |
∎ |
Insurance
company separate accounts; |
∎ |
Registered
investment advisers, trust companies and bank trust departments exercising
discretionary investment authority with respect to amounts to be invested
in the Fund; |
∎ |
Persons
participating in a fee‑based program (such as a wrap account) under which
they pay advisory fees to a broker-dealer or other financial institution;
|
∎ |
Financial
Intermediaries who have entered into an agreement with the Distributor and
have been approved by the Distributor to offer Fund shares to
self-directed investment brokerage accounts that may or may not charge a
transaction fee; |
∎ |
Persons
associated with the Fund, the Fund’s manager, the Fund’s sub‑advisers,
transfer agent, Distributor, fund accounting agents, Barclays PLC
(“Barclays”) and their respective affiliates (to the extent permitted by
these firms) including: (a) officers, directors and partners;
(b) employees and retirees; (c) employees of firms who have
entered into selling agreements to distribute shares of BlackRock Funds;
(d) immediate family members of such persons; and (e) any trust,
pension, profit-sharing or other benefit plan for any of the persons set
forth in (a) through (d); |
∎ |
State
sponsored 529 college savings plans; and |
∎ |
Accounts
opened directly with the Fund that do not have a Financial Intermediary
associated with the account. |
∎ |
Redemptions
of shares purchased through certain employer-sponsored retirement plans
and rollovers of current investments in the Fund through such plans;
|
∎ |
Exchanges
pursuant to the exchange privilege, as described in “How to Buy, Sell,
Exchange and Transfer Shares — How to Exchange Shares or Transfer Your
Account”; |
∎ |
Redemptions
made in connection with minimum required distributions from IRA or
403(b)(7) accounts due to the shareholder reaching the age of 72;
|
∎ |
Certain
post-retirement withdrawals from an IRA or other retirement plan if you
are over 591/2 years old and you purchased your shares prior to
October 2, 2006; |
∎ |
Redemptions
made with respect to certain retirement plans sponsored by the Fund,
BlackRock or an affiliate; |
∎ |
Redemptions
resulting from shareholder death as long as the waiver request is made
within one year of death or, if later, reasonably promptly following
completion of probate (including in connection with the distribution of
account assets to a beneficiary of the decedent);
|
∎ |
Withdrawals
resulting from shareholder disability (as defined in the Internal Revenue
Code) as long as the disability arose subsequent to the purchase of the
shares; |
∎ |
Involuntary
redemptions made of shares in accounts with low balances;
|
∎ |
Certain
redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by
the Fund, BlackRock or an affiliate; |
∎ |
Redemptions
related to the payment of BNY Mellon Investment Servicing Trust Company
custodial IRA fees; and |
∎ |
Redemptions
when a shareholder can demonstrate hardship, in the absolute discretion of
the Fund. |
∎ |
Individuals
and “Institutional Investors” with a minimum initial investment of
$2 million who may purchase shares of the Fund through a Financial
Intermediary that has entered into an agreement with the Distributor to
purchase such shares; |
∎ |
Clients
of Financial Intermediaries that: (i) charge such clients a fee for
advisory, investment consulting, or similar services or (ii) have
entered into an agreement with the Distributor to offer Institutional
Shares through a no‑load program or investment platform, in each case,
with no minimum initial investment; |
∎ |
Clients
investing through Financial Intermediaries that have entered into an
agreement with the Distributor to offer such shares on a platform that
charges a transaction based sales commission outside of the Fund, with a
minimum initial investment of $1,000; |
∎ |
Employer-sponsored
retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state
sponsored 529 college savings plans, collective trust funds, investment
companies or other pooled investment vehicles, unaffiliated thrifts and
unaffiliated banks and trust companies, each of which is not subject to
any minimum initial investment and may purchase shares of the Fund through
a Financial Intermediary that has entered into an agreement with the
Distributor to purchase such shares; |
∎ |
Trust
department clients of Bank of America, N.A. and its affiliates for whom
they (i) act in a fiduciary capacity (excluding participant directed
employee benefit plans); (ii) otherwise have investment discretion; or
(iii) act as custodian for at least $2 million in assets, who
are not subject to any minimum initial investment;
|
∎ |
Holders
of certain Bank of America Corporation (“BofA Corp.”) sponsored unit
investment trusts (“UITs”) who reinvest dividends received from such UITs
in shares of the Fund, who are not subject to any minimum initial
investment; |
∎ |
Employees,
officers and directors/trustees of BlackRock, Inc., mutual funds sponsored
and advised by BlackRock or its affiliates (“BlackRock Funds”), BofA
Corp., Barclays PLC or their respective affiliates and immediate family
members of such persons, if they open an account directly with BlackRock,
who are not subject to any minimum initial investment;
|
∎ |
Tax‑qualified
accounts for insurance agents that are registered representatives of an
insurance company’s broker-dealer that has entered into an agreement with
the Distributor to offer Institutional Shares, and the family members of
such persons; and |
∎ |
Clients
investing through a self-directed IRA brokerage account program sponsored
by a retirement plan record-keeper, provided that such program offers only
mutual fund options and that the program maintains an account with the
Fund on an omnibus basis. |
∎ |
Answering
customer inquiries regarding account status and history, the manner in
which purchases, exchanges and redemptions or repurchases of shares may be
effected and certain other matters pertaining to the customers’
investments; |
∎ |
Assisting
customers in designating and changing dividend options, account
designations and addresses; and |
∎ |
Providing
other similar shareholder liaison services. |
How to Buy Shares | ||||||
Your Choices | Important Information for You to Know | |||||
Initial Purchase | First, select the share class appropriate for you |
Refer
to the “Share Classes at a Glance” table in this prospectus (be sure to
read this prospectus carefully). When you place your initial order, you
must indicate which share class you select (if you do not specify a share
class and do not qualify to purchase Institutional Shares, you will
receive Investor A Shares).
Certain
factors, such as the amount of your investment, your time frame for
investing, and your financial goals, may affect which share class you
choose. Your Financial Intermediary can help you determine which share
class is appropriate for you. | ||||
Next, determine the amount of your investment |
Refer
to the minimum initial investment in the “Share Classes at a Glance” table
of this prospectus.
See
“Account Information — Details About the Share Classes” for information on
a lower initial investment requirement for certain Fund investors if their
purchase, combined with purchases by other investors received together by
the Fund, meets the minimum investment
requirement. |
How to Buy Shares (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Initial Purchase (continued) | Have your Financial Intermediary submit your purchase order |
The
price of your shares is based on the next calculation of the Fund’s net
asset value after your order is placed. Any purchase orders placed prior
to the close of business on the New York Stock Exchange (the “NYSE”)
(generally 4:00 p.m. Eastern time) will be priced at the net asset value
determined that day. Certain Financial Intermediaries, however, may
require submission of orders prior to that time. Purchase orders placed
after that time will be priced at the net asset value determined on the
next business day. A broker-dealer or financial institution maintaining
the account in which you hold shares may charge a separate account,
service or transaction fee on the purchase or sale of Fund shares that
would be in addition to the fees and expenses shown in the Fund’s “Fees
and Expenses” table.
The
Fund may reject any order to buy shares and may suspend the sale of shares
at any time. Certain Financial Intermediaries may charge a processing fee
to confirm a purchase. | ||||
Or contact BlackRock (for accounts held directly with BlackRock) | To purchase shares directly from BlackRock, call (800) 441‑7762 and request a new account application. Mail the completed application along with a check payable to “BlackRock Funds” to the Transfer Agent at the address on the application. The Fund limits purchases by personal check to $500,000 per trade. | |||||
Add to Your Investment | Purchase additional shares | For Investor A Shares, the minimum investment for additional purchases is generally $50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum for additional purchases). The minimums for additional purchases may be waived under certain circumstances. Institutional Shares have no minimum for additional purchases. | ||||
Have your Financial Intermediary submit your purchase order for additional shares | To purchase additional shares you may contact your Financial Intermediary. | |||||
Or contact BlackRock (for accounts held directly with BlackRock) |
Purchase by Telephone: Call (800)
441‑7762 and speak with one of our representatives. The Fund has the right
to reject any telephone request for any reason.
Purchase in Writing: You may send a
written request to BlackRock at the address on the back cover of this
prospectus.
Purchase by VRU: Investor A Shares may
also be purchased by use of the Fund’s automated voice response unit
(“VRU”) service at (800) 441‑7762.
Purchase by Internet: You may purchase
your shares, and view activity in your account, by logging onto the
BlackRock website at www.blackrock.com. Purchases made on the Internet
using the Automated Clearing House (“ACH”) will have a trade date that is
the day after the purchase is made.
Certain
institutional clients’ purchase orders of Institutional Shares placed by
wire prior to the close of business on the NYSE will be priced at the net
asset value determined that day. Contact your Financial Intermediary or
BlackRock for further information. The Fund limits Internet purchases in
Investor A Shares of the Fund to $25,000 per trade. Different maximums may
apply to certain institutional investors.
Please
read the On‑Line Services Disclosure Statement and User Agreement, the
Terms and Conditions page and the Consent to Electronic Delivery Agreement
(if you consent to electronic delivery), before attempting to transact
online.
The
Fund employs reasonable procedures to confirm that transactions entered
over the Internet are genuine. By entering into the User Agreement with
the Fund in order to open an account through the website, the shareholder
waives any right to reclaim any losses from the Fund or any of its
affiliates incurred through fraudulent activity. |
How to Buy Shares (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Add to Your Investment (continued) | Acquire additional shares by reinvesting dividends and capital gains | All dividends and capital gains distributions are automatically reinvested in shares of the Fund at net asset value. To make any changes to your dividend and/or capital gains distributions options, please call (800) 441‑7762 or contact your Financial Intermediary (if your account is not held directly with BlackRock). | ||||
Participate in the AIP | BlackRock’s AIP allows you to invest a specific amount on a periodic basis from your checking or savings account into your investment account. Refer to the “Account Services and Privileges” section of this prospectus for additional information. | |||||
How to Pay for Shares | Making payment for purchases |
Payment
for an order must be made in Federal funds or other immediately available
funds by the time specified by your Financial Intermediary, but in no
event later than 4:00 p.m. (Eastern time) on the second business day (in
the case of Investor A Shares) or the first business day (in the case of
Institutional Shares) following BlackRock’s receipt of the order. If
payment is not received by this time, the order will be canceled, and you
and your Financial Intermediary will be responsible for any loss to the
Fund.
For
shares purchased directly from the Fund, a check payable to BlackRock
Funds which bears the name of the Fund must accompany a completed purchase
application. The Fund limits purchases by personal check to $500,000 per
trade. There is a $20 fee for each purchase check that is returned due to
insufficient funds. The Fund does not accept third-party checks. You may
also wire Federal funds to the Fund to purchase shares, but you must call
(800) 441‑7762 before doing so to confirm the wiring
instructions. | ||||
How to Sell Shares | ||||||
Your Choices | Important Information for You to Know | |||||
Full or Partial Redemption of Shares | Have your Financial Intermediary submit your sales order |
You
can make redemption requests through your Financial Intermediary.
Shareholders should indicate whether they are redeeming Investor A or
Institutional Shares. The price of your shares is based on the next
calculation of the Fund’s net asset value after your order is placed. For
your redemption request to be priced at the net asset value on the day of
your request, you must submit your request to your Financial Intermediary
prior to that day’s close of business on the NYSE (generally 4:00 p.m.
Eastern time).
Certain
Financial Intermediaries, however, may require submission of orders prior
to that time. Any redemption request placed after that time will be priced
at the net asset value at the close of business on the next business
day.
Regardless
of the method the Fund uses to make payment of your redemption proceeds
(check, wire or ACH), your redemption proceeds typically will be sent one
to two business days after your request is submitted, but in any event,
within seven days. Certain Financial Intermediaries may charge a fee to
process a redemption of shares.
The
Fund may reject an order to sell shares under certain
circumstances. |
How to Sell Shares (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Full or Partial Redemption of Shares (continued) | Selling shares held directly with BlackRock |
Methods
of Redeeming
Redeem by Telephone: You may sell
Investor A Shares held directly with BlackRock by telephone request if
certain conditions are met and if the amount being sold is less than (i)
$100,000 for payments by check or (ii) $250,000 for payments through ACH
or wire transfer. Certain redemption requests, such as those in excess of
these amounts, must be in writing with a medallion signature guarantee.
For Institutional Shares, certain redemption requests may require written
instructions with a medallion signature guarantee. Call (800) 441‑7762 for
details.
You
can obtain a medallion signature guarantee stamp from a bank, securities
dealer, securities broker, credit union, savings and loan association,
national securities exchange or registered securities association. A
notary public seal will not be acceptable. | ||||
The
Fund, its administrator and the Distributor will employ reasonable
procedures to confirm that instructions communicated by telephone are
genuine. The Fund and its service providers will not be liable for any
loss, liability, cost or expense for acting upon telephone instructions
that are reasonably believed to be genuine in accordance with such
procedures. The Fund may refuse a telephone redemption request if it
believes it is advisable to do so.
During
periods of substantial economic or market change, telephone redemptions
may be difficult to complete. Please find alternative redemption methods
below.
Redeem by VRU: Investor A Shares may also
be redeemed by use of the Fund’s automated VRU service. Payment for
Investor A Shares redeemed by the VRU service may be made for
non‑retirement accounts in amounts up to $25,000, either through check,
ACH or wire.
Redeem by Internet: You may redeem in
your account, by logging onto the BlackRock website at www.blackrock.com.
Proceeds from Internet redemptions may be sent via check, ACH or wire to
the bank account of record. Payment for Investor A Shares redeemed by
Internet may be made for non‑retirement accounts in amounts up to $25,000,
either through check, ACH or wire. Different maximums may apply to
investors in Institutional Shares.
Redeem in Writing: You may sell shares
held with BlackRock by writing to BlackRock, P.O. Box 534429, Pittsburgh,
Pennsylvania 15253-4429 or for overnight delivery, Attention: 534429, 500
Ross Street 154-0520, Pittsburgh, Pennsylvania 15262. All shareholders on
the account must sign the letter. A medallion signature guarantee will
generally be required but may be waived in certain limited circumstances.
You can obtain a medallion signature guarantee stamp from a bank,
securities dealer, securities broker, credit union, savings and loan
association, national securities exchange or registered securities
association. A notary public seal will not be acceptable. If you hold
stock certificates, return the certificates with the letter. Proceeds from
redemptions may be sent via check, ACH or wire to the bank account of
record.
Payment
of Redemption Proceeds
Redemption
proceeds may be paid by check or, if the Fund has verified banking
information on file, through ACH or by wire transfer.
Payment by Check: BlackRock will normally
mail redemption proceeds within three business days following receipt of a
properly completed request, but in any event, within seven days. Shares
can be redeemed by telephone and the proceeds sent by check to the
shareholder at the address on record. Shareholders will pay $15 for
redemption proceeds sent by check via overnight mail. You are responsible
for any additional charges imposed by your bank for this service.
The
Fund reserves the right to reinvest any dividend or distribution amounts
(e.g., income dividends or capital gains) which you have elected to
receive by check should your check be returned as undeliverable or remain
uncashed for more than 6 months. No interest
|
How to Sell Shares (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Full
or Partial Redemption of Shares (continued) |
Selling
shares held directly with BlackRock (continued) |
will
accrue on amounts represented by uncashed checks. Your check will be
reinvested in your account at the net asset value next calculated, on the
day of the investment. When reinvested, those amounts are subject to the
risk of loss like any fund investment. If you elect to receive
distributions in cash and a check remains undeliverable or uncashed for
more than 6 months, your cash election may also be changed automatically
to reinvest and your future dividend and capital gains distributions will
be reinvested in the Fund at the net asset value as of the date of payment
of the distribution.
Payment by Wire Transfer: Payment for
redeemed shares for which a redemption order is received before 4:00 p.m.
(Eastern time) on a business day is normally made in Federal funds wired
to the redeeming shareholder on the next business day, provided that the
Fund’s custodian is also open for business. Payment for redemption orders
received after 4:00 p.m. (Eastern time) or on a day when the
Fund’s | ||||
custodian
is closed is normally wired in Federal funds on the next business day
following redemption on which the Fund’s custodian is open for business.
The Fund reserves the right to wire redemption proceeds within seven days
after receiving a redemption order if, in the judgment of the Fund, an
earlier payment could adversely affect the Fund.
If
a shareholder has given authorization for expedited redemption, shares can
be redeemed by Federal wire transfer to a single previously designated
bank account. Shareholders will pay $7.50 for redemption proceeds sent by
Federal wire transfer. You are responsible for any additional charges
imposed by your bank for this service. No charge for wiring redemption
payments with respect to Institutional Shares is imposed by the
Fund.
The
Fund is not responsible for the efficiency of the Federal wire system or
the shareholder’s firm or bank. To change the name of the single,
designated bank account to receive wire redemption proceeds, it is
necessary to send a written request to the Fund at the address on the back
cover of this prospectus.
Payment by ACH: Redemption proceeds may
be sent to the shareholder’s bank account (checking or savings) via ACH.
Payment for redeemed shares for which a redemption order is received
before 4:00 p.m. (Eastern time) on a business day is normally sent to
the redeeming shareholder the next business day, with receipt at the
receiving bank within the next two business days (48‑72 hours), provided
that the Fund’s custodian is also open for business. Payment for
redemption orders received after 4:00 p.m. (Eastern time) or on a day when
the Fund’s custodian is closed is normally sent on the next business day
following redemption on which the Fund’s custodian is open for
business.
The
Fund reserves the right to send redemption proceeds within seven days
after receiving a redemption order if, in the judgment of the Fund, an
earlier payment could adversely affect the Fund. No charge for sending
redemption payments via ACH is imposed by the Fund.
*
* *
If
you make a redemption request before the Fund has collected payment for
the purchase of shares, the Fund may delay mailing your proceeds. This
delay will usually not exceed ten days. |
How to Sell Shares (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Redemption Proceeds |
Under
normal circumstances, the Fund expects to meet redemption requests by
using cash or cash equivalents in its portfolio or by selling portfolio
assets to generate cash. During periods of stressed market conditions,
when a significant portion of the Fund’s portfolio may be comprised of
less-liquid investments, the Fund may be more likely to limit cash
redemptions and may determine to pay redemption proceeds by
(i) borrowing under a line of credit it has entered into with a group
of lenders, (ii) borrowing from another BlackRock Fund pursuant to an
interfund lending program, to the extent permitted by the Fund’s
investment policies and restrictions as set forth in the SAI, and/or
(iii) transferring portfolio securities in‑kind to you. The SAI
includes more information about the Fund’s line of credit and interfund
lending program, to the extent applicable.
If
the Fund pays redemption proceeds by transferring portfolio securities
in‑kind to you, you may pay transaction costs to dispose of the
securities, and you may receive less for them than the price at which they
were valued for purposes of redemption. |
How to Exchange Shares or Transfer Your Account | ||||||
Your Choices | Important Information for You to Know | |||||
Exchange Privilege | Selling shares of one BlackRock Fund to purchase shares of another BlackRock Fund (“exchanging”) |
Investor
A or Institutional Shares of the Fund are generally exchangeable for
shares of the same class of another BlackRock Fund, to the extent such
shares are offered by your Financial Intermediary.
You
can exchange $1,000 or more of Investor A Shares from one fund into the
same class of another fund which offers that class of shares (you can
exchange less than $1,000 of Investor A Shares if you already have an
account in the fund into which you are exchanging).
Investors
who currently own Institutional Shares of the Fund may make exchanges into
Institutional Shares of other BlackRock Funds except for investors holding
shares through certain client accounts at Financial Intermediaries that
are omnibus with the Fund and do not meet applicable minimums. There is no
required minimum amount with respect to exchanges of Institutional
Shares.
You
may only exchange into a share class and fund that are open to new
investors or in which you have a current account if the fund is closed to
new investors.
Some
of the BlackRock Funds impose a different initial or deferred sales charge
schedule. The CDSC will continue to be measured from the date of the
original purchase. The CDSC schedule applicable to your original purchase
will apply to the shares you receive in the exchange and any subsequent
exchange.
To
exercise the exchange privilege, you may contact your Financial
Intermediary. Alternatively, if your account is held directly with
BlackRock, you may: (i) call (800) 441‑7762 and speak with one
of our representatives, (ii) make the exchange via the Internet by
accessing your account online at www.blackrock.com, or (iii) send a
written request to the Fund at the address on the back cover of this
prospectus. Please note, if you indicated on your new account application
that you did not want the Telephone Exchange Privilege, you will not be
able to place exchanges via the telephone until you update this option
either in writing or by calling (800) 441‑7762. The Fund has the right to
reject any telephone request for any reason.
Although
there is currently no limit on the number of exchanges that you can make,
the exchange privilege may be modified or terminated at any time in the
future. The Fund may suspend or terminate your exchange privilege at any
time for any reason, including if the Fund believes, in its sole
discretion, that you are engaging in market timing activities. See
“Short-Term Trading Policy” below. For U.S. federal income tax purposes, a
share exchange is a taxable event and a capital gain or loss may be
realized. Please consult your tax adviser or other Financial Intermediary
before making an exchange request.
|
How to Exchange Shares or Transfer Your Account (continued) | ||||||
Your Choices | Important Information for You to Know | |||||
Transfer Shares to Another Financial Intermediary | Transfer to a participating Financial Intermediary |
You
may transfer your shares of the Fund only to another Financial
Intermediary that has entered into an agreement with the Distributor.
Certain shareholder services may not be available for the transferred
shares. All future trading of these assets must be coordinated by the
receiving firm.
If
your account is held directly with BlackRock, you may call
(800) 441‑7762 with any questions; otherwise please contact your
Financial Intermediary to accomplish the transfer of shares. | ||||
Transfer to a non‑participating Financial Intermediary |
You
must either:
• Transfer
your shares to an account with the Fund; or
• Sell
your shares, paying any applicable deferred sales charge.
If
your account is held directly with BlackRock, you may call
(800) 441‑7762 with any questions; otherwise please contact your
Financial Intermediary to accomplish the transfer of
shares. |
Automatic Investment Plan | Allows systematic investments on a periodic basis from your checking or savings account. | BlackRock’s AIP allows you to invest a specific amount on a periodic basis from your checking or savings account into your investment account. You may apply for this option upon account opening or by completing the AIP application. The minimum investment amount for an automatic investment is $50 per portfolio. | ||||
Dividend Allocation Plan | Automatically invests your distributions into another BlackRock Fund of your choice pursuant to your instructions, without any fees or sales charges. | Dividend and capital gains distributions may be reinvested in your account to purchase additional shares or paid in cash. Using the Dividend Allocation Plan, you can direct your distributions to your bank account (checking or savings), to purchase shares of another fund at BlackRock without any fees or sales charges, or by check to a special payee. Please call (800) 441‑7762 for details. If investing in another BlackRock Fund, the receiving fund must be open to new purchases. | ||||
EZ Trader | Allows an investor to purchase or sell Investor A Shares by telephone or over the Internet through ACH. |
(NOTE:
This option is offered to shareholders whose accounts are held directly
with BlackRock. Please speak with your Financial Intermediary if your
account is held elsewhere.)
Prior
to establishing an EZ Trader account, please contact your bank to confirm
that it is a member of the ACH system. Once confirmed, complete an
application, making sure to include the appropriate bank information, and
return the application to the address listed on the form.
Prior
to placing a telephone or Internet purchase or sale order, please call
(800) 441‑7762 to confirm that your bank information has been updated
on your account. Once this is established, you may place your request to
sell shares with the Fund by telephone or Internet. Proceeds will be sent
to your pre‑designated bank account. | ||||
Systematic Exchange Plan | This feature can be used by investors to systematically exchange money from one fund to up to four other funds. | A minimum of $10,000 in the initial BlackRock Fund is required, and investments in any additional funds must meet minimum initial investment requirements. | ||||
Systematic Withdrawal Plan | This feature can be used by investors who want to receive regular distributions from their accounts. |
To
start a Systematic Withdrawal Plan (“SWP”), a shareholder must have a
current investment of $10,000 or more in a BlackRock Fund.
Shareholders
can elect to receive cash payments of $50 or more at any interval they
choose. Shareholders may sign up by completing the SWP Application Form,
which may be obtained from BlackRock. Shareholders should realize that if
withdrawals exceed income the invested principal in their account will be
depleted.
|
Systematic Withdrawal Plan (continued) | This feature can be used by investors who want to receive regular distributions from their accounts. (continued) |
To
participate in the SWP, shareholders must have their dividends reinvested.
Shareholders may change or cancel the SWP at any time, with a minimum of
24 hours’ notice. If a shareholder purchases additional Investor A Shares
of a fund at the same time he or she redeems shares through the SWP, that
investor may lose money because of the sales charge involved. No CDSC will
be assessed on redemptions of Investor A Shares made through the SWP that
do not exceed 12% of the account’s net asset value on an annualized basis.
For example, monthly, quarterly, and semiannual SWP redemptions of
Investor A Shares will not be subject to the CDSC if they do not exceed
1%, 3% and 6%, respectively, of an account’s net asset value on the
redemption date. SWP redemptions of Investor A Shares in excess of this
limit will still pay any applicable CDSC.
Ask
your Financial Intermediary for details. | ||||
Reinstatement Privilege | If you redeem Investor A or Institutional Shares and buy new Investor A Shares of the same or another BlackRock Fund (equal to all or a portion of the redemption amount) within 90 days of such redemption, you will not pay a sales charge on the new purchase amount. This right may be exercised within 90 days of the redemption, provided that the Investor A Share class of that fund is currently open to new investors or the shareholder has a current account in that closed fund. Shares will be purchased at the net asset value calculated at the close of trading on the day the request is received. To exercise this privilege, the Fund must receive written notification from the shareholder of record or the Financial Intermediary of record, at the time of purchase. Investors should consult a tax adviser concerning the tax consequences of exercising this reinstatement privilege. |
∎ |
Suspend
the right of redemption if trading is halted or restricted on the NYSE or
under other emergency conditions described in the Investment Company Act;
|
∎ |
Postpone
the date of payment upon redemption if trading is halted or restricted on
the NYSE or under other emergency conditions described in the Investment
Company Act or if a redemption request is made before the Fund has
collected payment for the purchase of shares; |
∎ |
Redeem
shares for property other than cash as may be permitted under the
Investment Company Act; and |
∎ |
Redeem
shares involuntarily in certain cases, such as when the value of a
shareholder account falls below a specified level.
|
Average
Daily Net Assets |
Rate
of Management Fee | ||||
First
$1 billion |
0.66 | % | |||
$1 billion
– $3 billion |
0.62 | % | |||
$3 billion
– $5 billion |
0.59 | % | |||
$5 billion
– $10 billion |
0.57 | % | |||
Greater
than $10 billion |
0.56 | % |
Contractual Caps1 on Total Annual Fund Operating Expenses2 (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) | ||
Investor
A Shares |
0.96% | |
Institutional
Shares |
0.71% | |
1 The contractual caps
are in effect through June 30, 2025. The contractual agreement may be
terminated upon 90 days’ notice by a majority of the non‑interested
trustees of the Trust or by a vote of a majority of the outstanding voting
securities of the Fund.
2 As a percentage of
average daily net assets. |
Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||||
Raffaele Savi | Jointly and primarily responsible for the day‑to‑day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2023 | Senior Managing Director of BlackRock, Inc. since 2023; Managing Director of BlackRock, Inc. from 2009 to 2022; Managing Director of Barclays Global Investors (“BGI”) from 2007 to 2009; Principal of BGI from 2006 to 2007. | |||||
Kevin Franklin | Jointly and primarily responsible for the day‑to‑day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2010; Head of Automated Trading at Marble Bar Asset Management from 2009 to 2010; Principal at BGI from 2005 to 2009. |
Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||||
Richard Mathieson, CA | Jointly and primarily responsible for the day‑to‑day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal of BGI from 2008 to 2009. Equity Analyst of Exista UK from 2007 to 2008; Principal of BGI from 2005 to 2007; Associate of BGI from 2001 to 2005. | |||||
Anna Hawley, CFA | Jointly and primarily responsible for the day‑to‑day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since January 2022; Director of BlackRock, Inc. from 2009 to 2021; Principal at BGI from 2007 to 2009; Associate of BGI from 2002 to 2007. |
As
of 12/31/22
Gross
total return in USD (annualized) |
1 Year | 3 Years | 5 Years | Since Inception (November 2015) |
||||||||||||
CTF1 |
(18.30 | )% | 5.47 | % | 6.35 | % | 8.95 | % | ||||||||
MSCI
All Country World Index |
(18.36 | )% | 4.00 | % | 5.23 | % | 7.70 | % | ||||||||
Active
Returns2 |
0.06 | % | 1.47 | % | 1.12 | % | 1.25 | % | ||||||||
1 Performance of the
CTF was calculated pursuant to procedures applicable to CTFs, which differ
in certain respects from the procedures applicable to the Fund. These
differences would have an immaterial effect on the disclosed
performance.
2 Active returns
reflect the difference between the performance of the CTF and that of the
MSCI All Country World Index. |
|
BUYING A DIVIDEND |
Unless your investment is in a tax‑deferred account, you may want to avoid buying shares shortly before the Fund pays a dividend, although the impact on you will be significantly less than if you were invested in a fund paying fully taxable dividends. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable dividend. Before investing you may want to consult your tax adviser. |
∎ |
Access
the BlackRock website at http://www.blackrock.com/edelivery; and
|
∎ |
Log
into your account. |
∎ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs or SAR‑SEPs.
|
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same Fund (but not any other
fund within BlackRock Funds). |
∎ |
Shares
exchanged from Investor C Shares of the same fund in the month of or
following the 7‑year anniversary of the purchase date. To the extent that
this prospectus elsewhere provides for a waiver with respect to exchanges
of Investor C Shares or conversion of Investor C Shares following a
shorter holding period, that waiver will apply. |
∎ |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members. |
∎ |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and
defined benefit plans) that are held by a covered family member, defined
as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s
lineal ascendant (mother, father, grandmother, grandfather, great
grandmother, great grandfather), advisor’s lineal descendant (son,
step‑son, daughter, step-daughter, grandson, granddaughter, great
grandson, great granddaughter) or any spouse of a covered family member
who is a lineal descendant. |
∎ |
Shares
purchased from the proceeds of redemptions within BlackRock Funds,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front‑end or
deferred sales charge (i.e. Rights of Reinstatement).
|
∎ |
Shares
purchased of the same Fund or another BlackRock Fund through a systematic
reinvestment of capital gains and dividend distributions.
|
∎ |
Shares
purchased by employees and registered representatives of D.A. Davidson or
its affiliates and their family members as designated by D.A. Davidson.
|
∎ |
Shares
purchased from the proceeds of redemptions of the same Fund or another
BlackRock Fund, provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front‑end
or deferred sales charge (known as Rights of Reinstatement).
|
∎ |
A
shareholder in the Fund’s Investor C Shares will have their shares
converted at net asset value to Investor A Shares (or the appropriate
share class) of the Fund if the shares are no longer subject to a CDSC and
the conversion is consistent with D.A. Davidson’s policies and procedures.
|
∎ |
Shares
sold due to the death or disability of the shareholder.
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus. |
∎ |
Shares
bought due to return of excess contributions from an IRA account.
|
∎ |
Shares
sold as part of a required minimum distribution for IRA or other
qualifying retirement accounts pursuant to the Internal Revenue Code.
|
∎ |
Shares
acquired through a Right of Reinstatement. |
∎ |
Breakpoints
as described in this Prospectus. |
∎ |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of BlackRock Fund
assets held by accounts within the purchaser’s household at D.A. Davidson.
Eligible BlackRock Fund assets not held at D.A. Davidson may be included
in the calculation of rights of accumulation only if the shareholder
notifies his or her financial advisor about such assets.
|
∎ |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases of BlackRock Funds, over a 13‑month time period. Eligible
BlackRock Fund assets not held at D.A. Davidson may be included in the
calculation of letters of intent only if the shareholder notifies his or
her financial advisor about such assets. |
∎ |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus. |
∎ |
The
applicable sales charge on a purchase of Investor A Shares is determined
by taking into account all share classes (except certain money market
funds and any assets held in group retirement plans) of BlackRock Funds
held by the shareholder or in an account grouped by Edward Jones with
other accounts for the purpose of providing certain pricing considerations
(“pricing groups”). If grouping assets as a shareholder, this includes all
share classes held on the Edward Jones platform and/or held on another
platform. The inclusion of eligible fund family assets in the ROA
calculation is dependent on the shareholder notifying Edward Jones of such
assets at the time of calculation. Money market funds are included only if
such shares were sold with a sales charge at the time of purchase or
acquired in exchange for shares purchased with a sales charge.
|
∎ |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a
shareholder or pricing group level. |
∎ |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares multiplied by NAV).
|
∎ |
Through
a LOI, a shareholder can receive the sales charge and breakpoint discounts
for purchases such shareholder intends to make over a 13‑month period from
the date Edward Jones receives the LOI. The LOI is determined by
calculating the higher of cost or market value of qualifying holdings at
LOI initiation in combination |
with
the value that the shareholder intends to buy over a 13‑month period to
calculate the front‑end sales charge and any breakpoint discounts. Each
purchase the shareholder makes during that 13‑month period will receive
the sales charge and breakpoint discount that applies to the total amount.
The inclusion of eligible BlackRock Funds assets in the LOI calculation is
dependent on the shareholder notifying Edward Jones of such assets at the
time of calculation. Purchases made before the LOI is received by Edward
Jones are not adjusted under the LOI and will not reduce the sales charges
previously paid. Sales charges will be adjusted if the LOI is not met.
|
∎ |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts associated with the plan
to a plan-level grouping, LOIs will also be at the plan-level and may only
be established by the employer. |
∎ |
Associates
of Edward Jones and its affiliates and their family members who are in the
same pricing group (as determined by Edward Jones under its policies and
procedures) as the associate. This waiver will continue for the remainder
of the associate’s life if the associate retires from Edward Jones in
good-standing and remains in good standing pursuant to Edward Jones’
policies and procedures. |
∎ |
Shares
purchased in an Edward Jones fee‑based advisory program.
|
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment. |
∎ |
Shares
purchased from the proceeds of redeemed shares of BlackRock Funds so long
as the following conditions are met: 1) the proceeds are from the sale of
shares within 60 days of the purchase, and 2) the sale and purchase are
made in the same share class and the same account or the purchase is made
in an individual retirement account (“IRA”) with proceeds from
liquidations in a non‑retirement account. |
∎ |
Shares
exchanged into Investor A Shares from another share class so long as the
exchange is into the same fund and was initiated at the discretion of
Edward Jones. Edward Jones is responsible for any remaining CDSCs due to
BlackRock, if applicable. Any future purchases are subject to the
applicable sales charge as disclosed in the prospectus.
|
∎ |
Exchanges
from Investor C Shares to Investor A Shares of the same fund, generally,
in the 84th month following the anniversary of the purchase date or
earlier at the discretion of Edward Jones. |
∎ |
The
death or disability of the shareholder. |
∎ |
Systematic
withdrawals with up to 10% per year of the account value.
|
∎ |
Return
of excess contributions from an IRA. |
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder
reaches qualified age based on applicable IRS regulations.
|
∎ |
Shares
sold to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones. |
∎ |
Shares
exchanged in an Edward Jones fee‑based program. |
∎ |
Shares
acquired through a Right of Reinstatement. |
∎ |
Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as
described below. |
∎ |
Initial
purchase minimum: $250 |
∎ |
Subsequent
purchase minimum: none |
∎ |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts that are
not included in this policy: |
∎ |
A
fee‑based account held on an Edward Jones platform
|
∎ |
A
529 account held on an Edward Jones platform |
∎ |
An
account with an active systematic investment plan or LOI
|
∎ |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Investor A Shares of the same
fund at NAV, provided that Edward Jones will be responsible for any
remaining CDSC due to BlackRock, if applicable, and that the shareholders
meet the eligibility requirements of the new share class.
|
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
BlackRock Fund). |
∎ |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
|
∎ |
Shares
purchased from the proceeds of redemptions from another BlackRock Fund,
provided (1) the repurchase occurs within ninety (90) days
following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were subject to a front‑end
or deferred sales charge (i.e., right of reinstatement).
|
∎ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans.
|
∎ |
Shares
acquired through a right of reinstatement. |
∎ |
Investor
C shares that are no longer subject to a contingent deferred sales charge
and are converted to Investor A shares of the same fund pursuant to
Janney’s policies and procedures. |
∎ |
Shares
sold upon the death or disability of the shareholder.
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus or SAI. |
∎ |
Shares
purchased in connection with a return of excess contributions from an IRA
account. |
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code. |
∎ |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney. |
∎ |
Shares
acquired through a right of reinstatement. |
∎ |
Shares
exchanged into the same share class of a different fund.
|
∎ |
Breakpoints
as described in the Fund’s prospectus or SAI. |
∎ |
Rights
of accumulation (“ROA”), which entitle shareholders to breakpoint
discounts, will be automatically calculated based on the aggregated
holding of BlackRock Fund assets held by accounts within the purchaser’s
household at Janney. Eligible BlackRock Fund assets not held at Janney may
be included in the ROA calculation only if the shareholder notifies his or
her financial advisor about such assets. |
∎ |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a BlackRock Fund, over a 13‑month time period. Eligible
BlackRock Fund assets not held at Janney Montgomery Scott may be included
in the calculation of letters of intent only if the shareholder notifies
his or her financial advisor about such assets. |
* |
Also
referred to as an “initial sales charge.” |
∎ |
Shares
purchased by employer-sponsored retirement, deferred compensation and
employee benefit plans (including health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the benefit of
the plan/plan participants |
∎ |
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529‑specific
share classes or equivalents) |
∎ |
Shares
purchased through a Merrill Lynch affiliated investment advisory program
|
∎ |
Exchanges
of shares purchased through a Merrill Lynch affiliated investment advisory
program due to the holdings moving from such Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage (non‑advisory)
account pursuant to Merrill Lynch’s policies relating to sales charge
discounts and waivers |
∎ |
Shares
purchased by third party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform |
∎ |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable) |
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
BlackRock Fund) |
∎ |
Shares
exchanged from Investor C (i.e. level-load) shares of the same Fund
pursuant to Merrill Lynch’s policies relating to sales charge discounts
and waivers |
∎ |
Shares
purchased by employees and registered representatives of Merrill Lynch or
its affiliates and their family members |
∎ |
Shares
purchased by directors of the Fund, and employees of BlackRock or any of
its affiliates, as described in the prospectus |
∎ |
Eligible
shares purchased from the proceeds of redemptions from another BlackRock
Fund, provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front‑end or
deferred sales charge (known as Rights of Reinstatement). Automated
transactions (i.e., systematic purchases and withdrawals) and purchases
made after shares are automatically sold to pay Merrill Lynch’s account
maintenance fees are not eligible for reinstatement.
|
∎ |
Shares
sold due to death or disability of the shareholder
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
∎ |
Shares
bought due to return of excess contributions from an IRA Account
|
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue Code |
∎ |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch |
∎ |
Shares
acquired through a Right of Reinstatement |
∎ |
Investor
A and C Shares of a Fund held in the following IRA or other retirement
brokerage accounts: Traditional IRAs, Roth IRAs, Rollover IRAs, Inherited
IRAs, SEP IRAs, SIMPLE IRAs, BASIC Plans, Educational Savings Account and
Medical Savings Accounts that are exchanged for Institutional shares of
the same Fund due to transfer to certain fee based accounts or platforms
|
∎ |
Investor
A Shares sold, where such Investor A Shares were received as a result of
exchanges of shares purchased through a Merrill Lynch affiliated
investment advisory program due to the holdings moving from the program to
a Merrill Lynch brokerage (non‑advisory) account pursuant to Merrill
Lynch’s policies relating to sales charge discounts and waivers
|
∎ |
Breakpoints
as described in this prospectus |
∎ |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
as described in the Fund’s prospectus will be automatically calculated
based on the aggregated holding of BlackRock Fund assets held by accounts
(including 529 program holdings, where applicable) within the purchaser’s
household at Merrill Lynch. Eligible BlackRock Fund assets not held at
Merrill Lynch may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets.
|
∎ |
Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases of BlackRock Funds, through Merrill Lynch, over a 13‑month
period of time |
∎ |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement
plans does not include SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans
|
∎ |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
∎ |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same fund
|
∎ |
Shares
purchased through a Morgan Stanley self-directed brokerage account
|
∎ |
Investor
C Shares that are no longer subject to a contingent deferred sales charge
and are exchanged for Investor A Shares of the same fund pursuant to
Morgan Stanley Wealth Management’s share class conversion program
|
∎ |
Shares
purchased from the proceeds of redemptions within BlackRock Funds under a
Rights of Reinstatement provision, provided the repurchase occurs within
90 days following the redemption, the redemption and purchase occur in the
same account, and redeemed shares were subject to a front‑end or deferred
sales charge |
∎ |
Shares
purchased by employer-sponsored retirement, deferred compensation and
employee benefit plans (including health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the benefit of
the plan |
∎ |
Shares
purchased by or through a 529 Plan |
∎ |
Shares
purchased through an OPCO affiliated investment advisory program
|
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other
BlackRock Fund) |
∎ |
Shares
purchased from the proceeds of redemptions from another BlackRock Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front‑end or
deferred sales charge (known as Rights of Reinstatement)
|
∎ |
A
shareholder in the Fund’s Investor C Shares will have their shares
converted at net asset value to Investor A Shares (or the appropriate
share class) of the Fund if the shares are no longer subject to a CDSC and
the conversion is in line with the policies and procedures of OPCO
|
∎ |
Shares
purchased by employees and registered representatives of OPCO or its
affiliates and their family members |
∎ |
Shares
purchased by directors or trustees of the Fund, and employees of the
Fund’s investment adviser or any of its affiliates, as described in this
prospectus |
∎ |
Shares
sold due to death or disability of the shareholder
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
∎ |
Shares
bought due to return of excess contributions from an IRA account
|
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the prospectus
|
∎ |
Shares
sold to pay OPCO fees but only if the transaction is initiated by OPCO
|
∎ |
Shares
acquired through a right of reinstatement |
∎ |
Breakpoints
as described in this prospectus |
∎ |
Rights
of Accumulation (“ROA”) and Letters of Intent (“LOI”) which entitle
shareholders to breakpoint discounts will be automatically calculated
based on the aggregated holding of BlackRock Fund assets held by accounts
within the purchaser’s household at OPCO. Eligible BlackRock Fund assets
not held at OPCO may be included in the ROA or LOI calculation only if the
shareholder notifies his or her financial advisor about such assets
|
∎ |
Shares
purchased in a Raymond James investment advisory program.
|
∎ |
Shares
purchased of the same Fund or another BlackRock Fund through a systematic
reinvestment of capital gains distributions and dividend distributions.
|
∎ |
Shares
purchased by employees and registered representatives of Raymond James or
its affiliates and their family members as designated by Raymond James.
|
∎ |
Shares
purchased from the proceeds of redemptions from another BlackRock Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front‑end or
deferred sales charge (known as Rights of Reinstatement).
|
∎ |
A
shareholder in the Fund’s Investor C shares will have their shares
converted at net asset value to Investor A shares of the Fund if the
shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of Raymond James. |
∎ |
Shares
sold due to death or disability of the shareholder.
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus. |
∎ |
Shares
bought due to return of excess contributions from an IRA Account.
|
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable IRS regulations as described in the Fund’s prospectus or SAI.
|
∎ |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James. |
∎ |
Shares
acquired through a Right of Reinstatement. |
∎ |
Breakpoints
as described in this prospectus. |
∎ |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of BlackRock Fund
assets held by accounts within the purchaser’s household at Raymond James.
Eligible BlackRock Fund assets not held at Raymond James may be included
in the calculation of rights of accumulation only if the shareholder
notifies his or her financial advisor about such assets.
|
∎ |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases of BlackRock Funds over a 13‑month time period. Eligible
BlackRock Fund assets not held at Raymond James may be included in the
calculation of letters of intent only if the shareholder notifies his or
her financial advisor about such assets. |
∎ |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing share of the same fund
|
∎ |
Shares
purchased by employees and registered representatives of Baird or its
affiliates and their family members as designated by Baird
|
∎ |
Shares
purchased from the proceeds of redemptions from another BlackRock Fund,
provided (1) the repurchase occurs within 90 days following the
redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front‑end or
deferred sales charge (known as Rights of Reinstatement)
|
∎ |
A
shareholder in the Fund’s Investor C shares will have their shares
converted at net asset value to Investor A shares of the fund if the
shares are no longer subject to CDSC and the conversion is in line with
the policies and procedures of Baird |
∎ |
Shares
purchased by employer-sponsored retirement plans or charitable accounts in
a transactional brokerage account at Baird, including 401(k) plans, 457
plans, employer-sponsored 403(b) plans, profit sharing and money purchase
pension plans and defined benefit plans. For purposes of this provision,
employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs
or SAR‑SEPs |
∎ |
Shares
sold due to death or disability of the shareholder
|
∎ |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
∎ |
Shares
bought due to returns of excess contributions from an IRA account
|
∎ |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified age based on
applicable Internal Revenue Service regulations as described in the Fund’s
prospectus |
∎ |
Shares
sold to pay Baird fees but only if the transaction is initiated by Baird
|
∎ |
Shares
acquired through a right of reinstatement |
∎ |
Breakpoints
as described in this prospectus |
∎ |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated holding of
BlackRock Fund assets held by accounts within the purchaser’s household at
Baird. Eligible BlackRock Fund assets not held at Baird may be included in
ROA calculation only if the shareholder notifies his or her financial
advisor about such assets |
∎ |
Letters
of Intent (“LOI”) allow for breakpoint discounts based on anticipated
purchases of BlackRock Funds through Baird, over a 13‑month period of time
|
PRO-SAGE-0623 |