Class |
Ticker
Symbol |
Investor
A Shares |
BMGAX
|
Investor
C Shares |
BMGCX
|
Institutional
Shares |
CMGIX
|
Class
R Shares |
BMRRX
|
Service
Shares |
CMGSX
|
Class
K Shares |
BMGKX |
|
Mid-Cap
Growth Equity
|
Asset-Backed
Securities
|
|
Asset-Based
Securities
|
X |
Precious
Metal-Related Securities
|
X |
Borrowing
and Leverage
|
X |
Cash
Flows; Expenses |
|
Cash
Management
|
X |
Collateralized
Debt Obligations |
|
Collateralized
Bond Obligations |
|
Collateralized
Loan Obligations |
|
Commercial
Paper
|
|
Commodity-Linked
Derivative Instruments and Hybrid Instruments |
|
Qualifying
Hybrid Instruments
|
|
Hybrid
Instruments Without Principal Protection
|
|
Limitations
on Leverage
|
|
Counterparty
Risk
|
|
Convertible
Securities
|
X |
Corporate
Loans |
|
|
Mid-Cap
Growth Equity |
Direct
Lending |
|
Credit
Linked Securities |
|
Cyber
Security Issues |
X |
Debt
Securities
|
X |
Inflation-Indexed
Bonds |
|
Investment
Grade Debt Obligations |
X |
High
Yield Investments (“Junk Bonds”) |
|
Mezzanine
Investments |
|
Pay-in-kind
Bonds |
|
Supranational
Entities |
|
Depositary
Receipts (ADRs, EDRs and GDRs)
|
X |
Derivatives
|
X |
Hedging
|
X |
Speculation
|
X |
Risk
Factors in Derivatives |
X |
Correlation
Risk
|
X |
Counterparty
Risk |
X |
Credit
Risk
|
X |
Currency
Risk |
X |
Illiquidity
Risk |
X |
Leverage
Risk |
X |
Market
Risk |
X |
Valuation
Risk |
X |
Volatility
Risk |
X |
Futures |
X |
Swap
Agreements |
X |
Credit
Default Swaps and Similar Instruments |
|
Interest
Rate Swaps, Floors and Caps
|
See note 1
below |
Total
Return Swaps |
X |
Options
|
See note 1
below |
Options
on Securities and Securities Indices
|
X |
Call
Options
|
See note 1
below |
Put
Options
|
See note 1
below |
Options
on Government National Mortgage Association (“GNMA”)
Certificates
|
|
Options
on Swaps (“Swaptions”) |
See note 1
below |
Foreign
Exchange Transactions
|
X |
Spot
Transactions and FX Forwards |
X |
Currency
Futures
|
X |
Currency
Options
|
|
Currency
Swaps |
X |
Distressed
Securities
|
|
Environmental,
Social and Governance (“ESG”) Integration |
X |
|
Mid-Cap
Growth Equity |
Equity
Securities
|
X |
Real
Estate-Related Securities |
|
Securities
of Smaller or Emerging Growth Companies |
X |
Exchange-Traded
Notes (“ETNs”)
|
|
Foreign
Investments |
X |
Foreign
Investment Risks
|
X |
Foreign
Market Risk
|
X |
Foreign
Economy Risk
|
X |
Currency
Risk and Exchange Risk
|
X |
Governmental
Supervision and Regulation/Accounting Standards
|
X |
Certain
Risks of Holding Fund Assets Outside the United States
|
X |
Publicly
Available Information |
X |
Settlement
Risk
|
X |
Sovereign
Debt |
|
Withholding
Tax Reclaims Risk |
X |
Funding
Agreements |
|
Guarantees |
|
Illiquid
Investments |
X |
Index
Funds |
|
Tracking
Error Risk |
|
S&P
500 Index |
|
Russell
Indexes |
|
MSCI
Indexes |
|
FTSE
Indexes |
|
Bloomberg
Indexes |
|
ICE
BofA Indexes |
|
Indexed
and Inverse Securities |
X |
Inflation
Risk |
X |
Initial
Public Offering (“IPO”) Risk |
X |
Interfund
Lending Program |
|
Borrowing,
to the extent permitted by the Fund’s investment policies and
restrictions |
|
Lending,
to the extent permitted by the Fund’s investment policies and
restrictions |
|
Investment
in Emerging Markets
|
X |
Brady
Bonds
|
|
China
Investments Risk |
X |
Investment
in Other Investment Companies
|
X |
Exchange-Traded
Funds |
X |
Lease
Obligations |
|
Life
Settlement Investments |
|
Liquidity
Risk Management
|
X |
Master
Limited Partnerships
|
X |
Merger
Transaction Risk |
|
|
Mid-Cap
Growth Equity |
Money
Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches
of U.S.
Banks
|
X |
Money
Market Securities
|
X |
Mortgage-Related
Securities
|
|
Mortgage-Backed
Securities
|
|
Collateralized
Mortgage Obligations (“CMOs”)
|
|
Adjustable
Rate Mortgage Securities
|
|
CMO
Residuals
|
|
Stripped
Mortgage-Backed Securities
|
|
Tiered
Index Bonds
|
|
TBA
Commitments |
|
Mortgage
Dollar Rolls |
|
Net
Interest Margin (NIM) Securities |
|
Municipal
Investments
|
|
Risk
Factors and Special Considerations Relating to Municipal Bonds
|
|
Description
of Municipal Bonds
|
|
General
Obligation Bonds
|
|
Revenue
Bonds
|
|
Private
Activity Bonds (“PABs”) |
|
Moral
Obligation Bonds
|
|
Municipal
Notes
|
|
Municipal
Commercial Paper
|
|
Municipal
Lease Obligations
|
|
Tender
Option Bonds
|
|
Yields
|
|
Variable
Rate Demand Obligations (“VRDOs”) |
|
Transactions
in Financial Futures Contracts on Municipal Indexes
|
|
Call
Rights
|
|
Municipal
Interest Rate Swap Transactions
|
|
Insured
Municipal Bonds
|
|
Build
America Bonds |
|
Tax-Exempt
Municipal Investments |
|
Participation
Notes
|
|
Portfolio
Turnover Rates
|
X |
Preferred
Stock
|
X |
Tax-Exempt
Preferred Shares |
|
Trust
Preferred Securities
|
|
Real
Estate Investment Trusts (“REITs”)
|
X |
Recent
Market Events |
X |
Reference
Rate Replacement Risk |
X |
Repurchase
Agreements and Purchase and Sale Contracts
|
X |
Restricted
Securities |
X |
|
Mid-Cap
Growth Equity |
Reverse
Repurchase Agreements
|
X |
Rights
Offerings and Warrants to Purchase
|
X |
Rule
144A Securities
|
X |
Securities
Lending
|
X |
Short
Sales
|
See note 2
below |
Special
Purpose Acquisition Companies |
X |
Standby
Commitment Agreements
|
X |
Stripped
Securities
|
|
Structured
Notes
|
|
Taxability
Risk |
|
Temporary
Defensive Measures |
X |
U.S.
Government Obligations |
X |
U.S.
Treasury Obligations |
X |
U.S.
Treasury Rolls |
|
Utility
Industries |
X |
When-Issued
Securities, Delayed Delivery Securities and Forward
Commitments
|
X |
Yields
and Ratings
|
|
Zero
Coupon Securities |
|
Trustees |
Experience,
Qualifications and Skills |
Independent
Trustees |
|
Christopher
J. Ailman |
Christopher
Ailman has more than 30 years of experience in the financial services
industry,
including most recently serving as Chief Investment Officer of the
California
State
Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led
its
investment
program. Mr. Ailman currently is a principal at Ailman Advisers. In
addition, he
has
held various roles in the industry, including as member and chair of the
asset owner
committee
of the Kroner Center for Financial Research, chairman of the North
American
Chapter
of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital
Markets
Advisory
Council. These positions have provided Mr. Ailman with considerable
investment
expertise
across asset classes and strategies, and insight and perspective on the
markets
and the economy. In addition, Mr. Ailman serves as a member of the
Governance
and
Nominating Committee and the Performance Oversight
Committee. |
Susan
J. Carter |
Susan
J. Carter has over 35 years of experience in investment management. She
has
served
as President & Chief Executive Officer of Commonfund Capital, Inc.
(“CCI”), a
registered
investment adviser focused on non-profit investors, from 1997 to 2013,
Chief
Executive
Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.
Ms.
Carter also served as trustee to the Pacific Pension Institute from 2014
to 2018,
trustee
to the Financial Accounting Foundation from 2017 to 2021, Advisory Board
Member
for the Center for Private Equity and Entrepreneurship at Tuck School of
Business
from
1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016
to
2018,
and Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board
Member
thereof from 2018 to 2022. She currently serves as Member of the
President’s
Counsel
for Commonfund and Practitioner Advisory Board Member for Private Capital
Research
Institute (“PCRI”). These positions have provided her with insight and
perspective
on the markets and the economy. |
Collette
Chilton |
Collette
Chilton has over 20 years of experience in investment management. She held
the
position
of Chief Investment Officer of Williams College from October 2006 to June
2023.
Prior
to that she was President and Chief Investment Officer of Lucent Asset
Management
Corporation,
where she oversaw approximately $40 billion in pension and retirement
savings
assets for the company. These positions have provided her with insight and
perspective
on the markets and the economy. |
Neil
A. Cotty |
Neil
A. Cotty has more than 30 years of experience in the financial services
industry,
including
19 years at Bank of America Corporation and its affiliates, where he
served, at
different
times, as the Chief Financial Officer of various businesses including
Investment
Banking,
Global Markets, Wealth Management and Consumer and also served ten years
as
the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty
has been
determined
by the Audit Committee to be an audit committee financial expert, as such
term
is defined in the applicable Commission
rules. |
Trustees |
Experience,
Qualifications and Skills |
Lena
G. Goldberg |
Lena
G. Goldberg has more than 20 years of business and oversight experience,
most
recently
through her service as a senior lecturer at Harvard Business School. Prior
thereto,
she held legal and management positions at FMR LLC/Fidelity Investments as
well
as positions on the boards of various Fidelity subsidiaries over a 12-year
period. She
has
additional corporate governance experience as a member of board and
advisory
committees
for privately held corporations and non-profit organizations. Ms. Goldberg
also
has
more than 17 years of legal experience as an attorney in private practice,
including as
a
partner in a law firm. |
Henry
R. Keizer |
Henry
R. Keizer brings over 40 years of executive, financial, operational,
strategic and
global
expertise gained through his 35 year career at KPMG, a global professional
services
organization and by his service as a director to both publicly and
privately held
organizations.
He has extensive experience with issues facing complex, global companies
and
expertise in financial reporting, accounting, auditing, risk management,
and
regulatory
affairs for such companies. Mr. Keizer’s experience also includes service
as an
audit
committee chair to both publicly and privately held organizations across
numerous
industries
including professional services, property and casualty reinsurance,
insurance,
diversified
financial services, banking, direct to consumer, business to business and
technology.
Mr. Keizer is a certified public accountant and also served on the board
of the
American
Institute of Certified Public Accountants. Mr. Keizer has been determined
by the
Audit
Committee to be an audit committee financial expert, as such term is
defined in the
applicable
Commission rules. |
Cynthia
A. Montgomery |
Cynthia
A. Montgomery has served for over 20 years on the boards of registered
investment
companies, most recently as a member of the boards of certain
BlackRock-
advised
Funds and predecessor funds, including the legacy Merrill Lynch Investment
Managers,
L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20
years
of academic experience as a professor at Harvard Business School where she
taught
courses on corporate strategy and corporate governance. Ms. Montgomery
also
has
business management and corporate governance experience through her
service on
the
corporate boards of a variety of public companies. She has also authored
numerous
articles
and books on these topics. |
Donald
C. Opatrny |
Donald
C. Opatrny has more than 40 years of business, oversight and executive
experience,
including through his service as president, director and investment
committee
chair
for academic and not-for-profit organizations, and his experience as a
partner,
managing
director and advisory director at Goldman Sachs for 32 years. He also has
investment
management experience as a board member of Athena Capital Advisors
LLC. |
Mark
Stalnecker |
Mark
Stalnecker has gained a wealth of experience in investing and asset
management
from
his over 13 years of service as the Chief Investment Officer of the
University of
Delaware
as well as from his various positions with First Union Corporation,
including
Senior
Vice President and State Investment Director of First Investment Advisors.
The
Board
benefits from his experience and perspective as the Chief Investment
Officer of a
university
endowment and from the oversight experience he gained from service on
various
private and non-profit boards. |
Kenneth
L. Urish |
Kenneth
L. Urish has served for over 15 years on the boards of registered
investment
companies,
most recently as a member of the boards of certain BlackRock-advised Funds
and
predecessor funds, including the legacy BlackRock funds. He has over 30
years of
experience
in public accounting. Mr. Urish has served as a managing member of an
accounting
and consulting firm. Mr. Urish has been determined by the Audit Committee
to
be
an audit committee financial expert, as such term is defined in the
applicable
Commission
rules. |
Trustees |
Experience,
Qualifications and Skills |
Claire
A. Walton |
Claire
A. Walton has over 25 years of experience in investment management. She
has
served
as the Chief Operating Officer and Chief Financial Officer of Liberty
Square Asset
Management,
LP from 1998 to 2015, an investment manager that specialized in
long/
short
non-U.S. equity investments, and was an owner and General Partner of Neon
Liberty
Capital
Management, LLC from 2003 to 2023, a firm focusing on long/short equities
in
global
emerging and frontier markets. These positions have provided her with
insight and
perspective
on the markets and the economy. |
Non-Management
Interested
Trustee |
|
Lori
Richards |
Lori
Richards has more than 30 years of experience in the financial services
industry,
most
notably as the first Director of the Office of Compliance Inspections and
Examinations
(“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to
2009.
During 14 years as the Director of OCIE, she led the SEC’s nationwide
examination
oversight
program for advisers, mutual funds, hedge funds, broker-dealers, stock
exchanges,
and other industry firms. Prior to that, from 1985 to 1995, she held
various
roles
at the SEC, including Associate Director for Enforcement for the SEC’s
Pacific
Regional
Office and executive assistant and senior advisor to then SEC Chairman
Arthur
Levitt.
More recently, Ms. Richards served as Chief Compliance Officer of the
Asset and
Wealth
Management global lines of business at JPMorgan Chase & Co. from 2013
to
2018
where she led its global compliance program, advised business leaders on
compliance
issues, oversaw risk assessment, monitoring, testing and training, and
maintained
relationships with regulators. In addition, Ms. Richards served as a
member
of
the National Adjudicatory Council of the Financial Industry Regulatory
Authority
(FINRA)
from 2019 to 2022 and held the chair and vice chair posts during her
tenure.
Prior
thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers
LLC
(“PwC”)
and co-leader of its Asset Management Regulatory group. At PwC, she
assisted a
broad
range of financial services clients in designing and implementing risk
management
and
compliance programs, and preparing for new regulatory expectations. These
positions
have
provided her with insight and perspective on the markets and the economy,
as well
as
asset management regulation and compliance. |
Interested
Trustees |
|
Robert
Fairbairn |
Robert
Fairbairn has more than 25 years of experience with BlackRock, Inc. and
over 30
years
of experience in finance and asset management. In particular, Mr.
Fairbairn’s
positions
as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global
Executive
and
Global Operating Committees and Co-Chair of BlackRock’s Human Capital
Committee
provide
the Board with a wealth of practical business knowledge and leadership. In
addition,
Mr. Fairbairn has global investment management and oversight experience
through
his former positions as Global Head of BlackRock’s Retail and
iShares®
businesses,
Head of BlackRock’s Global Client Group, Chairman of BlackRock’s
international
businesses and his previous oversight over BlackRock’s Strategic Partner
Program
and Strategic Product Management Group. Mr. Fairbairn also serves as a
board
member
for the funds in the BlackRock Fixed-Income
Complex. |
John
M. Perlowski |
John
M. Perlowski’s experience as Managing Director of BlackRock, Inc. since
2009, as
the
Head of BlackRock Global Accounting and Product Services since 2009, and
as
President
and Chief Executive Officer of the BlackRock-advised Funds provides him
with a
strong
understanding of the BlackRock-advised Funds, their operations, and the
business
and
regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s
prior position
as
Managing Director and Chief Operating Officer of the Global Product Group
at Goldman
Sachs
Asset Management, and his former service as Treasurer and Senior Vice
President
of
the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs
Offshore
Funds
provides the Board with the benefit of his experience with the management
practices
of other financial companies. Mr. Perlowski also serves as a board member
for
the
funds in the BlackRock Fixed-Income
Complex. |
Name
and
Year of Birth1,2
|
Position(s)
Held
(Length
of
Service)3
|
Principal
Occupation(s)
During
Past Five Years |
Number
of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen |
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five Years
|
Independent
Trustees |
|
|
|
|
Mark
Stalnecker
1951 |
Chair
of the
Board
(Since
2019)
and
Trustee
(Since
2015) |
Chief
Investment Officer, University of
Delaware
from 1999 to 2013; Trustee and
Chair
of the Finance and Investment
Committees,
Winterthur Museum and
Country
Estate from 2005 to 2016; Member
of
the Investment Committee, Delaware
Public
Employees’ Retirement System since
2002;
Member of the Investment
Committee,
Christiana Care Health System
from
2009 to 2017; Member of the
Investment
Committee, Delaware Community
Foundation
from 2013 to 2014; Director and
Chair
of the Audit Committee, SEI Private
Trust
Co. from 2001 to 2014. |
28
RICs consisting of
167
Portfolios |
None |
Christopher
J. Ailman 1958 |
Trustee
(Since
2024) |
Principal,
Ailman Advisers, since 2024; Chief
Investment
Officer, California State Teachers
Retirement
System (CalSTRS) from 2000 to
2024. |
28
RICs consisting of
167
Portfolios |
None |
Susan
J. Carter 1956 |
Trustee
(Since
2016) |
Trustee,
Financial Accounting Foundation
from
2017 to 2021; Advisory Board
Member,
Center for Private Equity and
Entrepreneurship
at Tuck School of Business
from
1997 to 2021; Director, Pacific Pension
Institute
from 2014 to 2018; Senior Advisor,
CCI
(investment adviser) in 2015; Chief
Executive
Officer, CCI from 2013 to 2014;
President
& Chief Executive Officer, CCI from
1997
to 2013; Advisory Board Member,
Girls
Who Invest from 2015 to 2018 and
Board
Member thereof from 2018 to 2022;
Advisory
Board Member, Bridges Fund
Management
from 2016 to 2018;
Practitioner
Advisory Board Member, PCRI
since
2017; Lecturer in the Practice of
Management,
Yale School of Management
since
2019; Advisor to Finance Committee,
Altman
Foundation since 2020; Investment
Committee
Member, Tostan since 2021;
Member
of the President’s Counsel,
Commonfund
since 2023. |
28
RICs consisting of
167
Portfolios |
None |
Collette
Chilton 1958 |
Trustee
(Since
2015) |
Senior
advisor, Insignia since 2024; Chief
Investment
Officer, Williams College from
2006
to 2023; Chief Investment Officer,
Lucent
Asset Management Corporation from
1998
to 2006; Director, Boys and Girls Club
of
Boston since 2017; Director, B1 Capital
since
2018; Director, David and Lucile
Packard
Foundation since 2020. |
28
RICs consisting of
167
Portfolios |
None |
Name
and
Year of Birth1,2 |
Position(s)
Held
(Length
of
Service)3 |
Principal
Occupation(s)
During
Past Five Years |
Number
of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen |
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five Years |
Neil
A. Cotty 1954 |
Trustee
(Since
2016) |
Bank
of America Corporation from 1996 to
2015,
serving in various senior finance
leadership
roles, including Chief Accounting
Officer
from 2009 to 2015, Chief Financial
Officer
of Global Banking, Markets and
Wealth
Management from 2008 to 2009,
Chief
Accounting Officer from 2004 to 2008,
Chief
Financial Officer of Consumer Bank
from
2003 to 2004, Chief Financial Officer of
Global
Corporate Investment Bank from
1999
to 2002. |
28
RICs consisting of
167
Portfolios |
None |
Lena
G. Goldberg 1949 |
Trustee
(Since
2019) |
Director,
Pioneer Public Interest Law Center
since
2023; Director, Charles Stark Draper
Laboratory,
Inc. from 2013 to 2021; Senior
Lecturer,
Harvard Business School from
2008
to 2021; FMR LLC/Fidelity
Investments
(financial services) from 1996
to
2008, serving in various senior roles
including
Executive Vice President – Strategic
Corporate
Initiatives and Executive Vice
President
and General Counsel; Partner,
Sullivan
& Worcester LLP from 1985 to 1996
and
Associate thereof from 1979 to 1985. |
28
RICs consisting of
167
Portfolios |
None |
Henry
R. Keizer 1956 |
Trustee
(Since
2019) |
Director,
Park Indemnity Ltd. (captive insurer)
from
2010 to 2022. |
28
RICs consisting of
167
Portfolios |
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems) from
2015
to 2020; Hertz
Global
Holdings (car
rental)
from 2015 to
2021. |
Cynthia
A. Montgomery 1952 |
Trustee
(Since
2007) |
Professor,
Harvard Business School since
1989. |
28
RICs consisting of
167
Portfolios |
None |
Donald
C. Opatrny 1952 |
Trustee
(Since
2019) |
Chair
of the Board of Phoenix Art Museum
since
2022 and Trustee thereof since 2018;
Chair
of the Investment Committee of The
Arizona
Community Foundation since 2022
and
Trustee thereof since 2020; Director,
Athena
Capital Advisors LLC (investment
management
firm) from 2013 to 2020;
Trustee,
Vice Chair, Member of the Executive
Committee
and Chair of the Investment
Committee,
Cornell University from 2004 to
2019;
Member of Affordable Housing Supply
Board
of Jackson, Wyoming from 2017 to
2022;
Member, Investment Funds
Committee,
State of Wyoming from 2017 to
2023;
Trustee, Artstor (a Mellon Foundation
affiliate)
from 2010 to 2015; Member of the
Investment
Committee, Mellon Foundation
from
2009 to 2015; President, Trustee and
Member
of the Investment Committee, The
Aldrich
Contemporary Art Museum from
2007
to 2014; Trustee and Chair of the
Investment
Committee, Community
Foundation
of Jackson Hole since 2014. |
28
RICs consisting of
167
Portfolios |
None |
Name
and
Year of Birth1,2 |
Position(s)
Held
(Length
of
Service)3 |
Principal
Occupation(s)
During
Past Five Years |
Number
of
BlackRock-
Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen |
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five Years |
Kenneth
L. Urish 1951 |
Trustee
(Since
2007) |
Managing
Partner, Urish Popeck & Co., LLC
(certified
public accountants and
consultants)
since 1976; Past-Chairman of
the
Professional Ethics Committee of the
Pennsylvania
Institute of Certified Public
Accountants
and Committee Member thereof
since
2007; Member of External Advisory
Board,
The Pennsylvania State University
Accounting
Department since 2001,
Emeritus
since 2022; Principal, UP Strategic
Wealth
Investment Advisors, LLC since
2013;
Trustee, The Holy Family Institute from
2001
to 2010; President and Trustee,
Pittsburgh
Catholic Publishing Associates
from
2003 to 2008; Director, Inter-Tel from
2006
to 2007; Member, Advisory Board,
ESG
Competent Boards since 2020. |
28
RICs consisting of
167
Portfolios |
None |
Claire
A. Walton 1957 |
Trustee
(Since
2016) |
Advisory
Board Member, Grossman School
of
Business at the University of Vermont
since
2023; Advisory Board Member,
Scientific
Financial Systems since 2022;
General
Partner of Neon Liberty Capital
Management,
LLC from 2003 to 2023; Chief
Operating
Officer and Chief Financial Officer
of
Liberty Square Asset Management, LP
from
1998 to 2015; Director, Boston Hedge
Fund
Group from 2009 to 2018; Director,
Massachusetts
Council on Economic
Education
from 2013 to 2015; Director,
Woodstock
Ski Runners from 2013 to 2022. |
28
RICs consisting of
167
Portfolios |
None |
Non-Management
Interested
Trustee
4 |
|
|
|
|
Lori
Richards 1960 |
Trustee
(Since
2024) |
Director,
PharmaCann, Inc. since 2021;
Trustee,
SEC Historical Society since 2018;
Trustee,
Garrett College Foundation since
2019;
Director, Wahed Invest from 2022 to
2024. |
28
RICs consisting of
167
Portfolios |
None |
Interested
Trustees5 |
|
|
|
|
Robert
Fairbairn 1965 |
Trustee
(Since
2018) |
Vice
Chairman of BlackRock, Inc. since
2019;
Member of BlackRock’s Global
Executive
and Global Operating Committees;
Co-Chair
of BlackRock’s Human Capital
Committee;
Senior Managing Director of
BlackRock,
Inc. from 2010 to 2019; oversaw
BlackRock’s
Strategic Partner Program and
Strategic
Product Management Group from
2012
to 2019; Member of the Board of
Managers
of BlackRock Investments, LLC
from
2011 to 2018; Global Head of
BlackRock’s
Retail and iShares®
businesses
from
2012 to 2016. |
95
RICs consisting of
267
Portfolios |
None |
John
M. Perlowski6
1964 |
Trustee
(Since
2015)
President
and
Chief
Executive
Officer
(Since
2010) |
Managing
Director of BlackRock, Inc. since
2009;
Head of BlackRock Global Accounting
and
Product Services since 2009; Advisory
Director
of Family Resource Network
(charitable
foundation) since 2009. |
97
RICs consisting of
269
Portfolios |
None |
Name
and
Year of Birth1,2
|
Position(s)
Held
(Length
of Service) |
Principal
Occupation(s)
During
Past Five Years |
Officers
Who Are Not Trustees
|
|
|
Roland
Villacorta 1971 |
Vice
President
(Since
2022) |
Managing
Director of BlackRock, Inc. since 2002; Head of Global Cash
Management
and Head of Securities Lending within BlackRock’s
Global
Markets Group since 2022; Member of BlackRock’s Global
Operating
Committee since 2016 and Human Capital Committee since
2023. |
Jennifer
McGovern 1977 |
Vice
President
(Since
2014) |
Managing
Director of BlackRock, Inc. since 2016. |
Trent
Walker 1974 |
Chief
Financial
Officer
(Since
2021) |
Managing
Director of BlackRock, Inc. since 2019; Executive Vice
President
of PIMCO from 2016 to 2019. |
Jay
M. Fife 1970 |
Treasurer
(Since
2007) |
Managing
Director of BlackRock, Inc. since 2007. |
Aaron
Wasserman 1974 |
Chief
Compliance Officer
(Since
2023) |
Managing
Director of BlackRock, Inc. since 2018; Chief Compliance
Officer
of the BlackRock-advised funds in the BlackRock Multi-Asset
Complex,
the BlackRock Fixed-Income Complex and the iShares
Complex
since 2023; Deputy Chief Compliance Officer for the
BlackRock-advised
funds in the BlackRock Multi-Asset Complex, the
BlackRock
Fixed-Income Complex and the iShares Complex from 2014
to
2023. |
Lisa
Belle 1968 |
Anti-Money
Laundering
Compliance
Officer
(Since
2019) |
Managing
Director of BlackRock, Inc. since 2019; Global Financial
Crime
Head for Asset and Wealth Management of JP Morgan from
2013
to 2019. |
Janey
Ahn 1975 |
Secretary
(Since
2019) |
Managing
Director of BlackRock, Inc. since
2018. |
Name |
Dollar
Range
of
Equity
Securities
in the Fund
|
Aggregate
Dollar Range
of
Equity
Securities
in
Supervised
Funds |
Independent
Trustees |
|
|
Christopher
J. Ailman |
None |
None |
Susan
J. Carter |
None |
Over
$100,000 |
Name |
Dollar
Range
of
Equity
Securities
in the Fund |
Aggregate
Dollar Range
of
Equity
Securities
in
Supervised
Funds |
Collette
Chilton |
None |
Over
$100,000 |
Neil
A. Cotty |
None |
Over
$100,000 |
Lena
G. Goldberg |
None |
Over
$100,000 |
Henry
R. Keizer |
None |
Over
$100,000 |
Cynthia
A. Montgomery |
None
|
Over
$100,000 |
Donald
C. Opatrny |
None
|
Over
$100,000 |
Mark
Stalnecker |
None |
Over
$100,000 |
Kenneth
L. Urish |
None
|
Over
$100,000 |
Claire
A. Walton |
None |
Over
$100,000 |
Non-Management
Interested Trustee |
|
|
Lori
Richards |
None |
None |
Interested
Trustees |
|
|
Robert
Fairbairn |
None
|
Over
$100,000 |
John
M. Perlowski |
None |
Over
$100,000 |
Name
|
Compensation
from
the Fund
|
Estimated
Annual
Benefits
upon
Retirement
|
Aggregate
Compensation
from
the
Funds
and
Other
BlackRock-
Advised
Funds1
|
Independent
Trustees |
|
|
|
Christopher
J. Ailman2 |
N/A |
None |
N/A |
Susan
J. Carter |
$7,891 |
None |
$425,000 |
Collette
Chilton |
$7,891 |
None |
$425,000 |
Neil
A. Cotty |
$7,891 |
None |
$425,000 |
Lena
G. Goldberg3 |
$8,876 |
None |
$470,000 |
Henry
R. Keizer4 |
$8,876 |
None |
$470,000 |
Cynthia
A. Montgomery5 |
$8,876 |
None
|
$470,000 |
Donald
C. Opatrny6 |
$8,876 |
None |
$470,000 |
Mark
Stalnecker7 |
$11,175 |
None |
$575,000 |
Kenneth
L. Urish |
$7,891 |
None
|
$425,000 |
Claire
A. Walton |
$7,891 |
None |
$425,000 |
Non-Management
Interested Trustee |
|
|
|
Lori
Richards8 |
N/A |
None |
N/A |
Name
|
Compensation
from
the Fund |
Estimated
Annual
Benefits
upon
Retirement
|
Aggregate
Compensation
from
the
Funds
and
Other
BlackRock-
Advised
Funds1 |
Interested
Trustees |
|
|
|
Robert
Fairbairn |
None |
None |
None |
John
M. Perlowski |
None |
None |
None |
|
Fees
Paid
to
BlackRock
|
Fees
Waived
by
BlackRock |
Fees
Reimbursed
by
BlackRock |
Fiscal
Year Ended May 31, 2024 |
$74,556,562 |
$10,128 |
$2,425,436 |
Fiscal
Year Ended May 31, 2023 |
$77,735,522 |
$80,278 |
$2,308,635 |
Fiscal
Year Ended May 31, 2022 |
$107,724,728 |
$35,782 |
$803,446 |
|
Fees
Paid to
the
Administrator |
Fees
Waived by
the
Administrator
|
Fiscal
Year Ended May 31, 2024 |
$6,423,741 |
$1,479,768 |
Fiscal
Year Ended May 31, 2023 |
$6,697,585 |
$1,598,012 |
Fiscal
Year Ended May 31, 2022 |
$9,217,317 |
$1,416,090 |
|
Fees
Paid to
BlackRock
|
Fees
Waived by
BlackRock
|
Fiscal
Year Ended May 31, 2024 |
$273,151 |
$259,481 |
Fiscal
Year Ended May 31, 2023 |
$194,949 |
$168,695 |
Fiscal
Year Ended May 31, 2022 |
$121,909 |
$63,794 |
|
Number
of Other Accounts Managed
and
Assets by Account Type |
Number
of Other Accounts and Assets
for
Which Advisory Fee is Performance-Based | ||||
Name
of Portfolio Manager |
Other
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts |
Other
Registered
Investment
Companies |
Other
Pooled
Investment
Vehicles |
Other
Accounts |
Caroline
Bottinelli |
11 |
4 |
0 |
0 |
0 |
0 |
|
$13.84
Billion |
$5.26
Billion |
$0 |
$0 |
$0 |
$0 |
Phil
Ruvinsky, CFA |
11 |
4 |
0 |
0 |
0 |
0 |
|
$15.77
Billion |
$5.26
Billion |
$0 |
$0 |
$0 |
$0 |
Portfolio
Manager |
Dollar
Range of
Equity
Securities
Beneficially
Owned |
Phil
Ruvinsky, CFA |
$500,001 -
$1,000,000 |
Caroline
Bottinelli |
$100,001 -
$500,000 |
|
Fees
Paid to BNY MIS |
Fiscal
Year Ended May 31, 2024 |
$681,539 |
Fiscal
Year Ended May 31, 2023 |
$709,057 |
Fiscal
Year Ended May 31, 2022 |
$948,933 |
|
Investor
A Shares | |||
|
Gross
Sales
Charges
Collected
|
Sales
Charges
Retained
by
BRIL
|
Sales
Charges
Paid
To
Affiliates
|
CDSCs
Received
on
Redemption
of
Load-Waived
Shares |
Fiscal
Year Ended May 31, 2024 |
$552,522 |
$38,641 |
$38,641 |
$3,931 |
Fiscal
Year Ended May 31, 2023 |
$721,400 |
$49,993 |
$49,993 |
$30,408 |
Fiscal
Year Ended May 31, 2022 |
$2,190,251 |
$159,323 |
$159,323 |
$52,159 |
|
Investor
C Shares
| |
|
CDSCs
Received
by
BRIL
|
CDSCs
Paid
to
Affiliates |
Fiscal
Year Ended May 31, 2024 |
$6,573 |
$6,573 |
Fiscal
Year Ended May 31, 2023 |
$20,607 |
$20,607 |
Fiscal
Year Ended May 31, 2022 |
$34,513 |
$34,513 |
Class
Name
|
Fees
Paid to BRIL |
Investor
A Shares |
$4,165,927 |
Investor
C Shares |
$1,973,115 |
Class
R Shares |
$461,260 |
Service
Shares |
$159,231 |
Investor
A Shares
| |
Net
Assets |
$1,622,437,651 |
Number
of Shares Outstanding |
48,865,509 |
Net
Asset Value Per Share (net assets divided by number of shares
outstanding) |
$33.20 |
Sales
Charge (5.25% of offering price; 5.54% of net asset value per
share)1 |
1.84 |
Offering
Price |
$35.04 |
|
Aggregate
Brokerage
Commissions
Paid |
Brokerage
Commissions
Paid
to Affiliates |
Fiscal
Year Ended May 31, 2024 |
$2,859,499 |
$0 |
Fiscal
Year Ended May 31, 2023 |
$2,180,798 |
$0 |
Fiscal
Year Ended May 31, 2022 |
$2,686,139 |
$0 |
|
Amount
of Commissions
Paid
to Brokers for
Providing
28(e) Eligible
Research
Services |
Amount
of Brokerage
Transactions
Involved |
|
|
$1,686,893 |
$7,196,607,968 |
|
Gross
income from securities lending activities |
$21,079,646 |
Fees
and/or compensation for securities lending activities and related
services |
|
Securities
lending income paid to BIM for services as securities lending agent
|
$151,221 |
Cash
collateral management expenses not included in securities lending income
paid to BIM |
$152,359 |
Administrative
fees not included in securities lending income paid to
BIM |
$0 |
Indemnification
fees not included in securities lending income paid to
BIM |
$0 |
Rebates
(paid to borrowers) |
$20,154,121 |
Other
fees not included in securities lending income paid to
BIM |
$0 |
Aggregate
fees/compensation for securities lending activities |
$20,457,701 |
Net
income from securities lending activities |
$621,945 |
Name |
Address |
Percentage |
Class |
Edward
D. Jones and Co. |
12555
Manchester Road
St. Louis, MO
63131 |
20.75% |
Investor A
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
14.95% |
Investor A
Shares |
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated |
4800 Deer
Lake Drive East 3rd
Floor
Jacksonville,
FL 32246 |
8.97% |
Investor A
Shares |
Charles
Schwab & Co Inc. |
101
Montgomery Street
San
Francisco, CA 94101-4122 |
7.27% |
Investor A
Shares |
Pershing
LLC |
1 Pershing
Plaza
Jersey City,
NJ 07399 |
5.10% |
Investor A
Shares |
Wells
Fargo Clearing Services LLC |
2801 Market
Street
Saint Louis,
MO 63103 |
18.24% |
Investor C
Shares |
Morgan
Stanley Smith Barney LLC |
1 New York
Plaza, Floor 12
New York, NY
10004 |
14.32% |
Investor C
Shares |
American
Enterprise Investment
|
707 Second
Avenue South
Minneapolis,
MN 55402 |
13.67% |
Investor C
Shares |
LPL
Financial |
4707
Executive Drive
San Diego, CA
92121 |
9.88% |
Investor C
Shares |
Pershing
LLC |
1 Pershing
Plaza
Jersey City,
NJ 07399 |
9.42% |
Investor C
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
7.89% |
Investor C
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
18.76% |
Institutional
Shares |
Pershing
LLC |
1 Pershing
Plaza
Jersey City,
NJ 07399 |
13.54% |
Institutional
Shares |
American
Enterprise Investment |
707 Second
Avenue South
Minneapolis,
MN 55402 |
10.49% |
Institutional
Shares |
Charles
Schwab & Co Inc. |
101
Montgomery Street
San
Francisco, CA 94101-4122 |
7.62% |
Institutional
Shares |
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated |
4800 Deer
Lake Drive East 3rd
Floor
Jacksonville,
FL 32246 |
7.48% |
Institutional
Shares |
LPL
Financial
|
4707
Executive Drive
San Diego, CA
92121 |
6.12% |
Institutional
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
34.82% |
Service
Shares |
State
Street Bank and Trust Company |
1 Lincoln
Street
Boston, MA
02111 |
26.16% |
Service
Shares |
Name |
Address |
Percentage |
Class |
Charles
Schwab & Co Inc. |
101
Montgomery Street
San
Francisco, CA 94101-4122 |
14.29% |
Service
Shares |
Minnesota
Life Insurance Company
|
400 Robert
Street North
Saint Paul,
MN 55101
|
5.41% |
Service
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
25.19% |
Class R
Shares |
State
Street Bank and Trust Company |
1 Lincoln
Street
Boston, MA
02111 |
16.59% |
Class R
Shares |
Edward
D. Jones & Co. |
12555
Manchester Road
St. Louis, MO
63131 |
21.92% |
Class K
Shares |
National
Financial Services, LLC |
499
Washington Boulevard
Floor
5
Jersey City,
NJ 07310 |
16.64% |
Class K
Shares |
Merrill
Lynch, Pierce, Fenner & Smith
Incorporated |
4800 Deer
Lake Drive East 3rd
Floor
Jacksonville,
FL 32246 |
8.66% |
Class K
Shares |
DCGT
as TTEE and/or Custodian |
711 High
Street
Des Moines,
IA 50392 |
7.42% |
Class K
Shares |