Share classes and loads

If you choose to buy Investor A shares, generally a sales charge is paid at the time of purchase. Depending on the amount of the purchase, you may qualify for a reduction in the sales charge. You may also qualify for a complete waiver of the sales charge on Investor A shares or of the contingent deferred sales charge on Investor B or Investor C shares under certain circumstances.

Investor A Shares—Purchased with varying initial sales charges, depending on the fund and investment amount, and provide up-front commissions and ongoing trails that begin immediately.

 

Applicable toMax. sales charge (%)Breakpoint scheduleSales charge (%)Dealer reallowance1,2 (%)Trail (%)
Global Allocation Fund*, Multi-Asset Income Fund 5.25 Less than $25,000 5.25 5.00 0.25
$25,000 but less than $50,000 4.75 4.50
$50,000 but less than $100,000 4.00 3.75
$100,000 but less than $250,000 3.00 2.75
$250,000+ NAV3 4
All other Equity and Multi-Asset Funds 5.25 Less than $25,000 5.25 5.00 0.25
$25,000 but less than $50,000 4.75 4.50
$50,000 but less than $100,000 4.00 3.75
$100,000 but less than $250,000 3.00 2.75
$250,000 but less than $500,000 2.50 2.25
$500,000 but less than $750,000 2.00 1.75
$750,000 but less than $1,000,000 1.50 1.25
$1,000,000+ NAV3 4
Managed Income Fund 4.00 Less than $25,000 4.00 3.75 0.25
$25,000 but less than $100,000 3.75 3.50
$100,000 but less than $250,000 3.50 3.25
$250,000+ NAV3 4
Index Funds 0.00 0.00 N/A 0.25

The Investor A front-end sales charges can be reduced or eliminated through one or a combination of the following: the Right of Accumulation, a Letter of Intent, the Reinstatement Privilege, quantity discounts or an applicable waiver of the sales charge. If you redeem Investor A or Institutional shares and within 60 days buy new Investor A Shares of the same or another fund, you will not pay a sales charge on the new purchase amount. The amount eligible for this "Reinstatement Privilege" may not exceed the amount of your redemption proceeds and is only allowed once per year.
See the funds' prospectuses for more information.
1 The Distributor may pay a dealer reallowance or placement fee to the dealer as shown on NAV purchases of Investor A Shares of $1 million or more. However, there is a CDSC (contingent deferred sales charge) of up to 1.00% of the offering price or the NAV of the shares on the redemption date (whichever is less) for shares redeemed within 18 months of purchase.
2 Listed are the front-end sales loads reallowed to dealers as a percentage of the offering price of certain of the funds’ Non Money Market Investor A Shares. In cases where the Distributor acts as a dealer, it will not receive a placement fee on NAV purchases of more than $1 million of Investor A Shares. The dealer reallowance indicated will apply up to the indicated breakpoint (so that, for example, a sale of $4 million worth of Investor A Shares in an equity fund will result in a placement fee of 1.00% on the first $3 million and 0.50% on the final $1 million).
3 NAV purchases on most equity and multi-asset funds will be subject to a 1.00% charge if liquidated within 18 months of purchase. BlackRock Balanced Capital and BlackRock Tactical Opportunities will be subject to a 0.75% charge if liquidated within 18 months of purchase. BlackRock Managed Income will be subject to a 0.50% charge if liquidated within 18 months of purchase.
4 The following reallowance/placement fee to dealers will apply to most Equity and Multi-Asset Funds: 1.00% on $1,000,000 to $2,999,999, 0.50% on $3,000,000 to $14,999,999, 0.25% on $15,000,000 and above; BlackRock Balanced Capital and BlackRock Tactical Opportunites: 0.75% on $1,000,000 to $2,999,999, 0.50% on $3,000,000 to $14,999,999, 0.25% on $15,000,000 and above; BlackRock Multi-Asset Income: 1.00% on $250,000 to $2,999,999, 0.50% on $3,000,000 to $14,999,999, 0.25% on $15,000,000 and above; BlackRock Managed Income: 0.50% on $250,000 to $2,999,999, 0.25% on $3,000,000 to $14,999,999, 0.15% on $15,000,000 and above. If a dealer waives its right to receive a dealer reallowance, the fund may, at its own discretion, waive the CDSC related to NAV purchases of Investor A Shares.
* Effective from January 16, 2018, BlackRock Global Allocation (Investor A) shares sold in amounts of $250,000 or more will be sold at net asset value, subject to a 1.00% CDSC if those shares are redeemed within 18 months of purchase.

Investor A Shares—Purchased with varying initial sales charges, depending on the fund and investment amount, and provide up-front commissions and ongoing trails that begin immediately.

 

Applicable toMax. sales charge (%)Breakpoint scheduleSales charge (%)Dealer reallowance 5,6(%)Trail (%)
Total Return Fund* 4.00 Less than $25,000 4.00 3.75 0.25
$25,000 but less than $100,000 3.75 3.50
$100,000 but less than $250,000 3.50 3.25
$250,000+ NAV7 8
Taxable Fixed Income Funds (Please see exceptions below for Total Return, Floating Rate Income, Credit Strategies Income*, Strategic Income Opportunities and Low Duration) 4.00 Less than $25,000 4.00 3.75 0.25
$25,000 but less than $100,000 3.75 3.50
$100,000 but less than $250,000 3.50 3.25
$250,000 but less than $500,000 2.50 2.25
$500,000 but less than $750,000 2.00 1.75
$750,000 but less than $1,000,000 1.50 1.25
$1,000,000+ NAV7 8
Floating Rate Income, Credit Strategies Income Fund 2.50 Less than $50,000 2.50 2.25 0.25
$50,000 but less than $100,000 2.25 2.00
$100,000 but less than $250,000 1.75 1.50
$250,000 but less than $500,000 1.25 1.00
$500,000+ NAV7 8
Strategic Income Opportunities Fund 4.00 Less than $25,000 4.00 3.75 0.25
$25,000 but less than $100,000 3.75 3.50
$100,000 but less than $250,000 3.50 3.25
$250,000 but less than $500,000 2.50 2.25
$500,000 and over2 NAV7 8
Low Duration Fund 2.25 Less than $50,000 2.25 2.00 0.25
$50,000 but less than $100,000 2.00 1.75
$100,000 but less than $250,000 1.75 1.50
$250,000 but less than $500,000 1.50 1.25
$500,000+ NAV7 8
Tax-Free Fixed Income Funds (Please see exception below for Short-Term Municipal) 4.25 Less than $100,000 4.25 4.00 0.25
$100,000 but less than $250,000 3.25 3.00
$250,000+ NAV7 8
Short-Term Municipal 3.00 Less than $50,000 3.00 2.75 0.25
$50,000 but less than $100,000 2.75 2.50
$100,000 but less than $250,000 2.50 2.25
$250,000+ NAV7 8

The Investor A front-end sales charges can be reduced or eliminated through one or a combination of the following: the Right of Accumulation, a Letter of Intent, the Reinstatement Privilege, quantity discounts or an applicable waiver of the sales charge. If you redeem Investor A or Institutional shares and within 60 days buy new Investor A shares of the same or another fund, you will not pay a sales charge on the new purchase amount. The amount eligible for this "Reinstatement Privilege" may not exceed the amount of your redemption proceeds and is only allowed once per year. See the funds' prospectuses for more information.
5 The Distributor may pay a dealer reallowance or placement fee to the dealer as shown on NAV purchases of Investor A shares. However, there is a CDSC of up to 1.00% of the offering price or the NAV of the shares on the redemption date (whichever is less) for shares redeemed within 18 months of purchase.
6 Listed are the front-end sales loads reallowed to dealers as a percentage of the offering price of certain of the funds’ Non-Money Market Investor A shares. In cases where the Distributor acts as a dealer, it will not receive a placement fee on NAV purchases of Investor A shares. The dealer reallowance indicated will apply up to the indicated breakpoint (so that, for example, a sale of $4 million worth of Investor A shares in a fixed income fund will result in a dealer reallowance of 0.50% on the first $3 million and 0.25% on the final $1 million). If a dealer waives its right to receive a dealer reallowance, the fund may, at its own discretion, waive the CDSC related to NAV purchases of Investor A Shares.
7 NAV purchases at specified breakpoints on BlackRock fixed income funds may be subject to a CDSC if liquidated within 18 months of purchase as follows: most taxable fixed income funds: 0.75%; BlackRock GNMA, Impact Bond, U.S. Government Bond, FDP CoreAlpha Bond** and Short-Term Municipal: 0.50%; BlackRock Inflation Protected Bond: 0.15%; all tax-free fixed income funds and BlackRock Emerging Markets Flexible Dynamic: 1.00%.
8 The following dealer reallowance will apply to most taxable fixed income funds (see below for exceptions). 0.75% on $1,000,000 to $2,999,999, plus 0.50% on $3,000,000 to $14,999,999, and 0.25% on $15,000,000 and above.
Exceptions: GNMA, Impact Bond, U.S. Government Bond and FDP CoreAlpha Bond: 0.50% on $1,000,000 to $2,999,999, 0.25% on $3,000,000 to $14,999,999, 0.15% on $15,000,000+; Inflation Protected Bond: 0.15% on $1,000,000 to $2,999,999, 0.10% on $3,000,000 to $14,999,999, 0.05% on $15,000,000+; Emerging Markets Flexible Dynamic: 1.00% on $1,000,000 to $2,999,999, 0.50% on $3,000,000 to $14,999,999, 0.25% on $15,000,000+; Floating Rate Income, Low Duration, Credit Strategies Income and Strategic Income Opportunities: 0.75% on $500,000 to $2,999,999, 0.50% on $3,000,000 to $14,999,999, 0.25% on $15,000,000+; Tax-free fixed income funds (except for Short-Term Municipal): 1.00% on $250,000 to $3,999,999, 0.50% on $4,000,000 to $9,999,999, 0.25% on $10,000,000+; Short-Term Municipal: 0.50% on $250,000+.
* Effective January 16, 2018, BlackRock Total Return (Investor A) shares sold in amounts of $250,000 or more will be sold at net asset value, subject to a 0.75% CDSC if those shares are redeemed within 18 months of purchase.
** Effective 03/10/17, FDP BlackRock Franklin Templeton Total Return Fund changed its name to FDP BlackRock CoreAlpha Bond Fund.

Investor B Shares—Generally not available for purchase, except for exchanges and certain other exceptions. Please see funds' prospectuses for further details. Automatic conversion from B shares to A shares after 7 or 10 years for fixed income funds and 8 years for equity and multi-asset funds. CDSC on most funds reduced to 0% after 6 years. See the prospectus for a specific fund.

Investor C Shares—Purchased with no initial sales charge but have higher ongoing fees. These fees are paid over the life of the investment and you receive 1.00% immediately and ongoing trails that begin in the 13th month, subject to certain broker/dealer payout policies. Only purchases up to $500,000 per trade are permitted in Investor C shares.

 

Applicable toMax. back-end sales charge (%)CDSC (%)Trail (%)
All Equity, Multi-Asset and Fixed Income Funds* 1.00 1.00 1.00

* Trail for BlackRock Summit Cash Reserves is 0%.

Institutional shares of all BlackRock funds have a trade date plus one day settlement cycle. All purchase and redemption activity in all share classes of the BlackRock index funds have a trade date plus one day settlement cycle.

Class A Units—Purchased with varying initial sales charges, depending on the fund and investment amount, and provide up-front commissions and ongoing trails that begin immediately.

 

Applicable toMax. sales charge (%)Breakpoint scheduleSales charge (%)Dealer reallowance (%)Trail (%)
Equity, Goal Based and Target Date (Excluding BlackRock College Enrollment option) 5.25 Less than $25,000 5.25 5.00 0.25
$25,000 but less than $50,000 4.75 4.50
$50,000 but less than $100,000 4.00 3.75
$100,000 but less than $250,000 3.00 2.75
$250,000 but less than $500,000 2.50 2.25
$500,000 but less than $750,000 2.00 1.75
$750,000 but less than $1,000,000 1.50 1.25
$1,000,000+ NAV9 1.00
Fixed Income Funds and BlackRock College Enrollment option 4.00 Less than $25,000 4.00 3.75 0.25
$25,000 but less than $100,000 3.75 3.50
$100,000 but less than $250,000 3.50 3.25
$250,000 but less than $500,000 2.50 2.25
$500,000 but less than $750,000 2.00 1.75
$750,000 but less than $1,000,000 1.50 1.25
$1,000,000+ NAV9 1.00

The initial sales charge can be reduced or eliminated through one or a combination of the following: a Letter of Intent, the Right of Accumulation or the reinstatement privilege.
9 A contingent deferred sales charge of 1.00% is assessed on certain withdrawals of investments in Class A Units made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more.

Class C—Purchased with no initial sales charge to your clients but have higher ongoing fees. These fees are paid over the life of the investment and you receive 1.00% immediately and an ongoing trail of 1.00% that begins in the 13th month, subject to certain broker/dealer payout policies. CDSC of 1.00% is applied if withdrawal is made within one year of purchase.