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 chargeBreakpointSales charge(%)PC(%)Trail1(%)
Equity Funds 5.25% $1–$24,999 5.25 5.00 0.25
$25,000–$49,999 4.75 4.50
$50,000–$99,999 4.00 3.75
$100,000–$249,999 3.00 2.75
$250,000–$499,999 2.50 2.002
$500,000–$749,999 2.00 1.75
$750,000–$999,999 1.50 1.25
$1,000,000+ NAV3 4
Managed Income Fund* 4.00% $1-$24,9999 4.00%
$25,000-$99,999 3.75%
$100,000-249,999 3.50%
$250,000+ NAV1
Multi-Asset Income Fund 5.25% $1–$24,999 5.25 5.00 0.25
$25,000–$49,999 4.75 4.50
$50,000–$99,999 4.00 3.75
$100,000–$249,999 3.00 2.75
$250,000+ NAV3 4

1Investor A trails start immediately. Trails for A1 shares are 0.10%.
2Payouts based on ML Mutual Fund Compensation Policy. BlackRock payouts will vary.
3NAV purchases on most equity funds will be subject to a 1.00% charge if liquidated within 18 months of purchase. BlackRock Balanced Capital, BlackRock Basic Value and BlackRock Tactical Opportunities will be subject to a 0.75% charge if liquidated within 18 months of purchase.
4PCs for most equity funds. See exceptions below:
1.00% on $1,000,000 to $2,999,999 plus:
• 0.50% on $3,000,000 to $14,999,999
• 0.25% on $15,000,000+
PCs for BlackRock Balanced Capital, BlackRock Basic Value and BlackRock Tactical Opportunities: 
0.75% on $1,000,000 to $2,999,999, plus: 
• 0.50% on $3,000,000 to $14,999,999
• 0.25% on $15,000,000
PCs for Multi-Asset Income: 
1.00% on $250,000 to $2,999,999, plus: 
• 0.50% on $3,000,000 to $14,999,999
• 0.25% on $15,000,000+

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 toSales Charge (%)PC (%)Trail(%)
Taxable Fixed Income Funds (Please see exceptions below for Floating Rate Income, Low Duration, Credit Strategies Income and Strategic Income Opportunities) $1–$24,999 4.00 3.75 0.25
$25,000–$99,999 3.75 3.50
$100,000–$249,999 3.50 3.002
$250,000–$499,999 2.50 2.002
$500,000–$749,999 2.00 1.75
$750,000–$999,999 1.50 1.25
$1,000,000+ NAV5 6
Low Duration $1–$49,999 2.25% 2.00 0.25
$50,000–$99,999 2.00 1.75
$100,000–$249,999 1.75 1.50
$250,000–$499,999 1.50 1.25
$500,000+ NAV2 3
Floating Rate Income, Credit Strategies Income $1–$49,999 2.50 2.25 0.25
$50,000–$99,999 2.25 2.00%
$100,000–$249,999 1.75 1.50%
$250,000–$499,999 1.25 1.00%
$500,000+ NAV2 3
Strategic Income Opportunities $1–$24,999 4.00 2.25 0.25
$25,000–$99,999 3.75 3.50
$100,000–$250,000 3.50 3.004
$250,000–$500,000 2.50 2.004
$500,000+ NAV2 3
Tax-Free Fixed Income Funds (Except for Short-Term Municipal) $1–$49,999 4.25 4.00 0.25
$50,000–$99,999 4.25 3.50
$100,000–$249,999 3.25 3.00
$250,000+ NAV5 6
Short-Term Municipal $1–$49,999 3.00 2.75 0.25
$50,000–$99,999 2.75 2.50
$100,000–$249,999 2.50 2.25
$250,000+ NAV7 8

v

1Investor A trails start immediately. Trails for A1 shares are 0.10%.
2NAV purchases on Floating Rate Income, Low Duration, Credit Strategies Income* and Strategic Income Opportunities will be subject to a 0.75% charge if liquidated within 18 months of purchase.
3PCs for BlackRock Floating Rate Income, Low Duration, Credit Strategies Income* and Strategic Income Opportunities: 0.75% on $500,000 to $2,999,999 plus:
0.50% on $3,000,000 to $14,999,999
0.25% on $15,000,000+
4Payouts based on ML Mutual Fund Compensation Policy. BlackRock payouts will vary.
5NAV purchases on most tax-free fixed income funds may be subject to a 1.00% charge if liquidated within 18 months of purchase.
6PCs for most tax-free fixed income funds. See exceptions below:
1.00% on $250,000 to $3,999,999, plus:
0.50% on $4,000,000 to $9,999,999
0.25% on $10,000,000+
7NAV purchases for Short-Term Municipal will be subject to a 0.50% charge if liquidated within 18 months of purchase.
8PCs for Short-Term Municipal:
0.50% on $250,000 to $49,999,999, plus:
0.25% on $50,000,000+ payout based on ML Mutual Fund Compensation Policy. BlackRock payout will vary.

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 funds. CDSC on most funds reduced to 0% after 6 years.

BlackRock discontinued offering Investor B shares excluding certain employer-sponsored retirement plans and dividend reinvestments.

Equity Conversion 8 Years
BlackRock Fixed Income Conversion 7 or 10 Years

Investor C Shares—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 ongoing trails that begin in the 13th month, subject to certain broker/dealer payout policies. Only purchases under $500,000 per trade are permitted in Investor C shares.

 

CDSC (%)PC (%)Trail1 (%)
Year 1 1.00% 1.00% 1.00%

Investor B shares will be exchangeable in and out.
• Exceptions apply to B Prime shares. See prospectus for details.
• All FDP Investor B portfolios are closed for new and subsequent purchases.

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 funds listed below have a trade date plus one day settlement cycle.

  • BlackRock Developed Real Estate Index Fund
  • BlackRock International Index Fund
  • BlackRock Large Cap Index Fund
  • BlackRock LifePath Index Funds
  • BlackRock LifePath Funds
  • BlackRock MSCI Asia ex-Japan Index Fund
  • BlackRock MSCI World Index Fund
  • BlackRock S&P 500 Index Fund
  • BlackRock Small Cap Index Fund
  • BlackRock Small/Mid Cap Index Fund
  • BlackRock Stock Market Index Fund
  • BlackRock Total International ex U.S. Index Fund
  • BlackRock U.S. Total Bond Index Fund

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 chargeBreakpoint scheduleSales charge
Age-Based, Target Risk, Equity and Balanced Funds 5.25% Less than $25,000 5.25%
$25,000 but less than $50,000 4.75%
$50,000 but less than $100,000 4.00%
$100,000 but less than $250,000 3.00%
$250,000 but less than $500,000 2.50%
$500,000 but less than $750,000 2.00%
$750,000 but less than $1,000,000 1.50%
$1,000,000+ NAV1
Fixed Income Funds 4.00% Less than $25,000 4.00%
$25,000 but less than $100,000 3.75%
$100,000 but less than $250,000 3.50%
$250,000 but less than $500,000 2.50%
$500,000 but less than $750,000 2.00%
$750,000 but less than $1,000,000 1.50%
$1,000,000+ NAV1

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.
1 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 B—Generally not available for purchase. Maximum CDSC is 5.00% in first year and reduced to 0% after 6 years.

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.

Institutional

Effective October 2, 2006, outside of certain exceptions such as fee-based accounts, investors who hold shares within certain brokerage accounts (including Merrill Lynch) will not be eligible to purchase new or subsequent positions within the Institutional share class. Shareholders who own Institutional shares are eligible to exchange into other Institutional shares within the BlackRock fund family. For a complete description of eligibility within the Institutional share class, please see the relevant fund prospectus.

Institutional class eligibility

    • Institutional shares within wrap accounts (i.e. MFA, PIA and MLPA) and certain employer-sponsored retirement plans will be open for new and subsequent purchases and exchangeability.
    • Holders of certain Merrill Lynch sponsored unit investment trusts (“UITs”) who reinvest dividends received from such UITs in shares of a BlackRock fund.
    • Employees, officers and directors/trustees of BlackRock, Merrill Lynch, PNC, Barclays or their affiliates.

Institutional trades settle on T + 1.

Letter of intent

Effective October 23, 2009, Merrill Lynch allows discounted front-end load shares purchased by a letter of intent (LOI) to be held in Merrill Lynch accounts. Merrill Lynch has developed a standard LOI for use by its financial advisors. Merrill Lynch will reserve 5% of the dollar amount to be purchased in the form of fund shares registered in a customer’s name until the client fulfills the LOI to cover any additional sales charge that may apply. The Merrill Lynch LOI will utilize an industry-standard 13-month term. If the total investment specified under the LOI is completed within the 13-month period, then the reserved shares will be promptly released. If the LOI is not fulfilled within the 13-month period, then the reserved shares may be sold (redeemed) to cover additional front-end sales charges that may be due.

Reinstatement privilege

If you redeem Investor A or Institutional shares and within 60 days buy new 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. To exercise the privilege, you must follow the manual trade guidelines via a Maintenance ASAP. All Maintenance ASAPs must be submitted prior to 3:30 PM Eastern Time and can be entered by the wire room operator or Client Relationship Manager only. Processing of any request received after 3:30 PM Eastern Time is not guaranteed, and will be executed on a best efforts basis.

An email must be sent to Jax, Prospectus/SAI Trading with the account number and trade details. Attach fund prospectus and reference the page number and paragraph that supports the reinstatement privilege.

The maintenance ASAP-RCE account#/5/18/2 must contain the following:

  • Account number, transaction type (buy), quantity (specifying dollars/shares), fund symbol, an explanation as to why the trade is not being submitted systematically (reinstatement at NAV) and reference to the email (date and time sent); manager approval; must have manager’s full name; FA #; trade details (dollar amount of trade cannot exceed the amount of proceeds).

The reinstatement privilege may be exercised once a year per fund and within 60 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.

Right of accumulation

The current value of an investor’s existing Investor shares and Institutional shares in most BlackRock funds may be combined with the amount of a purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge. Shares may qualify for a right of accumulation based on householding. The following do not qualify for a right of accumulation:

  • Shares held through a 529 plan that is not sponsored by BlackRock.
  • Shares held in pension, profit sharing or other employee benefit plans if those shares are held in the name of a nominee or custodian.