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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/25/24 Blackrock Funds 485BPOS 4/29/24 13:4.9M Donnelley … Solutions/FA → Blackrock Exchange Portfolio ⇒ Blackrock (STSEX) |
Document/Exhibit Description Pages Size 1: 485BPOS Blackrock Exchange Portfolio HTML 3.42M 2: EX-99.10(A) Consent of Independent Registered Public HTML 7K Accounting Firm 8: R1 Document and Entity Information HTML 24K 9: R2 Risk/Return Detail Data- BLACKROCK EXCHANGE HTML 212K PORTFOLIO 10: XML IDEA XML File -- Filing Summary XML 16K 13: XML XBRL Instance -- d729966d485bpos_htm XML 116K 4: EX-101.CAL XBRL Calculations -- bf11-20240425_cal XML 18K 5: EX-101.DEF XBRL Definitions -- bf11-20240425_def XML 231K 6: EX-101.LAB XBRL Labels -- bf11-20240425_lab XML 404K 7: EX-101.PRE XBRL Presentations -- bf11-20240425_pre XML 222K 3: EX-101.SCH XBRL Schema -- bf11-20240425 XSD 22K 11: JSON XBRL Instance as JSON Data -- MetaLinks 96± 213K 12: ZIP XBRL Zipped Folder -- 0001193125-24-113600-xbrl Zip 641K
BLACKROCK EXCHANGE PORTFOLIO |
Counsel for the Fund: |
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Prospectus |
Key facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information |
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Information about how the Fund invests, including investment objective, investment process, principal strategies and risk factors |
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Information about account services, sales charges and waivers, shareholder transactions, and distribution and other payments |
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15 | |
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17 |
Information about BlackRock and the Portfolio Managers |
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22 |
Financial Performance of the Fund |
23 | |
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25 |
Glossary of Investment Terms |
26 | |
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Inside Back Cover | ||
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Back Cover |
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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BlackRock Shares |
Management Fee1 |
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i 0.50% |
Distribution and/or Service (12b-1) Fees |
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i None |
Other Expenses2 |
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i 0.31% |
Other Expenses of the Fund |
i 0.16% |
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Miscellaneous Other Expenses |
i 0.15% |
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Total Annual Fund Operating Expenses |
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i 0.81% |
Fee Waivers and/or Expense Reimbursements1,3 |
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( i 0.04)% |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements1,3 |
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i 0.77% |
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1 Year |
3 Years |
5 Years |
10 Years |
BlackRock Shares |
$ i 79 |
$ i 255 |
$ i 446 |
$ i 998 |
i For the periods ended 12/31/23 Average Annual Total Returns |
1 Year |
5 Years |
10 Years |
BlackRock Exchange Portfolio — BlackRock Shares |
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Return Before Taxes |
i 20.71 % |
i 16.02 % |
i 11.13 % |
Return After Taxes on Distributions |
i 20.40 % |
i 15.68 % |
i 10.71 % |
Return After Taxes on Distributions and Sale of Fund Shares |
i 12.47 % |
i 12.90 % |
i 9.11 % |
S&P 500® Index (Reflects no deduction for fees, expenses or taxes) |
i 26.29 % |
i 15.69 % |
i 12.03 % |
Portfolio Manager |
Portfolio Manager of the Fund Since |
Title |
Phil Ruvinsky |
2020 |
Managing Director of BlackRock, Inc. |
Caroline Bottinelli |
2022 |
Managing Director of BlackRock, Inc. |
Availability |
Shares of the Fund are currently not available for purchase. |
Minimum Investment |
N/A |
Initial Sales Charge? |
No. |
Deferred Sales Charge? |
No. |
Distribution and Service (12b-1) Fees? |
No. |
Redemption Fees? |
No. |
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Your Choices |
Important Information for You to Know |
Add to Your Investment |
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, your account is not held directly with BlackRock). |
Full or Partial Redemption of Shares |
Have your Financial Intermediary submit your sales order |
You can make redemption requests through your Financial Intermediary. 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 New York Stock Exchange (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 close of business on the next business day. The Fund may reject an order to sell shares under certain circumstances. Your redemption proceeds typically will be sent one to two business days after your request is submitted, but in any event, within seven days. |
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Selling shares held directly with BlackRock |
Methods of Redeeming Redeem in Writing: Redemption requests may be sent in proper form to BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253- 4429. A medallion signature guarantee will be required on all requests. 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.
Payment of Redemption Proceeds 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 |
Full or Partial Redemption of Shares (continued) |
Selling shares held directly with BlackRock (continued) |
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. No charge for wiring redemption payments with respect to BlackRock Shares is imposed by the Fund. Shares can be redeemed by Federal wire transfer to a single previously designated
bank account. You are responsible for any additional charges imposed by your bank for this service. 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. *** 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. |
Redemption Proceeds |
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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.
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Average Daily Net Assets |
Rate of Management Fee |
First $1 billion |
0.50 % |
$1 billion – $3 billion |
0.47 % |
$3 billion – $5 billion |
0.45 % |
$5 billion – $10 billion |
0.44 % |
In excess of $10 billion |
0.43 % |
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Contractual Cap1on Total Annual Fund Operating Expenses2 (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) |
BlackRock Shares |
0.62 % |
Portfolio Manager |
Primary Role |
Since |
Title and Recent Biography |
Phil Ruvinsky |
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. |
2020 |
Managing Director of BlackRock, Inc. since 2019; Director of BlackRock, Inc. from 2013 to 2018; Sector Head and Research Analyst at Surview Capital LLC from 2010 to 2013; Various positions, including Portfolio Manager and Investment Analyst, at UBS Global Asset Management from 2002 to 2010. |
Caroline Bottinelli |
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. |
2022 |
Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc. from 2020 to 2023; Vice President of BlackRock, Inc. from 2016 to 2020; prior to joining BlackRock, Inc., Ms. Bottinelli was an Equity Research Associate at J.P. Morgan. |
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BlackRock Exchange Portfolio | ||||
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BlackRock Shares | ||||
(For a share outstanding throughout each period) |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Year Ended 12/31/20 |
Year Ended 12/31/19 |
Net asset value, beginning of year |
$1,658.98 |
$1,777.46 |
$1,368.32 |
$1,270.46 |
$1,001.87 |
Net investment income(a) |
18.34 |
17.47 |
14.63 |
15.80 |
15.81 |
Net realized and unrealized gain (loss) |
324.85 |
(115.72 ) |
412.41 |
100.33 |
270.58 |
Net increase (decrease) from investment operations |
343.19 |
(98.25 ) |
427.04 |
116.13 |
286.39 |
Distributions from net investment income(b) |
(21.13 ) |
(20.23 ) |
(17.90 ) |
(18.27 ) |
(17.80 ) |
Net asset value, end of year |
$1,981.04 |
$1,658.98 |
$1,777.46 |
$1,368.32 |
$1,270.46 |
Total Return(c) |
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Based on net asset value |
20.71 % |
(5.52 )% |
31.23 % |
9.19 % |
28.63 % |
Ratios to Average Net Assets(d) |
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Total expenses |
0.81 % |
0.80 % |
0.84 % |
0.83 % |
0.82 % |
Total expenses after fees waived and/or reimbursed(e) |
0.77 % |
0.77 % |
0.81 % |
0.79 % |
0.76 % |
Net investment income |
1.01 % |
1.05 % |
0.92 % |
1.27 % |
1.37 % |
Supplemental Data |
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Net assets, end of year (000) |
$231,761 |
$197,539 |
$220,018 |
$182,217 |
$185,706 |
Portfolio turnover rate |
— % |
— % |
— % |
— % |
— % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Where applicable, assumes the reinvestment of distributions. |
(d) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) |
Includes U.S. federal income taxes. Excluding such tax expense, total expenses after fees waived and/or reimbursed would have been as follows: |
|
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Year Ended 12/31/20 |
Year Ended 12/31/19 |
Excluding U.S. federal income taxes |
0.62 % |
0.62 % |
0.62 % |
0.62 % |
0.62 % |
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BlackRock Exchange Portfolio |
144A Securities |
X |
Asset-Backed Securities |
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Asset-Based Securities |
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Precious Metal-Related Securities |
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Borrowing and Leverage |
X |
Cash Flows; Expenses |
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Cash Management |
X |
Collateralized Debt Obligations |
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Collateralized Bond Obligations |
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Collateralized Loan Obligations |
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Commercial Paper |
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Commodity-Linked Derivative Instruments and Hybrid Instruments |
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Qualifying Hybrid Instruments |
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Hybrid Instruments Without Principal Protection |
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Limitations on Leverage |
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Counterparty Risk |
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Convertible Securities |
X |
Corporate Loans |
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Direct Lending |
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Credit Linked Securities |
X |
Cyber Security Issues |
X |
Debt Securities |
X |
Inflation-Indexed Bonds |
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Investment Grade Debt Obligations |
X |
High Yield Investments (“Junk Bonds”) |
X |
Mezzanine Investments |
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Pay-in-kind Bonds |
X |
Supranational Entities |
X |
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 |
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BlackRock Exchange Portfolio |
Valuation Risk |
X |
Volatility Risk |
X |
Futures |
X |
Swap Agreements |
X |
Credit Default Swaps and Similar Instruments |
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Interest Rate Swaps, Floors and Caps |
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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 |
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Options on Swaps (“Swaptions”) |
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Foreign Exchange Transactions |
X |
Spot Transactions and FX Forwards |
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Currency Futures |
X |
Currency Options |
X |
Currency Swaps |
X |
Distressed Securities |
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Environmental, Social and Governance (“ESG”) Integration |
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Equity Securities |
X |
Real Estate-Related Securities |
X |
Securities of Smaller or Emerging Growth Companies |
X |
Exchange-Traded Notes (“ETNs”) |
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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 |
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Withholding Tax Reclaims Risk |
X |
Funding Agreements |
X |
Guarantees |
X |
Illiquid Investments |
X |
Index Funds |
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Tracking Error Risk |
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S&P 500 Index |
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Russell Indexes |
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BlackRock Exchange Portfolio |
MSCI Indexes |
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FTSE Indexes |
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Bloomberg Indexes |
|
ICE BofA Indexes |
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Indexed and Inverse Securities |
X |
Inflation Risk |
X |
Initial Public Offering (“IPO”) Risk |
X |
Interfund Lending Program |
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Borrowing, to the extent permitted by the Fund’s investment policies and restrictions |
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Lending, to the extent permitted by the Fund’s investment policies and restrictions |
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Investment in Emerging Markets |
X |
Brady Bonds |
|
China Investments Risk |
X |
Investment in Other Investment Companies |
X |
Exchange-Traded Funds |
X |
Lease Obligations |
X |
Life Settlement Investments |
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Liquidity Risk Management |
X |
Master Limited Partnerships |
X |
Merger Transaction Risk |
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Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks |
X |
Money Market Securities |
X |
Mortgage-Related Securities |
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Mortgage-Backed Securities |
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Collateralized Mortgage Obligations (“CMOs”) |
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Adjustable Rate Mortgage Securities |
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CMO Residuals |
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Stripped Mortgage-Backed Securities |
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Tiered Index Bonds |
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TBA Commitments |
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Mortgage Dollar Rolls |
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Net Interest Margin (NIM) Securities |
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Municipal Investments |
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Risk Factors and Special Considerations Relating to Municipal Bonds |
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Description of Municipal Bonds |
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General Obligation Bonds |
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Revenue Bonds |
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Private Activity Bonds (“PABs”) |
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Moral Obligation Bonds |
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Municipal Notes |
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Municipal Commercial Paper |
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BlackRock Exchange Portfolio |
Municipal Lease Obligations |
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Tender Option Bonds |
|
Yields |
|
Variable Rate Demand Obligations (“VRDOs”) |
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Transactions in Financial Futures Contracts on Municipal Indexes |
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Call Rights |
|
Municipal Interest Rate Swap Transactions |
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Insured Municipal Bonds |
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Build America Bonds |
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Tax-Exempt Municipal Investments |
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Participation Notes |
X |
Portfolio Turnover Rates |
X |
Preferred Stock |
X |
Tax-Exempt Preferred Shares |
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Trust Preferred Securities |
X |
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 |
Reverse Repurchase Agreements |
X |
Rights Offerings and Warrants to Purchase |
X |
Securities Lending |
X |
Short Sales |
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Special Purpose Acquisition Companies |
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Standby Commitment Agreements |
X |
Stripped Securities |
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Structured Notes |
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Taxability Risk |
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Temporary Defensive Measures |
X |
U.S. Government Obligations |
X |
U.S. Treasury Obligations |
X |
U.S. Treasury Rolls |
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Utility Industries |
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When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
X |
Yields and Ratings |
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Zero Coupon Securities |
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Trustees |
Experience, Qualifications and Skills |
Independent Trustees |
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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. |
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. |
Trustees |
Experience, Qualifications and Skills |
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. |
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. |
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. |
Trustees |
Experience, Qualifications and Skills |
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 164 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 |
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 164 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 164 Portfolios |
None |
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 164 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 164 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 |
Henry R. Keizer 1956 |
Trustee (Since 2019) |
Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. |
28 RICs consisting of 164 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 164 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 164 Portfolios |
None |
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 164 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 |
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 164 Portfolios |
None |
Interested Trustees4 |
|
|
|
|
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. |
96 RICs consisting of 266 Portfolios |
None |
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. |
98 RICs consisting of 268 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. |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past Five Years |
Jennifer McGovern 1977 |
Vice President (Since 2014) |
Managing Director of BlackRock, Inc. since 2016. |
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. |
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 |
|
|
Susan J. Carter |
None |
Over $100,000 |
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 |
Interested Trustees |
|
|
Robert Fairbairn |
None |
Over $100,000 |
None |
Over $100,000 |
Name |
Compensation from the Fund |
Estimated Annual Benefits upon Retirement |
Aggregate Compensation from the Fund and Other BlackRock- Advised Funds1 |
Independent Trustees |
|
|
|
Susan J. Carter |
$756 |
None |
$425,000 |
Collette Chilton |
$756 |
None |
$425,000 |
Neil A. Cotty |
$756 |
None |
$425,000 |
Lena G. Goldberg2 |
$774 |
None |
$470,000 |
Henry R. Keizer3 |
$774 |
None |
$470,000 |
Cynthia A. Montgomery4 |
$774 |
None |
$470,000 |
Donald C. Opatrny5 |
$774 |
None |
$470,000 |
Mark Stalnecker6 |
$814 |
None |
$575,000 |
Kenneth L. Urish |
$756 |
None |
$425,000 |
Claire A. Walton |
$756 |
None |
$425,000 |
Interested Trustees |
|
|
|
Robert Fairbairn |
None |
None |
None |
None |
None |
None |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Fees Reimbursed by BlackRock |
Fiscal Year Ended December 31, 2023 |
$1,068,432 |
$35,018 |
$9,693 |
Fiscal Year Ended December 31, 2022 |
$1,006,757 |
$12,371 |
$9,477 |
Fiscal Year Ended December 31, 2021 |
$1,008,088 |
$9,175 |
$7,160 |
|
Fees Paid to the Administrator |
Fees Waived by the Administrator |
Fiscal Year Ended December 31, 2023 |
$133,554 |
$42,028 |
Fiscal Year Ended December 31, 2022 |
$125,845 |
$40,256 |
Fiscal Year Ended December 31, 2021 |
$126,012 |
$40,109 |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Fiscal Year Ended December 31, 2023 |
$2,697 |
$2,315 |
Fiscal Year Ended December 31, 2022 |
$1,713 |
$1,618 |
Fiscal Year Ended December 31, 2021 |
$2,725 |
$2,419 |
|
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 |
5 |
0 |
0 |
0 |
0 |
|
$21.68 Billion |
$5.16 Billion |
$0 |
$0 |
$0 |
$0 |
Phil Ruvinsky |
10 |
5 |
0 |
0 |
0 |
0 |
|
$23.69 Billion |
$5.16 Billion |
$0 |
$0 |
$0 |
$0 |
Portfolio Manager |
Dollar Range of Equity Securities Beneficially Owned |
Phil Ruvinsky |
None |
Caroline Bottinelli |
$10,001 - $50,000 |
|
Fees Paid to BNY MIS |
Fiscal Year Ended December 31, 2023 |
$48,184 |
Fiscal Year Ended December 31, 2022 |
$47,807 |
Fiscal Year Ended December 31, 2021 |
$47,111 |
|
Aggregate Brokerage Commissions Paid |
Fiscal Year Ended December 31, 2023 |
$281 |
Fiscal Year Ended December 31, 2022 |
$84 |
Fiscal Year Ended December 31, 2021 |
$144 |
|
Amount of Commissions Paid to Brokers for Providing Section 28(e) Eligible Research Services |
Amount of Brokerage Transactions Involved |
|
|
$0 |
$0 |
|
Gross income from securities lending activities |
$15,959 |
Fees and/or compensation for securities lending activities and related services |
|
Securities lending income paid to BIM for services as securities lending agent |
$190 |
Cash collateral management expenses not included in securities lending income paid to BIM |
$115 |
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) |
$14,799 |
Other fees not included in securities lending income paid to BIM |
$0 |
Aggregate fees/compensation for securities lending activities |
$15,104 |
Net income from securities lending activities |
$855 |
Name |
Address |
Percentage |
Class |
Morgan Stanley Smith Barney LLC |
6.38% |
BlackRock Shares | |
BNYM I S Trust Co Cust |
301 Bellevue Parkway |
5.73% |
BlackRock Shares |
|
|
|
|
Open-End Mutual Funds (Excluding Money Market Funds) | ||
|
Time Periods for Portfolio Holdings | |
Prior to 20 Calendar Days After Month-End |
20 Calendar Days After Month-End To Public Filing | |
Portfolio Holdings |
Cannot disclose without non-disclosure or confidentiality agreement and Chief Compliance Officer (“CCO”) approval. |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (e.g., Lipper, Morningstar and Bloomberg), except with respect to Global Allocation funds*, BlackRock Core Bond Portfolio and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, BlackRock Strategic Global Bond Fund, Inc., Master Total Return Portfolio of Master Bond LLC, BlackRock Total Return V.I. Fund of
BlackRock Variable Series Funds II, Inc., BlackRock Sustainable Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Unconstrained Equity Fund and BlackRock Systematic Multi-Strategy Fund (each of whose portfolio holdings may be disclosed 60 calendar days after month-end). BlackRock generally discloses portfolio holdings information on the lag times established herein on its public website. If Portfolio Holdings are disclosed to one party, they
must also be disclosed to all other parties requesting the same information. |
|
Time Periods for Portfolio Characteristics | |
Portfolio Characteristics (Excluding Liquidity Metrics) |
Prior to 5 Calendar Days After Month-End |
5 Calendar Days After Month-End |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval.*,** |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (e.g., Lipper, Morningstar and Bloomberg). If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. | |
Portfolio Characteristics — Liquidity Metrics |
Prior to 60 Calendar Days After Calendar Quarter-End |
60 Calendar Days After Calendar Quarter- End |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval. |
May disclose to shareholders, prospective shareholders, intermediaries and consultants; provided portfolio management has approved. If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
Money Market Funds***,**** | ||
|
Time Periods | |
Prior to 5 Calendar Days After Month-End |
5 Calendar Days After Month-End to Date of Public Filing | |
Portfolio Holdings |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval except the following portfolio holdings information may be released as follows: •Weekly portfolio holdings information released on the website at least one business day after week-end except: — Other information as may be required under Rule 2a-7 (e.g., name of issuer, category of investment, principal amount, maturity
dates, yields). — For Government money market funds, daily portfolio holdings are released on the website the following business day. |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers. If portfolio holdings are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
Portfolio Characteristics |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval except the following information may be released on the Fund’s website daily: •Historical NAVs calculated based on market factors (e.g., marked-to-market) •Percentage of fund assets invested in daily and weekly liquid assets (as defined under Rule 2a-7) •Daily net inflows and outflows •Yields,
SEC yields, WAM, WAL, current assets •Other information as may be required by Rule 2a-7 |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
$1 million but less than $3 million |
1.00 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$250,000 but less than $3 million |
1.00 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1 million but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1 million but less than $3 million |
0.50 % |
$3 million but less than $15 million |
0.25 % |
$15 million and above |
0.15 % |
$250,000 but less than $3 million |
0.50 % |
$3 million but less than $15 million |
0.25 % |
$15 million and above |
0.15 % |
$1 million but less than $3 million |
0.15 % |
$3 million but less than $15 million |
0.10 % |
$15 million and above |
0.05 % |
$500,000 but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$250,000 and above |
0.50 % |
$100,000 and above |
0.25 % |
$250,000 and above |
0.25 % |
$250,000 but less than $4 million |
1.00 % |
$4 million but less than $10 million |
0.50 % |
$10 million and above |
0.25 % |
$250,000 but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1,000,000 and above |
0.10 % |
$1,000,000 and above |
0.15 % |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C |
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
NP |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitments on the obligation is extremely strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation. |
BB, B, CCC, CC, and C |
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitments on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. |
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is
lowered to ‘D’ if it is subject to a distressed debt restructuring. |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitments on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitments on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial commitments on the obligation. |
B |
A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its financial commitments. |
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation
is lowered to ‘D’ if it is subject to a distressed debt restructuring. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
D |
‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. |
AAA |
Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
AA |
Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A |
High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
BBB |
Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. |
BB |
Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. |
B |
Highly Speculative. ‘B’ ratings indicate that material credit risk is present. |
CCC |
Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present. |
CC |
Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk. |
C |
Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk. |
F1 |
Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature. |
F2 |
Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial commitments. |
F3 |
Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is adequate. |
B |
Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |
C |
High Short-Term Default Risk. Default is a real possibility. |
RD |
Restricted Default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. |
D |
Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. |
|
Page |
Introduction to BlackRock |
|
Philosophy on investment stewardship |
|
Shareholder rights |
|
Key themes |
|
Boards and directors |
|
Auditors and audit-related issues |
|
Capital structure, mergers, asset sales, and other special transactions |
|
Executive compensation |
|
Material sustainability-related risks and opportunities |
|
Other corporate governance matters and shareholder protections |
|
Shareholder proposals |
|
BlackRock’s oversight of its investment stewardship activities |
|
Vote execution |
|
Voting Choice |
|
Conflicts management policies and procedures |
|
Securities lending |
|
Voting guidelines |
|
Reporting and vote transparency |
B-15 |
The purpose of this document is to provide an overarching explanation of BlackRock’s approach globally to our responsibilities as a shareholder on behalf of our clients, our expectations of companies, and our commitments to clients in terms of our own governance and transparency. |
|
Exhibit Number |
|
Description |
1 |
— |
Articles of Incorporation. |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
(f) |
— |
|
2 |
— |
By-laws. |
(a) |
— |
|
(b) |
— |
|
3 |
— |
Instruments Defining Rights of Security Holders. |
(a) |
— |
Article IV, Article V (Sections 5.1 and 5.4), Article VI (Sections 6.2, 6.5 and 6.7), Article VIII, Article IX (Sections 9.2, 9.5 and 9.6) and Article X (Sections 10.1, 10.4, 10.5, 10.6, 10.8 and 10.9) of Registrant’s Declaration of Trust are incorporated herein by reference to Exhibits 1(a) – 1(e) to Registrant’s Registration Statement and Article I, Article II (Sections 2 and 3), Article IV (Section 1) and Article V (Sections 3, 4, 5 and 6) of Registrant’s Amended and Restated Code of Regulations are incorporated herein by reference to Exhibits 2(a) - 2(b) to Registrant’s
Registration Statement. |
4 |
— |
Investment Advisory Contracts. |
(a) |
— |
|
(b) |
— |
|
Exhibit Number |
|
Description |
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
(f) |
— |
|
(g) |
— |
|
(h) |
— |
|
(i) |
— |
|
(j) |
— |
|
(k) |
— |
|
(l) |
— |
|
(m) |
— |
|
(n) |
— |
|
Exhibit Number |
|
Description |
(o) |
— |
|
(p) |
— |
|
(q) |
— |
|
(r) |
— |
|
(s) |
— |
|
(t) |
— |
|
(u) |
— |
|
(v) |
— |
|
(w) |
— |
|
(x) |
— |
Exhibit Number |
|
Description |
(y) |
— |
|
(z) |
— |
|
(aa) |
— |
|
(bb) |
— |
|
(cc) |
— |
|
(dd) |
— |
|
(ee) |
— |
|
(ff) |
— |
|
(gg) |
— |
|
(hh) |
— |
|
(ii) |
— |
|
(jj) |
— |
|
(kk) |
— |
|
Exhibit Number |
|
Description |
(ll) |
— |
|
(mm) |
— |
|
(nn) |
— |
|
(oo) |
— |
|
(pp) |
— |
|
(qq) |
— |
|
(rr) |
— |
|
(ss) |
— |
|
(tt) |
— |
|
(uu) |
— |
|
(vv) |
— |
|
(ww) |
— |
Exhibit Number |
|
Description |
(xx) |
— |
|
(yy) |
— |
|
(zz) |
— |
|
(aaa) |
— |
|
(bbb) |
— |
|
(ccc) |
— |
|
(ddd) |
— |
|
(eee) |
— |
|
(fff) |
— |
|
(ggg) |
— |
|
(hhh) |
— |
|
(iii) |
— |
|
Exhibit Number |
|
Description |
(jjj) |
— |
|
5 |
— |
Underwriting Contracts. |
(a) |
— |
|
(b) |
— |
|
6 |
— |
Bonus or Profit Sharing Contracts. |
(a) |
— |
None |
7 |
— |
Custodian Agreements. |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
8 |
— |
Other Material Contracts. |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
Exhibit Number |
|
Description |
(f) |
— |
|
(g) |
— |
|
(h) |
— |
|
(i) |
— |
|
(j) |
— |
|
(k) |
— |
|
(l) |
— |
|
(m) |
— |
|
(n) |
— |
|
(o) |
— |
|
(p) |
— |
|
(q) |
— |
|
(r) |
— |
|
(s) |
— |
|
Exhibit Number |
|
Description |
(t) |
— |
|
(u) |
— |
|
(v) |
— |
|
(w) |
— |
|
(x) |
— |
|
(y) |
— |
|
(z) |
— |
|
(aa) |
— |
|
(bb) |
— |
|
(cc) |
— |
|
(dd) |
— |
|
(ee) |
— |
|
9 |
— |
Legal Opinion. |
(a) |
— |
None |
10 |
— |
Other Opinions. |
(a) |
— |
|
11 |
— |
Omitted Financial Statements. |
Exhibit Number |
|
Description |
(a) |
— |
None |
12 |
— |
Initial Capital Agreements. |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
(f) |
— |
|
(g) |
— |
|
(h) |
— |
|
(i) |
— |
|
(j) |
— |
Exhibit Number |
|
Description |
(k) |
— |
|
(l) |
— |
|
(m) |
— |
|
(n) |
— |
|
(o) |
— |
|
(p) |
— |
|
(q) |
— |
|
(r) |
— |
|
(s) |
— |
|
(t) |
— |
|
(u) |
— |
|
(v) |
— |
|
(w) |
— |
|
(x) |
— |
Exhibit Number |
|
Description |
(y) |
— |
|
(z) |
— |
|
(aa) |
— |
|
(bb) |
— |
|
(cc) |
— |
|
(dd) |
— |
|
(ee) |
— |
|
(ff) |
— |
|
(gg) |
— |
|
(hh) |
— |
|
(ii) |
— |
|
(jj) |
— |
|
(kk) |
— |
|
13 |
— |
Rule 12b-1 Plan. |
(a) |
— |
Exhibit Number |
|
Description |
(b) |
— |
|
14 |
— |
Rule 18f-3 Plan. |
(a) |
— |
|
15 |
— |
Reserved |
16 |
— |
Codes of Ethics. |
(a) |
— |
|
99 |
— |
Power of Attorney. |
(a) |
— |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) with Registrant |
Christopher Meade |
Chief Legal Officer, General Counsel and Senior Managing Director |
None |
Lauren Bradley |
Chief Financial Officer and Vice President |
None |
Gregory Rosta |
Chief Compliance Officer and Director |
None |
Jon Maro |
Chief Executive Officer and Director |
None |
Cynthia Rzomp |
Chief Operating Officer |
None |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) with Registrant |
Andrew Dickson |
Secretary and Managing Director |
None |
Terri Slane |
Assistant Secretary and Director |
None |
Anne Ackerley |
Member, Board of Managers, and Managing Director |
None |
Michael Bishopp |
Managing Director |
None |
Samara Cohen |
Managing Director |
None |
Jonathan Diorio |
Managing Director |
None |
Lisa Hill |
Managing Director |
None |
Brendan Kyne |
Managing Director |
None |
Martin Small |
Member, Board of Managers, and Managing Director |
None |
Jonathan Steel |
Managing Director |
None |
Ariana Brown |
Director |
None |
Chris Nugent |
Director |
None |
Lourdes Sanchez |
Vice President |
None |
Lisa Belle |
Anti-Money Laundering Officer |
Anti-Money Laundering Compliance Officer |
Gerald Pucci |
Member, Board of Managers |
None |
Philip Vasan |
Member, Board of Managers |
None |
BlackRock FundsSM (Registrant) on behalf of BlackRock Exchange Portfolio | |
By: |
|
|
President and Chief Executive Officer) |
Signature |
Title |
Date |
Trustee, President and Chief Executive Officer (Principal Executive Officer) |
||
/s/ Trent Walker |
Chief Financial Officer (Principal Financial and Accounting Officer) |
|
Susan J. Carter* (Susan J. Carter) |
Trustee |
|
Collette Chilton* (Collette Chilton) |
Trustee |
|
Neil A. Cotty* (Neil A. Cotty) |
Trustee |
|
Lena G. Goldberg* (Lena G. Goldberg) |
Trustee |
|
Henry R. Keizer* (Henry R. Keizer) |
Trustee |
|
Cynthia A. Montgomery* (Cynthia A. Montgomery) |
Trustee |
|
Donald C. Opatrny* (Donald C. Opatrny) |
Trustee |
|
Mark Stalnecker* (Mark Stalnecker) |
Trustee |
|
Kenneth L. Urish* (Kenneth L. Urish) |
Trustee |
|
Claire A. Walton* (Claire A. Walton) |
Trustee |
|
This ‘485BPOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/23/28 | ||||
1/1/26 | ||||
12/31/25 | ||||
6/30/25 | ||||
4/10/25 | ||||
9/30/24 | ||||
Effective on: | 4/29/24 | 485BPOS | ||
Filed on: | 4/25/24 | 24F-2NT, 485BPOS | ||
4/2/24 | ||||
3/31/24 | N-MFP2 | |||
12/31/23 | 24F-2NT, N-CEN, N-CSR, N-MFP2, NPORT-P | |||
8/25/23 | 24F-2NT, 485BPOS, N-PX, NPORT-P | |||
6/30/23 | N-CEN/A, N-CSRS, N-MFP2, N-PX, NPORT-P | |||
1/1/23 | ||||
12/31/22 | 24F-2NT, N-CEN, N-CEN/A, N-CSR, N-MFP2, NPORT-P | |||
8/26/22 | 24F-2NT, 485BPOS, 485BXT | |||
2/24/22 | 485BPOS, NPORT-P | |||
1/1/22 | ||||
12/31/21 | 24F-2NT, N-CEN, N-CEN/A, N-CSR, N-MFP2, NPORT-P | |||
11/22/21 | 485BPOS | |||
11/7/21 | ||||
11/6/21 | ||||
8/1/21 | ||||
11/23/20 | 485BPOS, 497, 497K | |||
7/1/20 | ||||
3/31/20 | 24F-2NT, 24F-2NT/A, 497, N-CEN, N-CSR, N-CSRS, N-MFP2, NPORT-P | |||
1/1/20 | ||||
3/18/19 | 485BPOS, N-CEN | |||
1/1/19 | ||||
11/7/18 | ||||
1/3/18 | 497 | |||
12/31/17 | 24F-2NT, N-CSR, N-MFP2, N-Q, NSAR-B | |||
7/21/17 | ||||
8/15/16 | ||||
5/1/16 | ||||
7/21/15 | ||||
12/31/14 | 24F-2NT, 485BXT, N-CSR, N-MFP, N-Q, NSAR-B | |||
11/17/14 | ||||
11/14/14 | 485BXT | |||
12/31/13 | 24F-2NT, N-CSR, N-MFP, N-Q, NSAR-B | |||
12/10/13 | ||||
1/1/12 | ||||
3/11/11 | 485BXT | |||
1/1/11 | ||||
9/6/08 | ||||
10/2/06 | 485BXT, 497, AW | |||
1/31/98 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/02/24 Blackrock Funds 497K 5/02/24 1:179K Donnelley … Solutions/FA |