08/30/2024 | Press release | Distributed by Public on 08/30/2024 13:17
Summary Prospectus
|
Shareholder Fees
(fees paid directly from your investment)
|
Investor A
Shares
|
Investor C
Shares
|
Institutional
Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a
percentage of offering price)
|
None
|
None
|
None
|
Maximum Deferred Sales Charge (Load) (as a percentage of offering
price or redemption proceeds, whichever is lower)
|
None
1
|
1.00
%2
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)
|
Investor A
Shares
|
Investor C
Shares
|
Institutional
Shares
|
Management Fee
|
0.50
%
|
0.50
%
|
0.50
%
|
Distribution (12b-1) Fees
|
None
|
0.75
%
|
None
|
Other Expenses
|
0.07
%
|
0.10
%
|
0.09
%
|
Total Annual Fund Operating Expenses
|
0.57
%
|
1.35
%
|
0.59
%
|
Fee Waivers and/or Expense Reimbursements3
|
(0.15
%)
|
(0.18
%)
|
(0.17
%)
|
Total Annual Fund Operating Expenses After Fee Waivers and/or
Expense Reimbursements3
|
0.42
%
|
1.17
%
|
0.42
%
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Investor A Shares1
|
$43
|
$168
|
$303
|
$699
|
Investor C Shares2
|
$219
|
$410
|
$722
|
$1,394
|
Institutional Shares
|
$43
|
$172
|
$312
|
$722
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Investor C Shares
|
$119
|
$410
|
$722
|
$1,394
|
For the periods ended 12/31/23
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
BlackRock Summit Cash Reserves - Investor A Shares
|
4.72
%
|
1.62
%
|
0.90
%
|
BlackRock Summit Cash Reserves - Investor C Shares
|
2.94
%
|
1.20
%
|
0.31
%
|
BlackRock Summit Cash Reserves - Institutional Shares
|
4.72
%
|
1.62
%
|
0.90
%
|
Investor A Shares
|
Institutional Shares
|
|
Minimum Initial
Investment
|
$1,000 for all accounts except:
•$50, if establishing an Automatic Investment
Plan.
•There is no investment minimum for employer-
sponsored retirement plans (not including SEP
IRAs, SIMPLE IRAs or SARSEPs).
•There is no investment minimum for certain fee-
based programs.
|
There is no minimum initial investment for:
•Employer-sponsored retirement plans (not
including SEP IRAs, SIMPLE IRAs or SARSEPs),
state sponsored 529 college savings plans,
collective trust funds, investment companies or
other pooled investment vehicles, unaffiliated
thrifts and unaffiliated banks and trust
companies, each of which may purchase shares
of the Fund through a Financial Intermediary that
has entered into an agreement with the Fund's
distributor to purchase such shares.
•Clients of Financial Intermediaries that: (i) charge
such clients a fee for advisory, investment
consulting, or similar services or (ii) have entered
into an agreement with the Fund's distributor to
offer Institutional Shares through a no-load
program or investment platform.
•Clients investing through a self-directed IRA
brokerage account program sponsored by a
retirement plan record-keeper, provided that such
program offers only mutual fund options and that
the program maintains an account with the Fund
on an omnibus basis.
$2 million for individuals and "Institutional
Investors," which include, but are not limited to,
endowments, foundations, family offices, local,
city, and state governmental institutions,
corporations and insurance company separate
accounts who may purchase shares of the Fund
through a Financial Intermediary that has entered
into an agreement with the Fund's distributor to
purchase such shares.
$1,000 for:
•Clients investing through Financial Intermediaries
that offer such shares on a platform that charges
a transaction based sales commission outside of
the Fund.
•Tax-qualified accounts for insurance agents that
are registered representatives of an insurance
company's broker-dealer that has entered into an
agreement with the Fund's distributor to offer
Institutional Shares, and the family members of
such persons.
|
Minimum Additional
Investment
|
$50 for all accounts (with the exception of certain
employer-sponsored retirement plans which may
have a lower minimum).
|
No subsequent minimum.
|