09/06/2024 | Press release | Distributed by Public on 09/06/2024 08:27
Class
|
Ticker Symbol
|
Investor A Shares
|
BAREX
|
Investor C Shares
|
BCREX
|
Institutional Shares
|
BIREX
|
Page
|
|
PART I
|
|
Investment Objective and Policies
|
I-1
|
Investment Restrictions
|
I-5
|
Information on Trustees and Officers
|
I-7
|
Management, Advisory and Other Service Arrangements
|
I-17
|
Information on Sales Charges and Distribution Related Expenses
|
I-22
|
Computation of Offering Price Per Share
|
I-23
|
Portfolio Transactions and Brokerage
|
I-23
|
Additional Information
|
I-25
|
Financial Statements
|
I-26
|
PART II
|
|
Investment Risks and Considerations
|
II-1
|
Management and Other Service Arrangements
|
II-76
|
Selective Disclosure of Portfolio Holdings
|
II-78
|
Purchase of Shares
|
II-90
|
Redemption of Shares
|
II-107
|
Shareholder Services
|
II-109
|
Pricing of Shares
|
II-113
|
Portfolio Transactions and Brokerage
|
II-116
|
Dividends and Taxes
|
II-120
|
Performance Data
|
II-127
|
Proxy Voting Policies and Procedures
|
II-129
|
General Information
|
II-129
|
Appendix A - Description of Bond Ratings
|
A-1
|
Appendix B - Proxy Voting Policies
|
B-1
|
BlackRock
Real Estate
Securities Fund
|
|
Asset-Backed Securities
|
X
|
Asset-Based Securities
|
X
|
Precious Metal-Related Securities
|
X
|
Borrowing and Leverage
|
X
|
Cash Flows; Expenses
|
X
|
Cash Management
|
X
|
Collateralized Debt Obligations
|
|
Collateralized Bond Obligations
|
|
Collateralized Loan Obligations
|
|
Commercial Paper
|
X
|
Commodity-Linked Derivative Instruments and Hybrid Instruments
|
|
Qualifying Hybrid Instruments
|
|
Hybrid Instruments Without Principal Protection
|
|
Limitations on Leverage
|
|
Counterparty Risk
|
|
Convertible Securities
|
X
|
Corporate Loans
|
X
|
Direct Lending
|
|
Credit Linked Securities
|
X
|
BlackRock
Real Estate
Securities Fund
|
|
Cyber Security Issues
|
X
|
Debt Securities
|
X
|
Inflation-Indexed Bonds
|
X
|
Investment Grade Debt Obligations
|
X
|
High Yield Investments ("Junk Bonds")
|
X
|
Mezzanine Investments
|
X
|
Pay-in-kind Bonds
|
|
Supranational Entities
|
|
Depositary Receipts (ADRs, EDRs and GDRs)
|
X
|
Derivatives
|
X
|
Hedging
|
X
|
Speculation
|
X
|
Risk Factors in Derivatives
|
X
|
Correlation Risk
|
X
|
Counterparty Risk
|
X
|
Credit Risk
|
X
|
Currency Risk
|
X
|
Illiquidity Risk
|
X
|
Leverage Risk
|
X
|
Market Risk
|
X
|
Valuation Risk
|
X
|
Volatility Risk
|
X
|
Futures
|
X
|
Swap Agreements
|
X
|
Credit Default Swaps and Similar Instruments
|
X
|
Interest Rate Swaps, Floors and Caps
|
X
|
Total Return Swaps
|
X
|
Options
|
X
|
Options on Securities and Securities Indices
|
X
|
Call Options
|
X
|
Put Options
|
X
|
Options on Government National Mortgage Association ("GNMA") Certificates
|
|
Options on Swaps ("Swaptions")
|
X
|
Foreign Exchange Transactions
|
X
|
Spot Transactions and FX Forwards
|
X
|
Currency Futures
|
X
|
Currency Options
|
X
|
Currency Swaps
|
X
|
Distressed Securities
|
X
|
Environmental, Social and Governance ("ESG") Integration
|
X
|
Equity Securities
|
X
|
BlackRock
Real Estate
Securities Fund
|
|
Real Estate-Related Securities
|
X
|
Securities of Smaller or Emerging Growth Companies
|
X
|
Exchange-Traded Notes ("ETNs")
|
|
Foreign Investments
|
X
|
Foreign Investment Risks
|
X
|
Foreign Market Risk
|
X
|
Foreign Economy Risk
|
X
|
Currency Risk and Exchange Risk
|
X
|
Governmental Supervision and Regulation/Accounting Standards
|
X
|
Certain Risks of Holding Fund Assets Outside the United States
|
X
|
Publicly Available Information
|
X
|
Settlement Risk
|
X
|
Sovereign Debt
|
X
|
Withholding Tax Reclaims Risk
|
X
|
Funding Agreements
|
|
Guarantees
|
|
Illiquid Investments
|
X
|
Index Funds
|
|
Tracking Error Risk
|
|
S&P 500 Index
|
|
Russell Indexes
|
|
MSCI Indexes
|
|
FTSE Indexes
|
|
Bloomberg Indexes
|
|
ICE BofA Indexes
|
|
Indexed and Inverse Securities
|
X
|
Inflation Risk
|
X
|
Initial Public Offering ("IPO") Risk
|
X
|
Interfund Lending Program
|
X
|
Borrowing, to the extent permitted by the Fund's investment policies and restrictions
|
X
|
Lending, to the extent permitted by the Fund's investment policies and restrictions
|
X
|
Investment in Emerging Markets
|
X
|
Brady Bonds
|
X
|
China Investments Risk
|
|
Investment in Other Investment Companies
|
X
|
Exchange-Traded Funds
|
X
|
Lease Obligations
|
X
|
Life Settlement Investments
|
|
Liquidity Risk Management
|
X
|
Master Limited Partnerships
|
X
|
Merger Transaction Risk
|
BlackRock
Real Estate
Securities Fund
|
|
Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks
|
X
|
Money Market Securities
|
X
|
Mortgage-Related Securities
|
X
|
Mortgage-Backed Securities
|
X
|
Collateralized Mortgage Obligations ("CMOs")
|
X
|
Adjustable Rate Mortgage Securities
|
X
|
CMO Residuals
|
X
|
Stripped Mortgage-Backed Securities
|
X
|
Tiered Index Bonds
|
X
|
TBA Commitments
|
|
Mortgage Dollar Rolls
|
|
Net Interest Margin (NIM) Securities
|
|
Municipal Investments
|
|
Risk Factors and Special Considerations Relating to Municipal Bonds
|
|
Description of Municipal Bonds
|
|
General Obligation Bonds
|
|
Revenue Bonds
|
|
Private Activity Bonds ("PABs")
|
|
Moral Obligation Bonds
|
|
Municipal Notes
|
|
Municipal Commercial Paper
|
|
Municipal Lease Obligations
|
|
Tender Option Bonds
|
|
Yields
|
|
Variable Rate Demand Obligations ("VRDOs")
|
|
Transactions in Financial Futures Contracts on Municipal Indexes
|
|
Call Rights
|
|
Municipal Interest Rate Swap Transactions
|
|
Insured Municipal Bonds
|
|
Build America Bonds
|
|
Tax-Exempt Municipal Investments
|
|
Participation Notes
|
|
Portfolio Turnover Rates
|
X
|
Preferred Stock
|
X
|
Tax-Exempt Preferred Shares
|
|
Trust Preferred Securities
|
|
Real Estate Investment Trusts ("REITs")
|
X
|
Recent Market Events
|
X
|
Reference Rate Replacement Risk
|
X
|
Repurchase Agreements and Purchase and Sale Contracts
|
X
|
Restricted Securities
|
X
|
BlackRock
Real Estate
Securities Fund
|
|
Reverse Repurchase Agreements
|
X
|
Rights Offerings and Warrants to Purchase
|
X
|
Rule 144A Securities
|
X
|
Securities Lending
|
X
|
Short Sales
|
|
Special Purpose Acquisition Companies
|
X
|
Standby Commitment Agreements
|
X
|
Stripped Securities
|
X
|
Structured Notes
|
X
|
Taxability Risk
|
|
Temporary Defensive Measures
|
X
|
U.S. Government Obligations
|
X
|
U.S. Treasury Obligations
|
X
|
U.S. Treasury Rolls
|
|
Utility Industries
|
X
|
When-Issued Securities, Delayed Delivery Securities and Forward Commitments
|
X
|
Yields and Ratings
|
X
|
Zero Coupon Securities
|
Trustees
|
Experience, Qualifications and Skills
|
Independent Trustees
|
|
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.
|
Trustees
|
Experience, Qualifications and Skills
|
Henry R. Keizer
|
Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and
global expertise gained through his 35 year career at KPMG, a global professional
services organization and by his service as a director to both publicly and privately held
organizations. He has extensive experience with issues facing complex, global companies
and expertise in financial reporting, accounting, auditing, risk management, and
regulatory affairs for such companies. Mr. Keizer's experience also includes service as an
audit committee chair to both publicly and privately held organizations across numerous
industries including professional services, property and casualty reinsurance, insurance,
diversified financial services, banking, direct to consumer, business to business and
technology. Mr. Keizer is a certified public accountant and also served on the board of the
American Institute of Certified Public Accountants. Mr. Keizer has been determined by the
Audit Committee to be an audit committee financial expert, as such term is defined in the
applicable Commission rules.
|
Cynthia A. Montgomery
|
Cynthia A. Montgomery has served for over 20 years on the boards of registered
investment companies, most recently as a member of the boards of certain BlackRock-
advised Funds and predecessor funds, including the legacy Merrill Lynch Investment
Managers, L.P. ("MLIM") funds. The Board benefits from Ms. Montgomery's more than 20
years of academic experience as a professor at Harvard Business School where she
taught courses on corporate strategy and corporate governance. Ms. Montgomery also
has business management and corporate governance experience through her service on
the corporate boards of a variety of public companies. She has also authored numerous
articles and books on these topics.
|
Donald C. Opatrny
|
Donald C. Opatrny has more than 40 years of business, oversight and executive
experience, including through his service as president, director and investment committee
chair for academic and not-for-profit organizations, and his experience as a partner,
managing director and advisory director at Goldman Sachs for 32 years. He also has
investment management experience as a board member of Athena Capital Advisors LLC.
|
Mark Stalnecker
|
Mark Stalnecker has gained a wealth of experience in investing and asset management
from his over 13 years of service as the Chief Investment Officer of the University of
Delaware as well as from his various positions with First Union Corporation, including
Senior Vice President and State Investment Director of First Investment Advisors. The
Board benefits from his experience and perspective as the Chief Investment Officer of a
university endowment and from the oversight experience he gained from service on
various private and non-profit boards.
|
Kenneth L. Urish
|
Kenneth L. Urish has served for over 15 years on the boards of registered investment
companies, most recently as a member of the boards of certain BlackRock-advised Funds
and predecessor funds, including the legacy BlackRock funds. He has over 30 years of
experience in public accounting. Mr. Urish has served as a managing member of an
accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to
be an audit committee financial expert, as such term is defined in the applicable
Commission rules.
|
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.
|
Trustees
|
Experience, Qualifications and Skills
|
Interested Trustees
|
|
Robert Fairbairn
|
Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30
years of experience in finance and asset management. In particular, Mr. Fairbairn's
positions as Vice Chairman of BlackRock, Inc., Member of BlackRock's Global Executive
and Global Operating Committees and Co-Chair of BlackRock's Human Capital Committee
provide the Board with a wealth of practical business knowledge and leadership. In
addition, Mr. Fairbairn has global investment management and oversight experience
through his former positions as Global Head of BlackRock's Retail and iShares®
businesses, Head of BlackRock's Global Client Group, Chairman of BlackRock's
international businesses and his previous oversight over BlackRock's Strategic Partner
Program and Strategic Product Management Group. Mr. Fairbairn also serves as a board
member for the funds in the BlackRock Fixed-Income Complex.
|
John M. Perlowski
|
John M. Perlowski's experience as Managing Director of BlackRock, Inc. since 2009, as
the Head of BlackRock Global Accounting and Product Services since 2009, and as
President and Chief Executive Officer of the BlackRock-advised Funds provides him with a
strong understanding of the BlackRock-advised Funds, their operations, and the business
and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski's prior position
as Managing Director and Chief Operating Officer of the Global Product Group at Goldman
Sachs Asset Management, and his former service as Treasurer and Senior Vice President
of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore
Funds provides the Board with the benefit of his experience with the management
practices of other financial companies. Mr. Perlowski also serves as a board member for
the funds in the BlackRock Fixed-Income Complex.
|
Name
and Year of Birth1,2
|
Position(s)
Held
(Length of
Service)3
|
Principal Occupation(s)
During Past Five Years
|
Number of
BlackRock-
Advised
Registered
Investment
Companies
("RICs")
Consisting of
Investment
Portfolios
("Portfolios")
Overseen
|
Public
Company
and Other
Investment
Company
Directorships
Held During
Past Five Years
|
IndependentTrustees
|
||||
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
165 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
165 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
165 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
165 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
165 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
165 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
165 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
165 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
165 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
165 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
267 Portfolios
|
None
|
John M. Perlowski5
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
269 Portfolios
|
None
|
Name
and Year of Birth1,2
|
Position(s) Held
(Length of Service)
|
Principal Occupation(s)
During Past Five Years
|
Officers Who Are Not Trustees
|
||
Roland Villacorta
1971
|
Vice President
(Since 2022)
|
Managing Director of BlackRock, Inc. since 2002; Head of Global Cash
Management and Head of Securities Lending within BlackRock's
Global Markets Group since 2022; Member of BlackRock's Global
Operating Committee since 2016 and Human Capital Committee since
2023.
|
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.
|
Trent Walker
1974
|
Chief
Financial
Officer
(Since 2021)
|
Managing Director of BlackRock, Inc. since September 2019; Executive
Vice President of PIMCO from 2016 to 2019.
|
Jay M. Fife
1970
|
Treasurer
(Since 2007)
|
Managing Director of BlackRock, Inc. since 2007.
|
Aaron Wasserman
1974
|
Chief Compliance Officer
(Since 2023)
|
Managing Director of BlackRock, Inc. since 2018; Chief Compliance
Officer of the BlackRock-advised funds in the BlackRock Multi-Asset
Complex, the BlackRock Fixed-Income Complex and the iShares
Complex since 2023; Deputy Chief Compliance Officer for the
BlackRock-advised funds in the BlackRock Multi-Asset Complex, the
BlackRock Fixed-Income Complex and the iShares Complex from 2014
to 2023.
|
Lisa Belle
1968
|
Anti-Money Laundering
Compliance Officer
(Since 2019)
|
Managing Director of BlackRock, Inc. since 2019; Global Financial
Crime Head for Asset and Wealth Management of JP Morgan from
2013 to 2019.
|
Janey Ahn
1975
|
Secretary
(Since 2019)
|
Managing Director of BlackRock, Inc. since 2018.
|
Name
|
Dollar
Range of Equity
Securities in
the Fund
|
Aggregate Dollar
Range of Equity
Securities in
Supervised Funds
|
Independent Trustees
|
||
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
|
$1 - $10,000
|
Over $100,000
|
John M. Perlowski
|
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
|
$849
|
None
|
$425,000
|
Collette Chilton
|
$849
|
None
|
$425,000
|
Neil A. Cotty
|
$849
|
None
|
$425,000
|
Lena G. Goldberg2
|
$879
|
None
|
$470,000
|
Henry R. Keizer3
|
$879
|
None
|
$470,000
|
Cynthia A. Montgomery4
|
$879
|
None
|
$470,000
|
Donald C. Opatrny5
|
$879
|
None
|
$470,000
|
Mark Stalnecker6
|
$949
|
None
|
$575,000
|
Kenneth L. Urish
|
$849
|
None
|
$425,000
|
Claire A. Walton
|
$849
|
None
|
$425,000
|
Interested Trustees
|
|||
Robert Fairbairn
|
None
|
None
|
None
|
John M. Perlowski
|
None
|
None
|
None
|
Fees Paid
to BlackRock
|
Fees Waived
by BlackRock
|
Fees Reimbursed
by BlackRock
|
|
Fiscal Year Ended January 31, 2024
|
$2,399,597
|
$501,973
|
$520,852
|
Fiscal Year Ended January 31, 2023
|
$3,672,937
|
$620,850
|
$473,259
|
Fiscal Year Ended January 31, 2022
|
$2,992,444
|
$473,695
|
$634,127
|
Fees Paid
to the Administrator
|
Fees Waived
by the Administrator
|
|
Fiscal Year Ended January 31, 2024
|
$200,066
|
$64,089
|
Fees Paid
to the Administrator
|
Fees Waived
by the Administrator
|
|
Fiscal Year Ended January 31, 2023
|
$305,583
|
$97,936
|
Fiscal Year Ended January 31, 2022
|
$248,814
|
$79,626
|
Fees Paid
to BlackRock
|
Fees Waived by BlackRock
|
|
Fiscal Year Ended January 31, 2024
|
$2,344
|
$2,344
|
Fiscal Year Ended January 31, 2023
|
$6,665
|
$6,665
|
Fiscal Year Ended January 31, 2022
|
$8,577
|
$8,577
|
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
|
Mark Howard-Johnson, CFA*
|
17
|
12
|
7
|
0
|
0
|
0
|
$1.21 Billion
|
$2.09 Billion
|
$1.98 Billion
|
$0
|
$0
|
$0
|
|
Raj Rehan, CFA
|
17
|
12
|
8
|
0
|
0
|
0
|
$1.21 Billion
|
$1.18 Billion
|
$2.14 Billion
|
$0
|
$0
|
$0
|
|
Curtis Yee **
|
0
|
4
|
4
|
0
|
0
|
0
|
$0
|
$271.84 Million
|
$620.42 Million
|
$0
|
$0
|
$0
|
Portfolio Manager
|
Benchmarks
|
Mark Howard-Johnson,
CFA
Raj Rehan, CFA
|
S&P Developed Property Net Index, FTSE Nareit ALL EQUITY REITS Net Index, FTSE EPRA
Nareit Developed Index Net Index. The performance of other accounts or strategies
managed by these portfolio managers may not be measured against a specific
benchmark.
|
Curtis Yee
|
FTSE Nareit ALL EQUITY REITS Net Index. The performance of other accounts or strategies
managed by these portfolio managers may not be measured against a specific
benchmark.
|
Portfolio Manager
|
Dollar Range of Equity Securities
Beneficially Owned
|
Mark Howard-Johnson, CFA*
|
$500,001 - $1,000,000
|
Rajan Rehan, CFA
|
$100,001 - $500,000
|
Curtis Yee**
|
$10,001 - $50,000
|
Fees Paid to BNY MIS
|
|
Fiscal Year Ended January 31, 2024
|
$53,987
|
Fees Paid to BNY MIS
|
|
Fiscal Year Ended January 31, 2023
|
$63,280
|
Fiscal Year Ended January 31, 2022
|
$57,433
|
Investor A Shares
|
||||
Gross
Sales
Charges
Collected
|
Sales
Charges
Retained
by BRIL
|
Sales
Charges
Paid To
Affiliates
|
CDSCs
Received on
Redemption of
Load-Waived
Shares
|
|
Fiscal Year Ended January 31, 2024
|
$40,406
|
$2,927
|
$2,927
|
$452
|
Fiscal Year Ended January 31, 2023
|
$38,667
|
$2,716
|
$2,716
|
$747
|
Fiscal Year Ended January 31, 2022
|
$104,387
|
$8,376
|
$8,376
|
$1,120
|
Investor C Shares
|
||
CDSCs
Received
by BRIL
|
CDSCs
Paid to
Affiliates
|
|
Fiscal Year Ended January 31, 2024
|
$659
|
$659
|
Fiscal Year Ended January 31, 2023
|
$3,604
|
$3,604
|
Fiscal Year Ended January 31, 2022
|
$58
|
$58
|
Class Name
|
Fees Paid to BRIL
|
Investor A Shares
|
$57,546
|
Investor C Shares
|
$25,826
|
Investor A Shares
|
|
Net Assets
|
$22,865,040
|
Number of Shares Outstanding
|
1,632,746
|
Net Asset Value Per Share (net assets divided by number of shares outstanding)
|
$14.00
|
Sales Charge (5.25% of offering price; 5.54% of net asset value per share)1
|
$0.78
|
Offering Price
|
$14.78
|
Aggregate
Brokerage
Commissions Paid
|
Commissions
Paid to Affiliates
|
|
Fiscal Year Ended January 31, 2024
|
$106,599
|
$0
|
Fiscal Year Ended January 31, 2023
|
$116,058
|
$0
|
Fiscal Year Ended January 31, 2022
|
$110,897
|
$0
|
Amount of Commissions
Paid to Brokers for
Providing 28(e) Eligible Research Services
|
Amount of Brokerage
Transactions Involved
|
||
$0
|
$0
|
Gross income from securities lending activities
|
$8,597
|
Fees and/or compensation for securities lending activities and related services
|
|
Securities lending income paid to BIM for services as securities lending agent
|
$86
|
Cash collateral management expenses not included in securities lending income paid to BIM
|
$63
|
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)
|
$8,056
|
Other fees not included in securities lending income paid to BIM
|
$0
|
Aggregate fees/compensation for securities lending activities
|
$8,205
|
Net income from securities lending activities
|
$392
|
Name
|
Address
|
Percentage
|
Class
|
Pershing LLC
|
1 Pershing Plaza
Jersey City, NJ 07399-0001
|
26.13%
|
Investor A Shares
|
Name
|
Address
|
Percentage
|
Class
|
State Street Bank and Trust TTEE
|
1 Lincoln Street - 2901
Boston, MA 02111
|
23.47%
|
Investor A Shares
|
National Financial Services LLC
|
499 Washington Boulevard
Floor 5
Jersey City, NJ 07310-2010
|
10.57%
|
Investor A Shares
|
LPL Financial
|
4707 Executive Drive
San Diego, CA 92121-3091
|
7.61%
|
Investor A Shares
|
Pershing LLC
|
1 Pershing Plaza
Jersey City, NJ 07399-0001
|
41.10%
|
Investor C Shares
|
National Financial Services LLC
|
499 Washington Boulevard
Floor 5
Jersey City, NJ 07310-2010
|
16.35%
|
Investor C Shares
|
JP Morgan Securities LLC
|
4 Chase Metrotech Center
Brooklyn, NY 11245
|
12.10%
|
Investor C Shares
|
LPL Financial
|
4707 Executive Drive
San Diego, CA 92121-3091
|
6.20%
|
Investor C Shares
|
Finance Authority of Maine
|
5 Community Drive
PO Box 949
August, ME 04332-0949
|
26.43%
|
Institutional Shares
|
LPL Financial
|
4707 Executive Drive
San Diego, CA 92121-3091
|
15.18%
|
Institutional Shares
|
National Financial Services LLC
|
499 Washington Boulevard
Floor 5
Jersey City, NJ 07310-2010
|
10.10%
|
Institutional Shares
|
Finance Authority of Maine
|
5 Community Drive
PO Box 949
August, ME 04332-0949
|
8.59%
|
Institutional Shares
|
Finance Authority of Maine
|
5 Community Drive
PO Box 949
August, ME 04332-0949
|
7.52%
|
Institutional 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
|
B-4
|
Philosophy on investment stewardship
|
B-4
|
Shareholder rights
|
B-4
|
Key themes
|
B-4
|
Boards and directors
|
B-5
|
Auditors and audit-related issues
|
B-7
|
Capital structure, mergers, asset sales, and other special transactions
|
B-8
|
Executive compensation
|
B-8
|
Material sustainability-related risks and opportunities
|
B-9
|
Other corporate governance matters and shareholder protections
|
B-11
|
Shareholder proposals
|
B-11
|
BlackRock's oversight of its investment stewardship activities
|
B-12
|
Vote execution
|
B-12
|
Voting Choice
|
B-13
|
Conflicts management policies and procedures
|
B-13
|
Securities lending
|
B-14
|
Voting guidelines
|
B-15
|
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.
|