(each, a Fund and collectively, the Funds)
Supplement dated August 3, 2018 to the Institutional Shares Prospectus of each Fund (each, a Prospectus)
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Effective immediately, each Prospectus is amended as follows:
In the section of each Prospectus entitled Fund OverviewKey Facts About [the Fund]Purchase and Sale of Fund Shares, or Fund OverviewPurchase and Sale of Fund Shares, as applicable, the Institutional Shares column of the table is deleted in its entirety and replaced with the following:
Institutional Shares | ||
Minimum Initial Investment | 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 Funds 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 Funds distributor to offer Institutional Shares through a no-load program or investment platform.
$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 Funds 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 companys broker-dealer that has entered into an agreement with the Funds distributor to offer Institutional Shares, and the family members of such persons. | |
Minimum Additional Investment | No subsequent minimum. |
In the section of each Prospectus entitled Account InformationHow to Choose the Share Class that Best Suits Your Needs, Account InformationDetails About the Share ClassInstitutional Shares at a Glance, Account InformationDetails About the Share ClassInstitutional Shares, Account InformationDetails About the Share Class or Account InformationHow to Choose the Share
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Class that Best Suits Your NeedsShare Classes at a Glance, the first two rows of the Institutional Shares column of the table are deleted in their entirety and replaced with the following:
Institutional | ||
Availability | Limited to certain investors, including:
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 Distributor to purchase such shares.
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 Distributor to purchase such shares.
Employees, officers and directors/trustees of BlackRock or its affiliates and immediate family members of such persons, if they open an account directly with BlackRock.
Participants in certain programs sponsored by BlackRock or its affiliates or other Financial Intermediaries.
Tax-qualified accounts for insurance agents that are registered representatives of an insurance companys broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons.
Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the Fund. | |
Minimum Investment | There is no investment minimum 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. |
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Institutional | ||
Employees, officers and directors/trustees of BlackRock or its affiliates and immediate family members of such persons, if they open an account directly with BlackRock.
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 Distributor to offer Institutional Shares through a no-load program or investment platform.
$2 million for individuals and Institutional Investors.
$1,000 investment minimum 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 companys broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons. |
The section of each Prospectus entitled Account InformationDetails About the Share ClassesInstitutional Shares, Account InformationDetails About the Share ClassInstitutional Shares or Account InformationDetails About the Share Class, or the fourth through seventh paragraphs in the section of each Prospectus entitled Account InformationDetails About the Share Class, as applicable, are deleted in their entirety and replaced with the following:
Institutional Shares
Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares. Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum investment requirement.
Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share classes that have different fees and expenses.
Eligible Institutional Share investors include the following:
| Individuals and Institutional Investors with a minimum initial investment of $2 million who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the 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 Distributor to offer Institutional Shares through a no-load program or investment platform, in each case, with no minimum initial investment; |
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| Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment of $1,000; |
| 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 is not subject to any minimum initial investment and may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares; |
| Trust department clients of PNC Bank and Bank of America, N.A. and their affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as custodian for at least $2 million in assets, who are not subject to any minimum initial investment; |
| Holders of certain Bank of America Corporation (BofA Corp.) sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial investment; |
| Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., PNC, Barclays or their respective affiliates and immediate family members of such persons, if they open an account directly with BlackRock, who are not subject to any minimum initial investment; and |
| Tax-qualified accounts for insurance agents that are registered representatives of an insurance companys broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons. |
The Fund reserves the right to modify or waive the above-stated policies at any time.
Shareholders should retain this Supplement for future reference.
PRO-INST-EL-0818SUP
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