Glossary of Statement Terms

The following glossary contains definitions of commonly-used terms from your BlackRock mutual fund statement. To view the term in context, select the Shareholder Statement Section link and navigate to the appropriate section for a detailed explanation and sample illustration.

If you have additional questions not covered in this document, please call the BlackRock Service Center at 800-441-7762, Monday through Friday, 8:00 AM - 6:00 PM ET or view the Legal Notes section on your statement and Q&A for further explanation.



Average Cost per Share (Estimated)

Shareholder Statement Section: Account Activity

To compute an estimated average cost per share, add the total cost of all the shares you purchased (including all dividends reinvested in fractional shares), then divide the result by the total number of shares you own. The result is the average price of all the shares that have been purchased in the account.

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CDSC (Contingent Deferred Sales Charge)

Shareholder Statement Section: Account Activity

A CDSC (contingent deferred sales charge) is assessed when shares are redeemed within a specific timeframe for Class B, Class B(1) and Class C shares. These charges are sometimes referred to as back-end loads.

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Covered Shares

Shares that are purchased on or after January 1, 2012. Covered shares are subject to the new Cost Basis reporting requirements.

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Current Quarter

Shareholder Statement Section: Portfolio Changes, Historical Fund Performance, Historical Fund Performance, Account Activity

Performance and/or account value for the current quarter. For example, your second-quarter statement will be calculated based on the difference in value from April 1 to June 30.

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Div Reinvest

Shareholder Statement Section: Account Activity

Indicates that a dividend was reinvested into your account in the form of additional shares.

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Dividends

Shareholder Statement Section: Account Activity, Your Activity for This Year

Money or shares that a corporation distributes to its shareholders.

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Dollars This Transaction

Shareholder Statement Section: Account Activity

The total dollar amount that was added or subtracted from your account as a result of such transactions as purchases, redemptions, exchanges and dividend payouts.

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Estimated Operating Expenses

Fund operating expenses are deducteddirectly from a fund's assets, and are therefore paid indirectly by all fund shareholders. These expenses are estimates and your actual costs may vary. Because we use your account value at quarter-end to calculate your estimated share of your fund's operating expenses, changes in the account value during the quarter may cause your actual costs to be higher or lower than the estimate.

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FIFO

FIFO stands for First In First Out. Shares in the account are sold on the assumption that shares bought first will be the first to be sold.

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HIFO

HIFO stands for Highest In First Out. Shares in the account are sold on the assumption that shares with the highest purchase price will be sold first.

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Inception Date

Shareholder Statement Section: Account Activity

Personal performance is calculated based on the date shown. The inception date is what we have on record for this account. For shareholders who held State Street Research fund shares prior to 1993, an inception date of January 1, 1993 is used to calculate individual performance. For shareholders who held BlackRock fund shares, but not State Street Research funds, in their accounts prior to 2005 an inception date of January 1, 2005, is used to calculate individual performance.

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JT TEN

Shareholder Statement Section: Account Activity

JT TEN indicates Joint Tenant Registration, the term used when two or more shareholders own the same account.

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Life of Fund

Shareholder Statement Section: Historical Fund Performance

Performance since a fund's inception date. Each fund has a different inception date.

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LIFO

LIFO stands for Last In First Out. Shares in the account are sold on the assumption that the shares purchased last will be the first to be sold.

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LOFO

LOFO stands for Lowest In First Out. Shares in the account are sold on the assumption that shares purchased at the lowest purchase price will be the first sold.

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Long-Term Capital Gains, LT Capital Gains

Shareholder Statement Section: Your Activity for This Year, Account Activity

Capital gains are paid out in cash or shares based on appreciation of the holdings within the fund. A capital gain will be categorized as "short-term" or "long-term" depending on the amount of time the security was held.

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LT Cap Gain Reinvest

Shareholder Statement Section: Account Activity

Indicates that a dividend was reinvested into your account in the form of additional shares.

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NAV (Net Asset Value)

Shareholder Statement Section: Your Activity for This Year, Historical Fund Performance, Account Activity

The NAV (net asset value) per share is calculated each night by dividing the total value of a fund's underlying assets by the fund's number of outstanding shares.

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One Year

Shareholder Statement Section: Account Activity, Portfolio Changes

The one-year personal performance of your portfolio. For example, your second-quarter statement one-year return value is based on activity from June 30 of the previous year to June 30 of the current year.

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One Year, Five Years, Ten Years, Life of Fund

Shareholder Statement Section: Historical Fund Performance

The average annual total return for your fund(s) as of the most recent quarter end. Performance is provided at both NAV and POP (public offering price).

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Personal Rate of Return

Shareholder Statement Section: Account Activity

Personal Rate of Return is calculated using an IRR (internal rate of return) and uses your actual transactions to provide a better idea of how your investment is performing.

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POP (Public Offering Price)

Shareholder Statement Section: Historical Fund Performance

POP is the price per share offered to the public in Class A shares. Class A shares generally have a front-end sales charge (paid at time of purchase). This sales charge is added to the NAV to determine the POP.

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Portfolio Information

Shareholder Statement Section: Additional Information

These messages provide you with important updates on the fund(s) you own.

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Share Price

Shareholder Statement Section: Historical Fund Performance, Account Activity

The share price used to execute the transaction. This price could be either the NAV or POP for that trade date.

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Shares Held

Shareholder Statement Section: Account Activity

Number of shares of a fund held in your portfolio.

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Shares This Transaction

Shareholder Statement Section: Account Activity

The shares that were purchased or sold in the transaction, which is calculated by taking the total dollar amount and dividing by the share price.

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Short-Term Capital Gains, ST Capital Gains

Shareholder Statement Section: Your Activity for This Year, Account Activity

Capital gains are paid out in cash or shares based on appreciation of the holdings within the fund. A capital gain will be categorized as "short-term" or "long-term" depending on the amount of time the security was held.

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Since Inception

Shareholder Statement Section: Historical Fund Performance, Account Activity

This figure shows your personal rate of return based on your current portfolio allocation.

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Specific Share ID

Shares in the account are sold based on the owner's discretion. The shareholder would state what specific shares to sell.

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ST Cap Gain Reinvest

Shareholder Statement Section: Account Activity

Indicates that a capital gain was reinvested into your account in the form of additional shares.

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Total Cost Basis (Estimated)

Shareholder Statement Section: Account Activity

The estimated total value of your account had you purchased your shares at the estimated cost per share.

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Year-to-Date

Shareholder Statement Section: Portfolio Changes, Historical Fund Performance, Account Activity

The performance and/or value of the account from January 1 of the current year to the ending date of the statement (generally the last business day of each quarter).

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You should consider the investment objectives, risks, charges and expenses of any fund carefully before investing. The funds' prospectuses and, if available, the summary prospectuses contain this and other information about the funds, and are available, along with information on other BlackRock funds by calling 800-882-0052. The prospectus and, if available, the summary prospectuses should be read carefully before investing.

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