As filed with the Securities and Exchange Commission on July 26, 2018
Securities Act File No. 33-26305
Investment Company Act File No. 811-05742
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | ☒ | |||
Pre-Effective Amendment No. | ☐ | |||
Post-Effective Amendment No. 877 | ☒ |
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |||
Amendment No. 879 | ☒ |
(Check appropriate box or boxes)
BLACKROCK FUNDSSM
(Exact Name of Registrant as Specified in Charter)
100 Bellevue Parkway
Wilmington, Delaware 19809
(Address of Principal Executive Office)
Registrants Telephone Number, including Area Code (800) 441-7762
John M. Perlowski
BlackRock FundsSM
55 East 52nd Street
New York, New York 10055
United States of America
(Name and Address of Agent for Service)
Copies to:
John A. MacKinnon, Esq. | Benjamin Archibald, Esq. | |
Sidley Austin LLP | BlackRock Fund Advisors | |
787 Seventh Avenue | 55 East 52nd Street | |
New York, New York 10019-6018 | New York, New York 10055 |
It is proposed that this filing will become effective (check appropriate box)
☒ | Immediately upon filing pursuant to paragraph (b) |
☐ | On (date) pursuant to paragraph (b) |
☐ | 60 days after filing pursuant to paragraph (a)(1) |
☐ | On (date) pursuant to paragraph (a)(1) |
☐ | 75 days after filing pursuant to paragraph (a)(2) |
☐ | On (date) pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Title of Securities Being Registered: Shares of Beneficial Interest, par value $0.001 per share.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for the effectiveness of this Post-Effective Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York, on July 26, 2018.
BLACKROCK FUNDSSM (REGISTRANT) | ||
ON BEHALF OF ISHARES MUNICIPAL BOND INDEX FUND | ||
By | /s/ JOHN M. PERLOWSKI | |
(John M. Perlowski, President and Chief Executive Officer) |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature |
Title |
Date | ||
/s/ JOHN M. PERLOWSKI |
Trustee, President and Chief Executive | July 26, 2018 | ||
John M. Perlowski |
Officer (Principal Executive Officer) | |||
/s/ NEAL J. ANDREWS |
Chief Financial Officer (Principal | July 26, 2018 | ||
Neal J. Andrews |
Financial and Accounting Officer) | |||
SUSAN J. CARTER* |
Trustee | |||
Susan J. Carter |
||||
COLLETTE CHILTON* |
Trustee | |||
Collette Chilton |
||||
NEIL A. COTTY* |
Trustee | |||
Neil A. Cotty |
||||
RODNEY D. JOHNSON* |
Trustee | |||
Rodney D. Johnson |
||||
CYNTHIA A. MONTGOMERY* |
Trustee | |||
Cynthia A. Montgomery |
||||
JOSEPH P. PLATT* |
Trustee | |||
Joseph P. Platt |
||||
ROBERT C. ROBB, JR.* |
Trustee | |||
Robert C. Robb, Jr. |
||||
MARK STALNECKER* |
Trustee | |||
Mark Stalnecker |
||||
KENNETH L. URISH* |
Trustee | |||
Kenneth L. Urish |
||||
CLAIRE A. WALTON* |
Trustee | |||
Claire A. Walton |
2
FREDERICK W. WINTER* |
Trustee | |||||
Frederick W. Winter | ||||||
ROBERT FAIRBAIRN* |
Trustee | |||||
Robert Fairbairn | ||||||
*By: |
/s/ BENJAMIN ARCHIBALD |
July 26, 2018 | ||||
(Benjamin Archibald, Attorney-in-Fact) |
3
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
4
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Document Period End Date | dei_DocumentPeriodEndDate | Jul. 06, 2018 |
Registrant Name | dei_EntityRegistrantName | BLACKROCK FUNDS |
Central Index Key | dei_EntityCentralIndexKey | 0000844779 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Jul. 06, 2018 |
Document Effective Date | dei_DocumentEffectiveDate | Jul. 06, 2018 |
Prospectus Date | rr_ProspectusDate | Jul. 06, 2018 |
iShares Municipal Bond Index Fund | |||||||||||||||||||||||||||
Fund Overview Key Facts About iShares Municipal Bond Index Fund | |||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||
The investment objective of iShares Municipal Bond Index Fund (the “Fund”), a series of BlackRock FundsSM (the “Trust”), is to seek to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the ICE BofAML US Municipal Securities Index (the “Underlying Index”). | |||||||||||||||||||||||||||
Fees and Expenses of the Fund | |||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your Financial Intermediary (as defined below) and in the “Details About the Share Class” section on page 15 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-74 of Part II of the Fund’s Statement of Additional Information (the “SAI”). | |||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
Example: | |||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
Portfolio Turnover: | |||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. | |||||||||||||||||||||||||||
Principal Investment Strategies of the Fund | |||||||||||||||||||||||||||
The Fund seeks to track the investment results of the Underlying Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at the time of issuance, a fixed coupon schedule and an investment grade rating (based on an average of Moody’s, S&P and Fitch). Minimum size requirements vary based on the initial term to final maturity at time of issuance. The Underlying Index contains 17,924 issuers as of May 11, 2018 and was created on December 31, 1988. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in securities or other financial instruments that are components of or have economic characteristics similar to the securities in the Underlying Index. The Fund may invest a portion of the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. | |||||||||||||||||||||||||||
Principal Risks of Investing in the Fund | |||||||||||||||||||||||||||
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of the principal risks of investing in the Fund.
| |||||||||||||||||||||||||||
Performance Information | |||||||||||||||||||||||||||
Because the Fund has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Fund. The Fund’s benchmark is the Underlying Index. |
Label | Element | Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||||||
Registrant Name | dei_EntityRegistrantName | BLACKROCK FUNDS | ||||||||
Prospectus Date | rr_ProspectusDate | Jul. 06, 2018 | ||||||||
iShares Municipal Bond Index Fund | ||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Fund Overview Key Facts About iShares Municipal Bond Index Fund |
||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of iShares Municipal Bond Index Fund (the “Fund”), a series of BlackRock FundsSM (the “Trust”), is to seek to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the ICE BofAML US Municipal Securities Index (the “Underlying Index”). | ||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your Financial Intermediary (as defined below) and in the “Details About the Share Class” section on page 15 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-74 of Part II of the Fund’s Statement of Additional Information (the “SAI”). | ||||||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | September 30, 2020 | ||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: | ||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. | ||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | A contingent deferred sales charge (“CDSC”) of 0.15% is assessed on certain redemptions of Investor P Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. | ||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. | ||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other Expenses are based on estimated amounts for the Fund’s first full fiscal year. | ||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | ||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | ||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to track the investment results of the Underlying Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to final maturity at the time of issuance, a fixed coupon schedule and an investment grade rating (based on an average of Moody’s, S&P and Fitch). Minimum size requirements vary based on the initial term to final maturity at time of issuance. The Underlying Index contains 17,924 issuers as of May 11, 2018 and was created on December 31, 1988. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in securities or other financial instruments that are components of or have economic characteristics similar to the securities in the Underlying Index. The Fund may invest a portion of the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. |
||||||||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund | ||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of the principal risks of investing in the Fund.
|
||||||||
Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. | ||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Because the Fund has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Fund. The Fund’s benchmark is the Underlying Index. | ||||||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Because the Fund has not commenced operations as of the date of this prospectus, it does not have performance information an investor would find useful in evaluating the risks of investing in the Fund. | ||||||||
iShares Municipal Bond Index Fund | Investor P Shares | ||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 4.00% | ||||||||
Maximum Deferred Sales Charge (Load) (as a percentage of offering price of redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | [1] | |||||||
Management Fee | rr_ManagementFeesOverAssets | 0.10% | [2] | |||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.15% | [3] | |||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.50% | ||||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | [2],[4] | ||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 0.50% | [2],[4] | |||||||
1 Year | rr_ExpenseExampleYear01 | $ 449 | ||||||||
3 Years | rr_ExpenseExampleYear03 | $ 554 | ||||||||
|
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | BLACKROCK FUNDS |
Prospectus Date | rr_ProspectusDate | Jul. 06, 2018 |
Document Creation Date | dei_DocumentCreationDate | Jul. 06, 2018 |
G_OR8*?7'&(9@+O0G'5
ME=PA4L,^^B55TG4^J"R /_XA5QPK2P:N(V<(93VSKM!=0E]95EY$4QY(OIA1C$=DC'"45CO1_T+/
M0I ].4,H#\A+C.F+/$FC.PZZSN^F41VC8HR3ZA0N [
R'P;%M,!6$,
M7P@\R]9A4_&>UCJ\1O2B"\7#2ALVJL)FWX6J5:@'J^!XD9=5LF44GV:+6A4M
MK6!3<[\?O
MF@".7>$G7&RV;=.J'.4Y+KI7QDIDAA)5J1*&D&(5(7E<'Q BXEDIZ(5?2JO4
M3'*!A:6K)V6ZPNNTB)9('.(@R?HPA7\*@T>A*0[1,*]$*?O&FO%OH
MSX*(KRXYS5>4YI_0H468YV#!&]7EJL[B%CBPLPW"K7BW.9=M$H_]34)F1:#N
M,%XL@C3E:X+5KNPH@M9]';B%RR!W0*=7M&3I4YS=GY$T8[(UCY7.6DNF^A5!
MRWX';L$^R()H 8G]&Y(B*G Q/X^CA$Z7"=^1HEW^MU9)O+[H!5^X!"03WLCL
MG-.O_/'\1/(M8,=I%BR8'#+FK;1%\#FA'V[!/EX!;LCN='ANK9+X'+@6?.%'
M2 F?-KK8SX3!8XU@2(*(),\55DJCTV@:+FO'ELLYL/7O@\]=KVB,X8(WR>'VR1B.JPPL!G73\1!8/H?G,(-D&+=DR4$$H^BA "?S3\^^4
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M'#OCAA63NT"';]7A'(9Q&D1W_?AN&V-GNXU8< VR)?J:P
!1QIE"F&4;4)/F+5 M.,7'Q?%^Y[3:+*J(5\@7\;$N(ZP^5_Y*OG_O#M^TW>K?4/FLO&[@!Y:T&%!!=_'V.#6^E>[NZXE$\ M7?)'\3"A1!,/5IO@8U*-L^2SKF*5P^:/F_Q&MR2E?_M_4$L! A0#% @ M4H+Z3,!UE>*5'P K'X ! ( ! &)F,2TR,#$X,# &8QX 10 @ 4 " 9=L !B9C$M F,C Q.# W,#9?<')E+GAM;%!+!08 !@ & (0! LBP ! end