BACAX Blackrock Fds, All-Cap Energy & Resources Ptf Investor A Class (MM)

SUMMARY PROSPECTUS

 

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BlackRock Energy & Resources Portfolio Investor A: SSGRX • Investor B: SSGPX • Investor C: SSGDX • Institutional: SGLSX

 

Shareholder Fees (fees paid directly from your investment)

Investor A Shares

Investor B Shares

Investor C Shares

Institutional Shares

Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price)

5.25

%

None

None

None

Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower)

None

1

4.50

% 2

1.00

% 3

None

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)				Investor A Shares				Investor B Shares				Investor C Shares				Institutional Shares
Management Fee					0.74	%			0.74	%			0.74	%			0.74	%
Distribution and/or Service (12b-1) Fees					0.25	%			1.00	%			1.00	%		None
Other Expenses					0.35	%			0.42	%			0.33	%			0.25	%
Total Annual Fund Operating Expenses					1.34	%			2.16	%			2.07	%			0.99	%
Fee Waivers and/or Expense Reimbursements 4					—				(0.06	)%			—				—
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 4					1.34	%			2.10	%			2.07	%			0.99	%

 

1

A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A 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.

2

The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section “Details About the Share Classes — Investor B Shares” in the Fund’s prospectus for the complete schedule of CDSCs.)

3

There is no CDSC on Investor C Shares after one year.

4

As described in the “Management of the Funds” section of the Fund’s prospectus on pages 53-58, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) as a percentage of average daily net assets to 1.38% (for Investor A Shares), 2.10% (for Investor B and Investor C Shares), and 1.07% (for Institutional Shares) until February 1, 2014. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

				1 Year				3 Years				5 Years				10 Years
Investor A Shares				$	654			$	927			$	1,221			$	2,053
Investor B Shares				$	663			$	1,020			$	1,354			$	2,280
Investor C Shares				$	310			$	649			$	1,114			$	2,400
Institutional Shares				$	101			$	315			$	547			$	1,213

 

				1 Year				3 Years				5 Years				10 Years
Investor B Shares				$	213			$	670			$	1,154			$	2,280
Investor C Shares				$	210			$	649			$	1,114			$	2,400

 

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Commodities Market Risk — Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Fund cannot control) and these companies may lack the resources and the broad business lines to weather hard times.

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Concentration Risk — The Fund’s strategy of concentrating in energy and natural resources companies means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

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Convertible Securities Risk — The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

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Depositary Receipts Risk — The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

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Derivatives Risk — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.

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Emerging Markets Risk — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

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Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

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Foreign Securities Risk — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

—

The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

—

Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.

—

The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

—

The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

—

Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

—

Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

n

Geographic Concentration Risk — From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

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Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.

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Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

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Mid-Cap Securities Risk — The securities of mid-cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.

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Non-Diversification Risk — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

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Small Cap Securities Risk — Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.

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Warrants Risk — If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

 

As of 12/31/12 Average Annual Total Returns				1 Year				5 Years 1				10 Years 1
BlackRock Energy & Resources Portfolio — Investor A
Return Before Taxes					(14.88	)%			(5.65	)%			14.45	%
Return After Taxes on Distributions					(14.90	)%			(6.88	)%			12.49	%
Return After Taxes on Distributions and Sale of Shares					(9.65	)%			(5.13	)%			12.60	%
BlackRock Energy & Resources Portfolio — Investor B
Return Before Taxes					(14.80	)%			(5.56	)%			14.41	%
BlackRock Energy & Resources Portfolio — Investor C
Return Before Taxes					(11.73	)%			(5.31	)%			14.26	%
BlackRock Energy & Resources Portfolio — Institutional
Return Before Taxes					(9.87	)%			(4.29	)%			15.43	%
S&P 500 ® Index (Reflects no deduction for fees, expenses or taxes)					16.00	%			1.66	%			7.10	%
Wilshire 5000 Modified Energy Equal Weighted Index (Reflects no deduction for fees, expenses or taxes)					(0.49	)%			2.77	%			17.30	%

 

1

A portion of the Fund’s total return was attributable to proceeds received in the fiscal year ended September 30, 2009 in a settlement of litigation.

Name				Portfolio Manager of the Fund Since				Title
Denis Walsh, CFA				2005				Managing Director of BlackRock, Inc.
Daniel Neumann, CFA				2012				Managing Director of BlackRock, Inc.

 

				Investor A and Investor C Shares		Investor B Shares		Institutional Shares
Minimum Initial Investment				$1,000 for all accounts except: · $250 for certain fee-based programs. · $100 for retirement plans. · $50, if establishing an Automatic Investment Plan.		Available only through exchanges and dividend reinvestments by current holders and for purchase by certain qualified employee benefit plans.		$2 million for institutions and individuals. Institutional Shares are available to clients of registered investment advisors who have $250,000 invested in the Fund.
Minimum Additional Investment				$50 for all accounts except certain retirement plans and payroll deduction programs may have a lower minimum.		N/A		No subsequent minimum.

 

INVESTMENT COMPANY ACT FILE #811-05742 © BlackRock Advisors, LLC SPRO-GR-0113