BlackRock Exchange Portfolio (BlackRock Exchange Portfolio Bl) fond

The fund invests largely in, and holds a supervised portfolio comprised of, common stocks or convertible securities, believed by management to have growth potential over the years. In pursuing the objective, the adviser seeks to minimize the recognition of capital gains. The fund currently emphasizes companies with mid to large market capitalizations. Its investments are not, however, limited by a company's market capitalization and the fund may invest in companies with any market capitalization.