BlackRock Inc. announced that it is launching a fund to enable small investors to buy bank assets tied to distressed commercial and residential nonagency mortgage-backed securities through the Treasury Department's Public-Private Investment Program.

A prospectus for the BlackRock Legacy Securities Public-Private Trust was filed Friday with the Securities and Exchange Commission but does not specify the size of the fund. Brokers who sell the fund will determine the entry fee and other requirements for investors to participate.

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