|
Prospectus |
Key
facts and details about the Funds listed in this prospectus,
including
investment objectives, principal investment strategies,
principal
risk factors, fee and expense information and historical
performance
information |
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|
3
| |
|
11
| |
|
19 |
Information
about account services, sales charges and waivers,
shareholder
transactions, and distributions and other payments |
| |
|
43
| |
|
44
| |
|
49
| |
|
49 |
Information
about BlackRock and the Portfolio Managers |
| |
|
51
| |
|
53
| |
|
55
| |
|
56
| |
|
57 |
Financial
Performance of the Funds |
59 | |
|
|
62
| ||
|
62
| |
|
63 |
Glossary
of Investment Terms |
64 | |
|
|
Inside
Back Cover
| ||
|
Back
Cover |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a
percentage
of the value of your investment) |
|
Class
K
Shares |
Management
Fee1
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
Other
Expenses |
|
|
Acquired
Fund Fees and Expenses2
|
|
|
Total
Annual Fund Operating Expenses2
|
|
|
Fee
Waivers and/or Expense Reimbursements1,3
|
|
( |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements1,3
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
K Shares |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
BlackRock
High Yield Bond Portfolio — Class K Shares |
|
|
|
Return
Before Taxes |
% |
% |
% |
Return
After Taxes on Distributions |
% |
% |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
% |
% |
% |
Bloomberg
U.S. Corporate High Yield 2% Issuer Capped Index
(Reflects
no deduction for fees, expenses or taxes) |
% |
% |
% |
Portfolio
Manger |
Portfolio
Manager
of
the Fund Since* |
Title |
Mitchell
Garfin, CFA |
2009 |
Managing
Director of BlackRock, Inc. |
David
Delbos |
2014 |
Managing
Director of BlackRock, Inc. |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a
percentage
of the value of your investment) |
|
Class
K
Shares |
Management
Fee1
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
Other
Expenses |
|
|
Total
Annual Fund Operating Expenses |
|
|
Fee
Waivers and/or Expense Reimbursements1,2
|
|
( |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements1,2
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
K Shares |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
BlackRock
Low Duration Bond Portfolio — Class K Shares |
|
|
|
Return
Before Taxes |
% |
% |
% |
Return
After Taxes on Distributions |
% |
% |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
% |
% |
% |
For
the periods ended 12/31/23
Average
Annual Total Returns |
1
Year |
5
Years |
10
Years |
ICE
BofA 1-3 Year US Corporate & Government Index
(Reflects
no deduction for fees, expenses or taxes)1
|
% |
% |
% |
Portfolio
Manager |
Portfolio
Manager
of
the Fund Since |
Title |
Akiva
Dickstein |
2020 |
Managing
Director of BlackRock, Inc. |
Scott
MacLellan, CFA, CMT |
2012* |
Managing
Director of BlackRock, Inc. |
Amanda
Liu, CFA |
2022 |
Director
of BlackRock, Inc. |
Sam
Summers |
2022 |
Director
of BlackRock, Inc. |
Annual
Fund Operating Expenses
(expenses
that you pay each year as a
percentage
of the value of your investment) |
|
Class
K
Shares |
Management
Fee1
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
Other
Expenses |
|
|
Acquired
Fund Fees and Expenses2
|
|
|
Total
Annual Fund Operating Expenses2
|
|
|
Fee
Waivers and/or Expense Reimbursements1,3
|
|
( |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements1,3
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
K Shares |
$ |
$ |
$ |
$ |
|
1
Year |
5
Years |
10
Years |
BlackRock
Core Bond Portfolio — Class K Shares |
|
|
|
Return
Before Taxes |
% |
% |
% |
Return
After Taxes on Distributions |
% |
% |
% |
Return
After Taxes on Distributions and Sale of Fund Shares |
% |
% |
% |
Bloomberg
U.S. Aggregate Bond Index
(Reflects
no deduction for fees, expenses or taxes) |
% |
% |
% |
Portfolio
Manager |
Portfolio
Manager
of
the Fund Since |
Title |
Rick
Rieder |
2010* |
Chief
Investment Officer of Global Fixed
Income, Head
of Global Allocation Investment
Team, member
of the Global Executive
Committee,
Global Operating Committee and
Chairman of
the BlackRock, Inc. firmwide
Investment
Council |
Akiva
Dickstein |
2016* |
Managing
Director of BlackRock, Inc. |
David
Rogal |
2017* |
Managing
Director of BlackRock, Inc. |
Chi
Chen |
2022 |
Director
of BlackRock, Inc. |
|
|
Availability |
Available
only to (i) certain employee benefit plans, such as health savings
accounts,
and
certain employer-sponsored retirement plans (not including SEP IRAs,
SIMPLE IRAs
and
SARSEPs) (collectively, “Employer-Sponsored
Retirement Plans”),
(ii) collective trust
funds,
investment companies and other pooled investment vehicles, each of which
may
purchase
shares of the Fund through a Financial Intermediary that has entered into
an
agreement
with the Distributor to purchase such shares, (iii) “Institutional
Investors,”
which
include, but are not limited to, endowments, foundations, family offices,
banks
and
bank trusts, local, city, and state governmental institutions,
corporations and
insurance
company separate accounts, each of which may purchase shares of the Fund
through
a Financial Intermediary that has entered into an agreement with the
Distributor
to
purchase such shares ,(iv) clients of private banks that purchase shares
of the Fund
through
a Financial Intermediary that has entered into an agreement with the
Fund’s
distributor
to sell such shares, (v) fee-based advisory platforms of a Financial
Intermediary
that (a) has specifically acknowledged in a written agreement with the
Distributor
and/or its affiliate(s) that the Financial Intermediary shall offer such
shares
to
fee-based advisory clients through an omnibus account held at the Fund or
(b)
transacts in the Fund’s shares through another intermediary that has
executed such
an
agreement and (vi) any other investors who met the eligibility criteria
for BlackRock
Shares
or Class K Shares prior to August 15, 2016 and have continually held Class
K
Shares
of the Fund or the Predecessor Fund (as defined below) in the same account
since
August 15, 2016. |
Minimum
Investment |
$5
million minimum initial investment for Institutional
Investors. There
is no minimum initial investment requirement for any Employer-Sponsored
Retirement
Plans or any other eligible investors other than Institutional
Investors. There
is no minimum investment amount for additional
purchases. |
Initial
Sales Charge? |
No.
Entire purchase price is invested in shares of the
Fund. |
Deferred
Sales Charge? |
No. |
Distribution
and Service (12b-1) Fees? |
No. |
Redemption
Fees? |
No. |
|
Your
Choices |
Important
Information for You to Know |
Initial
Purchase |
Determine
the amount of
your
investment |
There
is no minimum initial investment for any Employer-Sponsored
Retirement
Plans or any other investors other than Institutional
Investors. For
Institutional Investors, there is a $5 million minimum initial
investment
for all accounts. |
|
Your
Choices |
Important
Information for You to Know |
Initial
Purchase
(continued) |
Have
your Financial
Intermediary
submit
your
purchase order |
The
price of your shares is based on the next calculation of the Fund’s
net
asset value after your order is placed. Any purchase orders placed
prior
to the close of business on the New York Stock Exchange (the
“NYSE”)
(generally 4:00
p.m.
Eastern time) will be priced at the net
asset
value determined that day. Certain Financial Intermediaries,
however,
may require submission of orders prior to that time. Purchase
orders
placed after that time will be priced at the net asset value
determined
on the next business day. A broker-dealer or financial
institution
maintaining the account in which you hold shares may
charge
a separate account, service or transaction fee on the purchase
or
sale of Fund shares that would be in addition to the fees and
expenses
shown in the Fund’s “Fees and Expenses” table.
A
Fund may reject any order to buy shares and may suspend the sale of
shares
at any time. Certain Financial Intermediaries may charge a
processing
fee to confirm a purchase. |
|
Or
contact BlackRock
(for
accounts held
directly
with BlackRock) |
For
investors not purchasing shares through an Employer-Sponsored
Retirement
Plan, to purchase shares directly from BlackRock, call
(800)
537-4942
and request a new account application.
|
Add
to Your
Investment |
Purchase
additional shares |
There
is no minimum investment amount for additional
purchases. |
|
Have
your Financial
Intermediary
submit
your
purchase order for
additional
shares |
To
purchase additional shares, you may contact your Financial
Intermediary
or Employer-Sponsored Retirement Plan.
|
|
Or
contact BlackRock
(for
accounts held
directly
with BlackRock) |
For
investors not purchasing shares through an Employer-Sponsored
Retirement
Plan: Purchase
by Telephone:
Call the Fund at (800)
537-4942
and speak
with
one of our representatives. The Fund has the right to reject any
telephone
request for any reason. Purchase
by Internet:
You may purchase your shares, and view activity
in
your account, by logging onto the BlackRock website at
www.blackrock.com.
Purchases made on the Internet using the
Automated
Clearing House (“ACH”)
will have a trade date that is the
day
after the purchase is made. Certain institutional clients’ purchase
orders
placed by wire prior to the close of business on the NYSE will be
priced
at the net asset value determined that day. Contact your
Financial
Intermediary or BlackRock for further information. Limits on
amounts
that may be purchased via Internet may vary. For additional
information
call BlackRock at (800)
537-4942. Please
read the On-Line Services Disclosure Statement and User
Agreement,
the Terms and Conditions page and the Consent to
Electronic
Delivery Agreement (if you consent to electronic delivery),
before
attempting to transact online. The
Funds employ reasonable procedures to confirm that transactions
entered
over the Internet are genuine. By entering into the User
Agreement
with the Fund in order to open an account through the
website,
the shareholder waives any right to reclaim any losses from
the
Fund or any of its affiliates incurred through fraudulent
activity. |
|
Acquire
additional shares by
reinvesting
dividends and
capital
gains |
All
dividends and capital gains distributions are automatically
reinvested
in shares of the Fund at net asset value. To make any
changes
to your dividend and/or capital gains distributions options,
please
call BlackRock at (800)
537-4942
(for investors who are not
purchasing
shares through an Employer-Sponsored Retirement Plan) or
contact
your Financial
Intermediary. |
|
Your
Choices |
Important
Information for You to Know |
How
to Pay for
Shares |
Making
payment for purchases |
If
you are purchasing shares through an Employer-Sponsored
Retirement
Plan, payment for an order must be made in Federal funds
or
other immediately available funds by the time specified by your
Financial
Intermediary, but in no event later than 4:00
p.m.
(Eastern
time)
on the first business day following the receipt of the order. If
payment
is not received by this time, the order will be canceled and
you
and your Financial Intermediary will be responsible for any loss to
the
Fund. If
you are not purchasing shares through an Employer-Sponsored
Retirement
Plan, payment for shares must normally be made in Federal
funds
or other immediately available funds by the time specified by your
Financial
Intermediary but in no event later than 4:00
p.m.
(Eastern
time)
on the first business day following receipt of the order. Payment
may
also, at the discretion of the Fund, be made in the form of
securities
that are permissible investments for the respective fund. If
payment
is not received by this time, the order will be canceled and you
and
your Financial Intermediary will be responsible for any loss to the
Fund. |
|
Your
Choices |
Important
Information for You to Know |
Full
or Partial
Redemption
of
Shares |
Have
your Financial
Intermediary
submit
your
sales order |
If
you purchased shares through an Employer-Sponsored Retirement
Plan,
you can make redemption requests through your Financial
Intermediary
in accordance with the procedures applicable to your
accounts.
These procedures may vary according to the type of account
and
the Financial Intermediary involved, and customers should consult
their
Financial Intermediary in this regard. Financial Intermediaries are
responsible
for transmitting redemption orders and crediting their
customers’
accounts with redemption proceeds on a timely basis.
Information
relating to such redemption services and charges to
process
a redemption of shares, if any, should be obtained by
customers
from their Financial Intermediaries. If
you did not purchase your shares through an Employer-Sponsored
Retirement
Plan, you can make redemption requests through your
Financial
Intermediary. The
price of Class K Shares is based on the next calculation of the
Fund’s
net asset value after your order is placed. For your redemption
request
to be priced at the net asset value on the day of your request,
you
must submit your request to your Financial Intermediary prior to
that
day’s close of business on the NYSE (generally, 4:00
p.m.
Eastern
time).
Certain Financial Intermediaries, however, may require
submission
of orders prior to that time. Any redemption request placed
after
that time will be priced at the net asset value at the close of
business
on the next business day. Regardless
of the method the Fund uses to make payment of your
redemption
proceeds (check or wire), your redemption proceeds
typically
will be sent one to two business days after your request is
submitted,
but in any event, within seven days. Certain
Financial Intermediaries may charge a fee to process a
redemption
of shares. The
Fund may reject an order to sell shares under certain
circumstances. |
|
Selling
shares held
directly
with BlackRock |
Methods
of Redeeming if You Did Not Purchase Your Shares Through
an
Employer-Sponsored Retirement Plan Redeem
by Telephone:
You may sell shares held at BlackRock by
telephone
request. Call (800)
537-4942
for details. The
Fund, its administrators and the Distributor will employ reasonable
procedures
to confirm that instructions communicated by telephone are
genuine.
The Fund and its service providers will not be liable for any
loss,
liability, cost or expense for acting upon telephone instructions
|
|
Your
Choices |
Important
Information for You to Know |
Full
or Partial
Redemption
of
Shares
(continued) |
Selling
shares held
directly
with BlackRock
(continued) |
that
are reasonably believed to be genuine in accordance with such
procedures.
The Fund may refuse a telephone redemption request if it
believes
it is advisable to do so. During
periods of substantial economic or market change, telephone
redemptions
may be difficult to complete. Please find below alternative
redemption
methods.
Redeem
by Internet:
You may redeem in your account, by logging onto
the
BlackRock website at www.blackrock.com. Proceeds from Internet
redemptions
will be sent via wire to the bank account of record. Redeem
in Writing:
Redemption requests may be sent in proper form
to
BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429
or
for overnight delivery, Attention: 534429, 500 Ross Street
154-
0520,
Pittsburgh, Pennsylvania 15262. Under certain circumstances, a
medallion
signature guarantee will be required. Payment
of Redemption Proceeds Redemption
proceeds may be paid by check or, if the Fund has verified
banking
information on file, by wire transfer. Payment
by Check: BlackRock
will normally mail redemption proceeds
within
three business days following receipt of a properly completed
request,
but in any event within seven days. Shares can be redeemed
by
telephone and the proceeds sent by check to the shareholder at the
address
on record. Shareholders will pay $15 for redemption proceeds
sent
by check via overnight mail. You are responsible for any additional
charges
imposed by your bank for this service.
The
Fund reserves the right to reinvest any dividend or distribution
amounts
(e.g., income dividends or capital gains) which you have
elected
to receive by check should your check be returned as
undeliverable
or remain uncashed for more than 6 months. No interest
will
accrue on amounts represented by uncashed checks. Your check
will
be reinvested in your account at the net asset value next
calculated,
on the day of the investment. When reinvested, those
amounts
are subject to the risk of loss like any fund investment. If you
elect
to receive distributions in cash and a check remains undeliverable
or
uncashed for more than 6 months, your cash election may also be
changed
automatically to reinvest and your future dividend and capital
gains
distributions will be reinvested in the Fund at the net asset value
as
of the date of payment of the distribution.
Payment
by Wire Transfer:
Payment for redeemed shares for which a
redemption
order is received before 4:00
p.m.
(Eastern time) on a
business
day is normally made in Federal funds wired to the redeeming
shareholder
on the next business day, provided that the Fund’s
custodian
is also open for business. Payment for redemption orders
received
after 4:00
p.m.
(Eastern time) or on a day when the Fund’s
custodian
is closed is normally wired in Federal funds on the next
business
day following redemption on which the Fund’s custodian is
open
for business. The Fund reserves the right to wire redemption
proceeds
within seven days after receiving a redemption order if, in the
judgment
of the Fund, an earlier payment could adversely affect the
Fund.
Shares can be redeemed by Federal wire transfer to a single
previously
designated bank account. No charge for wiring redemption
payments
with respect to Class K Shares is imposed by the Fund. You
are
responsible for any additional charges imposed by your bank for
wire
transfers. The
Fund is not responsible for the efficiency of the Federal wire
system
or the shareholder’s firm or bank. To change the name of the
single,
designated bank account to receive wire redemption proceeds, it
is
necessary to send a written request to the Fund at the address on
the
back cover of this prospectus.
*** |
|
Your
Choices |
Important
Information for You to Know |
Full
or Partial
Redemption
of
Shares
(continued) |
Selling
shares held
directly
with BlackRock
(continued) |
If
you make a redemption request before the Fund has collected
payment
for the purchase of shares, the Fund may delay mailing your
proceeds.
This delay will usually not exceed ten days. |
Redemption
Proceeds |
|
Under
normal circumstances, each Fund expects to meet redemption
requests
by using cash or cash equivalents in its portfolio or by selling
portfolio
assets to generate cash. During periods of stressed market
conditions,
when a significant portion of the Fund’s portfolio may be
comprised
of less-liquid investments, the Fund may be more likely to
limit
cash redemptions and may determine to pay redemption proceeds
by
(i) borrowing under a line of credit it has entered into with a group of
lenders,
(ii) borrowing from another BlackRock Fund pursuant to an
interfund
lending program, to the extent permitted by the Fund’s
investment
policies and restrictions as set forth in the SAI, and/or
(iii)
transferring portfolio securities in-kind to you. The SAI includes
more
information about the Fund’s line of credit and interfund lending
program,
to the extent applicable. If
the Fund pays redemption proceeds by transferring portfolio
securities
in-kind to you, you may pay transaction costs to dispose of
the
securities, and you may receive less for them than the price at
which
they were valued for purposes of
redemption. |
|
Your
Choices |
Important
Information for You to Know |
Exchange
Privilege
|
Selling
shares of one BlackRock
Fund
to purchase shares of
another
BlackRock Fund
(“exchanging”) |
Class
K Shares of the Fund are generally exchangeable for shares of
the
same class of another BlackRock Fund, to the extent such shares
are
offered by your Financial Intermediary. Investors who currently own
Class
K Shares of the Fund may make exchanges into Class K Shares
of
other BlackRock Funds except for investors holding shares through
certain
client accounts at Financial Intermediaries that are omnibus
with
the Fund and do not meet applicable minimums. There is no
required
minimum amount with respect to exchanges of Class K
Shares.
You may only exchange into Class K Shares of a BlackRock
Fund
that is open to new investors or in which you have a current
account,
if the BlackRock Fund is closed to new investors. To
exercise the exchange privilege, you may contact your Financial
Intermediary.
Alternatively, if your account is held directly with
BlackRock,
you may: (i) call (800)
537-4942
and speak with one of our
representatives,
(ii) make the exchange via the Internet by accessing
your
account online at www.blackrock.com or (iii) send a written request
to
the Fund at the address on the back cover of this prospectus. Please
note,
if you indicated on your new account application that you did not
want
the Telephone Exchange Privilege, you will not be able to place
exchanges
via the telephone until you update this option either in
writing
or by calling (800)
537-4942.
The Fund has the right to reject
any
telephone request for any reason. Although
there is currently no limit on the number of exchanges that
you
can make, the exchange privilege may be modified or terminated at
any
time in the future. The Fund may suspend or terminate your
exchange
privilege at any time for any reason, including if the Fund
believes,
in its sole discretion, that you are engaging in market timing
activities.
See “Short-Term Trading Policy” below. For U.S. federal
income
tax purposes a share exchange is a taxable event and a capital
gain
or loss may be realized. Please consult your tax adviser or other
Financial
Intermediary before making an exchange request. |
Transfer
Shares to
Another
Financial
Intermediary |
Transfer
to a participating
Financial
Intermediary |
You
may transfer your Class K Shares of the Fund only to another
Financial
Intermediary that has entered into an agreement with the
Distributor.
Certain shareholder services may not be available for the
transferred
shares. All future trading of these assets must be
coordinated
by the receiving firm. Please contact your Financial
Intermediary
to accomplish the transfer of your Class K
Shares. |
|
Your
Choices |
Important
Information for You to Know |
Transfer
Shares to
Another
Financial
Intermediary
(continued) |
Transfer
to a non-participating
Financial
Intermediary |
You
must either:
•Transfer
your Class K Shares to an account with the Fund; or
•Sell
your Class K Shares. Please
contact your Financial Intermediary to accomplish the transfer of
your
Class K Shares. |
|
Rate
of
Management
Fee |
Average
Daily Net Assets |
High
Yield Fund |
First
$1 billion |
0.500
% |
$1
billion – $2 billion |
0.450
% |
$2
billion – $3 billion |
0.425
% |
$3
billion – $25 billion |
0.400
% |
$25
billion – $30 billion |
0.375
% |
Greater
than $30 billion |
0.350
% |
|
Rate
of
Management
Fee |
Average
Daily Net Assets |
Low
Duration Fund |
First
$1 billion |
0.310
% |
$1
billion – $3 billion |
0.290
% |
$3
billion – $5 billion |
0.280
% |
$5
billion – $10 billion |
0.270
% |
Greater
than $10 billion |
0.260
% |
|
Rate
of
Management
Fee |
Average
Daily Net Assets |
Core
Bond Fund |
First
$1 billion |
0.350
% |
$1
billion – $2 billion |
0.340
% |
$2
billion – $3 billion |
0.330
% |
Greater
than $3 billion |
0.320
% |
Fund |
Management
Fees
(Net
of Applicable Waivers
and/or
Reimbursements) |
BlackRock
High Yield Bond Portfolio |
0.40
% |
BlackRock
Low Duration Bond Portfolio |
0.29
% |
BlackRock
Core Bond Portfolio |
0.32
% |
|
Contractual
Caps1
on Total
Annual
Fund Operating
Expenses2
(excluding
Dividend
Expense,
Interest
Expense,
Acquired
Fund Fees and
Expenses
and certain
other
Fund expenses) |
High
Yield Fund |
0.58
% |
Low
Duration Fund |
0.35
% |
Core
Bond Fund |
0.38
% |
Portfolio
Manager |
Primary
Role |
Since* |
Title
and Recent Biography |
Mitchell
Garfin, CFA |
Jointly
and primarily responsible for
the
day-to-day management of the
Fund’s
portfolio, including setting the
Fund’s
overall investment strategy
and
overseeing the management of
the
Fund. |
2009 |
Managing
Director of BlackRock, Inc. since
2009. |
David
Delbos |
Jointly
and primarily responsible for
the
day-to-day management of the
Fund’s
portfolio, including setting the
Fund’s
overall investment strategy
and
overseeing the management of
the
Fund. |
2014 |
Managing
Director of BlackRock, Inc. since
2012. |