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<div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockSecuredCreditPortfolio column period compact * ~</div>
Fund Overview<br/><br/><b>Key Facts about BlackRock Secured Credit Portfolio </b>
<b>Investment Objective </b>
The investment objective of the BlackRock Secured Credit Portfolio, formerly BlackRock Multi-Sector Bond Portfolio (the “Fund”), is to seek to provide high current income,
with a secondary objective of long-term capital appreciation.
<b>Fees and Expenses of the Fund </b>
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 $50,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 21 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-71 of the Fund’s statement of additional information.
<div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockSecuredCreditPortfolio column period compact * ~</div>
<b>Shareholder Fees<br/>(fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Portfolio Turnover: </b>
<b>Example: </b>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 507% of the average value of its portfolio.
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in 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:
You would pay the following expenses if you did not redeem your shares:
<b>Principal Investment Strategies of the Fund </b>
The Fund normally invests at least 80% of its assets in secured instruments, including bank loans and bonds, issued primarily, but not exclusively, by below investment grade (below the fourth highest rating of the major rating agencies) issuers. The Fund may invest in instruments of any credit quality without limitation, including instruments rated below investment grade. The Fund anticipates that, under current market conditions, substantially all of its portfolio will consist of instruments rated below investment grade (or determined by the management team to be of similar quality), which are commonly referred to as “junk bonds.”<br/><br/> Collateral supporting the secured instruments generally includes, but is not limited to, all the tangible and intangible assets of the borrower and, in some cases, specific assets of the borrower. The Fund will typically invest in senior secured loans and bonds; however, to a lesser extent the Fund may invest in subordinated loans and bonds and unsecured debt. <br/><br/> The Fund may invest in floating rate and fixed income securities of any duration or maturity. The Fund may invest in securities of foreign issuers, including issuers located in emerging markets, without limitation. <br/><br/> The Fund may also invest in companies whose financial condition is uncertain, where the borrower has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, or that may be involved in bankruptcy proceedings, reorganizations or financial restructurings. <br/><br/> The Fund may also invest up to 15% of its assets in illiquid securities. <br/><br/> The Fund may invest up to 20% of its assets in corporate bonds, commercial and residential mortgage-backed securities, mezzanine investments, CBOs, CDOs, CMOs, asset-backed securities, convertible bonds, U.S. Government mortgage-related securities, U.S. Treasuries and agency securities, preferred securities, and equity securities or derivatives tied to the performance of these securities. <br/><br/> The Fund may use derivatives for hedging purposes, as well as to increase the total return on its portfolio investments. <br/><br/> The Fund may gain exposure to secured instruments indirectly through investment in the BlackRock Floating Rate Income Portfolio (the “Floating Rate Income Portfolio”). The Floating Rate Income Portfolio normally invests at least 80% of its assets in floating rate investments and investments that are the economic equivalent of floating rate investments, which effectively enables the Floating Rate Income Portfolio to achieve a floating rate of income. These investments may include but are not limited to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; and (iii) fixed-rate loans or debt with respect to which the Floating Rate Income Portfolio has entered into derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. <br/><br/> The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.
<b>Principal Risks of Investing in the Fund </b>
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 principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Collateralized Debt Obligations Risk</b> — The pool of high yield securities underlying collateralized debt obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Convertible Securities Risk</b> — 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Corporate Loans Risk</b> — Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the London Interbank Offered Rate (“LIBOR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk </b>— Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk </b>— 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Distressed Securities Risk</b> — Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Extension Risk </b>— When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — 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: </p></li></ul> <br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of several European countries. These events have adversely affected the exchange rate of the Euro and may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of the Fund’s investments.</p></td></tr></table></div> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>High Portfolio Turnover Risk</b> — The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Other Mutual Funds Risk</b> — If the Fund invests substantially in the Floating Rate Income Portfolio, the Fund’s investment performance will be directly related to the performance of the Floating Rate Income Portfolio. The Fund’s net asset value will change with changes in the value of the Floating Rate Income Portfolio and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Floating Rate Income Portfolio. For example, the Fund indirectly bears a portion of the expenses (including operating expenses and management fees) incurred by the Floating Rate Income Portfolio in addition to directly bearing the expenses of the Fund.<br/><br/> The Fund may buy the same securities that the Floating Rate Income Portfolio sells, or vice-versa. If this happens, an investor in the Fund would indirectly bear the costs of these transactions without accomplishing the intended investment purpose. Also, an investor in the Fund may receive taxable gains from portfolio transactions by the Floating Rate Income Portfolio, as well as taxable gains from transactions in shares of the underlying fund by the Fund. The Floating Rate Income Portfolio may hold common portfolio securities, thereby reducing the diversification benefits of the Fund. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Leverage Risk</b> — 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Liquidity Risk</b> — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be difficult to sell the illiquid securities at an advantageous time or price. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — 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. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Mezzanine Securities Risk</b> — Mezzanine securities carry the risk that the issuer will not be able to meet its obligations and that the equity securities purchased with the mezzanine investments may lose value. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Mortgage- and Asset-Backed Securities Risks</b> — Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Preferred Securities Risk</b> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Prepayment Risk</b> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Senior Loans Risk</b> — There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss. The senior loans in which the Fund invests are usually rated below investment grade. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Subordinated Loans Risk</b> — Subordinated loans generally are subject to similar risks as those associated with investments in senior loans. Because subordinated loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>U.S. Government Issuer Risk</b> — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. </p></li></ul> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>U.S. Government Mortgage-Related Securities Risk</b> — There are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association (“GNMA”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by the Federal National Mortgage Association (“FNMA”) or the Federal Home Loan Mortgage Corporation (“FHLMC”) are solely the obligations of FNMA or FHLMC, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury. </p></li></ul>
<b>Performance Information </b>
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The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to July 2, 2012 as reflected in the bar chart and the table are the returns of the Fund that followed different investment objectives and investment strategies under the name “BlackRock Multi-Sector Bond Portfolio.” The table compares the Fund’s performance to that of the S&P Leveraged Loan Index and the Barclays US Universal Index. Effective July 2, 2012, the Fund’s benchmark against which it measures its performance, the Barclays US Universal Index, was replaced with the S&P Leveraged Loan Index, a broad measure of market performance. Effective as of the date of this prospectus, the Fund has added another benchmark for which it measures its performance, which is a market-value-weighted blend of the S&P Leveraged Loan Index and the Secured Bond component of the Barclays High Yield Index (the “Customized Reference Benchmark”). BlackRock believes the Customized Reference Benchmark and the S&P Leveraged Loan Index are more relevant to the Fund’s new investment strategies. The S&P Leveraged Loan Index tracks returns in the leveraged loan market. The Customized Reference Benchmark commenced in April 2012. As a result, the table does not include performance information for the Customized Reference Benchmark, and performance information will be presented once the Customized Reference Benchmark has been in operation for one full calendar year. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052.
<b>Investor A Shares<br/> ANNUAL TOTAL RETURNS<br/> BlackRock Secured Credit Portfolio<br/> As of 12/31 </b>
During the period shown in the bar chart, the highest return for a quarter was 2.92% (quarter ended September 30, 2012) and the lowest return for a quarter was 0.47% (quarter ended March 31, 2011).
<b>As of 12/31/12<br/>Average Annual Total Returns</b>
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.
<div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockSecuredCreditPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockSecuredCreditPortfolioBarChart column period compact * ~</div>
February 1, 2014
5.07
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the BlackRock-advised fund complex.
50000
Other Expenses have been restated to reflect current fees.
The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses or the restatement of Other Expenses to reflect current fees.
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 information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.
800-882-0052
http://www.blackrock.com/funds
As with all such investments, past performance (before and after taxes) is not an indication of future results.
Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown.
However, the table includes all applicable fees and sales charges.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.
highest return
2012-09-30
0.0292
lowest return
2011-03-31
0.0047
<div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockSecuredCreditPortfolio column period compact * ~</div>
485BPOS
A contingent deferred sales charge (“CDSC”) of 0.75% 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 $500,000 or more.
Effective as of the date of this prospectus, the Fund has added another benchmark for which it measures its performance, which is a market-value-weighted blend of the S&P Leveraged Loan Index and the Secured Bond component of the Barclays High Yield Index (the “Customized Reference Benchmark”). BlackRock believes the Customized Reference Benchmark and the S&P Leveraged Loan Index are more relevant to the Fund’s new investment strategies.
Effective July 2, 2012, the Fund’s benchmark against which it measures its performance, the Barclays US Universal Index, was replaced with the S&P Leveraged Loan Index, a broad measure of market performance.
The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report which does not include the Acquired Fund Fees and Expenses or the restatement of Other Expenses to reflect current fees. The Fund's shareholders bear the expenses of any ETFs, money market funds or other underlying funds in which the Fund invests.