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2011-01-28
2011-01-28
0001398078
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2011-01-28
2011-01-28
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<p style="text-align: center;"><b>BLACKROCK FUNDS II</b><br />BlackRock Total Return II Portfolio<br />(the "Fund")<br /><br /><b>Supplement dated April 1, 2011</b><br /><b>to the Prospectus, dated January 28, 2011</b></p>
<p style="text-align: left;"><b>Effective July 15, 2011, the following changes are made to the Fund's Prospectus:</b></p>
<p style="text-align: left;"><b>The sections entitled "Fund Overview –Key Facts about the BlackRock Total Return Portfolio II– Principal Investment Strategies of the Fund" and "Details About the Funds - How each Fund Invests—Total Return II Fund—Principal Investment Strategies" are amended to add the following:</b></p>
<p style="text-align: left;">The Fund may invest up to 10% of its assets in non-dollar denominated bonds and bonds of emerging market issuers.</p>
<p style="text-align: left;"><b>The section entitled "Fund Overview—Key Facts about the BlackRock Total Return Portfolio II—Principal Risks of Investing in the Fund" is amended to add the following as a principal risk of investing in the Fund:</b></p>
<p style="text-align: left;"><b><i>Emerging Markets Risk </i></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>
<p style="text-align: left;"><b>The section entitled "Details about the Funds – Investment Risks" is amended to add the following as a principal risk of investing in the Fund:</b></p>
<p style="text-align: left;"><b><i>Emerging Markets Risk </i></b>— The risks of foreign investments are usually much greater for emerging markets. Investments in emerging markets may be considered speculative. Emerging markets include those in countries defined as emerging or developing by the World Bank, the International Finance Corporation or the United Nations. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject.</p>
<p style="text-align: left;">Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.</p>
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<p style="text-align: left;">Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.</p>
<p style="text-align: left;">Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.</p>
<p style="text-align: center;"><b>Shareholders should retain this Supplement for future reference.</b></p></div> </div>
false
2011-04-01
2011-07-15
2010-09-30
Other
0001398078
BlackRock Funds II
2011-01-28