SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 (212) 839 5300 (212) 839 5599 FAX |
BEIJING BRUSSELS CHICAGO DALLAS FRANKFURT GENEVA HONG KONG HOUSTON LONDON
FOUNDED 1866 |
LOS ANGELES NEW YORK PALO ALTO SAN FRANCISCO SHANGHAI SINGAPORE SYDNEY TOKYO WASHINGTON, D.C. |
November 28, 2012
VIA EDGAR
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Re: | BlackRock Managed Volatility Portfolio, a series of BlackRock FundsSM |
(File Nos. 33-26305, 811-05742)
Ladies and Gentlemen:
On behalf of BlackRock FundsSM, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the Prospectuses of BlackRock Managed Volatility Portfolio (the Fund), dated May 15, 2012, as amended November 6, 2012, as filed pursuant to Rule 497(e) under the Securities Act of 1933, on November 6, 2012 (the 497 Filing). The purpose of this filing is to submit the 497 Filing in XBRL for the Fund.
Any questions or comments on the 497 Filing should be directed to the undersigned at (212) 839-5583.
Very truly yours, |
/s/ Ellen W. Harris |
Ellen W. Harris |
Enclosures
cc: | Ben Archibald, Esq. |
BlackRock Advisors, LLC
Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.
Label | Element | Value | |||||||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Registrant Name | dei_EntityRegistrantName | BLACKROCK FUNDS | |||||||||||||||||||
Prospectus Date | rr_ProspectusDate | May 15, 2012 | |||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Fund Overview | |||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of BlackRock Managed Volatility Portfolio, formerly BlackRock Asset Allocation Portfolio, (“Managed Volatility Portfolio” or the “Fund”), a series of BlackRock FundsSM (the “Trust”), is to seek total return. | |||||||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | |||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of Managed Volatility Portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details About the Share Classes” section on page 61 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. | |||||||||||||||||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | June 1, 2013 | |||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: | |||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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 401% of the average value of its portfolio. | |||||||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 401.00% | |||||||||||||||||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | 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 $1,000,000 or more. | |||||||||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details About the Share Classes” section on page 61 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. | |||||||||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | |||||||||||||||||||
Expenses Restated to Reflect Current [Text] | rr_ExpensesRestatedToReflectCurrent | Miscellaneous Other Expenses and Acquired Fund Fees and Expenses have been restated to reflect current fees. | |||||||||||||||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | 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 Miscellaneous Other Expenses or Acquired Fund Fees and Expenses. | |||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | |||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | 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: | |||||||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your shares: | |||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | |||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Managed Volatility Portfolio uses an asset allocation strategy, investing varying percentages of its portfolio in three major categories: stocks, bonds and money market instruments. The Fund has wide flexibility in the relative weightings given to each category. The Fund may also invest a significant portion of its assets in affiliated and unaffiliated ETFs and mutual funds. See “Information About the ETFs and Mutual Funds.” With respect to its equity investments, the Fund may invest in ETFs, mutual funds or individual equity securities to an unlimited extent. The Fund, the ETFs and the mutual funds may invest in common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts. The Fund, the ETFs and the mutual funds may invest in securities of both U.S. and non-U.S. issuers without limit, which can be U.S. dollar-based or non-U.S. dollar-based and may be currency hedged or unhedged. The Fund, the ETFs and the mutual funds may invest in securities of companies of any market capitalization. With respect to its fixed-income investments, the Fund may invest in ETFs, mutual funds or individual fixed-income securities to an unlimited extent. The Fund, the ETFs and the mutual funds may invest in a portfolio of fixed-income securities such as corporate bonds and notes, commercial and residential mortgage-backed securities (bonds that are backed by a mortgage loan or pools of loans secured either by commercial property or residential mortgages, as applicable), collateralized mortgage obligations (bonds that are backed by cash flows from pools of mortgages and may have multiple classes with different payment rights and protections), collateralized debt obligations, asset-backed securities, convertible securities, debt obligations of governments and their sub-divisions (including those of non-U.S. governments), other floating or variable rate obligations, municipal obligations and zero coupon debt securities. The Fund, the ETFs and the mutual funds may also invest a significant portion of their assets in non-investment grade bonds (junk bonds or distressed securities), non-investment grade bank loans, foreign bonds (both U.S. dollar- and non-U.S. dollar-denominated) and bonds of emerging market issuers. The Fund, the ETFs and the mutual funds may invest in non-U.S. dollar-denominated bonds on a currency hedged or unhedged basis. With respect to its cash investments, the Fund may hold high quality money market securities, including short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S. Government-sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial paper, including asset-backed commercial paper, corporate notes and repurchase agreements. The Fund may invest a significant portion of its assets in money market funds, including those advised by BlackRock or its affiliates. The Fund may invest in derivatives, including, but not limited to, interest rate, total return and credit default swaps, indexed and inverse floating rate securities, options, futures, options on futures and swaps and foreign currency transactions (including swaps), for hedging purposes, as well as to increase the return on its portfolio investments. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). The Fund may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the future) to hedge against movement in the value of non-U.S. currencies. The ETFs and the mutual funds may, to varying degrees, also invest in derivatives. The Fund may invest in U.S. and non-U.S. real estate investment trusts (“REITs”), structured products (including, but not limited to, structured notes, credit linked notes and participation notes, or other instruments evidencing interests in special purpose vehicles, trusts, or other entities that hold or represent interests in fixed-income securities) and floating rate securities (such as bank loans). The Fund incorporates a volatility control process that seeks to reduce risk when portfolio volatility is expected to deviate from the Fund’s targeted total return volatility of 10% over a one-year period. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. Volatility may result in rapid and dramatic price swings. While BlackRock attempts to manage the Fund’s volatility exposure to stabilize performance, there can be no guarantee that the Fund will reach its target volatility. The Fund will adjust its asset allocation in response to periods of high or low expected volatility. The Fund may without limitation allocate assets into cash or short-term fixed-income securities, and away from riskier assets such as equity and high yield fixed-income securities. When volatility decreases, the Fund may move assets out of cash and back into riskier securities. At any given time, the Fund may be invested entirely in equities, fixed-income or cash. The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. |
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Risk [Heading] | rr_RiskHeading | Investment Risks | |||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The value of your investment in Managed Volatility Portfolio, 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 principal risks set forth below are the principal risks of investing in the Fund, the ETFs and/or the mutual funds. In the following discussion, references to the “Fund” shall mean any one or more of the relevant ETFs or mutual funds and the Fund, where applicable. Principal Risks of the Fund’s Fund of Funds Structure
Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital.
General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money. Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. | |||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | |||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Effective May 15, 2012, Managed Volatility Portfolio changed its investment strategy to invest a significant portion of its assets in ETFs and, to a lesser extent, in mutual funds and directly in securities. Performance for the periods shown below is based on the investment strategy utilized by the Fund prior to May 15, 2012, which focused on investing directly in securities. On January 31, 2005, the Fund reorganized with the State Street Research Asset Allocation Fund (the “SSR Fund”), which had investment objectives and strategies similar to the Fund. For periods prior to January 31, 2005, the chart and table show performance information for the SSR Fund. 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 table compares the Fund’s performance to that of the Standard & Poor’s (“S&P”) 500® Index, the Barclays U.S. Aggregate Bond Index, the MSCI All Country World Index (the “MSCI ACWI Index”), the Citigroup World Government Bond Index (hedged into USD) (the “Citigroup WGBI (hedged into USD)”) and three customized weighted indices comprised of the returns of the S&P 500® Index, the MSCI ACWI Index, the Barclays U.S. Aggregate Bond Index and the Citigroup WGBI (hedged into USD) in the percentages and combinations set forth in the table. Effective October 1, 2011, the Fund changed one of the components making up the customized weighted index from the S&P 500® Index to the MSCI ACWI Index. Fund management believes that the MSCI ACWI Index better reflects the Fund’s increasing exposure to non-U.S. equities. Effective May 15, 2012, the Fund changed one of the components making up the customized weighted index from the Barclays U.S. Aggregate Bond Index to the Citigroup WGBI (hedged into USD). Fund management believes that the Citigroup WGBI (hedged into USD) better reflects the Fund’s increasing global exposure. 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 BlackRock 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 results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | 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. | |||||||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 882-0052 | |||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.blackrock.com/funds | |||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | As with all such investments, past performance (before and after taxes) is not an indication of future results. | |||||||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | ANNUAL TOTAL RETURNS1 BlackRock Managed Volatility Portfolio As of 12/31 |
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Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. | |||||||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the ten-year period shown in the bar chart, the highest return for a quarter was 13.66% (quarter ended September 30, 2009) and the lowest return for a quarter was –13.17% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 9.14%. | |||||||||||||||||||
Performance Table Heading | rr_PerformanceTableHeading | As of 12/31/11 Average Annual Total Returns |
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Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | However, the table includes all applicable fees and sales charges. | |||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | 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. | |||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | 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. | |||||||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C and Institutional Shares will vary. | |||||||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | 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 B, Investor C and Institutional Shares will vary. | |||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Investor A Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.25% | |||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | [1] | ||||||||||||||||||
Management Fee | rr_ManagementFeesOverAssets | 0.55% | [2],[3],[4] | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | |||||||||||||||||||
Interest Expense | rr_Component1OtherExpensesOverAssets | 0.01% | |||||||||||||||||||
Miscellaneous Other Expenses | rr_Component2OtherExpensesOverAssets | 0.36% | [2],[3] | ||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.37% | |||||||||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.18% | [2],[3] | ||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.35% | [2] | ||||||||||||||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [4] | ||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 1.30% | [4] | ||||||||||||||||||
1 Year | rr_ExpenseExampleYear01 | 650 | |||||||||||||||||||
3 Years | rr_ExpenseExampleYear03 | 926 | |||||||||||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,221 | |||||||||||||||||||
10 Years | rr_ExpenseExampleYear10 | 2,060 | |||||||||||||||||||
2002 | rr_AnnualReturn2002 | (15.58%) | [5] | ||||||||||||||||||
2003 | rr_AnnualReturn2003 | 25.77% | [5] | ||||||||||||||||||
2004 | rr_AnnualReturn2004 | 11.50% | [5] | ||||||||||||||||||
2005 | rr_AnnualReturn2005 | 6.46% | [5] | ||||||||||||||||||
2006 | rr_AnnualReturn2006 | 10.39% | [5] | ||||||||||||||||||
2007 | rr_AnnualReturn2007 | 9.68% | [5] | ||||||||||||||||||
2008 | rr_AnnualReturn2008 | (26.90%) | [5] | ||||||||||||||||||
2009 | rr_AnnualReturn2009 | 26.43% | [5] | ||||||||||||||||||
2010 | rr_AnnualReturn2010 | 13.74% | [5] | ||||||||||||||||||
2011 | rr_AnnualReturn2011 | (3.52%) | [5] | ||||||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | |||||||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 | |||||||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 9.14% | |||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | |||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 | |||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 13.66% | |||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | |||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | |||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (13.17%) | |||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (8.58%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.97% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.69% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Investor B Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 4.50% | [6] | ||||||||||||||||||
Management Fee | rr_ManagementFeesOverAssets | 0.55% | [2],[3],[4] | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | |||||||||||||||||||
Interest Expense | rr_Component1OtherExpensesOverAssets | 0.01% | |||||||||||||||||||
Miscellaneous Other Expenses | rr_Component2OtherExpensesOverAssets | 0.40% | [2],[3] | ||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.41% | |||||||||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.18% | [2],[3] | ||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.14% | [2] | ||||||||||||||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [4] | ||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 2.09% | [4] | ||||||||||||||||||
1 Year | rr_ExpenseExampleYear01 | 662 | |||||||||||||||||||
3 Years | rr_ExpenseExampleYear03 | 1,015 | |||||||||||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,345 | |||||||||||||||||||
10 Years | rr_ExpenseExampleYear10 | 2,267 | |||||||||||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 212 | |||||||||||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 665 | |||||||||||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,145 | |||||||||||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,267 | |||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (8.50%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.91% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.63% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Investor C Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | [7] | ||||||||||||||||||
Management Fee | rr_ManagementFeesOverAssets | 0.55% | [2],[3],[4] | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | |||||||||||||||||||
Interest Expense | rr_Component1OtherExpensesOverAssets | 0.01% | |||||||||||||||||||
Miscellaneous Other Expenses | rr_Component2OtherExpensesOverAssets | 0.33% | [2],[3] | ||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.34% | |||||||||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.18% | [2],[3] | ||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.07% | [2] | ||||||||||||||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [4] | ||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 2.02% | [4] | ||||||||||||||||||
1 Year | rr_ExpenseExampleYear01 | 305 | |||||||||||||||||||
3 Years | rr_ExpenseExampleYear03 | 644 | |||||||||||||||||||
5 Years | rr_ExpenseExampleYear05 | 1,109 | |||||||||||||||||||
10 Years | rr_ExpenseExampleYear10 | 2,396 | |||||||||||||||||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 205 | |||||||||||||||||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | 644 | |||||||||||||||||||
5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,109 | |||||||||||||||||||
10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,396 | |||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (5.13%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.34% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.51% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Institutional Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||||||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | |||||||||||||||||||
Management Fee | rr_ManagementFeesOverAssets | 0.55% | [2],[3],[4] | ||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||||||
Interest Expense | rr_Component1OtherExpensesOverAssets | 0.01% | |||||||||||||||||||
Miscellaneous Other Expenses | rr_Component2OtherExpensesOverAssets | 0.34% | [2],[3] | ||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.35% | |||||||||||||||||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.18% | [2],[3] | ||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.08% | [2] | ||||||||||||||||||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [4] | ||||||||||||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 1.03% | [4] | ||||||||||||||||||
1 Year | rr_ExpenseExampleYear01 | 105 | |||||||||||||||||||
3 Years | rr_ExpenseExampleYear03 | 339 | |||||||||||||||||||
5 Years | rr_ExpenseExampleYear05 | 591 | |||||||||||||||||||
10 Years | rr_ExpenseExampleYear10 | 1,313 | |||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (3.21%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.43% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.60% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Return After Taxes on Distributions | Investor A Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (9.09%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.24% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.80% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Return After Taxes on Distributions and Sale of Shares | Investor A Shares
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (5.00%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.67% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.88% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | S&P 500 Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 2.11% | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (0.25%) | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.92% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Barclays U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 7.84% | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 6.50% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.78% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | MSCI ACWI Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (7.35%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | (1.93%) | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.24% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | Citigroup WGBI (hedged into USD) (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 5.49% | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 4.92% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.75% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | 60% S&P 500 Index/40% Barclays U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 4.69% | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.84% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.40% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | 60% MSCI ACWI Index/40% Barclays U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes)
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (1.14%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.91% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.27% | [5] | ||||||||||||||||||
Investor A, B, C and Institutional Shares | BLACKROCK MANAGED VOLATILITY PORTFOLIO | 60% MSCI ACWI Index/40% Citigroup WGBI (hedged into USD) (Reflects no deduction for fees, expenses or taxes)
|
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | (1.96%) | |||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.38% | [5] | ||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 4.89% | [5] | ||||||||||||||||||
|