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BlackRock Funds II – ‘497K’ on 11/21/14

On:  Friday, 11/21/14, at 5:25pm ET   ·   Effective:  11/21/14   ·   Accession #:  891092-14-8797   ·   File #:  333-142592

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/21/14  BlackRock Funds II                497K       11/21/14    1:20K                                    Doremus Fin… Printing/FABlackrock Low Duration Bond Portfolio A1 SharesC2 SharesInvestor B3Investor C3

Summary Prospectus of an Open-End Management Investment Company   —   Rule 497(k)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497K        Supplement                                          HTML     16K 


This is an HTML Document rendered as filed.  [ Alternative Formats ]



  e61500_497k.htm - Generated by SEC Publisher for SEC Filing  

BLACKROCK FUNDS II
BlackRock Low Duration Bond Portfolio
Investor A1, Investor B3, Investor C2 and Investor C3 Shares
(the “Low Duration Fund” or the “Fund”)

Supplement dated November 21, 2014 to the Summary Prospectus dated January 28, 2014

Effective immediately, BlackRock Advisors, LLC (“BlackRock”) has agreed to reduce the management fees payable by the Fund to BlackRock, the Fund’s investment manager, and has agreed contractually to cap certain expenses of Investor A1, Investor B3, Investor C2 and Investor C3 Shares of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees or expenses if the Fund’s total annual fund operating expenses, excluding certain expenses described in the Prospectus, exceed a certain limit. These contractual expenses caps replace BlackRock’s voluntary expense caps with respect to Investor A1, Investor B3, Investor C2 and Investor C3 Shares of the Fund. Accordingly, the Fund’s Summary Prospectus is amended as follows:

The fee table and example under the section of the Summary Prospectus entitled “Key Facts About BlackRock Low Duration Bond Portfolio — Fees and Expenses of the Fund” are deleted in their entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees
(fees paid directly from your investment)
Investor A1
Shares
Investor B3
Shares
Investor C2
Shares
Investor C3
Shares
Maximum Sales Charge (Load) Imposed on Purchases         
(as percentage of offering price)  1.00%  None  None  None 
Maximum Deferred Sales Charge (Load) (as percentage of         
offering price or redemption proceeds, whichever is lower)  None  4.00%1  1.00%2  1.00%2 
         
Annual Fund Operating Expenses (expenses that you pay
each year as a percentage of the value of your investment)
Investor A1
Shares
Investor B3
Shares
Investor C2
Shares
Investor C3
Shares
Management Fee  0.34%  0.34%  0.34%  0.34% 
Distribution and/or Service (12b-1) Fees  0.10%  0.90%  0.40%  0.90% 
Other Expenses  0.29%  0.38%  0.26%  0.34% 
Interest Expense  0.04%  0.04%  0.04%  0.04% 
Miscellaneous Other Expenses  0.25%  0.34%  0.22%  0.30% 
Total Annual Fund Operating Expenses  0.73%  1.62%  1.00%  1.58% 
Fee Waivers and/or Expense Reimbursements3  (0.09)%  (0.14)%  (0.02)%  (0.04)% 
Total Annual Fund Operating Expenses After Fee Waivers         
and/or Expense Reimbursements3  0.64%  1.48%  0.98%  1.54% 

1     

A contingent deferred sales charge (“CDSC”) of 4.00% is assessed if shares are redeemed within two years. The CDSC for Investor B3 Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B3 Shares. (See the section “Details about the Share Classes — Investor B3 Shares” in the Fund’s prospectus for the complete schedule of CDSCs.)

2     

There is no CDSC on Investor C2 and Investor C3 Shares after one year.

3     

As described in the “Management of the Funds” section on page 37, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.60% (for Investor A1 Shares), 1.44% (for Investor B3 Shares), 0.94% (for Investor C2 Shares) and 1.50% (for Investor C3 Shares) of average daily net assets until January 31, 2017. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the two years following such waivers and/or reimbursements. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.

 
 

Example:

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:

  1 Year  3 Years  5 Years  10 Years 
Investor A1 Shares  $165  $313  $   484  $   980 
Investor B3 Shares  $551  $783  $1,054  $1,898 
Investor C2 Shares  $200  $314  $   548  $1,221 
Investor C3 Shares  $257  $491  $   853  $1,871 

 

You would pay the following expenses if you did not redeem your shares:

  1 Year  3 Years  5 Years  10 Years 
Investor B3 Shares  $151  $483  $854  $1,898 
Investor C2 Shares  $100  $314  $548  $1,221 
Investor C3 Shares  $157  $491  $853  $1,871 

 

Shareholders should retain this Supplement for future reference.

SPRO-LOWD-PRI1114SUP

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497K’ Filing    Date    Other Filings
1/31/17
Filed on / Effective on:11/21/14497,  497K
1/28/14485BPOS
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Filing Submission 0000891092-14-008797   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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