BLACKROCK FUNDS II
BlackRock Managed Income Fund
(the “Fund”)
Supplement dated April 5, 2023 to the Statement of Additional Information (“SAI”)
of the Fund, dated April 29, 2022, as supplemented to date
This Supplement replaces a substantially similar version of this Supplement that was previously filed on March 28, 2023.
Effective April 10, 2023, the following changes are made to the Fund’s SAI:
The section entitled “Management, Advisory and Other Service Arrangements — Information Regarding the Portfolio Managers” is revised as follows:
The first paragraph is deleted in its entirety and replaced with the following:
Justin Christofel, CFA, and Alex Shingler, CFA are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio.
The sub-section entitled “Other Funds and Accounts Managed” is deleted in its entirety and replaced with the following:
The following table sets forth information about the funds and accounts other than the Fund, for which the portfolio managers are jointly and primarily responsible for the day-to-day portfolio management as of December 31, 2021.
| Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
| Name of Portfolio Manager |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts | ||||||
| Justin Christofel, CFA | 2 $19.89 Billion |
8 $12.43 Billion |
1 $5.87 Million |
0 $0 |
0 $0 |
0 $0 | ||||||
| Alex Shingler, CFA | 2 $19.89 Billion |
7 $12.28 Billion |
0 0 |
0 $0 |
0 $0 |
0 $0 | ||||||
The last sentence of the first paragraph of the sub-section entitled “Discretionary Incentive Compensation” is deleted in its entirety and replaced with the following:
The performance of Messrs. Christofel and Shingler is not measured against a specific benchmark.
The sub-section entitled “Portfolio Manager Beneficial Holdings” is deleted in its entirety and replaced with the following:
As of December 31, 2021, the end of the Fund’s most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the Fund is shown below:
| Portfolio Manager | Dollar Range of Equity Securities Beneficially Owned1 | ||||
| Justin Christofel, CFA | $100,001 - $500,000 | ||||
| Alex Shingler, CFA | $50,001 - $100,000 | ||||
| 1 | Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement programs. |
Shareholders should retain this Supplement for future reference.
SAI-MIF-0423SUP
2