# EDGAR Filing Document

**Accession Number:** 0001398078
**File Stem:** 0001193125-23-081432
**Filing Date:** 2023-3
**Character Count:** 4966
**Document Hash:** 14d7ee6f5a358cb53035bfe306c2901c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-081432.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-081432

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**EFFECTIVENESS DATE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds II
- **CENTRAL INDEX KEY:** 0001398078
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-142592
- **FILM NUMBER:** 23766240

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Trust
- **DATE OF NAME CHANGE:** 20070501

## Series and Classes Contracts Data

### BlackRock Dynamic High Income Portfolio (Series ID: S000047012)

---

|  |  |
|:---|:---|
| Class Name    | Class ID   |
| Investor A    | C000146951 |
| Investor C    | C000146952 |
| Institutional | C000146953 |
| Class K       | C000166008 |

---

## Series and Classes Contracts Data

### BlackRock Dynamic High Income Portfolio (Series ID: S000047012)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000146951 | Investor A    |  |
| C000146952 | Investor C    |  |
| C000146953 | Institutional |  |
| C000166008 | Class K       |  |

**BLACKROCK FUNDS II** 

BlackRock Dynamic High Income Portfolio

(the "Fund")

**Supplement dated March 28, 2023 to the Statement of Additional Information ("SAI")** 

**of the Fund, dated November 28, 2022, as supplemented to date** 

**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 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 funds and accounts other than the Portfolio for which the Portfolio's portfolio managers are primarily responsible for the day-to-day portfolio management as of July 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** |
| <br>**Name of Portfolio<br>Manager** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| Justin Christofel, CFA | 3<br> $16.28 Billion | 20<br> $14.73 Billion | 1<br> $5.44 Million | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Alex Shingler, CFA | 2<br> $16.18 Billion | 8<br> $9.90 Billion | 0<br> 0 | 0<br> $0 | 0<br> $0 | 0<br> $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 relative benchmarks for Messrs. Christofel and Shingler are a combination of market-based indices (MSCI World, S&P 500, Bloomberg U.S. Aggregate Bond Index), certain customized indices and certain fund industry peer groups.

**The sub-section entitled "Portfolio Manager Beneficial Holdings" is deleted in its entirety and replaced with the following:** 

As of July 31, 2022, the Portfolio's most recently completed fiscal year end, the dollar range of securities beneficially owned by each portfolio manager in the Portfolio is shown below:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities<br>Beneficially Owned<sup>1</sup>** |
| Justin Christofel, CFA | $100001-$500000 |
| Alex Shingler, CFA | $100001-$500000 |

---

<sup>1</sup> Includes securities attributable to the portfolio manager's participation in certain deferred compensation and retirement programs.

**Shareholders should retain this Supplement for future reference.**