UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
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☐ Preliminary Proxy Statement
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☐ Definitive Proxy Statement
☒ Definitive Additional Materials
☐ Soliciting Material Pursuant to § 240.14a-12
BlackRock Allocation Target Shares
BlackRock Balanced Capital Fund, Inc.
BlackRock Bond Fund, Inc.
BlackRock FundsSM
BlackRock Funds IV
BlackRock Funds V
BlackRock Funds VI
BlackRock Long-Horizon Equity Fund
BlackRock Strategic Global Bond Fund, Inc.
Managed Account Series II
Master Bond LLC
Master Investment Portfolio II
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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BlackRock Upcoming Proxies |
FOR HOME OFFICE USE AND FINANCIAL PROFESSIONAL USE ONLY
Dear XX:
On September 14th, 2021, BlackRock filed proxy statements to update the fundamental investment restrictions of 17 mutual funds and two corresponding master funds (the “Funds”). The 1940 Act requires registered investment companies, including the Funds, to have specific investment policies (or restrictions) that can only be changed by the approval of shareholders. Some fundamental policies were adopted in the past by the Funds to reflect certain regulatory, business or industry conditions which are no longer in effect. In addition, certain of the policies of the Funds that remain required by law are more restrictive than the law requires. As a result, many of the current restrictions unnecessarily limit the investment strategies available to BlackRock in managing the assets of the Funds.
| ● | The proposed updates are contingent upon shareholder approval |
| ● | Unless otherwise disclosed in the proxy statements, each Fund will continue to be managed pursuant to its current investment guidelines and Fund management does not anticipate making material changes to the principal investment strategies |
| ● | If the proposals are approved by shareholders, they are expected to become effective sometime in Q4 2021 |
| ● | The Boards believe the applicable proposals are in the best interests of the relevant Fund and recommend that shareholders vote, or submit voting instructions, “FOR” each of the proposals with respect to shareholders’ Fund(s), as applicable |
| ● | Shareholders may cast their votes by phone, internet or mail or by participating in the Meeting. To vote by mail, shareholders should mark their votes on the enclosed proxy card or voting instruction form and sign, date and return the card/form in the postage-paid envelope provided. To vote by telephone or over the internet, shareholders should call the toll-free telephone number listed on the form(s) or go to the website address listed on the form(s) and follow the instructions. Shareholders may attend and participate in the meeting at https://meetnow.global/MJLQLHV by entering the control number found in the shaded box in their proxy cards on the date and timing of the Meeting. Beneficial shareholders will not be able to vote at the virtual Meeting unless they have registered in advance to attend the meeting. Please instruct beneficial shareholders to review the instructions provided in the proxy statement for details on how to register. If shareholders do not vote using one of these methods, they may be called by the funds’ proxy solicitor, Computershare Fund Services, to vote their shares |
Below is an overview of the Funds in scope:
Retail Funds | Ticker | |
BATS: Series C Portfolio, a series of BlackRock Allocation Target Shares* | BATAX | |
BATS: Series M Portfolio, a series of BlackRock Allocation Target Shares* | BRAMX | |
BATS: Series S Portfolio, a series of BlackRock Allocation Target Shares* | BRASX | |
BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc. | MAHQX | |
BlackRock Tactical Opportunities Fund, a series of BlackRock FundsSM | PBAIX | |
BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds IV | BGCIX | |
BlackRock Core Bond Portfolio, a series of BlackRock Funds V | BFMCX | |
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio, a series of BlackRock Funds V | BEDIX | |
BlackRock GNMA Portfolio, a series of BlackRock Funds V | BGNIX | |
BlackRock Inflation Protected Bond Portfolio, a series of BlackRock Funds V | BPRIX | |
BlackRock Low Duration Bond Portfolio, a series of BlackRock Funds V | BFMSX |
BlackRock Strategic Income Opportunities Portfolio a series of BlackRock Funds V | BSIIX | |
BlackRock CoreAlpha Bond Fund, a series of BlackRock Funds VI | BCRIX | |
BlackRock Long-Horizon Equity Fund | MAEGX | |
BlackRock Strategic Global Bond Fund, Inc. | MAWIX | |
BlackRock U.S. Mortgage Portfolio, a series of Managed Account Series II | MSUMX | |
BlackRock Balanced Capital Fund** | MACPX | |
Master Funds | ||
Master Total Return Portfolio, a series of Master Bond LLC | AGTRT | |
CoreAlpha Bond Master Portfolio, a series of Master Investment Portfolio II | LPCAA | |
V.I. Fund | ||
BlackRock Total Return V.I. Fund, a series of BlackRock Variable Series Funds II, Inc. | CRBDI |
*Included in the proxy statement are three Funds that are available as an investment option for certain “wrap-fee” programs or other separately managed account clients for which BlackRock Investment Management, LLC or certain of its affiliates receives compensation pursuant to an investment management agreement Retail shareholders will not be asked to vote on these Funds.
**Shareholders of the Balanced Capital Fund (“Bal Cap”) are not being asked to approve any amendments to the Fund’s fundamental investment restrictions. Since Bal Cap invests a significant portion of its fixed-income assets in Master Total Return, shareholders of Bal Cap are being asked to provide voting instructions with the respect to the proposals for Master Total Return Portfolio.
Attached are the filed proxy statements. Proxy solicitation will begin mid-September and the first shareholder meeting is expected to be October 26th, 2021. Contingent upon shareholder approval, BlackRock expects the proposed changes to the fundamental investment policies to be effective in Q4 2021.
Regards,
XX
Important Risks of the Funds: Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. A fund concentrating in a single region is subject to a greater risk of adverse economic conditions and regulatory changes.
Carefully consider each Fund’s investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
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