497 1 e64941_497.htm SUPPLEMENT a64941.htm - Generated by SEC Publisher for SEC Filing
BlackRock Balanced Capital Fund, Inc. 
 
BlackRock Basic Value Fund, Inc. 
 
BlackRock Bond Fund, Inc. 
BlackRock Total Return Fund 
 
BlackRock California Municipal Series Trust 
BlackRock California Municipal 
Opportunities Fund 
 
BlackRock Capital Appreciation Fund, Inc. 
 
BlackRock CoRI Funds 
BlackRock CoRI 2015 Fund 
BlackRock CoRI 2017 Fund 
BlackRock CoRI 2019 Fund 
BlackRock CoRI 2021 Fund 
BlackRock CoRI 2023 Fund 
 
BlackRock Emerging Markets Fund, Inc. 
 
BlackRock Equity Dividend Fund 
 
BlackRock EuroFund 
 
BlackRock Focus Growth Fund, Inc. 
 
BlackRock FundsSM 
BlackRock All-Cap Energy & Resources Portfolio 
BlackRock Alternative Capital Strategies Fund 
BlackRock Commodity Strategies Fund 
BlackRock Disciplined Small Cap Core Fund 
BlackRock Emerging Market Allocation Portfolio 
BlackRock Emerging Markets Dividend Fund 
BlackRock Emerging Markets Long/Short 
Equity Fund 
BlackRock Energy & Resources Portfolio 
BlackRock Flexible Equity Fund 
BlackRock Global Long/Short Credit Fund 
BlackRock Global Long/Short Equity Fund 
BlackRock Global Opportunities Portfolio 
BlackRock Health Sciences Opportunities Portfolio 
BlackRock International Opportunities Portfolio 
BlackRock Macro Themes Fund 
BlackRock Managed Volatility Portfolio 
BlackRock Midcap Index Fund 
BlackRock Mid-Cap Growth Equity Portfolio 
BlackRock Money Market Portfolio 
BlackRock MSCI Asia ex Japan Index Fund 
BlackRock MSCI World Income Fund 
BlackRock Multi-Asset Real Return Fund 
BlackRock Multi-Manager Alternative 
Strategies Fund 
BlackRock Municipal Money Market Portfolio 
BlackRock New Jersey Municipal 
Money Market Portfolio 
BlackRock North Carolina Municipal 
Money Market Portfolio 
BlackRock Ohio Municipal Money Market Portfolio 
BlackRock Pennsylvania Municipal Money 
Market Portfolio 
BlackRock Real Estate Securities Fund 
BlackRock Science & Technology 
Opportunities Portfolio 
BlackRock Short Obligations Fund 
BlackRock Small Cap Growth Equity Portfolio 
BlackRock Strategic Risk Allocation Fund 
BlackRock U.S. Opportunities Portfolio 
BlackRock U.S. Treasury Money Market Portfolio 
BlackRock Ultra-Short Obligations Fund 
BlackRock Virginia Municipal Money 
Market Portfolio 
 
BlackRock Funds II 
BlackRock 20/80 Target Allocation Fund 
BlackRock 40/60 Target Allocation Fund 
BlackRock 60/40 Target Allocation Fund 
BlackRock 80/20 Target Allocation Fund 
BlackRock Core Bond Portfolio 
BlackRock Dynamic High Income Portfolio 
BlackRock Emerging Markets 
Flexible Dynamic Bond Portfolio 
BlackRock Floating Rate Income Portfolio 
BlackRock Global Dividend Portfolio 
BlackRock GNMA Portfolio 
BlackRock High Yield Bond Portfolio 
BlackRock Inflation Protected Bond Portfolio 
BlackRock Investment Grade Bond Portfolio 
BlackRock LifePath® Active 2020 Fund 
BlackRock LifePath® Active 2025 Fund 
BlackRock LifePath® Active 2030 Fund 
BlackRock LifePath® Active 2035 Fund 
BlackRock LifePath® Active 2040 Fund 
BlackRock LifePath® Active 2045 Fund 
BlackRock LifePath® Active 2050 Fund 
BlackRock LifePath® Active 2055 Fund 
BlackRock LifePath® Active Retirement Fund 
BlackRock Low Duration Bond Portfolio 
BlackRock Multi-Asset Income Portfolio 
BlackRock Secured Credit Portfolio 
BlackRock Strategic Income Opportunities Portfolio 
BlackRock U.S. Government Bond Portfolio 
 
BlackRock Funds III 
BlackRock CoreAlpha Bond Fund 
BlackRock Large Cap Index Fund
BlackRock LifePath® Retirement Fund 
BlackRock LifePath® 2020 Fund 
BlackRock LifePath® 2025 Fund 
BlackRock LifePath® 2030 Fund 
BlackRock LifePath® 2035 Fund 
BlackRock LifePath® 2040 Fund 
BlackRock LifePath® 2045 Fund 
BlackRock LifePath® 2050 Fund 
BlackRock LifePath® 2055 Fund 
BlackRock LifePath® Index Retirement Fund 
BlackRock LifePath® Index 2020 Fund 


 

 
 

BlackRock LifePath® Index 2025 Fund 
BlackRock LifePath® Index 2030 Fund 
BlackRock LifePath® Index 2035 Fund 
BlackRock LifePath® Index 2040 Fund 
BlackRock LifePath® Index 2045 Fund 
BlackRock LifePath® Index 2050 Fund 
BlackRock LifePath® Index 2055 Fund 
BlackRock S&P 500 Index Fund 
BlackRock Total International ex U.S. Index Fund 
BlackRock U.S. Total Bond Index Fund 
 
BlackRock Global Allocation Fund, Inc. 
 
BlackRock Global SmallCap Fund, Inc. 
 
BlackRock Index Funds, Inc. 
BlackRock International Index Fund 
BlackRock Small Cap Index Fund 
 
BlackRock Large Cap Series Funds, Inc. 
BlackRock Event Driven Equity Fund 
BlackRock Large Cap Core Fund 
BlackRock Large Cap Growth Fund 
BlackRock Large Cap Value Fund 
 
BlackRock Latin America Fund, Inc. 
 
BlackRock Long-Horizon Equity Fund 
 
BlackRock Mid Cap Value Opportunities Series, Inc. 
BlackRock Mid Cap Value Opportunities Fund 
BlackRock Multi-State Municipal Series Trust 
BlackRock New Jersey Municipal Bond Fund 
BlackRock New York Municipal Opportunities Fund 
BlackRock Pennsylvania Municipal Bond Fund 
 
BlackRock Municipal Bond Fund, Inc. 
BlackRock High Yield Municipal Fund 
BlackRock National Municipal Fund 
BlackRock Short-Term Municipal Fund 
 
BlackRock Municipal Series Trust 
BlackRock Strategic Municipal Opportunities Fund 
 
BlackRock Natural Resources Trust 
 
BlackRock Pacific Fund, Inc. 
 
BlackRock Series, Inc. 
BlackRock International Fund 
BlackRock Small Cap Growth Fund II 
 
BlackRock Value Opportunities Fund, Inc. 
 
BlackRock World Income Fund, Inc. 
 
FDP Series, Inc. 
Franklin Templeton Total Return FDP Fund 
Invesco Value FDP Fund 
Marsico Growth FDP Fund 
MFS Research International FDP Fund 
 
Managed Account Series 
BlackRock U.S. Mortgage Portfolio 


 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated July 1, 2015 to the Prospectus of each Fund

Effective on September 1, 2015, each Fund’s Prospectus is amended as follows:

In the section entitled “Fund Overview — Purchase and Sale of Fund Shares” in each Fund’s Prospectus for Institutional Shares, the Institutional Shares column of the table is deleted in its entirety and replaced with the following:

  Institutional Shares 
Minimum Initial Investment  There is no minimum initial investment for employer-sponsored retirement plans (not 
  including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college 
  savings plans, collective trust funds, investment companies or other pooled investment 
  vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which 
  may purchase shares of the Fund through a Financial Intermediary that has entered 
  into an agreement with the Fund’s distributor to purchase such shares. 
  $2 million for individuals and “Institutional Investors,” which, include but are not 
  limited to, endowments, foundations, family offices, local, city, and state governmental 
  institutions, corporations and insurance company separate accounts who may purchase 
  shares of the Fund through a Financial Intermediary that has entered into an agreement 
  with the Fund’s distributor to purchase such shares. 
  $1,000 for investors of Financial Intermediaries that: (i) charge such investors a fee for 
  advisory, investment consulting, or similar services or (ii) have entered into agreement 
  with the Fund’s distributor to offer Institutional Shares through a no-load program or 
  investment platform. 
Minimum Additional Investment  No subsequent minimum. 

 

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In the section entitled “Account Information — How to Choose the Share Class that Best Suits Your Needs” in each Fund’s current Prospectus for Institutional Shares, the first two rows of the Institutional Shares column of the table are deleted in their entirety and replaced with the following with regards to Institutional Shares:

  Institutional 
Availability  Limited to certain investors, including: 
  •  Individuals and Institutional Investors who may purchase shares of the Fund 
    through a Financial Intermediary that has entered into an agreement with the 
    Distributor to purchase such shares. 
  •  Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or 
    SARSEPs), state sponsored 529 college savings plans, collective trust funds, 
    investment companies or other pooled investment vehicles, unaffiliated thrifts and 
    unaffiliated banks and trust companies, each of which may purchase shares of the 
    Fund through a Financial Intermediary that has entered into an agreement with the 
    Distributor to purchase such shares. 
  •  Employees, officers and directors/trustees of BlackRock or its affiliates. 
  •  Participants in certain programs sponsored by BlackRock or its affiliates or other 
    Financial Intermediaries. 
Minimum Investment  There is no investment minimum for: 
  •  Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or 
    SARSEPs), state sponsored 529 college savings plans, collective trust funds, 
    investment companies or other pooled investment vehicles, unaffiliated thrifts and 
unaffiliated banks and trust companies.
  •  Employees, officers and directors/trustees of BlackRock or its affiliates. 
  $2 million for individuals and Institutional Investors. 
  $1,000 for investors of Financial Intermediaries that: (i) charge such investors a fee for 
  advisory, investment consulting, or similar services or (ii) have entered into an 
  agreement with the Distributor to offer Institutional Shares through a no-load program 
  or investment platform. 

 

The last paragraph in the section entitled “Account Information — Details About the Share Classes —Institutional Shares” or “Account Information — Details About the Share Classes,” as applicable, in each Fund’s current Prospectus for Institutional Shares is deleted in its entirety and replaced with the following with regards to Institutional Shares:

Eligible Institutional investors include the following:

nIndividuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares;
nInvestors of Financial Intermediaries that: (i) charge such investors a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each case, with a minimum initial investment of $1,000;
nEmployer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares;
nTrust department clients of PNC Bank and Bank of America, N.A. and their affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as custodian for at least $2 million in assets, who are not subject to any minimum initial investment;
nHolders of certain BofA Corp. sponsored UITs who reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial investment; and
nEmployees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., PNC, Barclays or their respective affiliates, who are not subject to any minimum initial investment.

The Fund reserves the right to modify or waive the above-stated policies at any time.

Shareholders should retain this Supplement for future reference.

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