BlackRock Allocation Target Shares
     Series C Portfolio      Series E Portfolio
     Series M Portfolio
     Series P Portfolio
     Series S Portfolio   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 Bond 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 Funds^SM
     BlackRock All-Cap Energy & Resources Portfolio
     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 Exchange 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 Managed Volatility Portfolio
     BlackRock Mid-Cap Growth Equity Portfolio
     BlackRock Multi-Asset Real Return Fund      BlackRock Multi-Manager Alternative           Strategies Fund
     BlackRock Real Estate Securities Fund
     BlackRock Science & Technology Opportunities            Portfolio
     BlackRock Small Cap Growth Equity Portfolio        BlackRock Strategic Risk Allocation Fund
     BlackRock U.S. Opportunities Portfolio

BlackRock Funds II
     BlackRock Aggressive Growth Prepared Portfolio
     BlackRock Conservative Prepared Portfolio
     BlackRock Core Bond Portfolio           BlackRock Emerging Markets Flexible Dynamic
          Bond Portfolio
     BlackRock Floating Rate Income Portfolio
     BlackRock Global Dividend Portfolio
     BlackRock GNMA Portfolio
     BlackRock Growth Prepared Portfolio
     BlackRock High Yield Bond Portfolio
     BlackRock Inflation Protected Bond Portfolio           BlackRock Investment Grade Bond Portfolio
     BlackRock Low Duration Bond Portfolio
     BlackRock Moderate Prepared Portfolio      BlackRock Multi-Asset Income Portfolio      BlackRock Secured Credit Portfolio           BlackRock Strategic Income Opportunities           Portfolio
     BlackRock U.S. Government Bond Portfolio
     LifePath^® Active 2015 Portfolio
     LifePath^® Active 2020 Portfolio
     LifePath^® Active 2025 Portfolio
     LifePath^® Active 2030 Portfolio
     LifePath^® Active 2035 Portfolio
     LifePath^® Active 2040 Portfolio
     LifePath^® Active 2045 Portfolio
     LifePath^® Active 2050 Portfolio
     LifePath^® Active 2055 Portfolio
BlackRock Funds III
     BlackRock ACWI ex-US Index Fund
     BlackRock Bond Index Fund
     BlackRock CoreAlpha Bond Fund
     BlackRock Russell 1000^® Index Fund
     BlackRock S&P 500 Stock Fund
     LifePath^® Retirement Portfolio
     LifePath 2020 Portfolio^®
     LifePath^® 2025 Portfolio
     LifePath 2030 Portfolio^®
     LifePath^® 2035 Portfolio
     LifePath 2040 Portfolio^®
     LifePath^® 2045 Portfolio
     LifePath^® 2050 Portfolio
     LifePath^® 2055 Portfolio
     LifePath^® Index Retirement Portfolio
     LifePath^® Index 2020 Portfolio
     LifePath^® Index 2025 Portfolio
     LifePath^® Index 2030 Portfolio
     LifePath^® Index 2035 Portfolio
     LifePath^® Index 2040 Portfolio
     LifePath^® Index 2045 Portfolio

     LifePath^® Index 2050 Portfolio
     LifePath^® Index 2055 Portfolio   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 Large Cap Core Fund
     BlackRock Large Cap Core Plus Fund      BlackRock Large Cap Growth Fund      BlackRock Large Cap Value Fund
     BlackRock Large Cap Growth Retirement Portfolio
     BlackRock Large Cap Value Retirement Portfolio
     BlackRock Large Cap Core Retirement Portfolio   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 Bond 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 Fund, Inc.      BlackRock Balanced Capital Portfolio      BlackRock Capital Appreciation Portfolio      BlackRock Global Allocation Portfolio           BlackRock High Yield Portfolio             BlackRock Large Cap Core Portfolio      BlackRock Money Market Portfolio      BlackRock Total Return Portfolio      BlackRock U.S. Government Bond Portfolio   BlackRock Series, Inc.
     BlackRock International Fund
     BlackRock Small Cap Growth Fund II
BlackRock Value Opportunities Fund, Inc.
     
BlackRock Variable Series Funds, Inc.      BlackRock Basic Value V.I. Fund      BlackRock Capital Appreciation V.I. Fund      BlackRock Equity Dividend V.I. Fund      BlackRock Global Allocation V.I. Fund      BlackRock Global Opportunities V.I. Fund      BlackRock High Yield V.I. Fund      BlackRock International V.I. Fund      BlackRock iShares^® Alternative Strategies V.I. Fund      BlackRock iShares^® Dynamic Allocation V.I. Fund      BlackRock iShares^® Dynamic Fixed Income           V.I. Fund      BlackRock iShares^® Equity Appreciation V.I. Fund      BlackRock Large Cap Core V.I. Fund      BlackRock Large Cap Growth V.I. Fund      BlackRock Large Cap Value V.I. Fund      BlackRock Managed Volatility V.I. Fund      BlackRock Money Market V.I. Fund      BlackRock S&P 500 Index V.I. Fund      BlackRock Total Return V.I. Fund      BlackRock U.S. Government Bond V.I. Fund      BlackRock Value Opportunities V.I. Fund 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      Global SmallCap Portfolio      Mid Cap Value Opportunities Portfolio

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

Supplement dated August 22, 2014 to the
Statement of Additional Information of each Fund

Part II of each Fund’s Statement of Additional Information is amended as follows:

The last paragraph under the section entitled “Purchase of Shares – Other Compensation to Selling Dealers” in Part II of each Fund’s current Statement of Additional Information is deleted in its entirety and replaced with the following:

As of the date of this SAI, as amended or supplemented from time to time, the following Service Organizations are receiving such payments: Ameriprise Financial Services, AXA Advisors, CCO Investment Services, Cetera Advisor Networks LLC, Cetera Advisors LLC, Cetera Financial Specialists LLC, Cetera Investment Services

2

LLC, Citigroup Global Markets, Inc., Commonwealth Equity Services (Commonwealth Financial Network), Donegal Securities, FSC Securities Corporation, Investacorp, Inc., JP Morgan, LPL Financial Corporation, Merrill Lynch, MetLife Securities, Morgan Stanley Smith Barney, New England Securities Corporation, Northwestern Mutual Investment Services, LLC, PFS Investments, Raymond James, RBC Capital Markets, Royal Alliance Associates, SagePoint Financial, Santander Securities, LLC, Securities America, State Farm VP Management Corp., Triad Advisors, Inc., UBS Financial Services, U.S. Bancorp Investments, Voya Financial Advisors, Inc., Voya Investments Distributor, LLC, Wells Fargo, Woodbury Financial Services, Inc. and/or broker dealers and other financial services firms under common control with the above organizations (or their successors or assignees). The level of payments made to these Service Organizations in any year will vary, may be limited to specific Funds or share classes, and normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization and (b) 0.21% of the assets attributable to that Service Organization invested in a Fund. In certain cases, the payments described in the preceding sentence are subject to certain minimum payment levels. In addition, from time to time BRIL, BlackRock or certain of their affiliates may make fixed dollar amount payments to certain Service Organizations listed above that are not based on the value of the shares sold to, or held by, the Service Organization’s customers and may be different for different Service Organizations.

Shareholders should retain this Supplement for future reference.

SAI-GLOBAL-0814SUP