BlackRock Allocation Target Shares 

BATS: Series A Portfolio 

BATS: Series C Portfolio 

BATS: Series E Portfolio 

BATS: Series M Portfolio 

BATS: Series P Portfolio 

BATS: 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 

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 Funds^SM 

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 Index 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 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 Large Cap Value Retirement Portfolio 

BlackRock Latin America Fund, Inc. 

BlackRock Global Allocation Fund, Inc. 

BlackRock Global SmallCap 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 

Global SmallCap Portfolio 

Mid Cap Value Opportunities Portfolio 

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

2

Supplement dated July 1, 2015 to the
Statement of Additional Information of each Fund

Effective on September 1, 2015, Part II of each Fund’s Statement of Additional Information is amended as follows:

The section entitled “Redemption of Shares — Note on Low Balance Accounts” in Part II of each Fund’s current Statement of Additional Information is deleted in its entirety and replaced with the following or, if applicable, the following section is added:

Note on Low Balance Accounts. Because of the high cost of maintaining smaller shareholder accounts, BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any reason, including market fluctuation.

You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your financial intermediary.

Shareholders should retain this Supplement for future reference.