(each, a “Fund” and collectively, the “Funds”)
Supplement dated November 20, 2019 to the Investor C1, Investor C2 and Investor C3 Summary Prospectuses and Prospectuses, as applicable, and Statements of Additional Information of each Fund
Effective on or about the close of business on February 24, 2020, as specified below, all of the issued and outstanding shares of certain share classes of the Funds (the “Original Shares”) will be converted into other existing share classes of the Funds (the “New Shares”) with the same relative aggregate net asset value as the Original Shares held immediately prior to the conversion. The New Shares currently have lower total expense ratios, lower distribution fees and equal shareholder servicing fees payable under the applicable Fund’s 12b-1 plan than the Original Shares. No sales load, fee, or other charge will be imposed on the conversion of these shares and, once converted, the New Shares will not be subject to the contingent deferred sales charge (if any) currently charged on the redemption of the Original Shares. Please refer to the applicable Fund’s Prospectus for more information on the New Shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.
| Fund |
Original Shares | New Shares | ||||||||
| BlackRock California Municipal Opportunities Fund | Investor C1 | Investor A | ||||||||
| BlackRock Equity Dividend Fund | Investor C1 | Investor A | ||||||||
| BlackRock Floating Rate Income Portfolio | Investor C1 | Investor A | ||||||||
| BlackRock High Yield Bond Portfolio | Investor C1 | Investor A | ||||||||
| BlackRock Low Duration Bond Portfolio | Investor C2 | Investor A | ||||||||
| BlackRock Low Duration Bond Portfolio | Investor C3 | Investor A | ||||||||
| BlackRock National Municipal Bond Fund | Investor C1 | Investor A | ||||||||
| BlackRock New Jersey Municipal Bond Fund | Investor C1 | Investor A | ||||||||
| BlackRock New York Municipal Opportunities Fund | Investor C1 | Investor A | ||||||||
| BlackRock Pennsylvania Municipal Bond Fund | Investor C1 | Investor A | ||||||||
| BlackRock Strategic Global Bond Fund, Inc. | Investor C1 | Investor A | ||||||||
| BlackRock Total Return Fund | Investor C1 | Investor A | ||||||||
| BlackRock Total Return Fund | Investor C2 | Investor A | ||||||||
| BlackRock U.S. Government Bond Portfolio | Investor C1 | Investor A | ||||||||
| iShares S&P 500 Index Fund | Investor C1 | Investor A | ||||||||
Shareholders should retain this Supplement for future reference.
PR2SAI-CTOA-1119SUP