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BIF Government Securities FundBIF Money FundBIF Tax-Exempt FundBIF Treasury FundBIF Multi-State Municipal Series TrustBIF California Municipal Money FundBIF Connecticut Municipal Money FundBIF Massachusetts Municipal Money FundBIF New Jersey Municipal Money FundBIF New York Municipal Money FundBIF Ohio Municipal Money FundBBIF Government Securities FundBBIF Money FundBBIF Tax-Exempt FundBBIF Treasury FundBlackRock Allocation Target SharesBATS: Series A PortfolioBATS: Series C PortfolioBATS: Series E PortfolioBATS: Series M PortfolioBATS: Series P PortfolioBATS: Series S PortfolioBlackRock Balanced Capital Fund, Inc.BlackRock Basic Value Fund, Inc.BlackRock Bond Fund, Inc.BlackRock Total Return FundBlackRock California Municipal Series TrustBlackRock California Municipal Opportunities FundBlackRock Capital Appreciation Fund, Inc.BlackRock CoRI FundsBlackRock CoRI 2015 FundBlackRock CoRI 2017 FundBlackRock CoRI 2019 FundBlackRock CoRI 2021 FundBlackRock CoRI 2023 FundBlackRock Emerging Markets Fund, Inc.BlackRock Equity Dividend FundBlackRock EuroFundBlackRock Financial Institutions Series TrustBlackRock Summit Cash Reserves FundBlackRock Focus Growth Fund, Inc.BlackRock FundsSMBlackRock All-Cap Energy & Resources PortfolioBlackRock Commodity Strategies FundBlackRock Disciplined Small Cap Core FundBlackRock Emerging Market Allocation PortfolioBlackRock Emerging Markets Dividend FundBlackRock Emerging Markets Long/ShortEquity FundBlackRock Energy & Resources PortfolioBlackRock Exchange PortfolioBlackRock Flexible Equity FundBlackRock Global Long/Short Credit FundBlackRock Global Long/Short Equity FundBlackRock Global Opportunities PortfolioBlackRock Health Sciences Opportunities PortfolioBlackRock International Opportunities PortfolioBlackRock Macro Themes FundBlackRock Managed Volatility PortfolioBlackRock Mid-Cap Growth Equity PortfolioBlackRock Money Market PortfolioBlackRock Multi-Asset Real Return FundBlackRock Multi-Manager AlternativeStrategies FundBlackRock Municipal Money Market PortfolioBlackRock New Jersey Municipal MoneyMarket PortfolioBlackRock North Carolina Municipal MoneyMarket PortfolioBlackRock Ohio Municipal Money MarketPortfolioBlackRock Pennsylvania Municipal MoneyMarket PortfolioBlackRock Real Estate Securities FundBlackRock Science & Technology OpportunitiesPortfolioBlackRock Short Obligations FundBlackRock Short-Term Treasury FundBlackRock Small Cap Growth Equity PortfolioBlackRock Strategic Risk Allocation FundBlackRock Ultra-Short Obligations FundBlackRock U.S. Opportunities PortfolioBlackRock U.S. Treasury Money Market PortfolioBlackRock Virginia Municipal MoneyMarket PortfolioBlackRock Funds IIBlackRock Aggressive Growth Prepared PortfolioBlackRock Conservative Prepared PortfolioBlackRock Core Bond PortfolioBlackRock Dynamic High Income PortfolioBlackRock Emerging Markets Flexible DynamicBond PortfolioBlackRock Floating Rate Income PortfolioBlackRock Global Dividend PortfolioBlackRock GNMA PortfolioBlackRock Growth Prepared PortfolioBlackRock High Yield Bond PortfolioBlackRock Inflation Protected Bond PortfolioBlackRock Investment Grade Bond PortfolioBlackRock LifePath Active Retirement FundBlackRock LifePath Active 2020 FundBlackRock LifePath Active 2025 Fund
BlackRock Long-Horizon Equity FundBlackRock LifePath Active 2030 FundBlackRock LifePath Active 2035 FundBlackRock LifePath Active 2040 FundBlackRock LifePath Active 2045 FundBlackRock LifePath Active 2050 FundBlackRock LifePath Active 2055 FundBlackRock Low Duration Bond PortfolioBlackRock Moderate Prepared PortfolioBlackRock Multi-Asset Income PortfolioBlackRock Secured Credit PortfolioBlackRock Strategic Income OpportunitiesPortfolioBlackRock U.S. Government Bond PortfolioBlackRock Mid Cap Value Opportunities Series, Inc.BlackRock Mid Cap Value Opportunities FundBlackRock Multi-State Municipal Series TrustBlackRock New Jersey Municipal Bond FundBlackRock New York Municipal Opportunities FundBlackRock Pennsylvania Municipal Bond FundBlackRock Municipal Bond Fund, Inc.BlackRock High Yield Municipal FundBlackRock National Municipal FundBlackRock Short-Term Municipal FundBlackRock Municipal Series TrustBlackRock Strategic Municipal Opportunities FundBlackRock Funds IIIBlackRock ACWI ex-U.S. Index FundBlackRock Bond Index FundBlackRock CoreAlpha Bond FundBlackRock LifePath Retirement FundBlackRock LifePath 2020 FundBlackRock LifePath 2025 FundBlackRock LifePath 2030 FundBlackRock LifePath 2035 FundBlackRock LifePath 2040 FundBlackRock LifePath 2045 FundBlackRock LifePath 2050 FundBlackRock LifePath 2055 FundBlackRock LifePath Index Retirement FundBlackRock LifePath Index 2020 FundBlackRock LifePath Index 2025 FundBlackRock LifePath Index 2030 FundBlackRock LifePath Index 2035 FundBlackRock LifePath Index 2040 FundBlackRock LifePath Index 2045 FundBlackRock LifePath Index 2050 FundBlackRock LifePath Index 2055 FundBlackRock Russell 1000 Index FundBlackRock S&P 500 Stock FundBlackRock Natural Resources TrustBlackRock Pacific Fund, Inc.BlackRock Series Fund, Inc.BlackRock Balanced Capital PortfolioBlackRock Capital Appreciation PortfolioBlackRock Global Allocation PortfolioBlackRock High Yield PortfolioBlackRock Large Cap Core PortfolioBlackRock Money Market PortfolioBlackRock Total Return PortfolioBlackRock U.S. Government Bond PortfolioBlackRock Series, Inc.BlackRock International FundBlackRock Small Cap Growth Fund IIBlackRock Value Opportunities Fund, Inc.BlackRock Variable Series Funds, Inc.BlackRock Basic Value V.I. FundBlackRock Capital Appreciation V.I. FundBlackRock Equity Dividend V.I. FundBlackRock Global Allocation V.I. FundBlackRock Global Opportunities V.I. FundBlackRock High Yield V.I. FundBlackRock International V.I. FundBlackRock iShares Alternative StrategiesV.I. FundBlackRock iShares Dynamic AllocationV.I. FundBlackRock iShares Dynamic Fixed IncomeV.I. FundBlackRock iShares Equity Appreciation V.I. FundBlackRock Large Cap Core V.I. FundBlackRock Large Cap Growth V.I. FundBlackRock Large Cap Value V.I. FundBlackRock Managed Volatility V.I. FundBlackRock Money Market V.I. FundBlackRock Global Allocation Fund, Inc.BlackRock Global SmallCap Fund, Inc.BlackRock Index Funds, Inc.BlackRock International Index FundBlackRock Small Cap Index FundBlackRock Large Cap Series Funds, Inc.BlackRock Large Cap Core FundBlackRock Large Cap Core Plus FundBlackRock Large Cap Growth FundBlackRock Large Cap Value FundBlackRock Large Cap Growth Retirement PortfolioBlackRock Large Cap Value Retirement PortfolioBlackRock Large Cap Core Retirement PortfolioBlackRock Latin America Fund, Inc.2
BlackRock S&P 500 Index V.I. FundBlackRock Total Return V.I. FundBlackRock U.S. Government Bond V.I. FundBlackRock Value Opportunities V.I. FundManaged Account SeriesBlackRock U.S. Mortgage PortfolioGlobal SmallCap PortfolioMid Cap Value Opportunities PortfolioBlackRock World Income Fund, Inc.Ready Assets Prime Money FundFDP Series, Inc.Franklin Templeton Total Return FDP FundInvesco Value FDP FundMarsico Growth FDP FundMFS Research International FDP FundReady Assets U.S. Treasury Money FundReady Assets U.S.A. Government Money FundRetirement Series TrustRetirement Reserves Money Fund(each, a “Fund” and collectively, the “Funds”)Supplement dated April 2, 2015 to theStatement of Additional Information of each FundEffective immediately, Part II of each Fund’s Statement of Additional Information is amended as follows:The subsection entitled “Potential Conflicts of Interest” in Part II of each Fund’s current Statement ofAdditional Information is deleted in its entirety and replaced with the following:Potential Conflicts of InterestThe PNC Financial Services Group, Inc. (“PNC”) has a significant economic interest in BlackRock, Inc., theparent of BlackRock Advisors, LLC, the Funds’ investment adviser. PNC is considered to be an affiliate ofBlackRock, Inc., under the Investment Company Act. Certain activities of BlackRock Advisors, LLC, BlackRock,Inc. and their affiliates (collectively, “BlackRock”) and PNC and its affiliates (collectively, “PNC” and togetherwith BlackRock, “Affiliates”), with respect to the Funds and/or other accounts managed by BlackRock or PNC,may give rise to actual or perceived conflicts of interest such as those described below.BlackRock is one of the world’s largest asset management firms. PNC is a diversified financial servicesorganization spanning the retail, business and corporate markets. BlackRock, PNC and their respective affiliates(including, for these purposes, their directors, partners, trustees, managing members, officers and employees),including the entities and personnel who may be involved in the investment activities and business operations of aFund, are engaged worldwide in businesses, including equity, fixed-income, cash management and alternativeinvestments, and have interests other than that of managing the Funds. These are considerations of which investorsin a Fund should be aware, and which may cause conflicts of interest that could disadvantage the Fund and itsshareholders. These activities and interests include potential multiple advisory, transactional, financial and otherinterests in securities and other instruments, and companies that may be purchased or sold by a Fund.BlackRock and its Affiliates have proprietary interests in, and may manage or advise with respect to, accounts orfunds (including separate accounts and other funds and collective investment vehicles) that have investmentobjectives similar to those of a Fund and/or that engage in transactions in the same types of securities, currenciesand instruments as the Fund. One or more Affiliates are also major participants in the global currency, equities,swap and fixed-income markets, in each case both on a proprietary basis and for the accounts of customers. Assuch, one or more Affiliates are or may be actively engaged in transactions in the same securities, currencies, andinstruments in which a Fund invests. Such activities could affect the prices and availability of the securities,currencies, and instruments in which a Fund invests, which could have an adverse impact on the Fund’sperformance. Such transactions, particularly in respect of most proprietary accounts or customer accounts, will beexecuted independently of a Fund’s transactions and thus at prices or rates that may be more or less favorable thanthose obtained by the Fund.When BlackRock and its Affiliates seek to purchase or sell the same assets for their managed accounts, includinga Fund, the assets actually purchased or sold may be allocated among the accounts on a basis determined in theirgood faith discretion to be equitable. In some cases, this system may adversely affect the size or price of the assetspurchased or sold for a Fund. In addition, transactions in investments by one or more other accounts managed by3
BlackRock or its Affiliates may have the effect of diluting or otherwise disadvantaging the values, prices orinvestment strategies of a Fund, particularly, but not limited to, with respect to small capitalization, emergingmarket or less liquid strategies. This may occur when investment decisions regarding a Fund are based on researchor other information that is also used to support decisions for other accounts. When BlackRock or its Affiliatesimplements a portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with,similar decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in theFund receiving less favorable trading results and the costs of implementing such decisions or strategies could beincreased or the Fund could otherwise be disadvantaged. BlackRock or its Affiliates may, in certain cases, elect toimplement internal policies and procedures designed to limit such consequences, which may cause a Fund to beunable to engage in certain activities, including purchasing or disposing of securities, when it might otherwise bedesirable for it to do so.Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed byBlackRock or its Affiliates. For example, the sale of a long position or establishment of a short position by a Fundmay impair the price of the same security sold short by (and therefore benefit) one or more Affiliates or their otheraccounts, and the purchase of a security or covering of a short position in a security by a Fund may increase theprice of the same security held by (and therefore benefit) one or more Affiliates or their other accounts.BlackRock and its Affiliates and their clients may pursue or enforce rights with respect to an issuer in which aFund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability,liquidity and terms of the Fund’s investments may be negatively impacted by the activities of BlackRock or itsAffiliates or their clients, and transactions for the Fund may be impaired or effected at prices or terms that may beless favorable than would otherwise have been the case.The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock andits Affiliates for their proprietary accounts or other accounts (including investment companies or collectiveinvestment vehicles) managed or advised by them. It is possible that one or more Affiliate-managed accounts andsuch other accounts will achieve investment results that are substantially more or less favorable than the resultsachieved by a Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or moreAffiliates or Affiliate-managed accounts achieve significant profits on their trading for proprietary or otheraccounts. The opposite result is also possible. The investment activities of one or more Affiliates for theirproprietary accounts and accounts under their management may also limit the investment opportunities for a Fundin certain emerging and other markets in which limitations are imposed upon the amount of investment, in theaggregate or in individual issuers, by affiliated foreign investors.From time to time, a Fund’s activities may also be restricted because of regulatory restrictions applicable to one ormore Affiliates, and/or their internal policies designed to comply with such restrictions. As a result, there may beperiods, for example, when BlackRock, and/or one or more Affiliates, will not initiate or recommend certain typesof transactions in certain securities or instruments with respect to which BlackRock and/or one or more Affiliatesare performing services or when position limits have been reached.In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis andproprietary technical models developed by one or more Affiliates. BlackRock will not be under any obligation,however, to effect transactions on behalf of a Fund in accordance with such analysis and models. In addition,neither BlackRock nor any of its Affiliates will have any obligation to make available any information regardingtheir proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, forthe benefit of the management of a Fund and it is not anticipated that BlackRock will have access to suchinformation for the purpose of managing the Fund. The proprietary activities or portfolio strategies of BlackRockand its Affiliates, or the activities or strategies used for accounts managed by them or other customer accountscould conflict with the transactions and strategies employed by BlackRock in managing a Fund.In addition, certain principals and certain employees of BlackRock are also principals or employees of BlackRockor another Affiliate. As a result, the performance by these principals and employees of their obligations to suchother entities may be a consideration of which investors in a Fund should be aware.BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund inwhich customers of BlackRock or its Affiliates, or, to the extent permitted by the Commission, BlackRock or4
another Affiliate, serves as the counterparty, principal or issuer. In such cases, such party’s interests in thetransaction will be adverse to the interests of the Fund, and such party may have no incentive to assure that theFund obtains the best possible prices or terms in connection with the transactions. In addition, the purchase,holding and sale of such investments by a Fund may enhance the profitability of BlackRock or its Affiliates. Oneor more Affiliates may also create, write or issue derivatives for their customers, the underlying securities,currencies or instruments of which may be those in which a Fund invests or which may be based on theperformance of the Fund. A Fund may, subject to applicable law, purchase investments that are the subject of anunderwriting or other distribution by one or more Affiliates and may also enter into transactions with other clientsof an Affiliate where such other clients have interests adverse to those of the Fund.At times, these activities may cause departments of BlackRock or its Affiliates to give advice to clients that maycause these clients to take actions adverse to the interests of the Fund. To the extent affiliated transactions arepermitted, a Fund will deal with BlackRock and its Affiliates on an arms-length basis. BlackRock or its Affiliatesmay also have an ownership interest in certain trading or information systems used by a Fund. A Fund’s use ofsuch trading or information systems may enhance the profitability of BlackRock and its Affiliates.One or more Affiliates may act as broker, dealer, agent, lender or adviser or in other commercial capacities for aFund. It is anticipated that the commissions, mark-ups, mark-downs, financial advisory fees, underwriting andplacement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or profits,rates, terms and conditions charged by an Affiliate will be in its view commercially reasonable, although eachAffiliate, including its sales personnel, will have an interest in obtaining fees and other amounts that are favorableto the Affiliate and such sales personnel.Subject to applicable law, the Affiliates (and their personnel and other distributors) will be entitled to retain feesand other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender,adviser or in other commercial capacities and no accounting to the Funds or their shareholders will be required,and no fees or other compensation payable by the Funds or their shareholders will be reduced by reason of receiptby an Affiliate of any such fees or other amounts.When an Affiliate acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,the Affiliate may take commercial steps in its own interests, which may have an adverse effect on the Funds. AFund will be required to establish business relationships with its counterparties based on the Fund’s own creditstanding. Neither BlackRock nor any of the Affiliates will have any obligation to allow their credit to be used inconnection with a Fund’s establishment of its business relationships, nor is it expected that the Fund’scounterparties will rely on the credit of BlackRock or any of the Affiliates in evaluating the Fund’screditworthiness.Purchases and sales of securities for a Fund may be bunched or aggregated with orders for other BlackRock clientaccounts. BlackRock and its Affiliates, however, are not required to bunch or aggregate orders if portfoliomanagement decisions for different accounts are made separately, or if they determine that bunching oraggregating is not practicable, required or with cases involving client direction.Prevailing trading activity frequently may make impossible the receipt of the same pr
Ready Assets Prime Money Fund Ready Assets U.S. Treasury Money Fund Ready Assets U.S.A. Government Money Fund Retirement Series Trust Retirement Reserves Money Fund 3 (each, a “Fund” and collectively, the “Funds”) Supplement dated April 2, 2015 to the Statemen
