BlackRock FundsSM BlackRock Prepared Portfolio 2035

[Pages:98]BlackRock FundsSM BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio BlackRock Energy & Resources Portfolio

BlackRock Exchange Portfolio BlackRock Global Opportunities Portfolio BlackRock Health Sciences Opportunities Portfolio

BlackRock Index Equity Portfolio BlackRock International Opportunities Portfolio

BlackRock Mid-Cap Growth Equity Portfolio BlackRock Mid-Cap Value Equity Portfolio

BlackRock Money Market Portfolio 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 Science & Technology Opportunities Portfolio

BlackRock Small Cap Growth Equity Portfolio BlackRock Small/Mid-Cap Growth Portfolio

BlackRock U.S. Opportunities Portfolio BlackRock U.S. Treasury Money Market Portfolio BlackRock Virginia Municipal Money Market Portfolio

BlackRock World Gold Fund BlackRock Funds II

BlackRock Aggressive Growth Prepared Portfolio BlackRock AMT-Free Municipal Bond Portfolio

BlackRock Bond Portfolio BlackRock Conservative Prepared Portfolio BlackRock Emerging Market Debt Portfolio BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Income Portfolio

BlackRock GNMA Portfolio BlackRock Government Income Portfolio

BlackRock Growth Prepared Portfolio BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio BlackRock Long Duration Bond Portfolio BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio BlackRock Moderate Prepared Portfolio BlackRock Multi-Sector Bond Portfolio

BlackRock Prepared Portfolio 2015 BlackRock Prepared Portfolio 2020 BlackRock Prepared Portfolio 2025 BlackRock Prepared Portfolio 2030

BlackRock Prepared Portfolio 2035 BlackRock Prepared Portfolio 2040 BlackRock Prepared Portfolio 2045 BlackRock Prepared Portfolio 2050 BlackRock Strategic Income Opportunities Portfolio BlackRock Total Return Portfolio II

BlackRock Funds III BlackRock Bond Index Fund BlackRock CoreAlpha Bond Fund BlackRock S&P 500 Stock Fund BlackRock Russell 1000? Index 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 BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock High Income Fund BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Bond Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Focus Value Fund, Inc. BlackRock Global Allocation Fund, Inc. BlackRock Global Dynamic Equity Fund BlackRock Global Emerging Markets Fund, Inc. BlackRock Global Growth Fund, Inc. BlackRock Global SmallCap Fund, Inc. BlackRock Healthcare Fund, Inc. BlackRock Index Funds, Inc. BlackRock International Index Fund BlackRock S&P 500 Index Fund BlackRock Small Cap Index Fund BlackRock International Value Trust BlackRock International Value 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 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 Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Intermediate Municipal Fund BlackRock Natural Resources Trust BlackRock Pacific Fund, Inc.

BlackRock Series, Inc. BlackRock International Fund BlackRock Small Cap Growth Fund II BlackRock Short-Term Bond Series, Inc. BlackRock Short-Term Bond Fund

BlackRock Utilities and Telecommunications Fund, Inc. BlackRock Value Opportunities Fund, Inc. BlackRock World Income Fund, Inc.

FDP Series, Inc. Franklin Templeton Total Return FDP Fund

Marsico Growth FDP Fund MFS Research International FDP Fund

Van Kampen Value FDP Fund Managed Account Series U.S. Mortgage Portfolio

(each, a "Fund" and collectively, the "Funds")

Supplement dated May 9, 2011 to the Prospectus of each Fund

Effective with the open of business on June 9, 2011, each Fund's Prospectus is amended as set forth below:

The paragraph entitled "Note on Low Balance Accounts" in the section entitled "Account Information -- Fund's Rights" or "Account Information -- Funds' Rights", as applicable, in each Fund's current Prospectus is deleted and replaced with the following:

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 take one of two actions if the balance in your Fund falls below the Fund Minimum.

First, the Fund may redeem the shares in your account (without charging any deferred sales charge) if the net asset value of your account falls below $250 for any reason, including market fluctuation. You will be notified that the value of your account is less than $250 before the Fund makes an involuntary redemption. The 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 $250 before the Fund makes an involuntary redemption or to the Fund Minimum in order not to be assessed an annual low balance fee of $20, as set forth below. This involuntary redemption may not apply to accounts of authorized qualified employee benefit plans, selected fee-based programs, accounts established under the Uniform Gifts or Transfers to Minors Acts, and certain intermediary accounts.

Second, the Fund charges an annual $20 low balance fee on all Fund accounts that have a balance below the Fund Minimum for any reason, including market fluctuation. The low balance fee will be assessed on Fund accounts in all BlackRock funds, regardless of a Fund's minimum investment amount. The fee will be deducted from the Fund account only once per calendar year. You will be notified that the value of your account is less than the Fund Minimum before the fee is imposed. You will then have a 90 calendar day period to make an additional investment to bring the value of your account to the Fund Minimum before the Fund imposes the low balance fee. This low balance fee does not apply to accounts of authorized qualified employee benefit plans, selected fee-based programs, or, accounts established under the Uniform Gifts or Transfers to Minors Acts.

Shareholders should retain this Supplement for future reference.

Code: PRO-GLOBAL-0511-SUP

BlackRock FundsSM BlackRock Small/Mid-Cap Growth Portfolio

BlackRock Funds II BlackRock AMT-Free Municipal Bond Portfolio

BlackRock Bond Portfolio BlackRock Government Income Portfolio

BlackRock Managed Income Portfolio BlackRock Bond Fund, Inc. BlackRock High Income Fund

BlackRock Focus Value Fund, Inc. BlackRock Global Growth Fund, Inc.

BlackRock Healthcare Fund, Inc. BlackRock International Value Trust

BlackRock International Value Fund BlackRock Municipal Bond Fund, Inc.

BlackRock Municipal Fund BlackRock Short-Term Bond Series, Inc.

BlackRock Short-Term Bond Fund BlackRock Utilities & Telecommunications Fund, Inc.

Managed Account Series High Income Portfolio

(each, a "Fund" and together, the "Funds")

Supplement dated April 1, 2011 to the Prospectuses of each Fund

The Board of Directors/Trustees of each Fund has determined that it is in the best interests of each of the Funds (in this capacity each, a "Target Fund") to enter into a reorganization transaction with another existing BlackRock Fund (each, an "Acquiring Fund"). Each proposed transaction is referred to as a "Reorganization." The Target Fund and the Acquiring Fund for each Reorganization are shown in the table below.

_T_a_r_g_e_t _F_u_n_d_s_

BlackRock Utilities & Telecommunications Fund, Inc.

_A_c_q_u_i_r_in_g__F_u_n_d__s

BlackRock Equity Dividend Fund

BlackRock Focus Value Fund, Inc.

BlackRock Basic Value Fund, Inc.

BlackRock Small/Mid-Cap Growth Portfolio, a series of BlackRock FundsSM

BlackRock Mid-Cap Growth Equity Portfolio, a series of BlackRock FundsSM

BlackRock Healthcare Fund, Inc.

BlackRock Health Sciences Opportunities Portfolio, a series of BlackRock FundsSM

BlackRock International Value Fund, a series of BlackRock International Value Trust

BlackRock International Fund, a series of BlackRock Series, Inc.

BlackRock Global Growth Fund, Inc.

BlackRock Global Opportunities Portfolio, a series of BlackRock FundsSM

BlackRock Short-Term Bond Fund, a series of BlackRock Short-Term Bond Series, Inc.

BlackRock Low Duration Bond Portfolio, a series of BlackRock Funds II

BlackRock Bond Portfolio, a series of BlackRock Funds II

BlackRock Total Return Portfolio II, a series of BlackRock Funds II

BlackRock Managed Income Portfolio, a series of BlackRock Funds II

BlackRock Total Return Portfolio II, a series of BlackRock Funds II

BlackRock Government Income Portfolio, a series of BlackRock Funds II

BlackRock Intermediate Government Bond Portfolio, a series of BlackRock Funds II

BlackRock High Income Fund, a series of BlackRock Bond Fund, Inc.

BlackRock High Yield Bond Portfolio, a series of BlackRock Funds II

High Income Portfolio, a series of Managed Account Series

BlackRock High Yield Bond Portfolio, a series of BlackRock Funds II

BlackRock Municipal Fund, a series of BlackRock Municipal Bond Fund, Inc.

BlackRock National Municipal Fund, a series of BlackRock Municipal Bond Fund, Inc.

BlackRock AMT-Free Municipal Bond Portfolio, a series of BlackRock Funds II

BlackRock National Municipal Fund, a series of BlackRock Municipal Bond Fund, Inc.

In each Reorganization, all of the Target Fund's assets would be transferred to the respective Acquiring Fund in exchange for the assumption by the Acquiring Fund of certain stated liabilities of the respective Target Fund and shares of the respective Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the aggregate net asset value of which will be equal to the aggregate net asset value of the shares they held in the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.

Shareholders of each of BlackRock Bond Portfolio, BlackRock Government Income Portfolio and BlackRock Managed Income Portfolio, each a series of BlackRock Funds II, are not required to vote with respect to their Fund's Reorganization. It is expected that shareholders of these Funds in May 2011 will be sent an Information Statement containing important information about the respective Acquiring Fund, outlining the differences between the applicable Target Fund and Acquiring Fund and containing information about the terms and conditions of the relevant Reorganization.

Each Target Fund that is required to obtain a shareholder vote to complete its Reorganization expects to convene a special meeting of its shareholders on or about June 24, 2011, to vote on the approval of its Reorganization. Shareholders of record of each such Target Fund as of April 27, 2011 (the "Record Date") are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization.

Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Shareholders should retain this Supplement for future reference.

Code # ALLPR-MF-0411-SUP

BlackRock Bond Fund, Inc. BlackRock High Income Fund

BlackRock EuroFund

BlackRock FundsSM BlackRock All-Cap Energy & Resources Portfolio

BlackRock Energy & Resources Portfolio BlackRock Global Opportunities Portfolio BlackRock Health Sciences Opportunities Portfolio BlackRock International Opportunities Portfolio

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio BlackRock Small Cap Growth Equity Portfolio BlackRock Small/Mid-Cap Growth Portfolio

BlackRock U.S. Opportunities Portfolio BlackRock World Gold Fund

BlackRock Funds II BlackRock Emerging Market Debt Portfolio

BlackRock High Yield Bond Portfolio BlackRock International Bond Portfolio BlackRock Strategic Income Opportunities Portfolio

BlackRock Global Allocation Fund, Inc.

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets Fund, Inc.

BlackRock Global Financial Services Fund, Inc.

BlackRock Global Growth Fund, Inc.

BlackRock Global SmallCap Fund, Inc.

BlackRock Index Funds, Inc. BlackRock International Index Fund BlackRock Small Cap Index Fund

BlackRock International Value Trust BlackRock International Value Fund

BlackRock Latin America Fund, Inc.

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. MFS Research International FDP Fund

(each, a "Fund" and collectively, the "Funds")

Supplement dated March 1, 2011 to the Prospectuses and Statement of Additional Information of each Fund

Effective April 1, 2011, each Fund's Prospectuses are amended as set forth below:

Effective at the opening of business on April 1, 2011, the 2% redemption fee charged by the Funds upon the sale or exchange of shares within 30 days of purchase or exchange is terminated and will no longer be charged by the Funds. All references to this fee in the Funds' prospectuses and statements of additional information are hereby deleted. In particular,

? In the Fund Overview section of each Fund's prospectus, the Fee Table line item for Redemption Fee should indicate that no redemption fee is charged.

? The Shares at a Glance chart in the section of each Fund's prospectus entitled "Account Information--How to Choose the Share Class that Best Suits Your Needs" is hereby amended to state that no redemption fee is charged by any Fund on any share class.

? The fifth paragraph in the section "Account Information--Short-Term Trading Policy" in each Fund's prospectus is deleted in its entirety.

? The section in each Fund's prospectus entitled "Account Information--Redemption Fee" is deleted in its entirety.

Effective April 1, 2011, each Fund's Statement of Additional Information is amended as set forth below.

The sub-section "Redemption Fee" in the section entitled "Purchase of Shares" is deleted in its entirety.

Shareholders should retain this Supplement for future reference.

Code #ALLPRSAI-FEE-0211SUP

BLACKROCK FUNDSSM BlackRock Small Cap Core Equity Portfolio

Supplement dated February 18, 2011 to the Prospectuses and Statement of Additional Information, each dated January 28, 2011 On February 15, 2011, the Board of Trustees of BlackRock FundsSM approved a proposal to close BlackRock Small Cap Core Equity Portfolio (the "Fund") to new and subsequent investments and to liquidate the Fund. Accordingly, effective 4:00 P.M. (Eastern time) on February 23, 2011, except for certain retirement plan investors, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On or about April 27, 2011, all of the assets of the Fund will be liquidated completely, each investor's shares will be redeemed at the net asset value per share and the Fund will then be terminated.

Code #ALLPRSAI-SCE-0211SUP

January 28, 2011

Prospectus

BlackRock FundsSM | Investor, Institutional and Class R Shares BlackRock Mid-Cap Growth Equity Portfolio BlackRock Mid-Cap Value Equity Portfolio BlackRock Small Cap Core Equity Portfolio BlackRock Small Cap Growth Equity Portfolio BlackRock Small/Mid-Cap Growth Portfolio

Funds BlackRock Mid-Cap Growth Equity Portfolio BlackRock Mid-Cap Value Equity Portfolio BlackRock Small Cap Core Equity Portfolio BlackRock Small Cap Growth Equity Portfolio BlackRock Small/Mid-Cap Growth Portfolio

Investor A Shares BMGAX BMCAX BSQAX CSGEX SCGAX

Investor B Shares BMGBX BMCVX BSQBX CSGBX SRCBX

Investor C Shares BMGCX BMCCX BSQCX CGICX SGCDX

Institutional Shares CMGIX CMVIX BSQIX PSGIX SSEGX

Class R Shares BMRRX BMCRX

-- -- SSPRX

This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Not FDIC Insured ? No Bank Guarantee ? May Lose Value

Table of Contents

Fund Overview

Key facts and details about the Funds listed in this prospectus including investment objectives, principal strategies, risk factors, fee and expense information, and historical performance information Key Facts About BlackRock Mid-Cap Growth Equity Portfolio . . . . . . . . . . . . . 3 Key Facts About BlackRock Mid-Cap Value Equity Portfolio . . . . . . . . . . . . . . . 8 Key Facts About BlackRock Small Cap Core Equity Portfolio . . . . . . . . . . . . . 13 Key Facts About BlackRock Small Cap Growth Equity Portfolio . . . . . . . . . . . 18 Key Facts About BlackRock Small/Mid-Cap Growth Portfolio . . . . . . . . . . . . 23 Important Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Details About the Funds How Each Fund Invests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Account Information

Information about account services, sales charges & waivers, shareholder transactions, and distribution and other payments How to Choose the Share Class that Best Suits Your Needs . . . . . . . . . . . . . 36 Details About the Share Classes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Distribution and Service Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 How to Buy, Sell, Exchange and Transfer Shares . . . . . . . . . . . . . . . . . . . . . . 44 Account Services and Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Funds' Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Participation in Fee-Based Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Short-Term Trading Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Redemption Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Management of the Funds

Information about BlackRock and the Portfolio Managers BlackRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Portfolio Manager Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Conflicts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Valuation of Fund Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Dividends, Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Financial Highlights Financial Performance of the Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

General Information

Shareholder Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Certain Fund Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

Glossary Glossary of Investment Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

For More Information Funds and Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back Cover

Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Back Cover

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