BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc.

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1 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

2 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

3 Supplement dated July 1, 2015 to the Prospectus of each Fund Effective on September 1, 2015, each Fund s Prospectus is amended as follows: The section entitled Account Information Note on Low Balance Accounts in the current Prospectus is deleted in its entirety and replaced with the following or the following section is added to the section entitled Account Information in the current Prospectus, as applicable: 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. In the section entitled Account Information How to Buy and Sell Shares How to Sell Shares Selling shares held directly with BlackRock, Account Information How to Buy, Sell and Transfer Shares How to Sell Shares Selling shares held directly with BlackRock or Account Information How to Buy, Sell, Exchange and Transfer Shares How to Sell Shares Selling shares held directly with BlackRock, as applicable, in each Fund s Prospectus, the following paragraph is added as the second paragraph under Payment by Check or, if applicable, the following paragraph is added with the header of Payment by Check : Each Fund reserves the right to reinvest any dividend or distribution amounts (e.g., income dividends or capital gains) which you have elected to receive by check should your check be returned as undeliverable or remain uncashed for more than 6 months. No interest will accrue on amounts represented by uncashed checks. Your check will be reinvested in your account at the net asset value next calculated, on the day of the investment. When reinvested, those amounts are subject to the risk of loss like any Fund investment. If you elect to receive distributions in cash and a check remains undeliverable or uncashed for more than 6 months, your cash election may also be changed automatically to reinvest and your future dividend and capital gains distributions will be reinvested in the Fund at the net asset value as of the date of payment of the distribution. Shareholders should retain this Supplement for future reference. 3

4 PRO-COMPLEX-0715SUP

5 BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Emerging Markets Fund, Inc. BlackRock Funds SM BlackRock Global Opportunities Portfolio BlackRock Science & Technology Opportunities Portfolio BlackRock Small Cap Growth Equity Portfolio BlackRock Funds II BlackRock Core Bond Portfolio BlackRock GNMA Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Low Duration Bond Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Mid Cap Value Opportunities Series, Inc. BlackRock Mid Cap Value Opportunities Fund BlackRock Pacific Fund, Inc. BlackRock Series, Inc. BlackRock International Fund BlackRock Small Cap Growth Fund II BlackRock World Income Fund, Inc. BlackRock World Income Fund (each, a Fund and collectively, the Funds ) Supplement dated March 16, 2015 to the Prospectuses of each Fund Effective on or about the close of business on June 23, 2015, 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, and equal or lower distribution fees and shareholder servicing fees payable under the 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 your 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 B Investor A1 BlackRock Core Bond Portfolio Investor B Investor A BlackRock Emerging Markets Fund, Inc. Investor B Investor A BlackRock Global Opportunities Portfolio Investor B Investor A BlackRock GNMA Portfolio Investor B Investor A BlackRock Inflation Protected Bond Portfolio Investor B Investor A BlackRock International Fund Investor B Investor A BlackRock Low Duration Bond Portfolio Investor B Investor A BlackRock Low Duration Bond Portfolio Investor B3 Investor A BlackRock Mid Cap Value Opportunities Fund Investor B Investor A BlackRock Pacific Fund, Inc. Investor B Investor A BlackRock Science & Technology Opportunities Portfolio Investor B Investor A BlackRock Small Cap Growth Equity Portfolio Investor B Investor A BlackRock Small Cap Growth Fund II Investor B Investor A BlackRock Total Return Fund Investor B1 Investor A1 BlackRock U.S. Government Bond Portfolio Investor B Investor A BlackRock World Income Fund Investor B Investor A Shareholders should retain this Supplement for future reference. ALLPR-MULTI-0315SUP

6 FEBRUARY 27, 2015 PROSPECTUS BlackRock International Fund of BlackRock Series, Inc. Investor, Institutional and Class R Shares Investor A: MDILX Investor B: MBILX Investor C: MCILX Institutional: MAILX Class R: BIFRX BlackRock Emerging Markets Fund, Inc. Investor and Institutional Shares Investor A: MDDCX Investor B: MBDCX Investor C: MCDCX Institutional: MADCX BlackRock Latin America Fund, Inc. Investor and Institutional Shares Investor A: MDLTX Investor B: MBLTX Investor C: MCLTX Institutional: MALTX 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 May Lose Value No Bank Guarantee

7 Table of Contents Fund Overview Key facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information, and historical performance information Key Facts About BlackRock International Fund of BlackRock Series, Inc... 3 Key Facts About BlackRock Emerging Markets Fund, Inc... 9 Key Facts About BlackRock Latin America Fund, Inc Details About the Funds Information about how the Funds invest, including investment objectives, investment processes, principal strategies and risk factors How Each Fund Invests Investment Risks Account Information Information about account services, sales charges and waivers, shareholder transactions, and distribution and other payments How to Choose the Share Class that Best Suits Your Needs Details About the Share Classes Distribution and Service Payments How to Buy, Sell, Exchange and Transfer Shares Account Services and Privileges Funds Rights Participation in Fee-Based Programs Short-Term Trading Policy Master/Feeder Structure Management of the Funds Information about BlackRock and the Portfolio Managers BlackRock Portfolio Manager Information Conflicts of Interest Valuation of Fund Investments Dividends, Distributions and Taxes Financial Highlights Financial Performance of the Funds General Information Shareholder Documents Certain Fund Policies Statement of Additional Information Glossary Glossary of Investment Terms For More Information Funds and Service Providers... Inside Back Cover Additional Information... Back Cover

8 Fund Overview Key Facts About BlackRock International Fund of BlackRock Series, Inc. Investment Objective The investment objective of BlackRock International Fund ( International Fund or the Fund ), a series of BlackRock Series, Inc. (the Corporation ), is to seek long-term capital growth through investments primarily in a diversified portfolio of equity securities of companies located outside the United States. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC ( BlackRock ) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a Financial Intermediary ) and in the Details About the Share Classes section on page 37 of the Fund s prospectus and in the Purchase of Shares section on page II-61 of Part II of the Fund s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Investor A Shares Investor B Shares Investor C Shares Institutional Shares Class R Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None % % 3 None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 4 Investor A Shares Investor B Shares Investor C Shares Institutional Shares Class R Shares Management Fee % 0.73% 0.73% 0.73% 0.73% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% None 0.50% Other Expenses 0.59% 0.92% 0.70% 0.50% 0.61% Administration Fees 0.25% 0.25% 0.25% 0.25% 0.25% Miscellaneous Other Expenses 0.34% 0.67% 0.45% 0.25% 0.36% Total Annual Fund Operating Expenses 1.57% 2.65% 2.43% 1.23% 1.84% Fee Waivers and/or Expense Reimbursements 5 (0.19)% (0.21)% (0.01)% (0.23)% (0.14)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements % 2.44% 2.42% 1.00% 1.70% 1 A contingent deferred sales charge ( CDSC ) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 2 The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section Details About the Share Classes Investor B Shares in the Fund s prospectus for the complete schedule of CDSCs.) 3 There is no CDSC on Investor C Shares after one year. 4 The fees and expenses shown in the table and the example that follows include both the expenses of International Fund and International Fund s share of the allocated expenses of BlackRock Master International Portfolio ( Master International Portfolio ). Management fees are paid by Master International Portfolio. 5 As described in the Management of the Funds section of the Fund s prospectus beginning on page 53, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) as a percentage of average daily net assets to 1.38% (for Investor A Shares), 2.44% (for Investor B Shares), 2.42% (for Investor C Shares), 1.00% (for Institutional Shares) and 1.70% (for Class R Shares) until March 1, The agreement may be terminated upon 90 days notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. 3

9 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Investor A Shares $658 $ 977 $1,318 $2,279 Investor B Shares $697 $1,154 $1,586 $2,705 Investor C Shares $345 $ 757 $1,295 $2,766 Institutional Shares $102 $ 368 $ 654 $1,468 Class R Shares $173 $ 565 $ 983 $2,147 You would pay the following expenses if you did not redeem your shares: 1 Year 3 Years 5 Years 10 Years Investor B Shares $247 $804 $1,386 $2,705 Investor C Shares $245 $757 $1,295 $2,766 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 128% of the average value of its portfolio. Principal Investment Strategies of the Fund International Fund is a feeder fund that invests all of its assets in Master International Portfolio, a series of BlackRock Master LLC (the Master LLC ), which has the same investment objective and strategies as the Fund. All investments are made at the level of Master International Portfolio. This structure is sometimes called a master/ feeder structure. The Fund s investment results will correspond directly to the investment results of Master International Portfolio. For simplicity, the sections of this prospectus relating to International Fund use the term Fund or the name of the Fund to include the underlying Master International Portfolio. The Fund invests primarily in stocks of companies located outside the United States. The Fund may purchase common stock, preferred stock, convertible securities and other instruments. The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for their above average return potential. The Fund may invest in securities issued by companies of all sizes but will focus mainly on medium and large capitalization companies. Companies will be located in developed countries of Europe and the Far East, and in countries with emerging capital markets anywhere in the world. The Fund may invest up to 25% of its total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-u.s. Government and supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market debt securities and non-investment grade debt securities (high yield or junk bonds). Fund management selects companies that it believes are undervalued or have good prospects for earnings growth. The Fund chooses investments predominantly using a bottom up investment style using a global sector-based investment process. The Fund s allocations to particular countries are based on Fund management s evaluation of individual companies. Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least 30%) of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among various regions and countries, including the 4

10 United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation described above. Fund management may, when consistent with the Fund s investment objective, buy or sell options or futures on a security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps (collectively, commonly known as derivatives). Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in International Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. Derivatives Risk The Fund s use of derivatives may reduce the Fund s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Derivatives also may expose the Fund to greater risk and increase its costs. Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed the amount originally invested by the Fund. The U.S. Government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority that could affect the character, timing and amount of the Fund s taxable income or gains and distributions. Emerging Markets Risk Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Equity Securities Risk Stock markets are volatile. The price of equity securities fluctuates based on changes in a company s financial condition and overall market and economic conditions. Foreign Securities Risk Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Changes in foreign currency exchange rates can affect the value of the Fund s portfolio. The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. 5

11 The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe. These events may affect the value and liquidity of certain of the Fund s investments. Geographic Concentration Risk From time to time, the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. Leverage Risk Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund s portfolio will be magnified when the Fund uses leverage. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indexes or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. Mid Cap Securities Risk The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies. 6

12 Performance Information The information shows you how International Fund s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund s performance to that of the MSCI All Country World Index ex-u.s. Class R Shares commenced operations on August 15, 2011, therefore, the returns in the table for Class R Shares prior to commencement date are based on the Fund s Institutional Shares adjusted to reflect the applicable distribution and service (12b-1) fees. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund s returns would have been lower. Updated information on the Fund s performance, including its current net asset value, can be obtained by visiting or can be obtained by phone at (800) % Investor A Shares ANNUAL TOTAL RETURNS 1 International Fund As of 12/31 40% 20% 12.17% 17.59% 11.71% 37.52% 16.12% 14.35% 22.22% 0% -20% % -5.68% -40% -60% % During the ten-year period shown in the bar chart, the highest return for a quarter was 27.62% (quarter ended June 30, 2009) and the lowest return for a quarter was % (quarter ended September 30, 2008). As of 12/31/14 Average Annual Total Returns 1 Year 5 Years 1 10 Years 1 BlackRock International Fund Investor A Shares Return Before Taxes (10.63)% 4.34% 3.53% Return After Taxes on Distributions (10.81)% 4.19% 3.36% Return After Taxes on Distributions and Sale of Fund Shares (5.48)% 3.46% 2.80% BlackRock International Fund Investor B Shares Return Before Taxes (10.79)% 4.03% 3.25% BlackRock International Fund Investor C Shares Return Before Taxes (7.54)% 4.51% 3.23% BlackRock International Fund Institutional Shares Return Before Taxes (5.34)% 5.86% 4.44% BlackRock International Fund Class R Shares Return Before Taxes (5.97)% 5.19% 3.85% MSCI All Country World Index ex-u.s. (Reflects no deduction for fees, expenses or taxes) (3.87)% 4.43% 5.13% 1 For the fiscal year ended October 31, 2013, a portion of the Fund s return for each share class consisted of a payment from an affiliate to compensate for foregone securities lending revenue. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. 7

13 Investment Manager International Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-adviser is BlackRock International Limited (the Sub-Adviser ). Where applicable, BlackRock refers also to the Sub-Adviser. Portfolio Managers Name Portfolio Manager of the Fund Since Title James Bristow, CFA 2007 Managing Director of BlackRock, Inc. Gareth Williams, CFA 2011 Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of International Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) , by mail (c/o BlackRock Funds, P.O. Box 9819, Providence, Rhode Island ), or by the Internet at The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases: Minimum Initial Investment Minimum Additional Investment Investor A and Investor C Shares Investor B Shares Institutional Shares Class R Shares $1,000 for all accounts except: $250 for certain feebased programs. $100 for certain employer-sponsored retirement plans. $50, if establishing an Automatic Investment Plan. $50 for all accounts (with the exception of certain employersponsored retirement plans which may have a lower minimum). Available only through exchanges and dividend reinvestments by current holders and for purchase by certain employer-sponsored retirement plans. N/A $2 million for institutions and individuals. Institutional Shares are available to clients of registered investment advisers who have $250,000 invested in the Fund. No subsequent minimum. $100 for all accounts. No subsequent minimum. Tax Information International Fund s dividends and distributions may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of International Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 8

14 Fund Overview Key Facts About BlackRock Emerging Markets Fund, Inc. Investment Objective The investment objective of BlackRock Emerging Markets Fund, Inc. ( Emerging Markets Fund or the Fund ) is to seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries having smaller capital markets. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC ( BlackRock ) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a Financial Intermediary ) and in the Details About the Share Classes section on page 37 of the Fund s prospectus and in the Purchase of Shares section on page II-61 of Part II of the Fund s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Investor A Shares Investor B Shares Investor C Shares Institutional Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None % % 3 None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investor A Shares Investor B Shares Investor C Shares Institutional Shares Management Fee 1.00% 1.00% 1.00% 1.00% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% None Other Expenses 0.33% 0.66% 0.41% 0.17% Total Annual Fund Operating Expenses 1.58% 2.66% 2.41% 1.17% 1 A contingent deferred sales charge ( CDSC ) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 2 The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section Details About the Share Classes Investor B Shares in the Fund s prospectus for the complete schedule of CDSCs.) 3 There is no CDSC on Investor C Shares after one year. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Investor A Shares $677 $ 998 $1,340 $2,305 Investor B Shares $719 $1,176 $1,610 $2,731 Investor C Shares $344 $ 751 $1,285 $2,746 9

15 1 Year 3 Years 5 Years 10 Years Institutional Shares $119 $ 372 $ 644 $1,420 You would pay the following expenses if you did not redeem your shares: 1 Year 3 Years 5 Years 10 Years Investor B Shares $269 $826 $1,410 $2,731 Investor C Shares $244 $751 $1,285 $2,746 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 94% of the average value of its portfolio. Principal Investment Strategies of the Fund Under normal conditions, Emerging Markets Fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity securities of issuers located in countries with developing capital markets. Equity securities consist primarily of common and preferred stocks and depositary receipts, and include securities convertible into common stock, and securities or other instruments whose price is linked to the value of common stock. A developing capital market is the market of any country that the World Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or middle income economy. Countries with developing capital markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa. For this purpose, developing capital markets include, but are not limited to, the markets of all countries that comprise the MSCI Emerging Markets Index. The Fund may also consider an issuer to be located in a country that has a developing capital market if at least 50% of the issuer s assets, gross revenues or profits in any one of the last two years represents assets or activities located in such countries. The Fund may also invest in fixed income securities issued by companies and governments in these countries, as well as mezzanine investments. The Fund normally invests in at least three countries at any given time. The Fund can invest in securities denominated in either U.S. dollars or foreign currencies. The Fund has not established any rating or maturity criteria for the debt securities in which it may invest. From time to time the Fund may invest in shares of companies through initial public offerings ( IPOs ). Fund management may, when consistent with the Fund s investment objective, buy or sell options or futures on a security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps (collectively, commonly known as derivatives). The Fund s exposure to certain markets may be effected through investments in participation notes or other structured or derivative instruments that are designed to replicate, or otherwise provide exposure to, the performance of securities listed in such markets. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended, which means that it can invest more of its assets in fewer issuers than a diversified fund. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in Emerging Markets Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. Convertible Securities Risk The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer s credit rating or the market s perception of the issuer s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock. 10

16 Depositary Receipts Risk The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Derivatives Risk The Fund s use of derivatives may reduce the Fund s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Derivatives also may expose the Fund to greater risk and increase its costs. Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed the amount originally invested by the Fund. The U.S. Government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority that could affect the character, timing and amount of the Fund s taxable income or gains and distributions. Risks of Investing in Participation Notes Investing in participation notes involves the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. However, the performance results of participation notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. In addition, participation notes are subject to counterparty risk. Participation notes may be considered illiquid. Emerging Markets Risk Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Equity Securities Risk Stock markets are volatile. The price of equity securities fluctuates based on changes in a company s financial condition and overall market and economic conditions. Foreign Securities Risk Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Changes in foreign currency exchange rates can affect the value of the Fund s portfolio. The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe. These events may affect the value and liquidity of certain of the Fund s investments. 11

17 Leverage Risk Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund s portfolio will be magnified when the Fund uses leverage. Market Risk and Selection Risk Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. New Issues Risk New issues are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. Non-Diversification Risk The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. Small Cap and Emerging Growth Securities Risk Small cap or emerging growth companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies. 12

18 Performance Information The information shows you how Emerging Markets Fund s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund s performance to that of the MSCI Emerging Markets Index. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund s returns would have been lower. Updated information on the Fund s performance, including its current net asset value, can be obtained by visiting or can be obtained by phone at (800) % 75% Investor A Shares ANNUAL TOTAL RETURNS 1 Emerging Markets Fund As of 12/ % 50% 25% 34.79% 27.45% 37.69% 16.68% 21.10% 0% -25% % -2.49% -2.08% -50% -75% % During the ten-year period shown in the bar chart, the highest return for a quarter was 39.73% (quarter ended June 30, 2009) and the lowest return for a quarter was % (quarter ended September 30, 2008). As of 12/31/14 Average Annual Total Returns 1 Year 5 Years 1 10 Years 1 BlackRock Emerging Markets Fund, Inc. Investor A Shares Return Before Taxes (7.22)% 1.02% 7.30% Return After Taxes on Distributions (7.09)% 0.92% 6.02% Return After Taxes on Distributions and Sale of Fund Shares (3.89)% 0.81% 5.99% BlackRock Emerging Markets Fund, Inc. Investor B Shares Return Before Taxes (7.46)% 0.75% 7.15% BlackRock Emerging Markets Fund, Inc. Investor C Shares Return Before Taxes (3.87)% 1.26% 7.00% BlackRock Emerging Markets Fund, Inc. Institutional Shares Return Before Taxes (1.65)% 2.46% 8.22% MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) (2.19)% 1.78% 8.43% 1 For the fiscal year ended October 31, 2013, a portion of the Fund s return for each share class consisted of a payment from an affiliate to compensate for foregone securities lending revenue. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C and Institutional Shares will vary. 13

19 Investment Manager Emerging Markets Fund s investment manager is BlackRock Advisors, LLC (previously defined as BlackRock ). The Fund s sub-adviser is BlackRock International Limited (the Sub-Adviser ). Where applicable, BlackRock refers also to the Sub-Adviser. Portfolio Managers Name Portfolio Manager of the Fund Since Title Luiz Soares 2012 Managing Director of BlackRock, Inc. Dhiren Shah, CFA 2009 Director of BlackRock, Inc. Purchase and Sale of Fund Shares You may purchase or redeem shares of Emerging Markets Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) , by mail (c/o BlackRock Funds, P.O. Box 9819, Providence, Rhode Island ), or by the Internet at The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases: Minimum Initial Investment Minimum Additional Investment Investor A and Investor C Shares Investor B Shares Institutional Shares $1,000 for all accounts except: $250 for certain fee-based programs. $100 for certain employersponsored retirement plans. $50, if establishing an Automatic Investment Plan. $50 for all accounts (with the exception of certain employersponsored retirement plans which may have a lower minimum). Available only through exchanges and dividend reinvestments by current holders and for purchase by certain employer-sponsored retirement plans. N/A $2 million for institutions and individuals. Institutional Shares are available to clients of registered investment advisers who have $250,000 invested in the Fund. No subsequent minimum. Tax Information Emerging Markets Fund s dividends and distributions may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax-deferred arrangements. Payments to Broker/Dealers and Other Financial Intermediaries If you purchase shares of Emerging Markets Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your Financial Intermediary s website for more information. 14

20 Fund Overview Key Facts About BlackRock Latin America Fund, Inc. Investment Objective The investment objective of BlackRock Latin America Fund, Inc. ( Latin America Fund or the Fund ) is to seek longterm capital appreciation by investing primarily in Latin American equity and debt securities. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC ( BlackRock ) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a Financial Intermediary ) and in the Details About the Share Classes section on page 37 of the Fund s prospectus and in the Purchase of Shares section on page II-61 of Part II of the Fund s Statement of Additional Information. Shareholder Fees (fees paid directly from your investment) Investor A Shares Investor B Shares Investor C Shares Institutional Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None % % 3 None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investor A Shares Investor B Shares Investor C Shares Institutional Shares Management Fee 1.00% 1.00% 1.00% 1.00% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 1.00% None Other Expenses 0.28% 0.51% 0.36% 0.25% Total Annual Fund Operating Expenses 1.53% 2.51% 2.36% 1.25% 1 A contingent deferred sales charge ( CDSC ) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 2 The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section Details About the Share Classes Investor B Shares in the Fund s prospectus for the complete schedule of CDSCs.) 3 There is no CDSC on Investor C Shares after one year. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Investor A Shares $672 $ 983 $1,315 $2,253 Investor B Shares $704 $1,132 $1,535 $2,605 Investor C Shares $339 $ 736 $1,260 $2,696 Institutional Shares $127 $ 397 $ 686 $1,511 15

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