Payment of Filing Fee (Check the appropriate box):

December 23, 2015BLACKROCK BALANCED CAPITAL FUND, INC.

BLACKROCK BOND FUND, INC.

BLACKROCK FUNDS^SM

BLACKROCK FUNDS IV

BLACKROCK FUNDS V

BLACKROCK FUNDS VI

BLACKROCK LONG-HORIZON EQUITY FUND

BLACKROCK STRATEGIC GLOBAL BOND FUND, INC.

MANAGED ACCOUNT SERIES II

MASTER BOND LLC

MASTER INVESTMENT PORTFOLIO II

100 Bellevue Parkway

Wilmington, Delaware 19809

[    ], 2021

Dear Shareholder:

AYou are cordially invited to attend a joint special meeting of shareholders of the following funds listed below (each, a “Fund,”“Fund” and collectively, “Funds” or the “Equity-Liquidity Funds”“Funds”), on behalf of the Funds and each series of each Fund, will to be held on Tuesday, October 26, 2021 at the offices of BlackRock Advisors, LLC, 1 University Square Drive, Princeton, NJ 08540-6455, on Monday, February 8, 2016, at 2:10:00 p.m.a.m. (Eastern time) (the “Meeting”). Because of our concerns regarding the coronavirus disease (COVID-19) pandemic, the Meeting will be held in a virtual meeting format only. Shareholders will not have to considertravel to attend the Meeting but will be able to view the Meeting live, have a meaningful opportunity to participate, including the ability to ask questions of management, and vote on the proposals discussed in the enclosed joint proxy statement.cast their votes by accessing a web link.

BATS: Series C Portfolio, a series of BlackRock Allocation Target Shares

BATS: Series M Portfolio, a series of BlackRock Allocation Target Shares

BATS: Series S Portfolio, a series of BlackRock Allocation Target Shares

BlackRock Balanced Capital Fund, Inc.

BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc.

BlackRock Tactical Opportunities Fund, a series of BlackRock Funds^SM

BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds IV

BlackRock Core Bond Portfolio, a series of BlackRock Funds V

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio, a series of BlackRock Funds V¹

BlackRock GNMA Portfolio, a series of BlackRock Funds V

The Funds and the- 1 -

BlackRock Inflation Protected Bond Portfolio, a series of theBlackRock Funds are set forth onAppendix A to the enclosed joint proxy statement.V

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

BlackRock Strategic Income Opportunities Portfolio a series of BlackRock Funds V

BlackRock CoreAlpha Bond Fund, a series of BlackRock Funds VI²

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio, a series of Managed Account Series II

Master Total Return Portfolio, a series of Master Bond LLC

CoreAlpha Bond Master Portfolio, a series of Master Investment Portfolio II²

You have received this letter because you were a shareholder of record of at least one or more of the Funds on August 27, 2021 (the “Record Date”).

Each of BlackRock Balanced Capital Fund, on December 11, 2015. Inc. (“Balanced Capital Fund”), BlackRock Total Return Fund (“Total Return Fund”), a series of BlackRock Bond Fund, Inc., and BlackRock CoreAlpha Bond Fund (“CoreAlpha Bond Fund” and collectively with Balanced Capital Fund and Total Return Fund, the “Feeder Funds”), a series of BlackRock Funds VI, is a “feeder” fund in a “master/feeder” structure. Each of Total Return Fund and CoreAlpha Bond Fund invests all of its assets in Master Total Return Portfolio (“Master Total Return”), a series of Master Bond LLC, and CoreAlpha Bond Master Portfolio (“CoreAlpha Bond Master” and together with Master Total Return, the “Master Funds”), a series of Master Investment Portfolio II, respectively. Balanced Capital Fund invests a significant portion of its fixed-income assets in Master Total Return. (For purposes of the enclosed joint proxy statement, interests in each Master Fund may be referred to as “shares” and holders of interests in each Master Fund may be referred to as “shareholders.”)

The purpose of the Meeting is to seek shareholder approval of the 15 nominees namedproposals described in more detail in the enclosed joint proxy statementstatement. Shareholders of each Fund other than Balanced Capital Fund are being asked to approve the amendment or elimination of certain of the Fund’s fundamental investment restrictions and, for Total Return Fund, an amendment to the Boardsbylaws of DirectorsBlackRock Bond Fund, Inc. to reflect the amendment or Trustees (each,elimination of such fundamental investment restrictions, subject to shareholder approval of an amendment to the bylaws of BlackRock Bond Fund, Inc. to remove fundamental policies and all references thereto in the bylaws (as described below). Shareholders of Balanced Capital Fund are not being asked to approve any amendments to the Fund’s fundamental investment restrictions.

At the Meeting, shareholders of BlackRock Long-Horizon Equity Fund (“Long-Horizon Equity Fund”) are also being asked, among other things, to approve a “Board,”change to such Fund’s status from diversified to non-diversified as such terms are defined under the membersInvestment Company Act of 1940, as amended (the “Investment Company Act”). The proposed change to Long-Horizon Equity Fund’s diversification classification is being made in conjunction with certain other changes regarding such Fund that are not subject to shareholder approval and which are referredcontingent on shareholder approval of the change to the diversification classification, as “Board Members”) of each Fund.

Each Board has unanimously approved the 15 nominees namedmore fully discussed in the enclosed joint proxy statement (the “Board Nominees”) on behalfstatement. If the change to Long-Horizon Equity Fund’s diversification classification is not approved by such Fund’s shareholders, these changes will not be implemented.

- 2 -

Shareholders of BlackRock U.S. Mortgage Portfolio are also being asked, among other things, to approve a change to such Fund’s concentration policy to provide that it will concentrate its investments in non-agency mortgage-backed securities.

In order to change investment restrictions that are fundamental, the Investment Company Act requires shareholder approval. Other than the proposal to change the diversification classification of Long-Horizon Equity Fund for the reasons described above, the proposed amendments to the respective fundamental investment restrictions of the Funds (other than Balanced Capital Fund) are intended to provide the Funds with greater investment flexibility to pursue their investment objectives and strategies and/or respond to a changing regulatory and investment environment and to eliminate fundamental investment restrictions that are not required by the Investment Company Act.

At the Meeting, shareholders of each of CoreAlpha Bond Fund and CoreAlpha Bond Master are also being asked to approve the Funds the Board oversees, subjectelimination of a non-fundamental investment restriction which, pursuant to approvala policy previously adopted by the applicableBoards of Trustees of such Funds, requires shareholder approval to be eliminated.

Shareholders of Total Return Fund are also being asked to approve an amendment to the bylaws of BlackRock Bond Fund, Inc. to remove fundamental policies and all references thereto. If such proposal is approved, the amendment to the bylaws of BlackRock Bond Fund, Inc. to reflect the amendment or elimination of Total Return Fund’s shareholders. The Boards have reviewed the qualifications and backgroundsfundamental investment restrictions would not be adopted.

Shareholders of the Board Nominees and believe that they possess the requisite experience in overseeing investment companies, and that their election is in your best interest.

If youeach Feeder Fund are a shareholder of a Fund or a series of a Fund that is organized as a “feeder” in a “master/feeder” structure where the master fund is an Equity-Liquidity Fund, you will also bebeing asked to provide voting instructions to your feederthe Feeder Fund as to how, as a beneficial owner of the masterapplicable Master Fund, your feeder fundthe Feeder Fund should vote in connection with the electionrespective proposals relating to the applicable Master Fund.

The Boards of Directors/Trustees of the Board Nominees for the Board of your feeder fund’s respective master Fund. In addition, shareholders of BlackRock Balanced Capital Fund, Inc., a fund which is not an Equity-Liquidity Fund but which invests in the Master Large Cap Core Portfolio of Master Large Cap Series LLC, are being asked toFunds have approved and recommend that you vote, and/or provide voting instructions, in connection with the vote of BlackRock Balanced Capital Fund, Inc. for the election of the Board Nominees for the Board of Master Large Cap Series LLC.

The Board responsible for your Fund recommends that you vote, or submit voting instructions, “FOR” the election of each of the Board Nomineesproposals with respect to the Board of your Fund(s). In connection withFunds, as applicable.

I encourage you to carefully review the enclosed materials, which explain these proposals in more detail. As a shareholder, your vote is important, and we urgehope that you will respond today to readensure that your shares will be represented at the full textMeeting. You may vote using one of the methods below by following the instructions on your proxy card or voting instruction form(s):

- 3 -

YourIf you do not vote is important. You can vote onusing one of these methods, you may be called by Computershare Fund Services, the Internet, by telephone, by mail or in person at the Meeting. Please take a few momentsFunds’ proxy solicitor, to vote your shares, whether or not you plan to attend the Meeting. Computershare Fund Services (“Computershare”), a professional proxy solicitation firm, has been retained to assist the Funds in obtaining shareholder votes. If we do not receive enough votes to hold the Meeting, we will be required to re-solicit shareholders at additional expense to the Funds.shares.

Attendance at the Meeting will be limited to each Fund’s shareholders as of the record date, December 11, 2015 (the “Record Date”). If you are a registered shareholder, to gain admission, you must present valid photographic identification, such as a driver’s license or passport. If you are a beneficial shareholder of a Fund (that is if you hold your shares of a Fund through a bank, broker, financial intermediary or other nominee), and want to attend the Meeting you will also be required to show satisfactorymust register in advance of the Meeting. To register, you must submit proof of ownershipyour proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services, the Funds’ tabulator. You may email an image of shares inyour legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m. (Eastern time) three business days prior to the Meeting date. You will receive a confirmation email from Computershare Fund such asServices of your voting instruction form (orregistration and a copy thereof) or a letter from your bank, broker or other nominee or broker’s statement indicating share ownership as of the Record Date.

Ifcontrol number and security code that will allow you are a registered shareholder of a Fund, you mayto vote your shares in person by ballot at the Meeting. If you are a beneficial shareholder of a Fund (that is if you hold your shares of a Fund through a bank, broker or other nominee), you will not be able to vote in person at the Meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the Meeting.

Even if you plan to attend the Meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or via the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card or voting instruction form you receive, and if received by mail, returning it in the accompanying postage-paid return envelope.

Please be certain to vote by telephone or via the Internet with respect to each Fund in which you are a shareholder of record or sign, date and return each proxy card you receive from us.

If you have any questions aboutregarding the proposals to be voted on,enclosed proxy materials or need assistance in voting your shares, please callcontact the Funds’ proxy solicitor, Computershare Fund Services, toll free at (866) 650-3710.

Sincerely,

John M. Perlowski

President and Chief Executive Officer of the firm assisting us in the solicitation of proxies, at 866-963-6126.Funds

BLACKROCK ALLOCATION TARGET SHARES

BLACKROCK BALANCED CAPITAL FUND, INC.

BLACKROCK BOND FUND, INC.

BLACKROCK FUNDS^SM

BLACKROCK FUNDS IV

BLACKROCK FUNDS V

BLACKROCK FUNDS VI

BLACKROCK LONG-HORIZON EQUITY FUND

BLACKROCK STRATEGIC GLOBAL BOND FUND, INC.

MANAGED ACCOUNT SERIES II

MASTER BOND LLC

MASTER INVESTMENT PORTFOLIO II

100 Bellevue Parkway, Wilmington, Delaware 19809

Sincerely,

Benjamin Archibald

Secretary of the Funds

40 East 52nd Street, New York, NY 10022

(800) 882-0052

100 Bellevue Parkway

Wilmington, Delaware 19809

(800) 441-7762

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON FEBRUARY 8, 2016OCTOBER 26, 2021

To the Shareholders:

ANOTICE IS HEREBY GIVEN that a joint special meeting of the shareholders of each of the BlackRock-advised Funds set forth onAppendix A to the accompanying joint proxy statementfunds listed below (each, a “Fund” or an “Equity-Liquidity Fund”and collectively, the “Funds”) will be held on Tuesday, October 26, 2021, at the offices of BlackRock Advisors, LLC, 1 University Square Drive, Princeton, NJ 08540-6455, on Monday, February 8, 2016, at 2:10:00 p.m.a.m. (Eastern time) (the “Meeting”), to consider and vote on the following proposals (each, a “Proposal” and collectively, the “Proposals”), as more fully described in the accompanying joint proxy statement. In addition, shareholders of certain Funds (or certain

BATS: Series C Portfolio, a series of Funds) that are organized asBlackRock Allocation Target Shares

BATS: Series M Portfolio, a “feeder” in a “master/feeder” structure (each, a “Feeder Fund”) are being asked to provide voting instructions to elect the Board Nominees (defined below) of the corresponding Fund in which such Feeder Fund invests (the “Master Fund”). A list of the Funds (and/or series of Funds) that operate as FeederBlackRock Allocation Target Shares

BATS: Series S Portfolio, a series of BlackRock Allocation Target Shares

BlackRock Balanced Capital Fund, Inc.

BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc.

BlackRock Tactical Opportunities Fund, a series of BlackRock Funds shareholders^SM

BlackRock Global Long/Short Credit Fund, a series of which are being asked to submit voting instructions on Proposal BlackRock Funds IV

BlackRock Core Bond Portfolio, a series of BlackRock Funds V

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio, a series of BlackRock Funds V¹

BlackRock GNMA Portfolio, a series of BlackRock Funds V

BlackRock Inflation Protected Bond Portfolio, a series of BlackRock Funds V

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

BlackRock Strategic Income Opportunities Portfolio a series of BlackRock Funds V

- 1 -

BlackRock CoreAlpha Bond Fund, a series of BlackRock Funds VI^{2 and such Feeder Funds’ corresponding}

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio, a series of Managed Account Series II

Master Funds, is set forth in Appendix B to the Proxy Statement. In addition, in Proposal 3, shareholdersTotal Return Portfolio, a series of Master Bond LLC

CoreAlpha Bond Master Portfolio, a series of Master Investment Portfolio II²

Each of BlackRock Balanced Capital Fund, Inc. (“Balanced Capital Fund”), BlackRock Total Return Fund (“Total Return Fund”), a series of BlackRock Bond Fund, Inc., and BlackRock CoreAlpha Bond Fund (“CoreAlpha Bond Fund” and collectively with Balanced Capital Fund and Total Return Fund, the “Feeder Funds”), a series of BlackRock Funds VI, is a “feeder” fund which is not an Equity-Liquidityin a “master/feeder” structure. Each of Total Return Fund but whichand CoreAlpha Bond Fund invests all of its assets in the Master Large Cap CoreTotal Return Portfolio (“Master Total Return”), a series of Master Large Cap SeriesBond LLC, which is an Equity-Liquidityand CoreAlpha Bond Master Portfolio (“CoreAlpha Bond Master” and together with Master Total Return, the “Master Funds”), a series of Master Investment Portfolio II, respectively. Balanced Capital Fund invests a significant portion of its fixed-income assets in Master Total Return. Shareholders of each Feeder Fund are being asked to provide voting instructions to Balanced Capital Fund, Inc.approve the Proposals relating to the applicable Master Fund.

Because of our concerns regarding the COVID-19 pandemic, the Meeting will be held in connection witha virtual meeting format only. Shareholders will not have to travel to attend the Meeting but will be able to view the Meeting live and cast their votes by accessing a web link.

The following table shows each Proposal described in the accompanying joint proxy statement and identifies shareholders entitled to vote, and/or provide voting instructions, on the Proposal at the Meeting. Appendix A to the accompanying joint proxy statement lists the specific fundamental investment restrictions on which shareholders are being asked to vote, and/or provide voting instructions, in Proposals 1 and 2. Shareholders of Balanced Capital Fund Inc., as a beneficial owner of Master Large Cap Series LLC, forare not being asked to approve any amendments to the election of the Board members of Master Large Cap Series LLC.Fund’s fundamental investment restrictions.

- 2 -

The purpose ofTo transact such other business as may properly come before the meeting is to seek shareholder approval of the fifteen Board nominees named in the accompanying joint proxy statement to the Boards of DirectorsMeeting and any adjournments, postponements or Trustees of each Fund (each, a “Board,” the members of which are referred to as “Board Members”). Each Board has unanimously approved the fifteen nominees (the “Board Nominees”) on behalf of each Fund overseen by such Board, subject to approval by the Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that the Board Nominees possess the requisite experience in overseeing investment companies and that their election is in your best interest.delays thereof.

Your Board unanimously recommends that you vote, or provide voting instructions, “FOR” the election of each Board Nominee to the Board of your Fund(s).

Shareholders of record of aeach Fund as of the close of business on December 11, 2015August 27, 2021 are entitled to vote at the meetingMeeting and at any adjournments postponements or delayspostponements thereof.

IfAfter careful consideration, the Boards of Directors/Trustees of the Funds recommend that you owned shares in more than one Fund or series of a Fund (each such series, a “Portfolio”) as of December 11, 2015,vote, and/or if your Fund or Portfolio is organized as a “feeder” in a “master/feeder structure”, you may receive more than one proxy card. Please be certain to vote by telephone or viaprovide voting instructions, “FOR” each of the InternetProposals with respect to eachyour Fund, including each Portfolio, in which you are a shareholder of record or sign, date and return each proxy card you receive from us.as applicable.

- 3 -

If you have any questions aboutregarding the proposals to be voted on,enclosed proxy materials or need assistance in voting your shares, please callcontact the Funds’ proxy solicitor, Computershare Fund Services, the firm assisting us in the solicitation of proxies, toll-freetoll free at 866-963-6126.

(866) 650-3710.

By Orderorder of the Boards of Directors/Trustees,

Janey Ahn

Benjamin Archibald

Secretary of the Funds

40 East 52nd Street, New York, NY 10022[    ], 2021

(800) 882-0052

BlackRock-Advised Funds and Series of FundsBLACKROCK ALLOCATION TARGET SHARES

Holding Special Meetings of Shareholders on FEBRUARY 8, 2016*

BBIF Government Securities FundBLACKROCK BALANCED CAPITAL FUND, INC.

BBIF Money Fund

BBIF Tax-Exempt Fund

BBIF Treasury Fund

BIF Government Securities Fund

BIF Money Fund

BIF Multi-State Municipal Series Trust

BIF California Municipal Money Fund

BIF Connecticut Municipal Money Fund

BIF Massachusetts Municipal Money Fund

BIF New Jersey Municipal Money Fund

BIF New York Municipal Money Fund

BIF Ohio Municipal Money Fund

BIF Tax-Exempt Fund

BIF Treasury Fund

BlackRock Emerging Markets Fund, Inc.

BlackRock Financial Institutions Series Trust

BlackRock Summit Cash Reserves Fund

BlackRock Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Alternative Capital Strategies Fund

BlackRock Commodity Strategies Fund

BlackRock Developed Real Estate Index 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 Exchange 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 Impact U.S. Equity Fund

BlackRock International Opportunities Portfolio

BlackRock Macro Themes Fund

BlackRock Managed Volatility Portfolio

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Midcap Index Fund

BlackRock Money Market Portfolio

BlackRock MSCI Asia ex Japan Index Fund

BlackRock MSCI World Index Fund

BlackRock Municipal Money Market Portfolio

BlackRock Multi-Asset Real Return Fund

BlackRock Multi-Manager Alternative Strategies Fund

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 Small/Mid Cap Index Fund

BlackRock Strategic Risk Allocation Fund

BlackRock Total Stock Market Index Fund

BlackRock U.S. Opportunities Portfolio

BlackRock U.S. Treasury Money Market Portfolio

BlackRock Virginia Municipal Money Market Portfolio

BlackRock Funds III

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 Cash Funds: Institutional

BlackRock Cash Funds: Prime

BlackRock Cash Funds: Treasury

BlackRock U.S. Total Bond Index Fund

BlackRock S&P 500 Index Fund

BlackRock CoreAlpha Bond Fund

BlackRock Total International ex U.S. Index Fund

BlackRock Large Cap Index Fund

BlackRock Disciplined International Fund

BlackRock Index Funds, Inc.

BlackRock International Index Fund

BlackRock Small Cap Index Fund

BlackRock Large Cap Series Funds, Inc.

BlackRock Large Cap Core Fund

BlackRock Event Driven Equity Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Large Cap Value Retirement Portfolio

BlackRock Latin America Fund, Inc.

BlackRock Liquidity Funds

California Money Fund

Federal Trust Fund

FedFund

MuniCash

MuniFund

New York Money Fund

TempCash

TempFund

T-Fund

Treasury Trust Fund

BlackRock Master LLC

BlackRock Master International Portfolio

BlackRock Master Small Cap Growth Portfolio

BlackRock Pacific Fund, Inc.

BlackRock Series, Inc.

BlackRock International Fund

BlackRock Small Cap Growth Fund II

Funds For Institutions Series

FFI Government Fund

FFI Institutional Fund¹

FFI Institutional Tax-Exempt Fund

FFI Premier Institutional Fund²

FFI Select Institutional Fund³

FFI Treasury Fund

Master Government Securities LLC

Master Institutional Money Market LLC

Master Institutional Portfolio⁴

Master Institutional Tax-Exempt Portfolio

Master Premier Institutional Portfolio⁵

Master Investment Portfolio

Prime Money Market Master Portfolio

Money Market Master Portfolio

International Tilts Master Portfolio

Treasury Money Market Master Portfolio

LifePath^® Retirement Master Portfolio

LifePath^® 2020 Master Portfolio

LifePath^® 2025 Master Portfolio

LifePath^® 2030 Master Portfolio

LifePath^® 2035 Master Portfolio

LifePath^® 2040 Master Portfolio

LifePath^® 2045 Master Portfolio

LifePath^® 2050 Master Portfolio

LifePath^® 2055 Master Portfolio

LifePath^® Index Retirement Master Portfolio

LifePath^® Index 2020 Master Portfolio

LifePath^® Index 2025 Master Portfolio

LifePath^® Index 2030 Master Portfolio

LifePath^® Index 2035 Master Portfolio

LifePath^® Index 2040 Master Portfolio

LifePath^® Index 2045 Master Portfolio

LifePath^® Index 2050 Master Portfolio

LifePath^® Index 2055 Master Portfolio

Active Stock Master Portfolio

CoreAlpha Bond Master Portfolio

S&P 500 Index Master Portfolio

U.S. Total Bond Index Master Portfolio

Total International ex U.S. Index Master Portfolio

Large Cap Index Master Portfolio

Master Large Cap Series LLC

Master Large Cap Core Portfolio

Master Large Cap Growth Portfolio

Master Large Cap Value Portfolio

Master Money LLC

Master Tax-Exempt LLC

Master Treasury LLC

Quantitative Master Series LLC

Master Extended Market Index Series

Master International Index Series

Master Small Cap Index SeriesBLACKROCK BOND FUND, INC.

Ready Assets Prime Money FundBLACKROCK FUNDS^6SM

Ready Assets U.S.A. Government Money FundBLACKROCK FUNDS IV

Ready Assets U.S. Treasury Money FundBLACKROCK FUNDS V

Retirement Series TrustBLACKROCK FUNDS VI

Retirement Reserves Money FundBLACKROCK LONG-HORIZON EQUITY FUND

BLACKROCK STRATEGIC GLOBAL BOND FUND, INC.

MANAGED ACCOUNT SERIES II

MASTER BOND LLC

MASTER INVESTMENT PORTFOLIO II

100 Bellevue Parkway, Wilmington, Delaware 19809

- 4 -

Table of ContentsTABLE OF CONTENTS

BLACKROCK EQUITY-LIQUIDITY FUNDSALLOCATION TARGET SHARES

BLACKROCK BALANCED CAPITAL FUND, INC.

BLACKROCK BOND FUND, INC.

BLACKROCK FUNDS^SM

BLACKROCK FUNDS IV

BLACKROCK FUNDS V

BLACKROCK FUNDS VI

BLACKROCK LONG-HORIZON EQUITY FUND

BLACKROCK STRATEGIC GLOBAL BOND FUND, INC.

MANAGED ACCOUNT SERIES II

MASTER BOND LLC

MASTER INVESTMENT PORTFOLIO II

100 Bellevue Parkway

Wilmington, Delaware 19809

(800) 441-7762

JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON FEBRUARY 8, 2016To Be Held on October 26, 2021

JOINT PROXY STATEMENT

This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies byon behalf of the boardsBoard of directorsDirectors or trusteesBoard of Trustees, as applicable (each, a “Board,” the members of which are referred to as “Board Members”“Board”), of each of BlackRock Allocation Target Shares, BlackRock Balanced Capital Fund, Inc., BlackRock Bond Fund, Inc., BlackRock Funds^SM, BlackRock Funds IV, BlackRock Funds V, BlackRock Funds VI, BlackRock Long-Horizon Equity Fund, BlackRock Strategic Global Bond Fund, Inc., Managed Account Series II, Master Bond LLC and Master Investment Portfolio II in connection with the BlackRock-advisedspecial joint special meeting (the “Meeting”) of shareholders of the funds listed inAppendix A to this Proxy Statementbelow (each, a “Fund” and collectively, the “Funds”), and at any and all adjournments, postponements or delays thereof, for the “Equity-Liquidity Funds”). In addition, if you arepurpose of voting on the proposals described in this Proxy Statement (each, a shareholder of a Fund (or“Proposal” and collectively, the “Proposals”):

BATS: Series C Portfolio, a series of BlackRock Allocation Target Shares

BATS: Series M Portfolio, a Fund) organized asseries of BlackRock Allocation Target Shares

BATS: Series S Portfolio, a series of BlackRock Allocation Target Shares

BlackRock Balanced Capital Fund, Inc.

BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc.

BlackRock Tactical Opportunities Fund, a series of BlackRock Funds^SM

BlackRock Global Long/Short Credit Fund, a series of BlackRock Funds IV

BlackRock Core Bond Portfolio, a series of BlackRock Funds V

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio, a series of BlackRock Funds V¹

BlackRock GNMA Portfolio, a series of BlackRock Funds V

- 1 -

BlackRock Inflation Protected Bond Portfolio, a series of BlackRock Funds V

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

BlackRock Strategic Income Opportunities Portfolio a series of BlackRock Funds V

BlackRock CoreAlpha Bond Fund, a series of BlackRock Funds VI²

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio, a series of Managed Account Series II

Master Total Return Portfolio, a series of Master Bond LLC

CoreAlpha Bond Master Portfolio, a series of Master Investment Portfolio II²

Certain Proposals relate to changes to the respective investment restrictions of each Fund other than Balanced Capital Fund (as defined below) that will be voted on at the Meeting. Shareholders of Balanced Capital Fund are not being asked to approve any amendments to the Fund’s investment restrictions and references to changes to the Funds’ respective investment restrictions in this Proxy Statement do not include Balanced Capital Fund’s investment restrictions.

Each of BlackRock Balanced Capital Fund, Inc. (“Balanced Capital Fund”), BlackRock Total Return Fund (“Total Return Fund”), a series of BlackRock Bond Fund, Inc., and BlackRock CoreAlpha Bond Fund (“CoreAlpha Bond Fund” and collectively with Balanced Capital Fund and Total Return Fund, the “Feeder Funds”), a series of BlackRock Funds VI, is a “feeder” fund in a “master/feeder” structure (a “Feeder Fund”) where the master fund (each, a “Master Fund”) is an Equity-Liquiditystructure. Each of Total Return Fund (orand CoreAlpha Bond Fund invests all of its assets in Master Total Return Portfolio (“Master Total Return”), a series of an Equity-Liquidity Fund)Master Bond LLC, and CoreAlpha Bond Master Portfolio (“CoreAlpha Bond Master” and together with Master Total Return, the “Master Funds”), youa series of Master Investment Portfolio II, respectively. Balanced Capital Fund invests a significant portion of its fixed-income assets in Master Total Return. Shareholders of each Feeder Fund will also be asked to provide voting instructions to yourthe Feeder Fund as to how, as a beneficial owner of the applicable Master Fund, yourthe Feeder Fund should vote forwith respect to the electionProposals relating to the applicable Master Fund. (For purposes of the Board overseeing suchthis Proxy Statement, interests in each Master Fund (a listmay be referred to as “shares” and holders of Feeder Funds and their correspondinginterests in each Master Funds is set forth inAppendix B). Also, shareholders of BlackRock Balanced Capital Fund Inc. (“Balanced Capital Fund”), which is not an Equity-Liquidity Fund, but which invests in Master Large Cap Core Portfolio, a series of Master Large Cap Series LLC, which is an Equity-Liquidity Fund, willmay be askedreferred to provide voting instructions to Balanced Capital Fund to vote for the election of the Board of Master Large Cap Series LLC. as “shareholders.”)

The proxies will be voted at the joint special meeting of shareholders of the Funds (the “Meeting”)Meeting and at any and all adjournments or postponements or delays thereof. The

Because of our concerns regarding the COVID-19 pandemic, the Meeting will be held at the offices of BlackRock Advisors, LLC (the “Advisor”), 1 University Square Drive, Princeton, NJ 08540-6455, on Monday, February 8, 2016, at 2:00 p.m. (Eastern time). The Meeting will be held for the purpose of electing 15 nominees to the Board of each Fund.in a virtual meeting format only.

The Board of each Fund hasBoards have determined that the use of this Proxy Statement for such Fund’sthe Meeting is in the best interests of the FundFunds, as applicable, and itstheir shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Shareholders will receive eitherthe Funds.

Each of BlackRock Allocation Target Shares, BlackRock Funds VI, BlackRock Long-Horizon Equity Fund, Managed Account Series II and Master Investment Portfolio II is organized as a copy of this Proxy Statement and the accompanying proxy materials, which are expected to be mailed on or about January 5, 2016, or an Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on February 8, 2016 (the “Notice of Internet Availability of Proxy Materials”), which is expected to be mailed on or about December 23, 2015.

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Delaware statutory trust. Each of BlackRock Balanced Capital Fund, Inc., BlackRock Bond Fund, Inc. and BlackRock Strategic Global Bond Fund, Inc. is organized as a Maryland corporation. Each of BlackRock Funds^SM, BlackRock Funds IV and BlackRock Funds V is organized as a Massachusetts business trust (each, a “Massachusetts Trust”), a Maryland corporation (each, a “Maryland Corporation”), a Delaware statutory trust (each, a “Delaware Trust”), ortrust. Master Bond LLC is organized as a Delaware limited liability company (each, a “Delaware LLC”), and eachcompany. Each Fund is an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). A list identifying the form of organization of each Fund is set forth onAppendix A. Certain of the Funds

The Boards have been structured as series Funds, and the separate series of the Funds are referred to herein as “Portfolios”. References to shareholders of a Fund include shareholders of all Portfolios of that Fund.

Each Fund’s fiscal year end can be found onAppendices F and G.

Shareholders of record of a Fund as offixed the close of business on December 11, 2015August 27, 2021 as the record date (the “Record Date”) arefor the determination of shareholders of the each Fund entitled to notice of and to vote at the Meeting andor any and all adjournments or postponements or delays thereof. Shareholders of the Funds on the Record Date are entitled

Distribution to the

voting rights set forth onAppendix A, with no shares having cumulative voting rights. The quorum and voting requirements for Proposal 1 for each Fund are also set forth inAppendix A. For all Funds that are organized as a series Fund, a quorum of the shareholders of such Fund as a whole, inclusive ofthis Proxy Statement and the shareholders of each Portfolio of such Fund, is required in orderaccompanying materials will commence on or about [    ], 2021.

If you do not expect to take any actionbe present at the Meeting, please vote your proxy and/or provide voting instructions in accordance with respect to Proposal 1 as it applies to that particular Fund.

The number of outstanding shares of each class of each Fund and Portfolio as of the close of businessinstructions included on the Record Date are shown inAppendix C. To the knowledge of each Fund, as of December 11, 2015, no person was the beneficial owner of more than five percent of a class of the outstanding shares of the Fund or of a Portfolio of the Fund, except as set forth inAppendix J.

The Fund or, if applicable, the Portfolio in which you owned shares on the Record Date is named on theenclosed proxy card or Notice of Internet Availability of Proxy Materials. If you owned shares in more than one Fund or Portfolio on the Record Date, or if you owned shares of a Feeder Fund on the Record Date, you may receive more than one proxy card.(or voting instruction form). Even if you plan to attend the Meeting, please sign, date and return EACHthe proxy card you receive or ifprovide voting instructions by telephone or over the Internet. If you provide voting instructions by telephone or via the Internet, please vote on the proposals affecting EACH Fund and Portfolio you own, and provide voting instructions to your Feeder Fund relating to the election of Board Nominees to the Board of any Master Fund in which your Fund or Portfolio is a Feeder Fund. If you vote by telephone or viaover the Internet, you will be asked to enter a unique code that has been assigned to you, which is printed on your proxy card(s) or Notice of Internet Availability of Proxy Materials, as applicable.card (or voting instruction form). This code is designed to confirm your identity, provide access into the voting websitesites and confirm that your voting instructions are properly recorded.

All properly executed proxies received prior to the Meeting will be voted at the Meeting and any and all adjournments postponements or delayspostponements thereof. On any matter coming before the Meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy card is properly executed and returned and no choice is specified with respect to a proposal,Proposal, the shares will be voted“FOR”the proposal.Proposal. Shareholders who execute proxiesa proxy or provide voting instructions by telephone or via the Internet may revoke them with respect to one or more proposalsProposals at any time before a vote is taken on such proposal(s)Proposal(s) by filing with the applicable Fund a written notice of revocation, (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the New York address provided herein), by delivering a duly executedsubsequently dated proxy bearing a later date,by mail, telephone or the Internet, or by attending the Meeting and voting in personvoting. If your shares are held by ballot, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the Meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank, brokerbroker-dealer or other third-party intermediary please consultwho holds your bank, broker or intermediary regarding your ability to revokeshares of record, you must provide voting instructions afterto such instructions have been provided.

If you are a registered shareholder of a Fund and plan to attend the meeting in person,financial intermediary in order to gain admissionvote your shares.

If your shares in a Fund are registered in your name, you must show valid photographic identification, such asmay attend and participate in the Meeting at https://meetnow.global/MJLQLHV by entering the control number found in the shaded box on your driver’s license or passport.proxy card on the date and time of the Meeting. You may vote during the Meeting by following the instructions that will be available on the Meeting website during the Meeting. If you are a beneficial shareholder of a Fund (that is if you hold your shares of a Fund through a bank, broker, financial intermediary or other nominee) and plan to attend the Meeting in person, in order to gain admission you must show valid photographic identification, such as your driver’s license or passport, and satisfactory proof of ownership of shares in a Fund, such as your voting instruction form (or a copy thereof) or a letter from your bank, broker or other nominee or broker’s statement indicating ownership as of the Record Date. Also, if you are a beneficial shareholder of a Fund, you will not be able to vote in person at the virtual Meeting unless you have previously requestedregistered in advance to attend the Meeting. To register, you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and obtainedemail address to Computershare Fund Services, the Funds’ tabulator. You may email an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m. (Eastern time) three business days prior to the Meeting date. You will receive a “legal proxy”confirmation email from Computershare Fund Services of your broker, bank or other nomineeregistration and present ita control number and security code that will allow you to vote at the Meeting. Even if you

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plan to attendparticipate in the virtual Meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or via the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card and voting instruction form you receive, and returning it in the accompanying postage-paid return envelope.

The Meeting will provide shareholders with a meaningful opportunity to participate, including the ability to ask questions of management. To support these efforts, the Funds will:

Copies of each Fund’s most recent annual report and semi-annual report can be obtainedreports are available on aBlackRock’s website maintained by BlackRock, Inc. (“BlackRock”) atwww.blackrock.com. and the EDGAR Database on the Securities and Exchange Commission’s Internet site at www.sec.gov. In addition, each Fund will furnish, without charge, a copy of itsthe Fund’s annual report and a copy of its most recent semi-annual report succeeding the annual report, if any, to aany shareholder upon request. Such requests should be directed to the applicable Fund at 100 Bellevue Parkway, Wilmington, DEDelaware 19809, or by calling toll free at 1-800-441-7762. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the U.S. Securities and Exchange Commission’s website atwww.sec.gov.(800) 441-7762.

Please note that only one annual or semi-annual report or this Proxy Statement or Notice of Internet Availability of Proxy Materials may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report or this Proxy Statement or Notice of Internet Availability of Proxy Materials, or for instructions onas to how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the Delaware address and phone number set forth above.

SUMMARY OF PROPOSALS AND FUNDS VOTING

The following table listsshows each proposalProposal described in this Proxy Statement and identifies shareholders entitled to vote, and/or provide voting instructions, on each proposal.the Proposal at the Meeting. Appendix A to this Proxy Statement lists the specific fundamental investment restrictions on which shareholders are being asked to vote, and/or provide voting instructions, in Proposals 1 and 2.

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		BlackRock Funds III—BlackRock LifePath® 2030 Fund BlackRock Funds III—BlackRock LifePath® 2035 Fund BlackRock Funds III—BlackRock LifePath® 2040 Fund BlackRock Funds III—BlackRock LifePath® 2045 Fund BlackRock Funds III—BlackRock LifePath® 2050 Fund BlackRock Funds III—BlackRock LifePath® 2055 Fund BlackRock Funds III—BlackRock LifePath® Index Retirement Fund BlackRock Funds III—BlackRock LifePath® Index 2020 Fund BlackRock Funds III—BlackRock LifePath® Index 2025 Fund BlackRock Funds III—BlackRock LifePath® Index 2030 Fund BlackRock Funds III—BlackRock LifePath® Index 2035 Fund BlackRock Funds III—BlackRock LifePath® Index 2040 Fund BlackRock Funds III—BlackRock LifePath® Index 2045 Fund BlackRock Funds III—BlackRock LifePath® Index 2050 Fund BlackRock Funds III—BlackRock LifePath® Index 2055 Fund BlackRock Large Cap Series Funds, Inc.—BlackRock Large Cap Growth Fund BlackRock Large Cap Series Funds, Inc.—BlackRock Large Cap Value Fund BlackRock Large Cap Series Funds, Inc.—BlackRock Large Cap Value Retirement Portfolio BlackRock Large Cap Series Funds, Inc.—BlackRock Large Cap Core Fund BlackRock Index Funds, Inc.—BlackRock International Index Fund BlackRock Index Funds, Inc.—BlackRock Small Cap Index Fund
Proposal 3: To provide voting instructions to Balanced Capital Fund, Total Return Fund and CoreAlpha Bond Fund to vote for the electionamendment or elimination, as applicable, of Board memberscertain of the fundamental investment restrictions of Master Large Cap Series LLCTotal Return and CoreAlpha Bond Master, as applicable, as contemplated by Proposal 1		Shareholders of Balanced Capital Fund and Total Return Fund, voting separately with respect to Master Total Return, and shareholders of CoreAlpha Bond Fund, voting separately with respect to CoreAlpha Bond Master
Proposal 3: To approve the elimination of the non-fundamental investment restriction regarding investing for the purpose of exercising control or management of each of CoreAlpha Bond Fund and CoreAlpha Bond Master		Shareholders of CoreAlpha Bond Fund and CoreAlpha Bond Master only, voting separately
Proposal 4: To provide voting instructions to CoreAlpha Bond Fund to vote for the elimination of the non-fundamental investment restriction regarding investing for the purpose of exercising control or management of CoreAlpha Bond Master, as contemplated by Proposal 3		Shareholders of CoreAlpha Bond Fund only
Proposal 5: To approve an amendment to the bylaws of BlackRock Bond Fund, Inc. to remove fundamental policies and all references thereto		Shareholders of Total Return Fund only
Proposal 6: To approve a change in BlackRock Long-Horizon Equity Fund’s status from diversified to non-diversified as such terms are defined under the Investment Company Act of 1940, as amended.		Shareholders of BlackRock Long-Horizon Equity Fund only

PLEASE VOTENOW. YOUR VOTE IS IMPORTANT.

To avoidImportant Notice Regarding the wasteful and unnecessary expenseAvailability of further solicitation and no matter how large or small your holdings may be, we urge youProxy Materials for the Joint Special Meeting of Shareholders to Be Held on October 26, 2021. to indicate your voting instructions on the enclosed proxy card(s), and date and sign it (them) and return it (them) promptly in the postage-paid envelope provided, or record your voting instructions by telephone or via the Internet. If you submit a properly executed proxy card but do not indicate how you wish your shares to be voted, your shares will be voted “FOR” the election of the Board nominees. If your shares of a Fund are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the Meeting.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON FEBRUARY 8, 2016

The Notice of Joint Special Meeting of Shareholders, the Proxy Statement and the form of proxy card are available on the internetInternet athttps://www.proxy-direct.com/blk-27301. Theblk-32307. On this website, you will be able to access the Notice of Joint Special Meeting of Shareholders, the Proxy Statement, the form of proxy oncard and any amendments or supplements to the Internet site cannotforegoing material that are required to be usedfurnished to cast your vote. The Proxy Statement and annual and semi-annual reports of each Fund are available by calling 866-963-6126.shareholders.

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The Boards have any questions, would like to vote your shares, or wish to obtain directions soapproved and recommend that you can attendvote, and provide voting instructions, “FOR” each of the Meeting, please call ComputershareProposals with respect to your Fund, Services (“Computershare”), the proxy solicitor for the Funds, toll free at 866-963-6126.as applicable.

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PROPOSALS 1, 21.A. THROUGH 1.N. AND 3—ELECTIONPROPOSALS 2.A. THROUGH 2.J. — TO APPROVE THE AMENDMENT OR ELIMINATION, AS APPLICABLE, OF BOARD MEMBERSCERTAIN OF THE FUNDAMENTAL INVESTMENT RESTRICTIONS OF EACH FUND AND, FOR BLACKROCK TOTAL RETURN FUND, AN AMENDMENT TO THE BYLAWS OF BLACKROCK BOND FUND, INC. TO REFLECT THE AMENDMENT OR ELIMINATION OF SUCH FUNDAMENTAL INVESTMENT RESTRICTIONS

SHAREHOLDERS OF EACH FUND VOTING SEPARATELY WITH RESPECT TO THEIR FUND

The purpose of Proposal 1Proposals 1.A. through 1.N. is to elect fifteen Board membersapprove the amendment or elimination, as applicable, of certain of the fundamental investment restrictions of each Fund. In addition, Proposals 1.A., 1.C., 1.D., 1.F., 1.H. and 1.J. include proposed changes to the Boardbylaws of each Fund.BlackRock Bond Fund, Inc. (“BlackRock Bond Fund”), which require shareholder approval to be implemented, in order to align certain fundamental policies set out in the bylaws with the stated fundamental investment restrictions proposed for Total Return Fund as described in such Proposals.

The purpose of Proposal 2Proposals 2.A. through 2.J is to provide voting instructions to each Feeder Fund with respect to how, as a beneficial owner of the applicable Master Fund, the Feeder Fund should vote in connection with the electionproposals to approve the amendment or elimination, as applicable, of fifteencertain of the fundamental investment restrictions of the applicable Master Fund, as contemplated by Proposals 1.A. through 1.J., as applicable.

Background

The Investment Company Act requires registered investment companies, such as the Funds, to have certain specific investment policies that can be changed only with shareholder approval. Investment companies may also elect to designate other policies that may be changed only with a shareholder vote. Both types of policies are often referred to as fundamental policies. (In this Proxy Statement, the word “restriction” is sometimes used to describe a policy.) Some fundamental policies were adopted in the past by the Funds to reflect certain regulatory, business or industry conditions which are no longer in effect. In addition, certain of the policies of the Funds that remain required by law are more restrictive than the law requires. As a result, many of the current restrictions unnecessarily limit the investment strategies available to BlackRock in managing the assets of the Funds.

Changes to the fundamental investment policies of the Funds as proposed in Proposal 1, as applicable, are intended to benefit the Funds and their shareholders in the following ways: (i) each of these changes is designed to provide the Funds with greater investment flexibility to pursue their investment objectives and principal investment strategies and/or respond to a changing regulatory and investment environment; and (ii) by reducing to a minimum those policies that can be changed only by shareholder vote, the Funds in the future may be able to avoid the costs and delay associated with holding shareholder meetings to address issues relating to fundamental investment policies. In the proposed fundamental investment restrictions, references to the Investment Company Act or other applicable law, as applicable, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange (the “Commission”), Commission staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the Commission, Commission staff or other authority.

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The Proposals are intended to update the fundamental investment policies of the Funds as set forth below by amending or eliminating certain fundamental investment policies. Each Proposal relates to a particular fundamental restriction. Shareholders are being asked to vote separately on, and provide voting instructions separately with respect to, each applicable Proposal. No Proposal to amend or eliminate any fundamental investment policy is contingent upon the approval of any other Proposal. As a result, it may be the case that certain of a Fund’s fundamental investment policies will be amended or eliminated while others will not. If shareholders of a Fund do not approve an applicable Proposal, the current investment policy contained in that Proposal will remain in effect for that Fund. If a Proposal is approved by shareholders at the Meeting, the proposed change to that fundamental investment policy will take effect as soon as reasonably practicable.

Each Proposal described below sets out the current fundamental investment restriction of each Fund to which the Proposal is applicable. Please note that the charts may not include the exact wording of the fundamental investment restrictions described.

A list of the fundamental investment restrictions that will apply to each Fund if each applicable Proposal is approved by the Fund’s shareholders is set out in Appendix B to this Proxy Statement. (Appendix B includes current fundamental investment restrictions that are not proposed to be amended for certain Funds because such current restrictions already reflect the fundamental investment restrictions in effect for other BlackRock-advised Funds (as defined below) and provide maximum investment flexibility.)

Proposal 1 is intended to, among other things, provide BlackRock with greater flexibility in managing the portfolios of the Funds, and, as noted below, in the near term certain Funds may take advantage of the additional investment flexibility provided by the amendment or elimination of certain of their current fundamental investment restrictions. However, if Proposal 1 is approved for a Fund, unless otherwise disclosed in this Proxy Statement, Fund management does not anticipate material changes to the Fund’s principal investment strategies, and the Fund will continue to be managed subject to the applicable limitations imposed by the Investment Company Act and the rules and interpretive guidance provided thereunder, as well as the Fund’s investment objective, strategies and policies.

The proposed changes to the bylaws of BlackRock Bond Fund contemplated by Proposals 1.A., 1.C., 1.D., 1.F. and 1.H., which require shareholder approval to be implemented, will not be made if Total Return Fund shareholders approve Proposal 5. As discussed below in Proposal 5, it is proposed that the bylaws of BlackRock Bond Fund be amended to remove fundamental policies and references thereto. In the event that Proposal 5 is approved by Total Return Fund’s shareholders in addition to Proposal 1, rather than BlackRock Bond Fund’s bylaws being amended pursuant to Proposals 1.A., 1.C., 1.D., 1.F. and 1.H., all fundamental policies of BlackRock Bond Fund and references thereto will be removed from the bylaws of BlackRock Bond Fund. If shareholders do not approve Proposals 1.A., 1.C., 1.D., 1.F. and/or 1.H. but do approve Proposal 5, the fundamental policies and references thereto will be removed from BlackRock Bond Fund’s bylaws. If shareholders of Total Return Fund do not approve Proposal 5 but do approve Proposals 1.A., 1.C., 1.D., 1.F. and/or 1.H., then BlackRock Bond Fund’s bylaws will be amended to reflect the amended or eliminated fundamental investment restrictions, as applicable. If none of Proposals 1.A., 1.C., 1.D., 1.F. and 1.H. and Proposal 5 is approved by Total Return Fund’s shareholders, no changes will be made to BlackRock Bond Fund’s bylaws.

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Proposals 1.A. and 2.A.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Concentration and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Amendment of Such Fundamental Investment Restriction.

Funds affected:

BlackRock Total Return Fund

BlackRock Tactical Opportunities Fund

BlackRock Global Long/Short Credit Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

BlackRock CoreAlpha Bond Fund

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio

Master Total Return Portfolio

CoreAlpha Bond Master Portfolio

The Board membersof each applicable Fund has proposed that shareholders of the Fund approve an amendment to the Fund’s fundamental investment restriction regarding concentration and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to make conforming changes to the corresponding fundamental policy in the bylaws, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

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Current Fundamental Investment Restriction Regarding Concentration

The following table sets out each applicable Fund’s current fundamental investment restriction regarding concentration:

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In addition, the bylaws of BlackRock Bond Fund state that it is a fundamental policy of the BlackRock Bond Fund not to invest more than 25% of the total assets of the any series of BlackRock Bond Fund (taken at market value at the time of each investment) in the securities of issuers primarily engaged in the same industry. BlackRock Bond Fund’s bylaws further provide that utilities will be divided according to their services; for example, gas, gas transmission, electric and telephone each will be considered a separate industry for purposes of this restriction.

Proposed Fundamental Investment Restriction Regarding Concentration

For each applicable Fund, other than BlackRock U.S. Mortgage Portfolio, the proposed fundamental investment restrictionwould state that the Fund may not: “concentrate its investments in a particular industry, as that term is used in the Investment Company Act.”

For Total Return Fund, it is also proposed that the fundamental policy in BlackRock Bond Fund’s bylaws relating to concentration be amended to conform to the proposed fundamental investment restriction regarding concentration set out above, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

For BlackRock U.S. Mortgage Portfolio only, the proposed fundamental investment restriction would state that the Fund may not: “concentrate its investments in a particular industry, as that term is used in the Investment Company Act; provided, that the Fund will invest at least 25% of its total assets in non-agency mortgage-backed securities, which for purposes of this investment restriction the Fund will treat as an industry or group of industries.”

Rationale

While the Investment Company Act does not define what constitutes “concentration” in an industry, the Commission has taken the position that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in the same industry constitutes concentration. It is possible that interpretations of concentration could change in the future.

The applicable Funds’ current fundamental policies on concentration vary. The Funds’ current fundamental policies reflect the 25% test noted above that is the Commission’s current interpretation of concentration. If this interpretation were to change, each applicable Fund would not be able to change its concentration policy without seeking shareholder approval. The proposed investment restriction does not contain a stated percentage limitation and will be interpreted to refer to concentration as it may be interpreted from time to time.

BlackRock U.S. Mortgage Portfolio is seeking to amend its concentration policy to provide that the Fund will concentrate in non-agency mortgage-backed securities to enhance its ability to execute its principal investment strategies. The Fund’s strategy of concentrating in non-agency

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mortgage-backed securities means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance of these securities will lag the performance of other industries or the broader market as a whole.

Proposals 1.B. and 2.B.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Borrowing and the Issuance of Senior Securities.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding borrowing and the issuance of senior securities.

Current Fundamental Investment Restriction Regarding Borrowing and the Issuance of Senior Securities

Under each applicable Fund’s current fundamental investment restriction regarding borrowing and the issuance of senior securities, the Fund may not issue senior securities, borrow money or pledge its assets, except that it may borrow from banks or enter into reverse repurchase agreements or dollar rolls in amounts aggregating not more than 33¹/3% of the value of its total assets (calculated when the loan is made) to take advantage of investment opportunities and may pledge up to 33¹/3% of the value of its total assets to secure such borrowings. Each Fund is also authorized to borrow an additional 5% of its total assets without regard to the foregoing limitations for temporary purposes such as clearance of portfolio transactions and share redemptions. For purposes of these restrictions, the purchase or sale of securities on a “when-issued,” delayed delivery or forward commitment basis, the purchase and sale of options and futures contracts and collateral arrangements with respect thereto are not deemed to be the issuance of a senior security, a borrowing or a pledge of assets.

Proposed Fundamental Investment Restrictions Regarding Borrowing and the Issuance of Senior Securities

The proposed fundamental investment restrictionsof each applicable Fund would state that the Fund may not: “borrow money, except as permitted under the Investment Company Act” and “issue senior securities to the extent such issuance would violate the Investment Company Act.”

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Rationale

All mutual funds are required to have a fundamental policy regarding the borrowing of money. The Investment Company Act permits a fund to borrow money in amounts of up to one-third of the fund’s total assets from banks for any purpose, and to borrow up to an additional 5% of the fund’s total assets from banks or other lenders for temporary purposes. Each Fund has received an exemptive order from the Commission (the “IFL Order”), as further described below, that permits it to borrow from BlackRock-advised Funds (as defined below), which are not banks, to the limited extent necessary to implement the Interfund Lending Program (as defined below) to the extent consistent with the Fund’s investment restrictions and policies and subject to compliance with the conditions of the IFL Order. To limit the risks attendant to borrowing, the Investment Company Act requires a fund to maintain an “asset coverage” of at least 300% of the amount of its borrowings, provided that in the event that the fund’s asset coverage falls below 300%, the fund is required to reduce the amount of its borrowings so that it meets the 300% asset coverage threshold within three days (not including Sundays and holidays). Moreover, the current restrictions require certain Funds to include reverse repurchase agreements in their one-third borrowing limit. However, under new Rule 18f-4 under the Investment Company Act, which governs registered funds’ use of derivatives and has a compliance date of August 19, 2022, reverse repurchase agreements and similar financing transactions may either be treated as borrowings and subject to the Investment Company Act restrictions or may be treated as derivatives.

In addition, all mutual funds are required to have a fundamental policy regarding the issuance of senior securities. The Investment Company Act prohibits an open-end investment company from issuing any class of senior security, or selling any class of senior security of which it is the issuer, except that the investment company may borrow from a bank provided that immediately after any such borrowing there is asset coverage of at least 300% for all of its borrowings.

Each applicable Fund’s current investment restriction as it relates to borrowing limits borrowings to borrowings from banks in amounts not exceeding 33¹/3% of total assets to take advantage of investment opportunities and an additional 5% for temporary purposes. The proposed investment restriction regarding borrowing will permit an applicable Fund to borrow to the fullest extent permitted by the Investment Company Act and related interpretations, as in effect from time to time, and in situations and under circumstances in which it previously could not do so. Borrowing may cause the value of a Fund’s shares to be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of a Fund’s portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. There also are costs associated with borrowing money, and these costs would offset and could eliminate a Fund’s net investment income in any given period.

Additionally, pursuant to the IFL Order, each applicable Fund, to the extent permitted by its investment policies and restrictions and subject to meeting the conditions of the IFL Order, has the ability to borrow money from certain other funds advised by BlackRock or BlackRock Fund Advisors (“BFA”) or any successor thereto or an investment adviser controlling, controlled by, or under common control with BlackRock or BFA or any successor thereto (“BlackRock-advised Funds”) pursuant to a master interfund lending agreement (the “Interfund Lending Program”). Under the Interfund Lending Program, a Fund may borrow money for temporary purposes directly from certain other BlackRock-advised Funds (an “Interfund Loan”). All Interfund Loans would consist only of uninvested cash reserves that the lending BlackRock-advised Fund

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otherwise would invest in short-term repurchase agreements or other short-term instruments. Each applicable Fund’s current fundamental investment restriction as it relates to borrowing would limit the Fund’s ability to borrow under the Interfund Lending Program in certain circumstances. Under the proposed investment restriction regarding borrowing, each applicable Fund would be able to conduct all borrowing from other BlackRock-advised Funds up to the prescribed limits under the Investment Company Act through the Interfund Lending Program, which the Board of itseach applicable Fund believes could provide the Fund access to lower interest rates on such borrowed amounts than those that typically would be payable under short-term loans offered by banks or custodian overdrafts.

Proposals 1.C. and 2.C.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Borrowing and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Amendment of Such Fundamental Investment Restriction.

Funds affected:

BlackRock Total Return Fund

BlackRock Global Long/Short Credit Fund

BlackRock CoreAlpha Bond Fund

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio

Master Total Return Portfolio

CoreAlpha Bond Master Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding borrowing and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to make conforming changes to the corresponding Master Fund.fundamental policy in the bylaws, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

Current Fundamental Investment Restriction Regarding Borrowing

The following table sets out each applicable Fund’s current fundamental investment restriction regarding borrowing:

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In addition, the bylaws of BlackRock Bond Fund, Inc. state that it is a fundamental policy of BlackRock Bond Fund not to issue senior securities, or borrow amounts in any series of BlackRock Bond Fund in excess of 5% of the total assets of such series, taken at market value at the time of the borrowing, and then only from banks as a temporary measure for extraordinary or emergency purposes.

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Proposed Fundamental Investment Restriction Regarding Borrowing

The proposed fundamental investment restrictionof each applicable Fund would state that the Fund may not: “borrow money, except as permitted under the Investment Company Act.”

For Total Return Fund, it is also proposed that the fundamental policy in BlackRock Bond Fund’s bylaws relating to borrowing and the issuance of senior securities be replaced with the proposed fundamental investment restriction regarding borrowing set out above, subject to approval of Proposal 5 by Total Return Fund’s shareholders. (As described below in connection with Proposal 1.D., it is also proposed that this same restriction be replaced with the proposed fundamental restriction regarding the issuance of senior securities.)

Rationale

See the discussion under “Proposals 1.B. and 2.B.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Borrowing and the Issuance of Senior Securities—Rationale” for a discussion of the rationale for amending the current fundamental investment restriction regarding borrowing for each applicable Fund other than CoreAlpha Bond Fund and CoreAlpha Bond Master.

For CoreAlpha Bond Fund and CoreAlpha Bond Master, the proposed fundamental investment restriction is substantially similar to the current investment restriction in the flexibility it provides to CoreAlpha Bond and CoreAlpha Bond Master with respect to borrowing because, as noted above, the reference to the “Investment Company Act” in the proposed investment restriction will include the rules, regulations and any orders obtained thereunder. However, the proposed investment restriction would allow for greater flexibility with respect to borrowing to the extent the Investment Company Act, including any guidance, interpretations or modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission, provides greater flexibility in the future. The proposed investment restriction is also intended to align CoreAlpha Bond Fund’s and CoreAlpha Bond Master’s fundamental restriction regarding borrowing with that of certain other BlackRock-advised Funds. In addition, the proposed investment restriction would not affect CoreAlpha Bond Fund’s and CoreAlpha Bond Master’s ability to borrow money through the Interfund Lending Program, as such Funds’ current investment restriction permits such Funds to conduct all borrowing from other BlackRock-advised Funds up to the prescribed limits under the Investment Company Act through the Interfund Lending Program.

Proposals 1.D. and 2.D.—To Approve the Amendment of the Fundamental Investment Restriction Regarding the Issuance of Senior Securities and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Amendment of Such Fundamental Investment Restriction.

Funds affected:

BlackRock Total Return Fund

BlackRock Global Long/Short Credit Fund

BlackRock CoreAlpha Bond Fund

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

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BlackRock U.S. Mortgage Portfolio

Master Total Return Portfolio

CoreAlpha Bond Master Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding the issuance of senior securities and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to make conforming changes to the corresponding fundamental policy in the bylaws, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

Current Fundamental Investment Restriction Regarding the Issuance of Senior Securities

The following table sets out each applicable Fund’s current fundamental investment restriction regarding the issuance of senior securities:

In addition, the bylaws of BlackRock Bond Fund state that it is a fundamental policy of BlackRock Bond Fund not to issue senior securities, or borrow amounts in any series of BlackRock Bond Fund in excess of 5% of the total assets of such Portfolio, taken at market value at the time of the borrowing, and then only from banks as a temporary measure for extraordinary or emergency purposes.

Proposed Fundamental Investment Restriction Regarding the Issuance of Senior Securities

The proposed fundamental investment restrictionof each applicable Fund would state that the Fund may not: “issue senior securities to the extent such issuance would violate the Investment Company Act.”

For Total Return Fund, it is also proposed that the fundamental policy in BlackRock Bond Fund’s bylaws relating to borrowing and the issuance of senior securities be replaced with the proposed fundamental investment restriction set out above, subject to approval of Proposal 5 by Total Return Fund’s shareholders, in addition to the proposed fundamental restriction regarding borrowing described above under Proposal 1.C.

Rationale

All mutual funds are required to have a fundamental policy regarding the issuance of senior securities. The Investment Company Act prohibits an open-end investment company from issuing any class of senior security, or selling any class of senior security of which it is the issuer, except that the investment company may borrow from a bank provided that immediately after any such borrowing there is asset coverage of at least 300% for all of its borrowings.

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The sole change in the proposed investment restriction for each Fund other than CoreAlpha Bond Fund and CoreAlpha Bond Master is to reference to the “Investment Company Act,” rather than “applicable law.” This change is intended to provide greater specificity as to any potential limitations on the ability of each Fund to issue senior securities.

For CoreAlpha Bond Fund and CoreAlpha Bond Master, the proposed fundamental investment restriction is substantially similar to the current investment restriction in the flexibility it provides to CoreAlpha Bond and CoreAlpha Bond Master with respect to the issuance of senior securities because, as noted above, the reference to the “Investment Company Act” in the proposed investment restriction will include the rules, regulations and any orders obtained thereunder. However, the proposed investment restriction would allow for greater flexibility with respect to the issuance of senior securities to the extent the Investment Company Act, including any guidance, interpretations or modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the Commission, Commission staff or other authority, provides such greater flexibility in the future. In addition, the proposed investment restriction is intended to align CoreAlpha Bond Fund’s and CoreAlpha Bond Master’s fundamental restriction regarding the issuance of senior securities with that of certain other BlackRock-advised Funds.

Proposals 1.E. and 2.E.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Investing in Real Estate.

Funds affected: all Funds

The Board of each Fund has proposed that shareholders of the applicable Fund approve an amendment to the fundamental investment restriction regarding investing in real estate.

Current Fundamental Investment Restriction Regarding Investing in Real Estate

The following table sets out each applicable Fund’s current fundamental investment restriction regarding investing in real estate:

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Proposed Fundamental Investment Restriction Regarding Investing in Real Estate

The proposed investment restrictionof each Fund would state that the Fund may not: “purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments.”

Rationale

The Investment Company Act does not prohibit a fund from owning real estate or investing in real estate mortgage loans; however, a fund is limited in the amount of illiquid assets it may purchase by Rule 22e-4 under the Investment Company Act (real estate may be considered illiquid). Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities.

Currently, each Fund is not permitted to purchase or sell real estate, but it may invest in certain real estate-related securities. As a general rule, each Fund currently does not intend to purchase or sell real estate. However, each Fund wishes to preserve the flexibility to invest in certain real estate-related securities consistent with its investment objective and strategies. The proposed investment restriction would allow each Fund to invest in a potentially greater universe of real estate-related securities than the current investment restriction by permitting investments in securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mortgage-related securities and securities of issuers engaged in the real estate business. In addition, the proposed investment restriction would permit each Fund to purchase and hold real estate as a result of the ownership of securities or other instruments.

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Proposals 1.F. and 2.F.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Underwriting and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Amendment of Such Fundamental Investment Restriction.

Funds affected: all Funds

The Board of each Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding underwriting and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to make conforming changes to the corresponding fundamental policy in the bylaws, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

Current Fundamental Investment Restriction Regarding Underwriting

The following table sets out each applicable Fund’s current fundamental investment restriction regarding underwriting:

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In addition, the bylaws of BlackRock Bond Fund state that it is a fundamental policy of BlackRock Bond Fund not to underwrite securities of other issuers except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933 (the “Securities Act”) in selling portfolio securities.

Proposed Fundamental Investment Restriction Regarding Underwriting

The proposed fundamental investment restrictionof each Fund would state that the Fund may not: “underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.”

For Total Return Fund, it is also proposed that the fundamental policy in BlackRock Bond Fund’s bylaws relating to underwriting be replaced with the proposed fundamental investment restriction regarding underwriting set out above, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

Rationale

All mutual funds are required to have a fundamental policy regarding engaging in the business of underwriting the securities of other issuers. The Investment Company Act permits a fund to engage in the business of underwriting securities within certain limits. Under its current investment restriction, each Fund is prohibited from underwriting securities issued by others, subject to certain exceptions which vary by Fund. The proposed investment restriction would permit each Fund to underwrite the securities of other issuers to the fullest extent permitted by applicable law, and thus would give each Fund greater flexibility to respond to future investment opportunities, subject to its investment objective and strategies.

The current investment restrictions permit certain Funds to sell portfolio securities, even if the Fund technically may be deemed an underwriter under the Securities Act. This exception refers to a technical provision of the Securities Act which deems certain persons to be “underwriters” if they purchase a security from the issuer and later sell it to the public. Although it is not believed that the application of this Securities Act provision would cause a Fund to be engaged in the business of underwriting, the proposed investment restriction would be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether it may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer’s registration statement or prospectus.

Securities purchased from an issuer and not registered for sale under the Securities Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the Securities Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to the extent a Fund invests in restricted securities.

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Proposals 1.G. and 2.G.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Investing in Commodities.

Funds affected: all Funds

The Board of each Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding investing in commodities.

Current Fundamental Investment Restriction Regarding Investing in Commodities

The following table sets out each applicable Fund’s current fundamental investment restriction regarding investing in commodities:

Proposed Fundamental Investment Restriction Regarding Investing in Commodities

The proposed fundamental investment restrictionof each Fund would state that the Fund may not: “purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.”

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Rationale

The Investment Company Act does not prohibit a fund from owning commodities, whether physical commodities or contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). The value of commodities and commodity-related instruments may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities.

The current investment restriction of certain Funds requires that the Fund’s purchase and sale of commodities or contracts on commodities not cause it to have to register as a commodity pool operator (“CPO”) under the Commodity Exchange Act. Under the current rules of the Commodity Futures Trading Commission (“CFTC”), BlackRock, as the investment adviser, and not the Fund, would be the entity required to register as a CPO to the extent a Fund’s commodity investments exceeded certain thresholds. The proposed investment restriction removes the outdated reference to a Fund potentially being required to register as a CPO as a result of its commodity investments. BlackRock would register as a CPO with respect to a Fund if the Fund’s commodity investments require BlackRock to so register under applicable CFTC rules. The proposed investment restriction also references the “Investment Company Act,” rather than “applicable law,” to provide greater specificity as to any potential limitations on each Fund’s ability to purchase or sell commodities and commodity contracts.

As noted below in connection with Proposal 1.K., certain Funds are also seeking shareholder approval to eliminate a separate fundamental investment restriction regarding purchasing commodities contracts and investing in oil, gas or mineral exploration or development programs.

Proposals 1.H. and 2.H.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Lending and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Amendment of Such Fundamental Investment Restriction.

Funds affected: all Funds

The Board of each Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding lending and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to make conforming changes to the corresponding fundamental policy in the bylaws, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

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Current Fundamental Investment Restriction Regarding Lending

The following table sets out each applicable Fund’s current fundamental investment restriction regarding lending:

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In addition, the bylaws of BlackRock Bond Fund state that it is a fundamental policy of BlackRock Bond Fund not to:

Proposed Fundamental Investment Restriction Regarding Lending

The proposed fundamental investment restrictionof each Fund would state that the Fund may not: “make loans to the extent prohibited by the Investment Company Act.”

For Total Return Fund, it is also proposed that the fundamental policies in BlackRock Bond Fund’s bylaws relating to lending be replaced with the proposed fundamental investment restriction regarding lending set out above, subject to approval of Proposal 5 by Total Return Fund’s shareholders.

Rationale

The Investment Company Act does not prohibit a fund from making loans; however, Commission staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements.

Each Fund’s current fundamental restriction regarding lending generally prohibits the making of loans, but specifies that investments in certain debt instruments, repurchase agreements and similar instruments, as applicable, and the lending of portfolio securities are not subject to the restriction. The proposed investment restriction will permit each Fund to make loans, unless prohibited by the Investment Company Act, thus providing potentially greater flexibility. Making loans involves risks. In determining whether to make a direct loan, a Fund will rely primarily upon the creditworthiness of the borrower and/or any collateral for payment of interest and repayment of principal. Among other things, in making a direct loan, a Fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may subject a Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of a Fund to dispose of a direct loan and/or to value the direct loan. If Proposals 1.H. and 2.H., as applicable, are approved by shareholders of Total Return Fund, Master Total Return, BlackRock Global Long/Short Credit Fund, BlackRock Strategic Income Opportunities Portfolio and BlackRock Strategic Global Bond Fund, Inc., such Funds may utilize the additional flexibility provided by the proposed investment restriction to engage in direct lending in the near term.

Each Fund, except BlackRock CoreAlpha Bond Fund, CoreAlpha Bond Master Portfolio, BlackRock Global Long/Short Credit Fund and BlackRock U.S. Mortgage Portfolio, is not permitted to lend through the Interfund Lending Program under its current investment restriction, but, subject to prior Board approval to participate as lenders in the Interfund Lending Program,

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would be permitted to lend through the Interfund Lending Program under the proposed investment restriction regarding lending. Under the Interfund Lending Program, the Funds would be able to lend money for temporary purposes directly to certain other BlackRock-advised Funds. All Interfund Loans would consist only of uninvested cash reserves that the lending BlackRock-advised Fund otherwise would invest in short-term repurchase agreements or other short-term instruments. The Board of each Fund believes that the ability to borrow and lend between and among the BlackRock-advised Funds, subject to compliance policies and procedures designed to ensure compliance with the terms and conditions of the IFL Order, would benefit both the borrower and lender. The Board of each Fund believes that short-term cash loans made directly to other BlackRock-advised Funds could earn interest at a rate higher than the Funds otherwise would obtain from investing its cash in repurchase agreements or certain other short-term money market instruments.

The current fundamental restriction regarding lending of each of BlackRock CoreAlpha Bond Fund, CoreAlpha Bond Master Portfolio and BlackRock U.S. Mortgage Portfolio provides an additional exception for loans permitted by a Commission exemptive order. BlackRock Global Long/Short Credit Fund’s current fundamental restriction regarding lending provides an exception for loans to affiliates of the Fund to the extent permitted by law. Such exceptions currently permits each of BlackRock CoreAlpha Bond Fund, CoreAlpha Bond Master Portfolio, BlackRock Global Long/Short Credit Fund and BlackRock U.S. Mortgage Portfolio to lend money to certain other BlackRock-advised through the Interfund Lending Program. The proposed investment restriction would not affect such Funds’ ability to lend money through the Interfund Lending Program.

Proposals 1.I. and 2.I.—To Approve the Amendment of the Fundamental Investment Restriction Regarding Diversification.

Funds affected:

BlackRock Tactical Opportunities Fund

BlackRock Global Long/Short Credit Fund

BlackRock Core Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock CoreAlpha Bond Fund

CoreAlpha Bond Master Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve an amendment to the fundamental investment restriction regarding diversification.

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Current Fundamental Investment Restriction Regarding Diversification

The following table sets out each applicable Fund’s current fundamental investment restriction regarding diversification:

Proposed Fundamental Investment Restriction Regarding Diversification

The proposed fundamental investment restrictionof each applicable Fund would state that the Fund may not: “make any investment inconsistent with the Fund’s classification as a diversified company under the Investment Company Act.”

Rationale

The Investment Company Act requires each management investment company to state whether it is “diversified” or “non-diversified,” as those terms are defined in the Investment Company Act. Under the Investment Company Act, a “diversified company” must meet the following requirements: at least 75% of the value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than 5% of the value of its total assets and to not more than 10% of the outstanding voting securities of such issuer. A “non-diversified company” means any management investment company other than a diversified company.

No change is being made to each applicable Fund’s designation as a diversified company. Each applicable Fund’s existing current investment restriction regarding diversification generally reflects the Investment Company Act as it is in effect today. The proposed investment restriction would directly tie each applicable Fund’s policy to the Investment Company Act definition of “diversified company.” Further, if the requirements for diversification under the Investment Company Act were to change, each applicable Fund would be able to take advantage of that change without seeking shareholder approval.

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Proposals 1.J. and 2.J.—To Approve the Elimination of the Fundamental Investment Restriction Regarding Investing for the Purpose of Exercising Control or Management and, for Total Return Fund, to Approve an Amendment to the Bylaws of BlackRock Bond Fund to Reflect the Elimination of Such Fundamental Investment Restriction.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Total Return Fund

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

BlackRock Long-Horizon Equity Fund

BlackRock Strategic Global Bond Fund, Inc.

BlackRock U.S. Mortgage Portfolio

Master Total Return Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve the elimination of the fundamental investment restriction regarding investing for the purpose of exercising control or management and, in the case of Total Return Fund, an amendment to the bylaws of BlackRock Bond Fund to eliminate the corresponding fundamental policy from the bylaws.

Current Fundamental Investment Restriction Regarding Investing for the Purpose of Exercising Control or Management

The following table sets out each applicable Fund’s current fundamental investment restriction regarding investing for the purpose of exercising control or management:

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In addition, the bylaws of BlackRock Bond Fund state that it is a fundamental policy of BlackRock Bond Fund not to make investments for the purpose of exercising control over, or management of, any issuer.

Rationale

There is no requirement under the Investment Company Act that a fund have a fundamental restriction regarding investing for the purpose of exercising control or management. The fundamental restriction was derived from state laws that have been preempted by the federal securities laws. In order to maximize the investment flexibility of each Fund, this restriction is proposed to be eliminated.

Proposal 1.K.—To Approve the Elimination of the Fundamental Investment Restriction Regarding Purchasing Commodities Contracts and Investing in Oil, Gas or Mineral Exploration or Development Programs.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve the elimination of the fundamental investment restriction regarding purchasing commodities contracts and investing in oil, gas or mineral exploration or development programs.

Current Fundamental Investment Restriction Regarding Purchasing Commodities Contracts and Investing in Oil, Gas or Mineral Exploration or Development Programs

Under each applicable Fund’s current fundamental investment restriction regarding purchasing commodities contracts and investing in oil, gas or mineral exploration or development program, the Fund may not purchase or sell commodity contracts, or invest in oil, gas or mineral

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exploration or development programs, except that the Fund may, to the extent appropriate to its investment policies, purchase securities of companies engaging in whole or in part in such activities and may enter into futures contracts and related options.

Rationale

The Investment Company Act does not prohibit a fund from purchasing commodities contracts. The risks of purchasing commodities contracts are generally similar to those of purchasing commodities, which are discussed above in connection with Proposal 1.G.

With respect to investing in oil, gas or mineral explorations or development programs, this fundamental investment restriction was originally adopted to comply with certain state securities laws and regulations that have since been preempted by the federal securities laws. Therefore, eliminating this investment restriction will provide an applicable Fund with additional investment flexibility to engage in otherwise permissible activities. Investments in oil, gas, and other mineral leases, rights or royalty contracts, and in securities which derive their value in part from such instruments, entail certain risks, including price volatility, risks of political and social disturbances, and foreign risks such as the existence of multinational cartels and competition. To the extent that an applicable Fund were to ever invest in such programs, it would remain subject to any applicable Investment Company Act limitations, including limits on the Fund’s ability to purchase illiquid or restricted securities in Rule 22e-4 under the Investment Company Act.

Proposal 1.L.—To Approve the Elimination of the Fundamental Investment Restriction Regarding Acquiring Other Investment Companies.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve the elimination of the fundamental investment restriction regarding acquiring other investment companies.

Current Fundamental Investment Restriction Regarding Acquiring Other Investment Companies

Under each applicable Fund’s current fundamental investment restriction regarding acquiring other investment companies, the Fund may not acquire any other investment company or investment company security except in connection with a merger, consolidation, reorganization or acquisition of assets or where otherwise permitted by the Investment Company Act.

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Rationale

Each applicable Fund’s fundamental investment restriction regarding investing in other investment companies was based on requirements no longer applicable to open-end funds. Moreover, in the absence of this policy, each applicable Fund is still subject to the limitations on investments in other investment companies imposed on all open-end funds under Section 12(d) of the Investment Company Act and the rules thereunder. In general, under Section 12(d)(1)(A) of the Investment Company Act, an investment company (“Acquiring Fund”) cannot acquire shares of another investment company (“Acquired Fund”) if, after the acquisition, (i) the Acquiring Fund would own more than 3% of the Acquired Fund’s securities; (ii) more than 5% of the total assets of the Acquiring Fund would be invested in the Acquired Fund; and (iii) more than 10% of the total assets of the Acquiring Fund would be invested in other investment companies (including the Acquired Fund). Therefore, eliminating this fundamental investment restriction will provide a Fund with additional investment flexibility to engage in otherwise permissible activities under the Investment Company Act, which was already reflected in the current fundamental investment restriction. To the extent a Fund invests a portion of its assets in shares of other investment companies, the Fund also will generally bear its proportionate share of the fees and expenses incurred by the purchased investment company in addition to its own expenses.

Proposal 1.M.—To Approve the Elimination of the Fundamental Investment Restriction Regarding Writing and Selling Options, Straddles and Spreads.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve the elimination of the fundamental investment restriction regarding writing and selling options, straddles and spreads.

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Current Fundamental Investment Restriction Regarding Writing and Selling Options, Straddles and Spreads

The following table sets out each Fund’s current fundamental investment restriction regarding writing and selling options, straddles and spreads:

Rationale

The Investment Company Act does not require a fund to adopt a fundamental investment restriction regarding investment in options, straddles and spreads, except to the extent that these transactions may result in the creation of senior securities. If each applicable Fund’s fundamental investment restriction regarding writing and selling options, straddles and spreads is eliminated, the Fund will remain subject to the Investment Company Act’s limitations on, and the Fund’s fundamental investment restriction regarding, the issuance of senior securities. Moreover, each Fund would make any investments in such instruments consistent with the disclosure in its prospectus and/or statement of additional information.

Proposal 1.N.—To Approve the Elimination of the Fundamental Investment Restriction Regarding the Purchase of Securities on Margin and Short Sales.

Funds affected:

BATS: Series C Portfolio

BATS: Series M Portfolio

BATS: Series S Portfolio

BlackRock Tactical Opportunities Fund

BlackRock Core Bond Portfolio

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock GNMA Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

The Board of each applicable Fund has proposed that shareholders of the Fund approve the elimination of the fundamental investment restriction regarding the purchase of securities on margin and short sales.

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Current Fundamental Investment Restriction Regarding the Purchase of Securities on Margin and Short Sales

Under each applicable Fund’s current fundamental investment restriction regarding the purchase of securities on margin and short sales, the Fund may not purchase securities on margin, make short sales of securities or maintain a short position, except that (a) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options or the Fund’s sale of securities short against the box, and (b) the Fund may obtain short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities.

Rationale

A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. Short sales expose a fund to the risk that the fund will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the fund. Other risks and costs to a fund of engaging in short sales include that the fund may be required to sell securities it would otherwise retain in order to raise cash to replace the borrowed securities, thus forgoing possible gains and/or selling at inopportune times, as well as incurring transaction costs. Under the Investment Company Act, a fund is restricted from making short sales unless the sale is “against the box” and the securities sold are segregated, or the fund’s obligation to deliver the securities sold short is “covered” by segregating cash or liquid securities in an amount equal to the market value of the securities sold short. A sale is not made “against the box” if a fund sells a security it does not own in anticipation of a decline in market price. Losses from short sales can theoretically be unlimited, although, as noted above, under the Investment Company Act, a fund is required to “cover” its exposure under any short position. If Proposal 1.N. is approved by shareholders of BlackRock Inflation Protected Bond Portfolio, the Fund may utilize the additional flexibility provided by the elimination of the Fund’s current investment restriction to engage in short selling in the near term.

Mutual funds are not required to have a fundamental policy regarding engaging in short sales. Each applicable Fund believes this fundamental policy is unduly restrictive. There may be circumstances in which Fund management believes that a short sale is in the best interests of shareholders. If this fundamental policy is eliminated, each applicable Fund will be able to engage in short sales subject to the Fund’s other investment policies and applicable law. Each Fund would be permitted to engage in short selling or maintain short positions to the extent consistent with the disclosure in its prospectus and/or statement of additional information. Each applicable Fund will be subject to any limitations on engaging in short sales imposed by the Board or BlackRock from time to time, as well as the Fund’s other investment policies.

In addition, the Investment Company Act does not require that a fund have a fundamental policy relating to purchasing securities on margin. Margin purchases involve borrowing money from a broker to purchase securities. The risks associated with purchasing securities on margin are generally similar to those of borrowing money. For a discussion of those risks, please see Proposals 1.B and 1.C., as applicable. Each applicable Fund believes that this fundamental policy is unnecessary and may be unduly restrictive. The Funds’ ability to borrow is governed by the fundamental policy on borrowing discussed in Proposals 1.B. and 1.C., as applicable. To the extent that purchasing securities on margin may be considered the issuance of a senior security,

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the issuance of senior securities is governed by the fundamental policy discussed in Proposal 1.B. and 1.D., as applicable. The applicable Funds believe that these other fundamental policies provide adequate protection with respect to purchasing securities on margin. If this fundamental policy is eliminated, the applicable funds will be permitted to purchase securities on margin subject to the Funds’ other investment policies and applicable law.

EACH FUND’S BOARD RECOMMENDS THAT SHAREHOLDERS OF THE FUND VOTE “FOR” PROPOSALS 1.A. THROUGH 1.N., AS APPLICABLE. THE BOARD OF EACH OF BLACKROCK TOTAL RETURN FUND AND BLACKROCK COREALPHA BOND FUND ALSO RECOMMENDS THAT SHAREHOLDERS OF BLACKROCK TOTAL RETURN FUND AND BLACKROCK COREALPHA BOND FUND, RESPECTIVELY, PROVIDE VOTING INSTRUCTIONS “FOR” PROPOSALS 2.A. THROUGH 2.J., AS APPLICABLE.

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PROPOSALS 3 AND 4 — TO APPROVE THE ELIMINATION OF THE NON-FUNDAMENTAL INVESTMENT RESTRICTION REGARDING INVESTING FOR THE PURPOSE OF EXERCISING CONTROL OR MANAGEMENT OF EACH OF BLACKROCK COREALPHA BOND FUND AND COREALPHA BOND MASTER PORTFOLIO

SHAREHOLDERS OF BLACKROCK COREALPHA BOND FUND AND COREALPHA BOND MASTER PORTFOLIO VOTING SEPARATELY WITH RESPECT TO THEIR FUND

The purpose of Proposal 3 is to approve the elimination of the non-fundamental investment restriction regarding investing for shareholdersthe purpose of Balanced Capitalexercising control or management of each of BlackRock CoreAlpha Bond Fund (previously defined as “CoreAlpha Bond Fund”) and CoreAlpha Bond Master Portfolio (previously defined as “CoreAlpha Bond Master”), which non-fundamental restriction requires shareholder approval to be eliminated.

The purpose of Proposal 4 is to provide voting instructions to CoreAlpha Bond Fund with respect to how, Balanced Capital Fund should vote, as a beneficial owner of CoreAlpha Bond Master, Large Cap Series LLC, for the election of fifteen Board members to the Board of Master Large Cap Series LLC. Although Balanced Capital Fund is not an Equity-Liquidity Fund and will not be voting to elect the Board of Balanced Capital Fund at this time, it invests in the Master Large Cap Core Portfolio of Master Large Cap Series LLC and is requesting instructions from its shareholders with respect to how Balanced CapitalCoreAlpha Bond Fund should vote in connection with the proposal to approve the elimination of the non-fundamental investment restriction regarding investing for the electionpurpose of the Board Nominees to the Boardexercising control or management of CoreAlpha Bond Master, Large Cap Series LLC.as contemplated by Proposal 3.

Current Non-Fundamental Investment Restriction Regarding Investing for the Purpose of Exercising Control or Management

NomineesUnder each applicable Fund’s current non-fundament investment restriction regarding investing for Eachthe purpose of exercising control or management, the Fund Board. The Boardmay not make investments for the purpose of each Fund currently consists of 15 Board Members, 13 of whom are not “interested persons” of the Funds (as defined in the Investment Company Act) (the “Independent Board Members”). Two current Board Members, Herbert I. London and Toby Rosenblatt, are scheduled to retire fromexercising control or management. Though this investment restriction is “non-fundamental,” the Board of each applicable Fund as of December 31, 2015, and therefore arehas adopted a policy whereby the Board agrees to not standing for re-election. Another current Board Member, Frank J. Fabozzi, is scheduled to resign as a Board Memberchange or eliminate such investment restriction in the future without the approval of the Equity-Liquidity Funds in advanceholders of a majority of the Meeting and thereforeFund’s outstanding voting securities.

Rationale

There is not standingno requirement under the Investment Company Act that a fund have a restriction on investing for election. It is anticipated that after his resignation, Mr. Fabozzi will serve asthe purpose of exercising control or management. In 2019, FDP BlackRock CoreAlpha Bond Fund (the “Target Fund”), formerly a consultant toseries of FDP Series II, Inc., was reorganized into CoreAlpha Bond Fund. The Target Fund had a fundamental investment restriction against making investments for the Boards throughpurpose of exercising control or management. At the first quarter of 2016 and will receive a fee for such services. Alltime of the Board Nominees, other than John M. Perlowskireorganization, CoreAlpha Bond Fund did not have a corresponding investment restriction. In connection with the reorganization, CoreAlpha Bond Fund and Barbara Novick, areCoreAlpha Bond Master each adopted a non-fundamental policy providing that it may not “interested persons”“make investments for the purpose of exercising control or management” effective upon the closing of the Funds (the “Independent Board Nominees”). Each Board Nominee elected at the meeting will serve until his or her successor is elected or until his or her earlier death, resignation, retirement or removal.

The Board recommends a vote“FOR” the election of David O. Beim, Susan J. Carter, Neil A. Cotty, Collette Chilton, Matina S. Horner, Rodney D. Johnson, Cynthia A. Montgomery, Barbara Novick, John M. Perlowski, Joseph P. Platt, Jr., Robert C. Robb, Jr., Mark Stalnecker, Kenneth L. Urish, Claire A. Walton and Frederick W. Winter (collectively, the “Board Nominees”). All of the Board Nominees other than Susan J. Carter, Neil A. Cotty and Claire A. Walton currently serve as Board Members of the Funds, and all except, Susan J. Carter, Collette Chilton, Neil A. Cotty, Barbara Novick, John M. Perlowski, Mark Stalnecker and Claire A. Walton were previously elected by shareholders of the Funds. The Board Nominees were recommended by the Independent Board Members.

Generally, Independent Board Members retire from the Board as of December 31 of the year in which they turn 75. The Board may determine, on a case-by-case basis, to extend the terms of Independent Board Members. The Boards of the Funds have unanimously approved extending the mandatory retirement age for Matina S. Horner and David O. Beim until December 31, 2016, which the Boards believe is in the best interest of shareholders.

To vote for the Board Nominees, please vote by telephone or via the Internet, as described in the proxy card, or date and sign the enclosed proxy card(s) and return the proxy card(s) promptly in the enclosed postage-paid envelope. If you owned shares in more than one Fund or Portfolio as of December 11, 2015, and/or if your Fund or Portfolio is organized as a “feeder” in a “master/feeder structure”, you may receive more than one proxy card. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

Board Members’/Nominees’ Biographical Information. Please refer to the below table, which identifies the Board Members, including the Board Nominees, and sets forth certain biographical information about the Board Members, including the Board Nominees, for all of the Funds. Each Board Nominee was nominated by the Governance and Nominating Committee (the “Governance Committee”) ofreorganization. In addition, the Board of each respectiveof CoreAlpha Bond and CoreAlpha Bond Master adopted a policy, effective upon the closing of the reorganization, whereby the Board agreed to not change or eliminate such investment restriction in the future without obtaining shareholder approval. In order to maximize the investment flexibility of each Fund, this restriction is proposed to be eliminated.

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THE BOARD OF EACH OF COREALPHA BOND FUND AND COREALPHA BOND MASTER RECOMMENDS THAT SHAREHOLDERS OF THE APPLICABLE FUND VOTE “FOR” PROPOSAL 3. THE BOARD OF BLACKROCK COREALPHA BOND FUND ALSO RECOMMENDS THAT SHAREHOLDERS OF BLACKROCK COREALPHA BOND FUND, PROVIDE VOTING INSTRUCTIONS “FOR” PROPOSAL 4.

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PROPOSAL 5 — TO APPROVE AN AMENDMENT TO THE BYLAWS OF

BLACKROCK BOND FUND, INC. TO REMOVE FUNDAMENTAL POLICIES AND

ALL REFERENCES THERETO

SHAREHOLDERS OF BLACKROCK TOTAL RETURN FUND VOTING

Article VIII, Section 1 and Exhibit E of the bylaws of BlackRock Bond Fund currently include fundamental policies of BlackRock Bond Fund and references to such fundamental policies. Currently, the sole series of BlackRock Bond Fund is BlackRock Total Return Fund (previously defined as “Total Return Fund”). Certain of these fundamental policies are stated in Total Return Fund’s statement of additional information.

BlackRock Bond Fund is not required to include its fundamental policies in its bylaws under the Investment Company Act or Maryland law. Accordingly, it is proposed that the bylaws of BlackRock Bond Fund be amended to remove fundamental policies of the series of BlackRock Bond Fund and all references thereto. Such amendment requires approval of shareholders of Total Return Fund. Rodney D. Johnson was selected

As discussed above, Proposals 1.A., 1.C., 1.D., 1.F. and 1.H. include amendments to servethe bylaws of BlackRock Bond Fund to reflect the amendment or elimination of certain fundamental investment restrictions of Total Return Fund, subject to approval of Proposal 5 by Total Return Fund’s shareholders. In the event that Proposal 5 is approved by Total Return Fund’s shareholders in addition to Proposal 1, rather than BlackRock Bond Fund’s bylaws being amended pursuant to Proposals 1.A., 1.C., 1.D., 1.F. and 1.H., all fundamental policies of BlackRock Bond Fund and references thereto will be removed from the bylaws of BlackRock Bond Fund. If shareholders do not approve Proposals 1.A., 1.C., 1.D., 1.F. and/or 1.H. but do approve Proposal 5, the fundamental policies and references thereto will be removed from BlackRock Bond Fund’s bylaws. If shareholders of Total Return Fund do not approve Proposal 5 but do approve Proposals 1.A., 1.C., 1.D., 1.F. and/or 1.H., then BlackRock Bond Fund’s bylaws will be amended to reflect the amended fundamental investment restriction or the elimination of the fundamental investment restriction, as applicable. If none of Proposals 1.A., 1.C., 1.D., 1.F. and 1.H. and Proposal 5 is approved by Total Return Fund’s shareholders, no changes will be made to BlackRock Bond Fund’s bylaws.

THE BOARD OF BLACKROCK BOND FUND RECOMMENDS THAT SHAREHOLDERS OF TOTAL RETURN FUND VOTE “FOR” PROPOSAL 5.

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PROPOSAL 6 — TO APPROVE A CHANGE IN BLACKROCK LONG-HORIZON

EQUITY FUND’S STATUS FROM DIVERSIFIED TO NON-DIVERSIFIED AS SUCH

TERMS ARE DEFINED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS

AMENDED

SHAREHOLDERS OF BLACKROCK LONG-HORIZON EQUITY FUND VOTING

BlackRock Long-Horizon Equity Fund’s (previously defined as the Chair“Long-Horizon Equity Fund”) Statement of each Board.Additional Information states that under its fundamental investment restrictions, Long-Horizon Equity Fund may not make any investment inconsistent with such Fund’s classification as a diversified company under the Investment Company Act. In order to be classified as diversified under the Investment Company Act, Long-Horizon Equity Fund is required to invest so that at least 75% of the value of such Fund’s assets is represented by cash and cash items (including receivables), U.S. government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater in value than 5% of the value of the total assets of such Fund and to not more than 10% of the outstanding voting securities of such issuer. A fund that is classified as non-diversified under the Investment Company Act is not required to comply with these investment criteria. Because a non-diversified 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.

BlackRock, Long-Horizon Equity Fund’s investment manager, and the Board of such Fund (the “Long-Horizon Equity Fund Board”) have reviewed such Fund’s investment objective, investment strategies and fundamental and non-fundamental investment policies. BlackRock and the Long-Horizon Equity Fund Board have determined that it is appropriate to change such Fund’s diversification classification from diversified to non-diversified. This would be accomplished by eliminating Long-Horizon Equity Fund’s current fundamental investment restriction that such Fund may not make any investment inconsistent with such Fund’s classification as a diversified company under the Investment Company Act. Long-Horizon Equity Fund’s current diversification policy is fundamental, which means that it may not be changed without shareholder approval.

If Proposal 6 is approved, Long-Horizon Equity Fund will be classified as non-diversified. In conjunction with the diversification classification change, it is the intention of the Long-Horizon Equity Fund Board also to rename such Fund “BlackRock Unconstrained Equity Fund” and change such Fund’s investment objective, investment process, principal investment strategies, portfolio management team and benchmark index. The specific changes to Long-Horizon Equity Fund’s diversification classification, name, investment objective, investment process, principal investment strategies, portfolio management team and benchmark index are set out in the following table:

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