UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant    ☒

Filed by a Party other than the Registrant    ☐

BBIF Money Fund

BBIF Treasury Fund

BIF Money Fund

BIF Treasury Fund

BlackRock Bond Allocation Target Shares

Series C Portfolio

Series M Portfolio

Series S Portfolio

BlackRock Value OpportunitiesAsian Dragon Fund, Inc.

BlackRock Basic ValueEmerging Markets Fund, Inc.

BlackRock Natural Resources Trust

BlackRock Global Growth Fund, Inc.

BlackRock Balanced Capital Fund, Inc.

BlackRock Global SmallCap Fund, Inc.

BlackRock Bond Fund, Inc.

BlackRock Bond Fund

BlackRock High Income Fund

BlackRock Municipal Bond Fund, Inc.

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock Short-Term Municipal Fund

BlackRock High Yield Municipal Fund

BlackRock Equity Dividend Fund

BlackRock Global Allocation Fund, Inc.

BlackRock EuroFund

BlackRock MunicipalFinancial Institutions Series Trust

BlackRock Intermediate Municipal Fund

BlackRock Global Dynamic Equity Fund

BlackRock Utilities and Telecommunications Fund, Inc.

BlackRock Mid Cap Value Opportunities Series, Inc.

BlackRock Mid Cap Value Opportunities Fund

Managed Account Series

High Income Portfolio

US Mortgage Portfolio

Global SmallCap Portfolio

Mid Cap Value Opportunities Portfolio

BlackRock Funds II

Total Return Portfolio

Total Return Portfolio II

Delaware Municipal Bond Portfolio

Enhanced Income Portfolio

AMT-Free Municipal Bond Portfolio

GNMA Portfolio

Government Income Portfolio

High Yield Bond Portfolio

Intermediate Bond Portfolio II

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

Intermediate Government Bond Portfolio

International Bond Portfolio

Inflation Protected Bond Portfolio

Kentucky Municipal Bond Portfolio

Low Duration Bond Portfolio

Managed Income Portfolio

Ohio Municipal Bond Portfolio

BlackRock Strategic Portfolio I

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Short Term Bond Series, Inc.

BlackRock Short Term Bond Fund

BlackRock Focus Value Fund, Inc.

BlackRock Variable Series Funds, Inc.

BlackRock Balanced Capital V.I. Fund

BlackRock Basic Value V.I. Fund

BlackRock Bond V.I. Fund

BlackRock Fundamental Growth V.I. Fund

BlackRock Global Growth V.I. Fund

BlackRock S&P 500 Index V.I. Fund

BlackRock Large Cap Core V.I. Fund

BlackRock Large Cap Growth V.I. Fund

BlackRock Large Cap Value V.I. Fund

BlackRock Global Allocation V.I. Fund

BlackRock Utilities and Telecommunications V.I. Fund

BlackRock Value Opportunities V.I. Fund

BlackRock International Value V.I. Fund

BlackRock Government Income V.I. Fund

BlackRock High Income V.I. Fund

BlackRock Money Market V.I. Fund

FDP Series, Inc.

Franklin Templeton Total Return FDP Fund

Marsico Growth FDP Fund

MFS Research International FDP Fund

Van Kampen Value FDP Fund

BlackRock Commodity Strategies Fund

The GNMA Fund Investment Accumulation Program, Inc.

BlackRock Funds^SM

Asset Allocation Portfolio

All-Cap Global Resources Portfolio

Aurora Portfolio

Investment Trust

Exchange Portfolio

Global Opportunities Portfolio

Global Resources Portfolio

Global Science & Technology Opportunities Portfolio

Health Sciences Opportunities Portfolio

International Opportunities Portfolio

Capital Appreciation Portfolio

Mid-Cap Growth Equity Portfolio

Mid-Cap Value Equity Portfolio

Small Cap Growth Equity Portfolio

Small Cap Core Equity Portfolio

Small Cap Value Equity Portfolio

Small/Mid-Cap Growth Portfolio

U.S. Opportunities Portfolio

Index Equity Portfolio

Money Market Portfolio

Municipal Money Market Portfolio

U.S. Treasury Money Market Portfolio

North Carolina Municipal Money Market Portfolio

New Jersey Municipal Money Market Portfolio

Ohio Municipal Money Market Portfolio

Pennsylvania Municipal Money Market Portfolio

Virginia Municipal Money Market Portfolio

BlackRock Multi-State Municipal Series Trust

BlackRock Florida Municipal Bond Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Fundamental Growth Fund, Inc.Funds III

BlackRock California Municipal Series Trust

BlackRock California Insured Municipal Bond Fund

BlackRock Focus Twenty Fund, Inc.Funds IV

BlackRock World Income Fund, Inc.Funds VI

BlackRock International Value Trust

BlackRock International Value Fund

Master Value Opportunities LLC

Master Basic Value LLC

Master Focus Twenty LLC

Short-Term Bond Master LLC

Short-Term Bond Master Portfolio

Master Commodity Strategies LLC

Master Bond LLC

Master Bond Portfolio

BlackRock Series Fund, Inc.

BlackRock Balanced Capital Portfolio

BlackRock Bond Portfolio

BlackRock Fundamental Growth Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Portfolio

BlackRock Money Market Portfolio

BlackRock Large Cap Core Portfolio

Merrill Lynch U.S. Treasury Money Fund

BlackRock Index Funds, Inc.

BlackRock International Index Fund

BlackRock S&P 500 Index Fund

BlackRock Small Cap Index Fund

Merrill Lynch Ready Assets Trust

BlackRock Healthcare Fund,Large Cap Series Funds, Inc.

BlackRock Global Technology Fund, Inc.

CMA Money Fund

CMA Government Securities Fund

CMA Tax-Exempt Fund

CMA Treasury Fund

WCMA Government Securities Fund

WCMA Money Fund

WCMA Tax-Exempt Fund

WCMA Treasury Fund

BlackRock Developing Capital Markets Fund, Inc.

BlackRock Latin America Fund, Inc.

BlackRock Pacific Fund, Inc.

BlackRock Global Financial Services Fund, Inc.

BlackRock Large Cap SeriesLiquidity Funds Inc.

BlackRock Large Cap Core Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

Merrill Lynch Retirement Series Trust

Merrill Lynch Retirement Reserves Money Fund

BlackRock Principal Protected Trust

BlackRock Fundamental Growth Principal Protected Fund

BlackRock Basic Value Principal Protected Fund

BlackRock Core Principal Protected Fund

Merrill Lynch U.S.A. Government Reserves

BlackRock Series, Inc.

BlackRock International Fund

BlackRock Small Cap Growth Fund II

BlackRock Financial Institution Series Trust

BlackRock Summit Cash Reserves Fund

CMA Multi-State Municipal Series Trust

CMA Arizona Municipal Money Fund

CMA California Municipal Money Fund

CMA Connecticut Municipal Money Fund

CMA Florida Municipal Money Fund

CMA Massachusetts Municipal Money Fund

CMA Michigan Municipal Money Fund

CMA New Jersey Municipal Money Fund

CMA New York Municipal Money Fund

CMA North Carolina Municipal Money Fund

CMA Ohio Municipal Money Fund

CMA Pennsylvania Municipal Money Fund

Quantitative Master Series LLC

Master Enhanced Small Cap Series

Master Core Bond Enhanced Index Series

Master Enhanced International Series

Master Enhanced S&P 500 Series

Master Extended Market Index Series

Master International Index Series

Master Mid Cap Index Series

Master S&P 500 Index Series

Master Small Cap Index Series

Merrill Lynch Funds For Institutions Series

Merrill Lynch Government Fund

Merrill Lynch Treasury Fund

Merrill LynchMaster Institutional Fund

Merrill Lynch Premier Institutional Fund

Merrill Lynch Institutional Tax-Exempt FundMoney Market LLC

Global Financial Services Master LLCInvestment Portfolio

Master Investment Portfolio II

Master Large Cap Series LLC

Master Large Cap Core Portfolio

Master Large Cap Growth Portfolio

Master Large Cap Value Portfolio

Master Institutional Money Market LLC

Merrill Lynch Premier Institutional Portfolio

Merrill Lynch Institutional Portfolio

Merrill Lynch Institutional Tax-Exempt Portfolio

BlackRock Master LLC

BlackRock Master Small Cap Growth Portfolio

BlackRock Master International Portfolio

Master Treasury LLC

Quantitative Master Tax-ExemptSeries LLC

MasterReady Assets Government Securities LLCLiquidity Fund

MasterReady Assets U.S.A. Government Money LLCFund

Ready Assets U.S. Treasury Money Fund

Retirement Series Trust

(Name of Registrant as Specified in itsIn Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Thanthan the Registrant)

BLACKROCK-ADVISED FUNDS*

100 Bellevue Parkway

Wilmington, Delaware 19809

(800) 441-7762October 3, 2018

[Date]Dear Shareholder:

Dear Shareholder:

A meetingJoint special meetings of your BlackRock-advised fundshareholders of the following funds (each, a “Fund” andor an “Equity-Liquidity Fund,” which may also be collectively referred to herein as the “Funds”“Equity-Liquidity Complex”) will be held at the offices of [address],BlackRock Advisors, LLC, 1 University Square Drive, Princeton, New Jersey 08540-6455, on Thursday, August 23, 2007, or Friday, September 7, 2007 (seeAppendix A of the enclosed joint proxy statement for the date of your Fund’s meeting),Wednesday, November 21, 2018, at [time]10:30 a.m. (Eastern time) (the “Meeting”), to consider and vote on the proposals discussed in the enclosed joint proxy statement.

The Funds and the series of the Funds are set forth onAppendix A to the enclosed joint proxy statement. You have received this letter and joint proxy statement because you were a shareholder of record of at least one Equity-Liquidity Fund on September 24, 2018 (the “Record Date”). The purpose of the Meeting, as described in the enclosed joint proxy statement, is to seek shareholder approval in connection with a realignment of proposals recently approvedthe boards of directors/trustees overseeing the mutual funds andclosed-end funds advised by your Fund’s boardBlackRock Advisors, LLC or BlackRock Fund Advisors and/or their affiliates (collectively, “BlackRock” and such funds, the “BlackRock-advised Funds”). The current boards of directors or directors/trustees (each, an “Existing Board” and collectively,of the BlackRock-advised Funds (the “Existing Boards,” the members of which are referred to as “Board“Existing Board Members”). On September 29, 2006, BlackRock, Inc. (“BlackRock”) consummated are proposing this realignment following a transaction (the “Transaction”) with Merrill Lynch & Co., Inc. whereby Merrill Lynch & Co., Inc.’s investment management business, including Merrill Lynch Investment Managers, L.P. and certain affiliates (“MLIM”), combined with that of BlackRock to create a new independent company that is one of the world’s largest asset management firms with approximately $1.154 trillion in assets under management as of March 31, 2007. These proposals would implement initiatives resulting from the Transaction.

Following the Transaction, BlackRock,comprehensive review in consultation with all ofBlackRock.

Currently, the BlackRock-advised Funds are divided into three different complexes – the Equity-Liquidity Complex, the Equity-Bond Complex and theClosed-End Complex (each, a “Fund Complex” and collectively, the “BlackRock Fund complex”) – and the same individuals comprise the boards of directors or directors/trustees of the funds in the BlackRock family of funds, undertookBlackRock-advised Funds within a comprehensive review of all of the funds currently advised by BlackRock affiliates, including the funds formerly advised by MLIM, with a goal of moving the funds to a more cohesive and rational operating platform. (The funds currently advised by BlackRock Advisors, LLC, BlackRock Institutional Management Corporation or BlackRock Financial Management, Inc. (collectively, “BlackRock Advisors”), each a wholly owned subsidiary of BlackRock, are referred to as the “Fund complex,” and all of the boards of directors or trustees of the funds in the Fund complex, including the Existing Boards, are referred to collectively as the “Boards.”) Subsequent to that review, and following extensive and substantial consultation with the Boards of the funds in the Fund complex, BlackRock recommended proposals designed to streamline and enhance the effectiveness of Board oversight of the Fund complex. At Board meetings held during May 2007, the Board Members approved these proposals, subject to approval by the Funds’ shareholders.

One or more of these proposals require your approval. We are seeking your approval of proposals relating to the following issues through the enclosed joint proxy statement.

1.Elect Board Members (all Funds). As described in the enclosed proxy statement, all shareholders are being asked to elect Board Members of their Funds. Currently, seven different Boards oversee the open-end and closed-end funds in the Fund complex.Complex. It is proposed that the Boardsthree current boards of directors/trustees and the Fund Complexes they oversee be realigned and consolidated so thatinto two boards of directors/trustees and two Fund Complexes. Subject to shareholder approval, one board of directors/trustees (referred to in this proxy statement as “Board I”) would focus on the open-end funds are overseen by just two new boards (one new board would oversee certain equity funds, alloversight of the BlackRock-advisednon-index fixed-income mutual funds and all of the BlackRock-advisedclosed-endfunds within the BlackRock Fund complex, including fixed-income mutual funds that are designed for sale through insurance company separate accounts and(collectively, the other new“Insurance Funds”). Subject to shareholder approval, the second board of directors/trustees (referred to in this proxy statement as “Board II”) would oversee certain other

focus on the oversight of the BlackRock-advised equity, fundsmulti-asset, index and all money market funds). It is also proposed that a third new board would overseefunds within the closed-end funds. (Each new board isBlackRock Fund complex, including equity, multi-asset, index and money market Insurance Funds. Shareholders of the funds in the Equity-Bond Complex, including the Insurance Funds in the Equity-Bond Complex (collectively, the “Equity-Bond Funds”) are being asked to approve the Board Nominees to Board I and Board II, as applicable, in separate proxy statements. Board I and Board II are referred to together as a “New Board”

and collectively, the “New Boards.”) Each Board has reviewed

Following the qualifications and backgrounds of the nominees and believes that they are experiencedproposed realignment, certain Equity-Liquidity Funds (referred to in overseeing investment companies and are familiar with the Fund complex and with BlackRock Advisors. As discussed in more detail on page [    ] of the enclosed joint proxy statement the Board Members and BlackRock believe that: (i) a single New Board overseeing funds of a specific type may enhance that New Board’s efficiency by enabling Board Members to focus their attention on issues common to many of the fundsas “Group B Funds”) would be overseen by the New BoardsBoard I, and to act to resolve these issues in a shorter time frame; (ii) realigning the Boards into three New Boards may reduce certain fund expenses, such as costs associated with holding Board meetings, committee meetings and,Equity-Liquidity Funds (referred to the extent necessary, shareholder meetings; (iii) reducing the administrative costs and burden on fund management that are inherent in reporting to seven Boards may allow fund management to devote more time and resources to providing other services to the funds in the Fund complex, including to facilitate management’s high level planning and strategic initiatives for the entire Fund complex; (iv) having fewer Boards will facilitate more effective communication between fund management and the New Boards; (v) a smaller number of Boards may result in more efficient and effective presentations at Newenclosed joint proxy statement as “Group A Funds”) would be overseen by Board meetings; and (vi) a smaller number of Boards may benefit the funds and their shareholders by enhancing the effectiveness of New Board oversight of the funds, their management and their other service providers and may facilitate more uniform oversight of the funds in the Fund complex.

2.Approve Change in Investment Objective (Master Bond Portfolio and BlackRock Bond Fund only).II. As describedexplained in the enclosed joint proxy statement, shareholders of Master Bond Portfolio and BlackRock Bond FundGroup A Funds are being asked to approve a change in each suchelect fifteen nominees to Board II and shareholders of Group B Funds are being asked to elect eleven nominees to Board I. Such nominees (collectively, the “Board Nominees”) have been reviewed and unanimously approved by your Fund’s investment objective to:Existing Board, subject to realize a total return that exceeds thatapproval by the Fund’s shareholders. The Existing Boards have reviewed the qualifications and backgrounds of the Lehman Brothers U.S. Aggregate Index. The Lehman Brothers U.S. Aggregate Indexapplicable Board Nominees and believe that their election is currently each Fund’s benchmark index and isin your best interest.

If you are a widely recognized unmanaged market-weighted index. The investment objectiveshareholder of each Fund will remain a fundamental policy that may be changed only by shareholder vote. If the amended investment objective is approved by shareholders, BlackRock Bond Fund will change its name to “BlackRock Total Return Fund.” Since total return is a combination of current income and capital appreciation, the change in investment objective is not expected to materially change the manner in which either BlackRock Bond Fund or Master Bond Portfolioa series of a Fund that is currently managed. Also, the principal risks of investing in BlackRock Bond Fund and Master Bond Portfolio will not be changed in any material respect by this change in investment objective. The change in investment objective, however, may provide the portfolio management team with greater flexibility in managing the portfolio. BlackRock Bond Fund is organized as a “feeder” in a “master/feeder” structure andwhere the master fund is a feeder fund that invests allpart of its assets in Master Bond Portfolio, a series of Master Bond LLC, that has the same investment objective and strategies as BlackRock Bond Fund. The shareholders of BlackRock Bond FundEquity-Liquidity Complex, you will also be asked to provide voting instructions to your feeder Fund as to how, as a beneficial owner of the master fund, your feeder Fund should vote onin connection with the proposal to approve changingelection of the investment objectiveBoard Nominees for the Board of Master Bond Portfolio.your feeder Fund’s respective master Fund.

Please note that separate joint proxy statements are being sent to the shareholders of [fund] and to the shareholders of the closed-end funds,BlackRock-advised Funds in the Equity-Bond Complex, who are also being asked to vote on the election of the applicable Board consolidation discussed above. Also,Nominees to the boards of directors/trustees of their BlackRock-advised Fund in the Equity-Bond Complex. If you were also a shareholder of record on the Record Date of one or more BlackRock-advised Funds in the Equity-Bond Complex, you will receive a separate joint proxy statement(s), proxy card(s) or voting instruction form(s) for such fund(s). Please be certain to vote by telephone or via the Internet with respect to each BlackRock-advised Fund in which you are a shareholder of record or sign, date and return each proxy card and/or voting instruction form you receive. If elected by shareholders of certain funds are being asked to consider reorganizations involving their funds. Separate proxy materials relating to those proposed fund reorganizations have been,the Funds at the Meeting, the Board Nominees would take office effective onJanuary 1, 2019 or such later date as will be sentcommunicated to shareholders if the Meeting is adjourned, postponed or delayed.

The Existing Board responsible for your Fund recommends that you vote, or submit voting instructions, “FOR” the election of these funds.each of the applicable Board Nominees. In connection with your vote, we urge you to read the full text of the enclosed joint proxy statement.

Your vote is important. Attendance at the Meeting will be limited to each Fund’s shareholders as of 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), you will also be required to show 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, financial intermediary or other nominee or broker’s statement indicating share ownership as of the Record Date.

If you are a registered shareholder, you may vote your shares in person by ballot at the Meeting. If you hold your shares of a Fund organized inthrough a “master/feeder” structure,bank, broker, financial intermediary or other nominee, you will not be askedable to vote in connection with matters applicableperson at the Meeting unless you have previously requested and obtained a “legal proxy” from your bank, broker, financial intermediary or other nominee and present it at the Meeting.

We encourage you to carefully review the enclosed materials, which explain the proposals in more detail. As a shareholder, your feeder Fund’s respective mastervote is important, and we hope that you will respond today to ensure that your shares will be represented at the Meeting. Voting is quick and easy. Everything you need is enclosed. You may vote using one of the methods below by following the instructions on your proxy card or voting instruction form(s):

If you do not vote using one of these methods, you may be called by Computershare Fund (noted in Appendix A).Services (“Computershare”), the Funds’ proxy solicitor, to vote your shares.

The Board Members responsible for your Fund recommend that you vote “FOR” the proposal(s) with respect to your Fund. However, before you vote, please read the full text of the joint proxy statement for an explanation of each proposal.

Your vote is important. Even if you plan to attend and vote in person at the Meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or overvia the Internet. Alternatively, you may submit voting instructions by completing, signing and dating each proxy card or voting instruction form you receive, if received by mail, and returning it (them) in the accompanying postage-paid return envelope.

Voting your shares immediately will help minimize additional solicitation expenses and prevents the need to call you to solicit your participation in the vote process.

If you have any questions about the proposals to be voted on, please call Broadridge Financial Solutions, Inc.Computershare toll-free at [phone number].1-866-200-9096.

Sincerely,

Brian P. KindelanBenjamin Archibald

Secretary of certainthe Funds

and

Alice A. Pellegrino

Secretary of certain Funds40 East 52^nd Street, New York, New York 10022

IMPORTANT NEWSINFORMATION

FOR FUND SHAREHOLDERSMaster Money LLC

Master Treasury LLC

Quantitative Master Series LLC

Ready Assets Government Liquidity Fund

Ready Assets U.S.A. Government Money Fund

Ready Assets U.S. Treasury Money Fund

Retirement Series Trust

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

October 3, 2018

Dear Shareholder:

Joint special meetings of shareholders of the following funds (each, a “Fund” or an “Equity-Liquidity Fund,” which may also be collectively referred to herein as the “Equity-Liquidity Complex”) will be held at the offices of BlackRock Advisors, LLC, 1 University Square Drive, Princeton, New Jersey 08540-6455, on Wednesday, November 21, 2018, at 10:30 a.m. (Eastern time) (the “Meeting”) to consider and vote on the proposals discussed in the enclosed joint proxy statement.

The Funds and the series of the Funds are set forth onAppendix A to the enclosed joint proxy statement. You have received this letter and joint proxy statement because you were a shareholder of record of at least one Equity-Liquidity Fund on September 24, 2018 (the “Record Date”). The purpose of the Meeting, as described in the enclosed joint proxy statement, is to seek shareholder approval in connection with a realignment of the boards of directors/trustees overseeing the mutual funds andclosed-end funds advised by BlackRock Advisors, LLC or BlackRock Fund Advisors and/or their affiliates (collectively, “BlackRock” and such funds, the “BlackRock-advised Funds”). The current boards of directors/trustees of the BlackRock-advised Funds (the “Existing Boards,” the members of which are referred to as “Existing Board Members”) are proposing this realignment following a comprehensive review in consultation with BlackRock.

WhileCurrently, the BlackRock-advised Funds are divided into three different complexes – the Equity-Liquidity Complex, the Equity-Bond Complex and theClosed-End Complex (each, a “Fund Complex” and collectively, the “BlackRock Fund complex”) – and the same individuals comprise the boards of directors/trustees of the BlackRock-advised Funds within a Fund Complex. It is proposed that the three current boards of directors/trustees and the Fund Complexes they oversee be realigned and consolidated into two boards of directors/trustees and two Fund Complexes. Subject to shareholder approval, one board of directors/trustees (referred to in this proxy statement as “Board I”) would focus on the oversight of the BlackRock-advisednon-index fixed-income mutual funds and all of the BlackRock-advisedclosed-end funds within the BlackRock Fund complex, including fixed-income mutual funds that are designed for sale through insurance company separate accounts (collectively, the “Insurance Funds”). Subject to shareholder approval, the second board of directors/trustees (referred to in this proxy statement as “Board II”) would

focus on the oversight of the BlackRock-advised equity, multi-asset, index and money market funds within the BlackRock Fund complex, including equity, multi-asset, index and money market Insurance Funds. Shareholders of the funds in the Equity-Bond Complex, including the Insurance Funds in the Equity-Bond Complex (collectively, the “Equity-Bond Funds”) are being asked to approve the Board Nominees to Board I and Board II, as applicable, in separate proxy statements. Board I and Board II are referred to together as the “New Boards.”

Following the proposed realignment, certain Equity-Liquidity Funds (referred to in the enclosed joint proxy statement as “Group B Funds”) would be overseen by Board I, and certain Equity-Liquidity Funds (referred to in the enclosed joint proxy statement as “Group A Funds”) would be overseen by Board II. As explained in the enclosed joint proxy statement, shareholders of Group A Funds are being asked to elect fifteen nominees to Board II and shareholders of Group B Funds are being asked to elect eleven nominees to Board I. Such nominees (collectively, the “Board Nominees”) have been reviewed and unanimously approved by your Fund’s Existing Board, subject to approval by the Fund’s shareholders. The Existing Boards have reviewed the qualifications and backgrounds of the applicable Board Nominees and believe that their election is in your best interest.

If you 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 a part of the Equity-Liquidity Complex, you will also be asked to provide voting instructions to your feeder Fund as to how, as a beneficial owner of the master fund, your feeder Fund should vote in connection with the election of the Board Nominees for the Board of your feeder Fund’s respective master Fund.

Please note that separate joint proxy statements are being sent to shareholders of the BlackRock-advised Funds in the Equity-Bond Complex, who are also being asked to vote on the election of the applicable Board Nominees to the boards of directors/trustees of their BlackRock-advised Fund in the Equity-Bond Complex. If you were also a shareholder of record on the Record Date of one or more BlackRock-advised Funds in the Equity-Bond Complex, you will receive a separate joint proxy statement(s), proxy card(s) or voting instruction form(s) for such fund(s). Please be certain to vote by telephone or via the Internet with respect to each BlackRock-advised Fund in which you are a shareholder of record or sign, date and return each proxy card and/or voting instruction form you receive. If elected by shareholders of the Funds at the Meeting, the Board Nominees would take office effective onJanuary 1, 2019 or such later date as will be communicated to shareholders if the Meeting is adjourned, postponed or delayed.

The Existing Board responsible for your Fund recommends that you vote, or submit voting instructions, “FOR” the election of each of the applicable Board Nominees. In connection with your vote, we encourageurge you to read the full text of the enclosed joint proxy statement, for your convenience we have provided a brief overview of the matters to be voted on.statement.

Questions and Answers

These proposals cannot be effected without shareholder approval. Your Fund’s Existing Board has approved the proposals you are being asked to vote on, believes they are in shareholders’ best interests, and recommends that you approve them.

Shareholders of Master Bond Portfolio and BlackRock Bond Fund also are being asked to approve a change to each Fund’s investment objective to: to realize a total return that exceeds that of the Lehman Brothers U.S. Aggregate Index.

The investment objective of Master Bond Portfolio and BlackRock Bond Fund will remain a fundamental policy that may be changed only by shareholder vote. The investment objective of Total Return is to realize a total return that exceeds that of the Lehman Brothers U.S. Aggregate Index. The investment objective of Master Bond Portfolio and BlackRock Bond Fund is to seek, as a primary objective, to provide shareholders with as high a level of current income as is consistent with the investment policies and, as a secondary objective, to seek capital appreciation when consistent with its primary objective. Also, the principal risks of investing in BlackRock Bond Fund and Master Bond Portfolio will not be changed in any material respect by this change in investment objective. The change in investment objective, however, may provide the portfolio management team with greater flexibility in managing the portfolio. BlackRock Bond Fund is organized in a “master/feeder” structure and is a feeder fund that invests all of its assets in the Master Bond Portfolio, a series of Master Bond LLC. Master Bond Portfolio has the same investment objective and strategies as BlackRock Bond Fund. The shareholders of BlackRock Bond Fund will also vote on the proposal to approve changing the investment objective of Master Bond Portfolio.

This proposal cannot be effected without shareholder approval. Your Fund’s Existing Board has approved the proposal you are being asked to vote on, believes it is in shareholders’ best interest, and recommends that you approve it.

Please votenow. Your vote is important.

To avoid the wasteful and unnecessary expense of further solicitation, we urge you to indicate your voting instructions on the enclosed proxy card, if received by mail, date and sign it and return it promptly in the envelope provided, or record your voting instructions by telephone or via the Internet, no matter how large or small your holdings may be. If your shares 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 Attendance at the Meeting.

BLACKROCK-ADVISED FUNDS

100 Bellevue Parkway

Wilmington, Delaware 19809

(800) 441-7762

NOTICE OF A MEETING OF SHAREHOLDERS

To Be Held on August 23, 2007 or

on September 7, 2007

A meeting (each a “Meeting”) of the shareholders of the funds identified below (each, a “Fund”)Meeting will be held at the [offices of [address]], at [time] (Eastern time) on Thursday, August 23, 2007, or Friday, September 7, 2007 (seeAppendix A of the enclosed Joint Proxy Statement for the date of yourlimited to each Fund’s Meeting), to consider and vote on the proposals, as more fully described in the accompanying Joint Proxy Statement:

Your Board recommends that you vote “FOR” the Proposal(s) upon which you are being asked to vote.

Shareholders of record as of the closeRecord 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 business on June 25, 2007 are entitleda Fund (that is if you hold your shares of a Fund through a bank, broker, financial intermediary or other nominee), you will also be required to vote atshow 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, financial intermediary or other nominee or broker’s statement indicating share ownership as of the Meetings and at any adjournments or postponements thereof.Record Date.

If you ownare a registered shareholder, you may vote your shares in more than one Fund as of June 25, 2007,person by ballot at the Meeting. If you may receive more than one proxy card. Please be certain to sign, date and return each proxy card you receive.

By order of the Boards of Directors/Trustees,

Brian P. Kindelan

Secretary of certain Funds

and

Alice A. Pellegrino

Secretary of certain Funds

[date]

Funds Holding Meetings of Shareholders

Group A Funds (certain equity Funds and all fixed-income Funds in the Fund complex and all Funds in the Fund complex designed for sale through insurance company separate accounts):

BlackRock Bond Allocation Target Shares

Series C Portfolio

Series M Portfolio

Series S Portfolio

BlackRock Value Opportunities Fund, Inc.

BlackRock Basic Value Fund, Inc.

BlackRock Natural Resources Trust

BlackRock Global Growth Fund, Inc.

BlackRock Balanced Capital Fund, Inc.

BlackRock Global SmallCap Fund, Inc.

BlackRock Bond Fund, Inc.

BlackRock Bond Fund

BlackRock High Income Fund

BlackRock Municipal Bond Fund, Inc.

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock Short-Term Municipal Fund

BlackRock High Yield Municipal Fund

BlackRock Equity Dividend Fund

BlackRock Global Allocation Fund, Inc.

BlackRock EuroFund

BlackRock Municipal Series Trust

BlackRock Intermediate Municipal Fund

BlackRock Global Dynamic Equity Fund

BlackRock Utilities and Telecommunications Fund, Inc.

BlackRock Mid Cap Value Opportunities Series, Inc.

BlackRock Mid Cap Value Opportunities Fund

Managed Account Series

High Income Portfolio

US Mortgage Portfolio

Global SmallCap Portfolio

Mid Cap Value Opportunities Portfolio

BlackRock Variable Series Funds, Inc.

BlackRock Balanced Capital V.I. Fund

BlackRock Basic Value V.I. Fund

BlackRock Bond V.I. Fund

BlackRock Fundamental Growth V.I. Fund

BlackRock Global Growth V.I. Fund

BlackRock S&P 500 Index V.I. Fund

BlackRock Large Cap Core V.I. Fund

BlackRock Large Cap Growth V.I. Fund

BlackRock Large Cap Value V.I. Fund

BlackRock Global Allocation V.I Fund

BlackRock Utilities and Telecommunications V.I. Fund

BlackRock Value Opportunities V.I. Fund

BlackRock International Value V.I. Fund

BlackRock Government Income V.I. Fund

BlackRock High Income V.I. Fund

BlackRock Money Market V.I. Fund

BlackRock Funds II

Total Return Portfolio

Total Return Portfolio II

Delaware Municipal Bond Portfolio

Enhanced Income Portfolio

AMT-Free Municipal Bond Portfolio

GNMA Portfolio

Government Income Portfolio

High Yield Bond Portfolio

Intermediate Bond Portfolio II

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

Intermediate Government Bond Portfolio

International Bond Portfolio

Inflation Protected Bond Portfolio

Kentucky Municipal Bond Portfolio

Low Duration Bond Portfolio

Managed Income Portfolio

Ohio Municipal Bond Portfolio

BlackRock Strategic Portfolio I

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Short Term Bond Series, Inc.

BlackRock Short Term Bond Fund

BlackRock Focus Value Fund, Inc.

BlackRock Multi-State Municipal Series Trust

BlackRock Florida Municipal Bond Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Fundamental Growth Fund, Inc.

BlackRock California Municipal Series Trust

BlackRock California Insured Municipal Bond Fund

BlackRock Focus Twenty Fund, Inc.

BlackRock World Income Fund, Inc.

BlackRock International Value Trust

BlackRock International Value Fund

Master Value Opportunities LLC

Master Basic Value LLC

Master Focus Twenty LLC

FDP Series, Inc.

Franklin Templeton Total Return FDP Fund

Marsico Growth FDP Fund

MFS Research International FDP Fund

Van Kampen Value FDP Fund

BlackRock Commodity Strategies Fund

The GNMA Fund Investment Accumulation Program, Inc.

BlackRock Principal Protected Trust

BlackRock Fundamental Growth Principal Protected Fund

BlackRock Basic Value Principal Protected Fund

BlackRock Core Principal Protected Fund

Short-Term Bond Master LLC

Short-Term Bond Master Portfolio

Master Commodity Strategies LLC

Master Bond LLC

Master Bond Portfolio

BlackRock Series Fund, Inc.

BlackRock Balanced Capital Portfolio

BlackRock Bond Portfolio

BlackRock Fundamental Growth Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Portfolio

BlackRock Money Market Portfolio

BlackRock Large Cap Core Portfolio

Group B Funds (certain equity Funds and certain money market Funds in the Fund complex):

BlackRock Funds^SM

Asset Allocation Portfolio

All-Cap Global Resources Portfolio

Aurora Portfolio

Investment Trust

Exchange Portfolio

Global Opportunities Portfolio

Global Resources Portfolio

Global Science & Technology Opportunities Portfolio

Health Sciences Opportunities Portfolio

International Opportunities Portfolio

Capital Appreciation Portfolio

Mid-Cap Growth Equity Portfolio

Mid-Cap Value Equity Portfolio

Small Cap Growth Equity Portfolio

Small Cap Core Equity Portfolio

Small Cap Value Equity Portfolio

Small/Mid-Cap Growth Portfolio

U.S. Opportunities Portfolio

Index Equity Portfolio

Money Market Portfolio

Municipal Money Market Portfolio

U.S. Treasury Money Market Portfolio

North Carolina Municipal Money Market Portfolio

New Jersey Municipal Money Market Portfolio

Ohio Municipal Money Market Portfolio

Pennsylvania Municipal Money Market Portfolio

Virginia Municipal Money Market Portfolio

Merrill Lynch U.S.A. Government Reserves

BlackRock Series, Inc.

BlackRock International Fund

BlackRock Small Cap Growth Fund II

BlackRock Financial Institution Series Trust

BlackRock Summit Cash Reserves Fund

Merrill Lynch U.S. Treasury Money Fund

BlackRock Index Funds, Inc.

BlackRock International Index Fund

BlackRock S&P 500 Index Fund

BlackRock Small Cap Index Fund

Merrill Lynch Ready Assets Trust

BlackRock Healthcare Fund, Inc.

BlackRock Global Technology Fund, Inc.

CMA Money Fund

CMA Government Securities Fund

CMA Tax-Exempt Fund

CMA Treasury Fund

WCMA Government Securities Fund

WCMA Money Fund

WCMA Tax-Exempt Fund

WCMA Treasury Fund

BlackRock Developing Capital Markets Fund, Inc.

BlackRock Latin America Fund, Inc.

BlackRock Pacific Fund, Inc.

BlackRock Global Financial Services Fund, Inc.

BlackRock Large Cap Series Funds, Inc.

BlackRock Large Cap Core Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

Merrill Lynch Retirement Series Trust

Merrill Lynch Retirement Reserves Money Fund

Merrill Lynch Funds For Institutions Series

Merrill Lynch Government Fund

Merrill Lynch Treasury Fund

Merrill Lynch Institutional Fund

Merrill Lynch Premier Institutional Fund

Merrill Lynch Institutional Tax-Exempt Fund

Global Financial Services Master LLC

Master Large Cap Series LLC

Master Large Cap Core Portfolio

Master Large Cap Growth Portfolio

Master Large Cap Value Portfolio

CMA Multi-State Municipal Series Trust

CMA Arizona Municipal Money Fund

CMA California Municipal Money Fund

CMA Connecticut Municipal Money Fund

CMA Florida Municipal Money Fund

CMA Massachusetts Municipal Money Fund

CMA Michigan Municipal Money Fund

CMA New Jersey Municipal Money Fund

CMA New York Municipal Money Fund

CMA North Carolina Municipal Money Fund

CMA Ohio Municipal Money Fund

CMA Pennsylvania Municipal Money Fund

Quantitative Master Series LLC

Master Enhanced Small Cap Series

Master Core Bond Enhanced Index Series

Master Enhanced International Series

Master Enhanced S&P 500 Series

Master Extended Market Index Series

Master International Index Series

Master Mid Cap Index Series

Master S&P 500 Index Series

Master Small Cap Index Series

Master Institutional Money Market LLC

Merrill Lynch Premier Institutional Portfolio

Merrill Lynch Institutional Portfolio

Merrill Lynch Institutional Tax-Exempt Portfolio

BlackRock Master LLC

BlackRock Master Small Cap Growth Portfolio

BlackRock Master International Portfolio

Master Treasury LLC

Master Tax-Exempt LLC

Master Government Securities LLC

Master Money LLC

TABLE OF CONTENTS

BLACKROCK-ADVISED FUNDS

100 Bellevue Parkway

Wilmington, Delaware 19809

(800) 441-7762

MEETING OF SHAREHOLDERS

AUGUST 23, 2007 OR SEPTEMBER 7, 2007

JOINT PROXY STATEMENT

This joint proxy statement (the “Joint Proxy Statement”) is furnished in connection with the solicitation by the Board of Directors or Trustees (each, an “Existing Board,” the members of which are referred to as “Board Members”) of each of the BlackRock-advised funds listed in the accompanying Notice of a Meeting of Shareholders (each, a “Fund”) of proxies to be voted at a meeting of shareholders of each such Fund to be held at [time] (Eastern time) on Thursday, August 23, 2007, or Friday, September 7, 2007 (seeAppendix A of this enclosed Joint Proxy Statement for the date) [at the offices of [location]] (for each Fund, a “Meeting”), and at any and all adjournments or postponements thereof. A Meeting will be held for the purposes set forth in the accompanying Notice.

The Board of each Fund has determined that the use of this Joint Proxy Statement for such Fund’s Meeting is in the best interests of the Fund and its shareholders in light of the similar matters being considered and voted on by the shareholders of each of the Funds. This Joint Proxy Statement and the accompanying materials, or a Notice of Internet Availability of Proxy Materials, are being mailed to shareholders on or about [mailing date], 2007.

Each Fund is organized as either a Massachusetts business trust (each, a “Massachusetts Trust”), or a series of a Massachusetts Trust, a Maryland corporation (each, a “Maryland Corporation”), or a series of a Maryland Corporation, a Delaware statutory trust (each, a “Delaware Trust”), or a series of a Delaware Trust, or a Delaware limited liability company (each, a “Delaware LLC”), or a series of a Delaware LLC. The Massachusetts Trusts, Maryland Corporations, Delaware Trusts and Delaware LLCs (each, a “Registrant”) are registered investment companies under the Investment Company Act of 1940 (the “1940 Act”). A list of each Registrant and series of each Registrant (if any), is set forth inAppendix A.

Shareholders of recordhold your shares of a Fund as of the close of business on June 25, 2007 (the “Record Date”) are entitled to attend and to vote at that Fund’s Meeting. Shareholders of the Funds are entitled to one vote for each share held, and each fractional share is entitled tothrough a proportionate fractional vote, with no shares having cumulative voting rights. The quorum requirement for each Fund, and the vote requirement for Proposal 1, is set forth inAppendix B. The vote requirement for Proposal 2 is set forth under “Vote Required and Manner of Voting Proxies.” If you are a shareholder of a Fund organized in a “master/feeder” structure,bank, broker, financial intermediary or other nominee, you will not be askedable to vote in connection with matters applicableperson at the Meeting unless you have previously requested and obtained a “legal proxy” from your bank, broker, financial intermediary or other nominee and present it at the Meeting.

We encourage you to carefully review the enclosed materials, which explain the proposals in more detail. As a shareholder, your feeder Fund’s respective mastervote is important, and we hope that you will respond today to ensure that your shares will be represented at the Meeting. Voting is quick and easy. Everything you need is enclosed. You may vote using one of the methods below by following the instructions on your proxy card or voting instruction form(s):

If you do not vote using one of these methods, you may be called by Computershare Fund (noted inAppendix AServices (“Computershare”)., the Funds’ proxy solicitor, to vote your shares.

The number of shares of each Fund outstanding as of the close of business on the Record Date and the net assets of each Fund as of that date are shown inAppendix B. Except as set forth inAppendix J, to the knowledge of each Fund, as of the Record Date, no person was the beneficial owner of five percent or more of a class of that Fund’s outstanding shares.

The Fund of which you are a shareholder is named on the proxy card included with this Joint Proxy Statement. If you own shares in more than one Fund as of the Record Date, you may receive more than one proxy card. Even if you plan to attend the Meeting, please sign, date and return EACH proxy card you receive, or if you providepromptly follow the enclosed instructions to submit voting instructions by telephone or overvia the Internet, please vote on the proposals affecting EACH FundInternet. Alternatively, you own. If you vote by telephone or over 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). This code is designed to confirm your identity, provide access into the voting sites and confirm that your instructions are properly recorded.

All properly executed proxies received prior to a Fund’s Meeting will be voted at that Meeting. On any matter coming before each Meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy is properly executed and returned and no choice is specified with respect to a proposal, the shares will be voted “FOR” the proposal. Shareholders who execute proxies or providemay submit voting instructions by telephonecompleting, signing and dating each proxy card or the Internet may revoke them with respect to a proposal at any time before a vote is taken on the proposal 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 address above), by delivering a duly executed proxy bearing a later date or by attending the Meetingvoting instruction form you receive, and voting in person, in all cases prior to the exercise of the authority grantedreturning it (them) in the proxy card. Merely attending the Meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank or other intermediary or if you are the holder of a variable annuity contract or variable life insurance policy (as discussed below), please consult your bank or intermediary or your participating insurance company regarding your ability to revoke voting instructions after such instructions have been provided.accompanying postage-paid return envelope.

Photographic identificationVoting your shares immediately will be required for admissionhelp minimize additional solicitation expenses and prevents the need to call you to solicit your participation in the Meetings.vote process.

Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeedingIf you have any questions about the annual report, if any,proposals to a shareholder upon request. Such requests should be directed to the Fundvoted on, please call Computershare toll-free at [address] or by calling toll free at [phone number]. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s Internet site at www.sec.gov.1-866-200-9096.

Please note that only one annual or semi-annual report or Joint 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 Joint Proxy Statement, or for instructions as 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 address and phone number set forth above.Sincerely,

Please also note that, as partBenjamin Archibald

Secretary of the initiatives that are designed to eliminate overlapping and duplicative product offerings within the BlackRock family of funds, shareholders of certain Funds are being asked to consider reorganizations involving their Funds. Separate proxy materials relating to those proposed Fund reorganizations have been, or will be, sent to applicable shareholders.

YOUR VOTE IS IMPORTANT40 East 52

To avoid the unnecessary expense of further solicitation, we urge you to indicate voting instructions on the enclosed proxy card, if received by mail, date and sign it and return it promptly in the envelope provided, no matter how large or small your holdings may be. If you submit a properly executed proxy but do not indicate how you wish your shares to be voted, your shares will be voted“FOR” each of the proposals.^nd Street, New York, New York 10022

The following table shows which proposals shareholders of each Fund are being asked to approve. The enclosed proxy card(s) indicate the Fund(s) in which you hold shares and the proposals on which you are being asked to vote.

SUMMARY OF PROPOSALS AND FUNDS VOTINGIMPORTANT INFORMATION

		Proposal No. 1(a)— to Elect Board Members			Proposal No. 1(b)— to Elect Board Members		Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds			Board B— Oversees Group B Funds
BlackRock National Municipal Fund		ü
BlackRock Short-Term Municipal Fund		ü
BlackRock High Yield Municipal Fund		ü
BlackRock Equity Dividend Fund		ü
BlackRock Global Allocation Fund, Inc.		ü
BlackRock EuroFund		ü
BlackRock Municipal Series Trust		ü
BlackRock Intermediate Municipal Fund		ü
BlackRock Global Dynamic Equity Fund		ü
BlackRock Utilities and Telecommunications Fund, Inc.		ü
BlackRock Mid Cap Value Opportunities Series, Inc.		ü
BlackRock Mid Cap Value Opportunities Fund		ü
Managed Account Series		ü
High Income Portfolio		ü
US Mortgage Portfolio		ü
Global SmallCap Portfolio		ü
Mid Cap Value Opportunities Portfolio		ü
Short-Term Bond Master LLC		ü
Short-Term Bond Master Portfolio		ü
BlackRock Short-Term Bond Series, Inc.		ü
BlackRock Short-Term Bond Fund		ü
BlackRock Focus Value Fund, Inc.		ü
BlackRock Multi-State Municipal Series Trust		ü
BlackRock Florida Municipal Bond Fund		ü
BlackRock New Jersey Municipal Bond Fund		ü
BlackRock New York Municipal Bond Fund		ü
BlackRock Pennsylvania Municipal Bond Fund		ü
BlackRock Fundamental Growth Fund, Inc.		ü
BlackRock California Municipal Series Trust		ü
BlackRock California Insured Municipal Bond Fund		ü
Master Focus Twenty LLC		ü
BlackRock Focus Twenty Fund, Inc.		ü
BlackRock Variable Series Funds, Inc.		ü
BlackRock Balanced Capital V.I. Fund		ü

		Proposal No. 1(a)— to Elect Board Members			Proposal No. 1(b)— to Elect Board Members		Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds			Board B— Oversees Group B Funds
BlackRock Basic Value V.I. Fund		ü
BlackRock Bond V.I. Fund		ü
BlackRock Fundamental Growth V.I. Fund		ü
BlackRock Global Growth V.I. Fund		ü
BlackRock S&P 500 Index V.I. Fund		ü
BlackRock Large Cap Core V.I. Fund		ü
BlackRock Large Cap Growth V.I. Fund		ü
BlackRock Large Cap Value V.I. Fund		ü
BlackRock Global Allocation V.I. Fund		ü
BlackRock Utilities and Telecommunications V.I. Fund		ü
BlackRock Value Opportunities V.I. Fund		ü
BlackRock International Value V.I. Fund		ü
BlackRock Government Income V.I. Fund		ü
BlackRock High Income V.I. Fund		ü
BlackRock Money Market V.I. Fund		ü
BlackRock World Income Fund, Inc.		ü
BlackRock International Value Trust		ü
BlackRock International Value Fund		ü
FDP Series, Inc.		ü
Franklin Templeton Total Return FDP Fund		ü
Marsico Growth FDP Fund		ü
MFS Research International FDP Fund		ü
Van Kampen Value FDP Fund		ü
BlackRock Principal Protected Trust		ü
BlackRock Fundamental Growth Principal Protected Fund		ü
BlackRock Basic Value Principal Protected Fund		ü
BlackRock Core Principal Protected Fund		ü
Master Commodity Strategies LLC		ü
BlackRock Commodity Strategies Fund		ü
The GNMA Fund Investment Accumulation Program, Inc.		ü
BlackRock Funds II		ü
Total Return Portfolio		ü
Delaware Municipal Bond Portfolio		ü
Enhanced Income Portfolio		ü

		Proposal No. 1(a)— to Elect Board Members			Proposal No. 1(b)— to Elect Board Members			Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds			Board B— Oversees Group B Funds
AMT-Free Municipal Bond Portfolio		ü
GNMA Portfolio		ü
Government Income Portfolio		ü
High Yield Bond Portfolio		ü
Intermediate Bond Portfolio II		ü
Intermediate Government Bond Portfolio		ü
International Bond Portfolio		ü
Inflation Protected Bond Portfolio		ü
Kentucky Municipal Bond Portfolio		ü
Low Duration Bond Portfolio		ü
Managed Income Portfolio		ü
Ohio Municipal Bond Portfolio		ü
BlackRock Strategic Portfolio I		ü
Total Return Portfolio II		ü
Conservative Prepared Portfolio		ü
Moderate Prepared Portfolio		ü
Growth Prepared Portfolio		ü
Aggressive Growth Prepared Portfolio		ü
Prepared Portfolio 2010		ü
Prepared Portfolio 2015		ü
Prepared Portfolio 2020		ü
Prepared Portfolio 2025		ü
Prepared Portfolio 2030		ü
Prepared Portfolio 2035		ü
Prepared Portfolio 2040		ü
Prepared Portfolio 2045		ü
Prepared Portfolio 2050		ü
Merrill Lynch U.S.A. Government Reserves					ü
Merrill Lynch U.S. Treasury Money Fund					ü
BlackRock Index Funds, Inc.					ü
BlackRock International Index Fund					ü
BlackRock S&P 500 Index Fund					ü
BlackRock Small Cap Index Fund					ü

		Proposal No. 1(a)— to Elect Board Members		Proposal No. 1(b)— to Elect Board Members			Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds		Board B— Oversees Group B Funds
Quantitative Master Series LLC				ü
Master Enhanced Small Cap Index Series				ü
Master Core Bond Enhanced Index Series				ü
Master Enhanced International Series				ü
Master Enhanced S&P 500 Series				ü
Master Extended Market Index Series				ü
Master International Index Series				ü
Master Mid Cap Index Series				ü
Master S&P 500 Index Series				ü
Master Small Cap Index Series				ü
Merrill Lynch Ready Assets Trust				ü
BlackRock Healthcare Fund, Inc.				ü
BlackRock Global Technology Fund, Inc.				ü
Master Government Securities LLC				ü
Master Money LLC				ü
Master Treasury LLC				ü
Master Tax-Exempt LLC				ü
CMA Money Fund				ü
CMA Government Securities Fund				ü
CMA Tax-Exempt Fund				ü
CMA Treasury Fund				ü
WCMA Government Securities Fund				ü
WCMA Money Fund				ü
WCMA Tax-Exempt Fund				ü
WCMA Treasury Fund				ü
CMA Multi-State Municipal Series Trust				ü
CMA Arizona Municipal Money Fund				ü
CMA California Municipal Money Fund				ü
CMA Connecticut Municipal Money Fund				ü
CMA Massachusetts Municipal Money Fund				ü
CMA Michigan Municipal Money Fund				ü
CMA New Jersey Municipal Money Fund				ü
CMA New York Municipal Money Fund				ü
CMA North Carolina Municipal Money Fund				ü

		Proposal No. 1(a)— to Elect Board Members		Proposal No. 1(b)— to Elect Board Members			Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds		Board B— Oversees Group B Funds
CMA Ohio Municipal Money Fund				ü
CMA Pennsylvania Municipal Money Fund				ü
CMA Florida Municipal Money Fund				ü
BlackRock Developing Capital Markets Fund, Inc.				ü
BlackRock Latin America Fund, Inc.				ü
BlackRock Pacific Fund, Inc.				ü
Global Financial Services Master LLC				ü
BlackRock Global Financial Services Fund, Inc.				ü
BlackRock Financial Institutions Series Trust				ü
BlackRock Summit Cash Reserves Fund				ü
Master Large Cap Series LLC				ü
Master Large Cap Core Portfolio				ü
Master Large Cap Growth Portfolio				ü
Master Large Cap Value Portfolio				ü
BlackRock Large Cap Series Funds, Inc.				ü
BlackRock Large Cap Core Fund				ü
BlackRock Large Cap Growth Fund				ü
BlackRock Large Cap Value Fund				ü
Merrill Lynch Retirement Series Trust				ü
Merrill Lynch Retirement Reserves Money Fund				ü
Master Institutional Money Market LLC				ü
Merrill Lynch Premier Institutional Portfolio				ü
Merrill Lynch Institutional Portfolio				ü
Merrill Lynch Institutional Tax-Exempt Portfolio				ü
Merrill Lynch Funds For Institutions Series				ü
Merrill Lynch Government Fund				ü
Merrill Lynch Treasury Fund				ü
Merrill Lynch Institutional Fund				ü
Merrill Lynch Premier Institutional Fund				ü
Merrill Lynch Institutional Tax-Exempt Fund				ü
BlackRock Master LLC				ü
BlackRock Master Small Cap Growth Portfolio				ü
BlackRock Master International Portfolio				ü

		Proposal No. 1(a)— to Elect Board Members		Proposal No. 1(b)— to Elect Board Members			Proposal No. 2— to Approve Change in Investment Objective
Name of Fund		Board A— Oversees Group A Funds		Board B— Oversees Group B Funds
BlackRock Series, Inc.				ü
BlackRock International Fund				ü
BlackRock Small Cap Growth Fund II				ü
BlackRock FundsSM				ü
Asset Allocation Portfolio				ü
All-Cap Global Resources Portfolio				ü
Aurora Portfolio				ü
Investment Trust				ü
Exchange Portfolio				ü
Global Opportunities Portfolio				ü
Global Resources Portfolio				ü
Global Science & Technology Opportunities Portfolio				ü
Health Sciences Opportunities Portfolio				ü
International Opportunities Portfolio				ü
Capital Appreciation Portfolio				ü
Mid-Cap Growth Equity Portfolio				ü
Mid-Cap Value Equity Portfolio				ü
Small Cap Growth Equity Portfolio				ü
Small Cap Core Equity Portfolio				ü
Small Cap Value Equity Portfolio				ü
Small/Mid-Cap Growth Portfolio				ü
U.S. Opportunities Portfolio				ü
Index Equity Portfolio				ü
Money Market Portfolio				ü
Municipal Money Market Portfolio				ü
U.S. Treasury Money Market Portfolio				ü
North Carolina Municipal Money Market Portfolio				ü
New Jersey Municipal Money Market Portfolio				ü
Ohio Municipal Money Market Portfolio				ü
Pennsylvania Municipal Money Market Portfolio				ü
Virginia Municipal Money Market Portfolio				ü