BlackRock California Municipal Series Trust
BlackRock Advantage Global Fund, Inc.BlackRock Advantage SMID Cap Fund, Inc.BlackRock Allocation Target SharesBATS: Series A PortfolioBATS: Series C PortfolioBATS: Series E PortfolioBATS: Series M PortfolioBATS: Series P PortfolioBATS: Series S PortfolioBATS: Series V PortfolioBlackRock Balanced Capital Fund, Inc.BlackRock Bond Fund, Inc.BlackRock Total Return FundBlackRock Sustainable Total Return FundBlackRock California Municipal Series TrustBlackRock California Municipal OpportunitiesFundBlackRock Capital Appreciation Fund, Inc.BlackRock Emerging Markets Fund, Inc.BlackRock Equity Dividend FundBlackRock EuroFundBlackRock Financial Institutions Series TrustBlackRock Summit Cash Reserves FundBlackRock FundsSMBlackRock Advantage Emerging Markets FundBlackRock Advantage ESG Emerging MarketsEquity FundBlackRock Advantage ESG International EquityFundBlackRock Advantage ESG U.S. Equity FundBlackRock Advantage International FundBlackRock Advantage Large Cap Growth FundBlackRock Advantage Small Cap Core FundBlackRock Advantage Small Cap Growth FundBlackRock China A Opportunities FundBlackRock Commodity Strategies FundBlackRock Defensive Advantage EmergingMarkets FundBlackRock Defensive Advantage InternationalFundBlackRock Defensive Advantage U.S. FundBlackRock Energy Opportunities FundBlackRock Exchange PortfolioBlackRock Global Impact FundBlackRock Global Long/Short Equity FundBlackRock Health Sciences OpportunitiesPortfolioBlackRock High Equity Income FundBlackRock Infrastructure SustainableOpportunities FundBlackRock International Dividend FundBlackRock International Impact FundBlackRock Liquid Environmentally Aware FundBlackRock Mid-Cap Growth Equity PortfolioBlackRock Real Estate Securities FundBlackRock Short Obligations FundBlackRock Tactical Opportunities FundBlackRock SMID-Cap Growth Equity FundBlackRock Technology Opportunities FundBlackRock U.S. Impact FundBlackRock Wealth Liquid EnvironmentallyAware FundiShares Developed Real Estate Index FundiShares Municipal Bond Index FundiShares Russell Mid-Cap Index FundiShares Russell Small/Mid-Cap Index FundiShares Short-Term TIPS Bond Index FundiShares Total U.S. Stock Market Index FundBlackRock Funds IIBlackRock 20/80 Target Allocation FundBlackRock 40/60 Target Allocation FundBlackRock 60/40 Target Allocation FundBlackRock 80/20 Target Allocation FundBlackRock Dynamic High Income PortfolioBlackRock Global Dividend PortfolioBlackRock Managed Income FundBlackRock Multi-Asset Income PortfolioBlackRock Retirement Income 2030 FundBlackRock Retirement Income 2040 FundBlackRock Funds IIIBlackRock Cash Funds: InstitutionalBlackRock Cash Funds: TreasuryBlackRock LifePath Dynamic RetirementFundBlackRock LifePath Dynamic 2025 FundBlackRock LifePath Dynamic 2030 FundBlackRock LifePath Dynamic 2035 FundBlackRock LifePath Dynamic 2040 FundBlackRock LifePath Dynamic 2045 FundBlackRock LifePath Dynamic 2050 FundBlackRock LifePath Dynamic 2055 FundBlackRock LifePath Dynamic 2060 FundBlackRock LifePath Dynamic 2065 Fund
BlackRock LifePath ESG Index RetirementFundBlackRock LifePath ESG Index 2025 FundBlackRock LifePath ESG Index 2030 FundBlackRock LifePath ESG Index 2035 FundBlackRock LifePath ESG Index 2040 FundBlackRock LifePath ESG Index 2045 FundBlackRock LifePath ESG Index 2050 FundBlackRock LifePath ESG Index 2055 FundBlackRock LifePath ESG Index 2060 FundBlackRock LifePath ESG Index 2065 FundBlackRock LifePath Index Retirement FundBlackRock LifePath Index 2025 FundBlackRock LifePath Index 2030 FundBlackRock LifePath Index 2035 FundBlackRock LifePath Index 2040 FundBlackRock LifePath Index 2045 FundBlackRock LifePath Index 2050 FundBlackRock LifePath Index 2055 FundBlackRock LifePath Index 2060 FundBlackRock LifePath Index 2065 FundiShares MSCI Total International Index FundiShares Russell 1000 Large-Cap Index FundiShares S&P 500 Index FundiShares U.S. Aggregate Bond Index FundBlackRock Funds VIBlackRock Advantage CoreAlpha Bond FundBlackRock Funds VII, Inc.BlackRock Sustainable Emerging MarketsEquity FundBlackRock Sustainable U.S. Growth EquityFundBlackRock Sustainable U.S. Value Equity FundBlackRock Sustainable International EquityFundBlackRock Global Allocation Fund, Inc.BlackRock Index Funds, Inc.iShares MSCI EAFE International Index FundiShares Russell 2000 Small-Cap Index FundBlackRock Large Cap Focus Growth Fund, Inc.BlackRock Large Cap Focus Value Fund, Inc.BlackRock Large Cap Series Funds, Inc.BlackRock Advantage Large Cap Core FundBlackRock Advantage Large Cap Value FundBlackRock Event Driven Equity FundBlackRock Funds IVBlackRock Global Long/Short Credit FundBlackRock Sustainable Advantage CoreAlphaBond FundBlackRock Systematic Multi-Strategy FundBlackRock Latin America Fund, Inc.BlackRock Liquidity FundsBlackRock Liquid Federal Trust FundCalifornia Money FundFedFundMuniCashNew York Money FundTempCashTempFundT-FundTreasury Trust FundBlackRock Funds VBlackRock Core Bond PortfolioBlackRock Floating Rate Income PortfolioBlackRock GNMA PortfolioBlackRock High Yield Bond PortfolioBlackRock Income FundBlackRock Inflation Protected Bond PortfolioBlackRock Low Duration Bond PortfolioBlackRock Strategic Income OpportunitiesPortfolioBlackRock Sustainable Emerging Markets BondFundBlackRock Sustainable Emerging MarketsFlexible Bond FundBlackRock Sustainable High Yield Bond FundBlackRock Sustainable Low Duration BondFundBlackRock U.S. Government Bond PortfolioBlackRock Long-Horizon Equity FundBlackRock Mid-Cap Value Series, Inc.BlackRock Mid-Cap Value FundBlackRock Multi-State Municipal Series TrustBlackRock New Jersey Municipal Bond FundBlackRock New York Municipal OpportunitiesFundBlackRock Pennsylvania Municipal Bond Fund-2-
BlackRock Municipal Bond Fund, Inc.BlackRock High Yield Municipal FundBlackRock National Municipal FundBlackRock Short-Term Municipal FundBlackRock Advantage Large Cap Core V.I.FundBlackRock Advantage Large Cap Value V.I.FundBlackRock Advantage SMID Cap V.I. FundBlackRock Basic Value V.I. FundBlackRock Capital Appreciation V.I. FundBlackRock Equity Dividend V.I. FundBlackRock Global Allocation V.I. FundBlackRock Government Money Market V.I.FundBlackRock International Index V.I. FundBlackRock International V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Managed Volatility V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Small Cap Index V.I. FundBlackRock Municipal Series TrustBlackRock Strategic Municipal OpportunitiesFundBlackRock Natural Resources TrustBlackRock Series Fund, Inc.BlackRock Advantage Large Cap Core PortfolioBlackRock Balanced Capital PortfolioBlackRock Capital Appreciation PortfolioBlackRock Global Allocation PortfolioBlackRock Government Money MarketPortfolioBlackRock Variable Series Funds II, Inc.BlackRock High Yield V.I. FundBlackRock Total Return V.I. FundBlackRock U.S. Government Bond V.I. FundBlackRock Series Fund II, Inc.BlackRock High Yield PortfolioBlackRock U.S. Government Bond PortfolioManaged Account SeriesBlackRock GA Disciplined Volatility EquityFundBlackRock GA Dynamic Equity FundBlackRock Series, Inc.BlackRock International FundBlackRock Strategic Global Bond Fund, Inc.Managed Account Series IIBlackRock U.S. Mortgage PortfolioBlackRock Variable Series Funds, Inc.BlackRock 60/40 Target Allocation ETF V.I.Fund(each, a “Fund” and collectively, the “Funds”)Supplement dated December 3, 2021 to the Statement of Additional Information of each FundEach Fund’s Statement of Additional Information is amended as follows:The list in the section entitled “Purchase of Shares — Additional Payments by BlackRock — D. ServiceOrganizations Receiving Additional Payments” in Part II, or in the section entitled “Miscellaneous —Additional Payments by BlackRock — D. Service Organizations Receiving Additional Payments,”“Investment Advisory Arrangements — Additional Payments by BlackRock — D. Service OrganizationsReceiving Additional Payments” or “Investment Adviser and Other Service Providers — AdditionalPayments by BlackRock — D. Service Organizations Receiving Additional Payments,” as applicable, ofeach Fund’s current Statement of Additional Information is deleted in its entirety and replaced with thefollowing:AccuTech Systems CorporationADP Broker-Dealer, Inc.Advisor Group, Inc.Alight Solutions LLCAllianz Life Financial Services, LLCAllianz Life Insurance Company of New YorkAllianz Life Insurance Company of NorthAmericaAmerican Enterprise Investment Services, Inc.American General Life Insurance Company-3-
American United Life Insurance CompanyAnnuity Investors Life Insurance CompanyAscensus Broker Dealer Services, Inc.Ascensus, Inc.Avantax Investments Services, LLCBank of America, N.A.Bank of New York Mellon, TheBarclays Capital Inc.Benefit Plans Administrative Services, Inc.Benefit Trust CompanyBeta Capital Securities LLCBlackRock Advisors, LLCBMO Capital Markets Corp.BNP Paribas Investment Partners UK LimitedBNY Mellon, N.A.BofA Securities, Inc.BOKF, N.A.Brighthouse Life Insurance CompanyBrighthouse Life Insurance Company of NYBroadridge Business Process Outsourcing, LLCBrown Brothers Harriman & Co.Cabrera CapitalCadaret Grant & Co., Inc.Cetera Advisor Networks LLCCetera Advisors LLCCetera Financial GroupCetera Financial Specialists LLCCetera Investment Services LLCCharles Schwab & Co., Inc.Charles Schwab Trust BankChicago Mercantile Exchange Inc.CIM Investment Management, Inc.Citco Securities, LLCCitiBank, National AssociationCitigroup Global Markets, Inc.Citizens BankCitizens Business BankCME Shareholder Servicing LLCCMFG Life Insurance CompanyComerica BankCommonwealth Financial NetworkComputershare Trust CompanyConduent HR Services, LLCCredit Suisse Securities (USA) LLCCSC Trust Company of DelawareCUSO Financial Services, L.P.Delaware Life Insurance CompanyDelaware Life Insurance Company of New YorkDeutsche Bank AGDeutsche Bank Trust Company AmericasDigital Retirement Solutions, Inc.Dunham & Associates Investment Counsel, Inc.Edward D. Jones & Co., L.P.Empire Fidelity Investments Life InsuranceCompanyEnvestnet Asset Management, Inc.Equitable Advisors, LLCEquitable Life Insurance CompanyE*trade Savings BankFederal Deposit Insurance CorporationFidelity Brokerage Services LLCFidelity Investments Institutional OperationsCompany, Inc.Fidelity Investments Life Insurance CompanyFifth Third Securities, Inc.First Allied Securities, Inc.First Command Financial Planning, Inc.First Hawaiian BankFirst Republic BankFirst Security Benefit Life Insurance andAnnuity Company of New YorkFirst Symetra National Life Insurance Companyof New YorkFIS Brokerage & Securities Services LLCForethought Life Insurance CompanyFSC Securities CorporationGenworth Life and Annuity Insurance CompanyGenworth Life Insurance Company ofNew YorkGlobal Atlantic Distributors, LLCGoldman Sachs & Co.Great-West Financial Retirement Plan Services,LLCGreat-West Life & Annuity Insurance CompanyGreat-West Life & Annuity Insurance Companyof New YorkGuardian Insurance & Annuity Co., Inc., TheGWFS Equities, Inc.Hancock Whitney BankHartford Funds Management CompanyHartford Securities Distribution Company, Inc.Hazeltree Fund Services, Inc.Hightower Securities, Inc.Hilltop Securities Inc.HSBC Bank USA, N.A.Huntington Securities, Inc.Institutional Cash Distributors, LLCIntegrity Life Insurance CompanyInvestment Trust of CaliforniaJ.P. Morgan Institutional Investments IncJ.P. Morgan Securities LLCJefferies LLCJefferson National Life Insurance Company-4-
Jefferson National Life Insurance Company ofNew YorkJohn Hancock Life Insurance Company (U.S.A.)John Hancock Life Insurance Company ofNew YorkJohn Hancock Trust CompanyJPMorgan Chase Bank, N.A.Kestra Investment Services, LLCLincoln Financial Advisors CorporationLincoln Financial Securities CorporationLincoln Life & Annuity Company of New YorkLincoln National Life Insurance CompanyLincoln Retirement Services LLCLombard International Life Assurance CompanyLPL Financial LLCM&T Securities Inc.Manufacturers and Traders Trust CompanyMassachusetts Mutual Life Insurance CompanyMembers Life Insurance CompanyMerrill Lynch, Pierce, Fenner & SmithIncorporatedMetavante CorporationMetropolitan Life Insurance CompanyMid Atlantic Clearing & Settlement CorporationMidland Life Insurance CompanyMinnesota Life Insurance CompanyMischler Financial GroupMizuho Securities USA Inc.MML Distributors, LLCMML Investors Services, LLCMorgan Stanley & Co. LLCMorgan Stanley Distribution, Inc.Morgan Stanley Smith Barney LLCMUFG Union Bank, National AssociationNational Financial Services LLCNational Integrity Life Insurance CompanyNational Life Insurance CompanyNationwide Financial Services, Inc.Nationwide Fund Distributors LLCNationwide Retirement SolutionsNCB Federal Savings BankNew England Pension Plan Systems, LLCNew York Life Insurance and AnnuityCorporationNewport Retirement Services, Inc.NEXT Financial Group, Inc.Northbrook Bank & Trust CompanyNorthern Trust Company, TheNorthwestern Mutual Investment Services, LLCNYLife Distributors LLCOppenheimer & Co., Inc.Orion Advisor Services, LLCPacific Life & Annuity CompanyPacific Life Insurance CompanyPacific Select Distributors, LLCPark Avenue Securities LLCPershing LLCPFPC Inc.Piper Jaffray & Co.PNC Bank, National AssociationPNC Capital Markets LLCPNC Investments LLCPrincipal Life Insurance CompanyProtective Life and Annuity Insurance CompanyProtective Life Insurance CompanyPruco Life Insurance CompanyPruco Life Insurance Company of New JerseyPrudential Annuities Distributors, Inc.Prudential Insurance Company of AmericaRaymond James & Associates, Inc.Raymond James Financial Services, Inc.RBC Capital Markets, LLCRegions BankReliance Trust CompanyReliastar Life Insurance CompanyReliastar Life Insurance Company of New YorkRiverSource Distributors, Inc.RiverSource Life Insurance Co. of New YorkRiverSource Life Insurance CompanyRoyal Alliance Associates, Inc.SagePoint Financial, Inc.Sammons Retirement Solutions, Inc.Santander Bank, N.A.Saturna Trust CompanySecurities America, Inc.Securities Finance Trust CompanySecurity Benefit Life Insurance CompanySecurity Financial Resources, Inc.Security Life of Denver Insurance CompanySEI Private Trust CompanySG Americas Securities, LLCSilicon Valley BankSorrento Pacific Financial LLCStandard Insurance CompanyState Farm Life and Accident AssuranceCompanyState Farm Life Insurance CompanyState Farm VP Management Corp.State Street Global Markets, LLCStifel, Nicolaus & Company, IncorporatedSummit Brokerage Services, Inc.SVB Asset ManagementSymetra Life Insurance CompanySyntal Capital Partners, LLC-5-
United States Life Insurance Company in theCity of New York, TheVALIC Retirement Services CompanyVanguard Group, Inc., TheVanguard Marketing CorporationVoya Financial Advisors, Inc.Voya Financial Partners, LLCVoya Institutional Plan Services, LLCVoya Insurance and Annuity CompanyVoya Investments Distributor, LLCVoya Retirement Insurance and AnnuityCompanyWaddell & Reed, Inc.Wells Fargo Advisors, LLCWells Fargo Advisors Financial Network, LLCWells Fargo Bank, N.A.Wells Fargo Clearing Services, LLCWells Fargo Investments, LLCWells Fargo Securities, LLCWilmington Trust, National AssociationWoodbury Financial Services, Inc.ZB, National AssociationT. Rowe Price Retirement Plan Services, Inc.Talcott Resolution Life and Annuity InsuranceCompanyTalcott Resolution Life Insurance CompanyTD Ameritrade Clearing, Inc.TD Ameritrade, Inc.TD Prime Services (US) LLCTeachers Insurance and Annuity Association ofAmericaTransamerica Financial Life InsuranceCompanyTransamerica Life Insurance CompanyTreasury BrokerageTriad Advisors, LLCTruist BankU.S. Bancorp Investments, Inc.U.S. Bank, National AssociationUBATCO & Co.UBS Financial Services, Inc.UBS Securities LLCUltimus Fund Solutions, LLCUMB Bank, National AssociationShareholders should retain this Supplement for future reference.SAI-GLOBAL-1221SUP-6-
Table of ContentsSTATEMENT OF ADDITIONAL INFORMATIONBlackRock California Municipal Series TrustBlackRock California Municipal Opportunities FundBlackRock Multi-State Municipal Series TrustBlackRock New Jersey Municipal Bond FundBlackRock Pennsylvania Municipal Bond Fund100 Bellevue Parkway, Wilmington, Delaware 19809 Phone No. (800) 441-7762This Statement of Additional Information of BlackRock California Municipal Opportunities Fund (the“California Fund”), a series of BlackRock California Municipal Series Trust (the “California Trust”), and ofBlackRock New Jersey Municipal Bond Fund (the “New Jersey Fund”) and BlackRock Pennsylvania MunicipalBond Fund (the “Pennsylvania Fund” and, collectively with the California Fund and the New Jersey Fund, the“Funds”), each a series of BlackRock Multi-State Municipal Series Trust (the “Multi-State Trust” and,collectively with the California Trust, the “Trusts”) is not a prospectus and should be read in conjunction withthe Prospectuses of the Funds, dated September 28, 2021, as they may be amended or supplemented fromtime to time (each a “Prospectus”), which have been filed with the Securities and Exchange Commission (the“Commission” or the “SEC”) and can be obtained, without charge, by calling (800) 441-7762 or by writing tothe Funds at the above address. The Funds’ Prospectuses are incorporated by reference into this Statement ofAdditional Information, and Part I of this Statement of Additional Information and the portions of Part II ofthis Statement of Additional Information that relate to the Funds have been incorporated by reference into theFunds’ Prospectuses. The portions of Part II of this Statement of Additional Information that do not relate tothe Funds do not form a part of the Funds’ Statement of Additional Information, have not been incorporatedby reference into the Funds’ Prospectuses and should not be relied upon by investors in the Funds. Theaudited financial statements of the Funds are incorporated into this Statement of Additional Information byreference to each Fund’s Annual Report to Shareholders for the fiscal year ended May 31, 2021 (the “AnnualReport”). You may request a copy of each Fund’s Annual Report at no charge by calling (800) 441-7762between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,interpretations or modifications by the Commission, Commission staff or other authority with appropriatejurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from theCommission, Commission staff or other authority.ClassInvestor A Shares . . .Investor A1 Shares .Investor C Shares. . .Institutional Shares.Service Shares . . . . .Class K Shares . . . . .BlackRockCaliforniaMunicipal OpportunitiesFundTicker SymbolBlackRockNew JerseyMunicipal Bond FundTicker SymbolBlackRockPennsylvaniaMunicipal Bond FundTicker ock Advisors, LLC — ManagerBlackRock Investments, LLC — DistributorThe date of this Statement of Additional Information is September 28, 2021.
Table of ContentsTABLE OF CONTENTSPagePART IInvestment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Management, Advisory and Other Service Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Information on Sales Charges and Distribution Related Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Portfolio Transactions and Brokerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Additional Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I-1I-8I-9I-21I-28I-30I-31I-32I-38PART IIInvestment Risks and Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Management and Other Service Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Selective Disclosure of Portfolio Holdings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Purchase of Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Redemption of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pricing of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Portfolio Transactions and Brokerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Dividends and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Performance Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Appendix A — Description of Bond Ratings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Appendix B — Proxy Voting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Appendix C — Economic and Financial Conditions in California, New Jersey and Pennsylvania . . . . . . . . . . . . . . . II-124II-126II-127A-1B-1C-1
Table of ContentsPART I: INFORMATION ABOUT THE FUNDSPart I of this Statement of Additional Information (“SAI”) sets forth information about the Funds. It includesinformation about the Board of Trustees of each Trust (the “Board” or the “Board of Trustees” and members of whichare referred to as “Trustees”), the management services provided to and the management fees paid by the Fundsand information about other fees applicable to and services provided to the Funds. This Part I of this SAI should beread in conjunction with the Funds’ Prospectuses and those portions of Part II of this SAI that pertain to the Funds.I. Investment Objectives and PoliciesIn implementing each Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” orthe “Manager”), each Fund’s investment manager, may consider and employ techniques and strategies designed tominimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with theirinvestment in such Fund.Set forth below is a listing of some of the types of investments and investment strategies that the Funds mayuse, and the risks and considerations associated with those investments and investment strategies. Please see PartII of this SAI for further information on these investments and investment strategies. Information contained in Part IIabout the risks and considerations associated with a Fund’s investments and/or investment strategies applies onlyto the extent the Fund makes each type of investment or uses each investment strategy. Information that does notapply to the Funds does not form a part of the Funds’ SAI and should not be relied on by investors in the Funds.Only information that is clearly identified as applicable to a Fund is considered to form a part of such Fund’s SAI.CaliforniaFundNew JerseyFundPennsylvaniaFundXXXXXXXXXXXXCyber Security IssuesXXXDebt SecuritiesXXXInflation-Indexed BondsXXXInvestment Grade Debt ObligationsXXXHigh Yield Investments (“Junk Bonds”)XXX144A SecuritiesAsset-Backed SecuritiesAsset-Based SecuritiesPrecious Metal-Related SecuritiesBank LoansBorrowing and LeverageCash Flows; ExpensesCash ManagementCollateralized Debt ObligationsCollateralized Bond ObligationsCollateralized Loan ObligationsCommercial PaperCommodity-Linked Derivative Instruments and Hybrid InstrumentsQualifying Hybrid InstrumentsHybrid Instruments Without Principal ProtectionLimitations on LeverageCounterparty RiskConvertible SecuritiesCredit Linked SecuritiesMezzanine InvestmentsI-1
Table of ContentsCaliforniaFundNew SpeculationXXXRisk Factors in DerivativesXXXCorrelation RiskXXXCounterparty RiskXXXCredit RiskXXXIlliquidity RiskXXXLeverage RiskXXXMarket RiskXXXValuation RiskXXXVolatility RiskXXXFuturesXXXSwap AgreementsXXXCredit Default Swaps and Similar InstrumentsXXXInterest Rate Swaps, Floors and CapsXXXTotal Return SwapsXXXXXXOptions on Securities and Securities IndicesXXXCall OptionsXXXPut OptionsXXXXXXDistressed SecuritiesXXXEnvironmental, Social and Governance (“ESG”) IntegrationXXXPay-in-kind BondsSupranational EntitiesDepositary Receipts (ADRs, EDRs and GDRs)Currency RiskOptionsOptions on Government National Mortgage Association (“GNMA”)CertificatesOptions on Swaps (“Swaptions”)Foreign Exchange TransactionsSpot Transactions and FX ForwardsCurrency FuturesCurrency OptionsCurrency SwapsEquity SecuritiesReal Estate-Related SecuritiesSecurities of Smaller or Emerging Growth CompaniesExchange-Traded Notes (“ETNs”)Foreign InvestmentsForeign Investment RisksForeign Market RiskI-2
Table of ContentsCaliforniaFundNew JerseyFundPennsylvaniaFundGuaranteesXXXIlliquid InvestmentsXXXIndexed and Inverse SecuritiesXXXInflation RiskXXXXXXXXXXXXXXXLease ObligationsXXXLIBOR RiskXXXXXXMoney Market Obligations of Domestic Banks, Foreign Banks and ForeignBranches of U.S. BanksXXXMoney Market SecuritiesXXXForeign Economy RiskCurrency Risk and Exchange RiskGovernmental Supervision and Regulation/Accounting StandardsCertain Risks of Holding Fund Assets Outside the United StatesPublicly Available InformationSettlement RiskSovereign DebtWithholding Tax Reclaims RiskFunding AgreementsIndex Funds: Information Concerning the IndexesS&P 500 IndexRussell IndexesMSCI IndexesFTSE IndexesBloomberg Barclays IndexesICE BofA IndexesInitial Public Offering (“IPO”) RiskInterfund Lending ProgramBorrowing, to the extent permitted by the Fund’s investment policies andrestrictionsLending, to the extent permitted by the Fund’s investment policies andrestrictionsInvestment in Emerging MarketsBrady BondsChina Investments RiskInvestment in Other Investment CompaniesExchange-Traded FundsLife Settlement InvestmentsLiquidity Risk ManagementMaster Limited PartnershipsMerger Transaction RiskMortgage-Related SecuritiesMortgage-Backed SecuritiesCollateralized Mortgage Obligations (“CMOs”)I-3
Table of ContentsCaliforniaFundNew JerseyFundPennsylvaniaFundXXXRisk Factors and Special Considerations Relating to Municipal BondsXXXDescription of Municipal BondsXXXGeneral Obligation BondsXXXRevenue BondsXXXPrivate Activity Bonds (“PABs”)XXXMoral Obligation BondsXXXMunicipal NotesXXXMunicipal Commercial PaperXXXMunicipal Lease ObligationsXXXTender Option BondsXXXYieldsXXXVariable Rate Demand Obligations (“VRDOs”)XXXTransactions in Financial Futures Contracts on Municipal IndexesXXXCall RightsXXXMunicipal Interest Rate Swap TransactionsXXXInsured Municipal BondsXXXBuild America BondsXXXXXXPortfolio Turnover RatesXXXPreferred StockXXXTax-Exempt Preferred SharesXXXTrust Preferred SecuritiesXXXRecent Market EventsXXXRepurchase Agreements and Purchase and Sale ContractsXXXRestricted SecuritiesXXXReverse Repurchase AgreementsXXXXXXAdjustable Rate Mortgage SecuritiesCMO ResidualsStripped Mortgage-Backed SecuritiesTiered Index BondsTBA CommitmentsMortgage Dollar RollsNet Interest Margin (NIM) SecuritiesMunicipal InvestmentsTax-Exempt Municipal InvestmentsParticipation NotesReal Estate Investment Trusts (“REITs”)Rights Offerings and Warrants to PurchaseSecurities LendingShort SalesSpecial Purpose Acquisition CompaniesStandby Commitment AgreementsStripped SecuritiesI-4
Table of ContentsCaliforniaFundNew JerseyFundPennsylvaniaFundTaxability RiskXXXTemporary Defensive MeasuresXXXU.S. Government ObligationsXXXU.S. Treasury ObligationsXXXUtility IndustriesXXXWhen-Issued Securities, Delayed Delivery Securities and ForwardCommitmentsXXXYields and RatingsXXXZero Coupon SecuritiesXXXStructured NotesU.S. Treasury RollsThe investment objective of each of the California Fund, the New Jersey Fund and the Pennsylvania Fund is toprovide shareholders with income exempt from Federa
Depositary Receipts (ADRs, EDRs and GDRs) Derivatives XX X Hedging XX X Speculation XX X Risk Factors in Derivatives XX X Correlation Risk X X X Counterparty Risk X X X Credit Risk XX X Currency Risk Illiquidity Risk X X X Leverage Risk X X X Market Risk X X X Valuation Risk X X X Volatility Risk X X X Futures XX X Swap Agreements XX X
BlackRock New Jersey Municipal Bond Fund (2) New Jersey 95.61 4.39 - 14.91 BlackRock New York Municipal Opportunities Fund New York 93.51 5.74 0.75 8.21 BlackRock Pennsylvania Municipal Bond Fund Pennsylvania 94.82 5.18 - 5.37 (1) At least 50% of the fund's assets at the end of each quarter consist of California obligations.
BLACKROCK VARIABLE SERIES FUNDS, INC. BlackRock Capital Appreciation V.I. Fund BlackRock Large Cap Focus Growth V.I. Fund (each, a "Fund" and together, the "Funds") Supplement dated October 18, 2022 to the Statement of Additional Information ("SAI") of the Funds, dated May 1, 2022, as supplemented to date
BlackRock Corporate governance and proxy voting guidelines for European, Middle Eastern, and African securities 3 These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles. Introduction BlackRock, Inc. and its subsidiaries (collectively, “BlackRock”) seek to make proxy voting decisions to achieve the outcome
Thomas Tasso TOM Bank of America Merrill Lynch New York Todd Burkhardt TODD Barclays Capital New York . Thomas Callahan THOMAS BlackRock New York Patrick Hennessey PAT BlackRock San Francisco Gene Meshechek GENE BlackRock New York Peter Schenck PETER BlackRock Chicago Patricia Hostin PATTY BlackRock New York Jason Strofs JASON
Baron High Growth 0.00% none BlackRock 60/40 TA UCITS ETF 0.00% none BlackRock Core Bond 100.00% none . Blackrock Target Allocation 40/60 0.00% none Blackrock Target Allocation 40/60 . Franklin NextStep Moderate 0
(payable to "BlackRock", "BlackRock 529" or "BlackRock FBO Beneficiary Name"). If the check represents a rollover of assets from another 529 Plan, a UTMA/UGMA custodial account, qualified savings bond or a Coverdell Education Savings Account, please complete and include the . 529 Incoming Rollover Form.
On September 8, 2022, the Board of Directors of BlackRock Variable Series Funds II, Inc. (the "Company") approved the liquidation of the Fund, a series of the Company. The Fund is expected to be liquidated on or about April 28, 2023 (the "Liquidation Date"). On or before the
2.) CollegeAdvantage Advisor 529 Savings Plan – offered through BlackRock In 2009, OTTA launched a new advisor plan in partnership with BlackRock, replacing Putnam as the previous advisor provider. BlackRock is the world’s large
