UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-02688

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 06/30/2022

Date of reporting period: 06/30/2022

(a) The Report to Shareholders is attached herewith.

BlackRock Multi-State Municipal Series Trust

BlackRock Municipal Bond Fund, Inc.

Table of Contents

Investment Objective

BlackRock New York Municipal Opportunities Fund’s (the “Fund”) investment objective is to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2022, all of the Fund’s share classes outperformed its primary benchmark, the Bloomberg Municipal Bond Index, with the exception of the Fund’s Investor C shares which underperformed and the Fund’s Investor A shares which performed in-line. All of the Fund’s share classes outperformed the secondary benchmark, a customized weighted index comprised of 85% Bloomberg Municipal Bond: New York Exempt Total Return Index Unhedged USD/10% New York Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index/5% Bloomberg Municipal Index New York Taxable Bonds Total Return Index Value (the “Customized Reference Benchmark”). The following discussion of relative performance pertains to the Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds lost ground during the annual period, reflecting the Fed’s shift toward more restrictive monetary policy. Inflation climbed to its highest level in nearly 40 years, prompting the Fed to wind down its stimulative quantitative easing program and begin raising interest rates. In addition, the Fed indicated that several more rate increases were on the way before the end of 2022. Yields rose sharply for all segments of the bond market in response. (Prices and yields move in opposite directions.) Yields spreads also rose—indicating underperformance relative to U.S. Treasuries—as growing macroeconomic concerns led to heavy outflows from the market. New York municipals underperformed the national index.

The Fund was hurt by negative price performance across the market, which far outweighed the contribution from yield. The Fund’s position in longer-term bonds detracted from relative performance in the rising-rate environment. Holdings in the utilities sector also detracted.

The Fund’s use of U.S. Treasury futures to manage interest-rate risk contributed to performance given that Treasury yields rose. Security selection in the state tax-backed sector also contributed positively. The Fund’s cash position, while limited, was an additional contributor at a time of poor returns for the municipal market.

Describe recent portfolio activity.

The investment adviser increased the Fund’s net duration positioning (interest-rate sensitivity) in the second half of the period as yield spreads widened and valuations cheapened. New issuance remained robust during most of the period, which kept yield spreads wide but also presented opportunities to add bonds at attractive valuations. The investment adviser continued to focus on augmenting diversification when value opportunities presented themselves.

In terms of maturity positioning, the largest increase occurred in the 15- to 18-year range. The Fund also increased its allocation to A rated bonds. At the sector level, the largest increases occurred in the local tax-backed and transportation categories. The largest decreases were in housing and state tax-backed issues.

Describe portfolio positioning at period end.

The Fund’s net duration positioning was marginally below the benchmark but higher than its level of one year ago. The Fund was overweight in A rated bonds and lower-quality debt. It was also overweight in the 15- to 25-year maturity range.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

GROWTH OF $10,000 INVESTMENT

Performance

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Portfolio Information

Investment Objective

BlackRock High Yield Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2022, all of the Fund’s share classes underperformed its primary benchmark, the Bloomberg Municipal High Yield Bond Index, and its secondary benchmark, a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index / 60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index / 20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”). The following discussion of relative performance pertains to the High Yield Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds lost ground during the annual period, reflecting the Fed’s shift toward more restrictive monetary policy. Inflation climbed to its highest level in nearly 40 years, prompting the Fed to wind down its stimulative quantitative easing program and begin raising interest rates. In addition, the Fed indicated that several more rate increases were on the way before the end of 2022. Yields rose sharply for all segments of the bond market in response. (Prices and yields move in opposite directions.) Yields spreads also rose—indicating underperformance relative to U.S. Treasuries—as growing macroeconomic concerns led to heavy outflows from the market. The widening of yield spreads was most pronounced in high yield, causing the category to underperform relative to the investment-grade market.

The Fund’s long duration positioning detracted from performance in the rising-rate environment. (Duration is a measure of interest rate sensitivity.) Yield curve positioning further detracted, as concentrations in bonds with maturities of 25 years and above lagged due to their higher sensitivity to rising interest rates. The use of leverage detracted by magnifying the impact of falling prices. Positions in lower-coupons bonds (those with coupons below 5%), which have above-average interest rate sensitivity, also hurt results. At the sector level, holdings in education, development districts and housing were notable detractors.

The Fund’s use of U.S. Treasury futures to manage interest-rate risk contributed to results given that Treasury yields rose. The Fund’s cash position, while limited, also helped relative performance at a time of poor returns for the municipal market.

Describe recent portfolio activity.

The Fund kept duration above that of the benchmark throughout the period, but the investment advisor added to the short Treasury position to reduce interest rate sensitivity. The Fund’s tax-loss harvesting picked up in the final months of the period, as declining prices gave the investment adviser the opportunity to rotate into higher-yielding securities.

At a time of sizable industry outflows, the investment adviser opted to keep ample cash reserves in the portfolio to meet redemptions. When replenishing cash reserves, the investment adviser sold some of the Fund’s more defensive positions that had outperformed.

During the first half of the period, the investment adviser’s added positions in lower-rated, higher-yielding securities. However, the sharp increase in both yields and yield spreads in the second half of the period prompted the investment adviser to move up in quality to capture the increasingly attractive yields in higher-rated bonds. The Fund’s weighting in investment-grade bonds increased over the course of the full 12-months as a result, while its allocation to high yield fell.

The Fund’s weighting in the transportation sector increased, while its allocations to tobacco, education and school districts declined.

Describe portfolio positioning at period end.

The Fund maintained a long duration relative to the benchmark, given that valuations had become much more compelling following the sell-off and concurrent widening of yield spreads. The Fund’s yield curve positioning featured overweights in maturities of 25 years and longer. The investment adviser continued to tilt in favor of an overweight in investment-grade securities, and maintained the Fund’s short Treasury position to offset some of the portfolio’s interest-rate sensitivity. Education (led by charter schools) was the largest sector overweight, followed by development districts and housing. The local tax-backed, state tax-backed and school districts sectors were the largest underweights, highlighting the investment adviser’s preference for revenue bonds.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

GROWTH OF $10,000 INVESTMENT

Performance

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Portfolio Information

Investment Objective

BlackRock National Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2022, all of the Fund’s share classes underperformed its primary benchmark, the Bloomberg Municipal Bond Index and its secondary benchmark, a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Value Unhedged /10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”). The following discussion of relative performance pertains to the National Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds lost ground during the annual period, reflecting the Fed’s shift toward more restrictive monetary policy. Inflation climbed to its highest level in nearly 40 years, prompting the Fed to wind down its stimulative quantitative easing program and begin raising interest rates. In addition, the Fed indicated that several more rate increases were on the way before the end of 2022. Yields rose sharply for all segments of the bond market in response. (Prices and yields move in opposite directions.) Yields spreads also rose—indicating underperformance relative to U.S. Treasuries—as growing macroeconomic concerns led to heavy outflows from the market.

Positions in long-duration securities were among the largest detractors in the rising-rate environment. High-yield securities, which experienced the largest widening of yield spreads, also lagged. Overweights in transportation and utilities sectors detracted, as well.

The Fund’s use of U.S. Treasury futures to manage interest-rate risk contributed to performance given that Treasury yields rose. The Fund’s cash position, while limited, also helped relative performance at a time of poor returns for the municipal market. Underweights in pre-refunded securities, as well as in state and local authorities, further contributed to results.

Describe recent portfolio activity.

The investment adviser continued to focus on constructing a balanced, higher-quality and income-oriented portfolio.

The market volatility of the past 12 months restored what the investment adviser considered to be attractive valuation for investors seeking tax-free income. Although yields rose, the credit profile of the municipal market in fact strengthened. Accordingly, the investment adviser restructured the portfolio to a more fully invested posture by investing some of its cash reserves into both the primary and secondary markets. The goal of these purchases was to take advantage of improving valuations as yields rose and credit spreads widened. The investment adviser also increased the Fund’s duration from 6.1 to 9.2 years, as long-term yields rose and securities in the 25- to 30-year maturity range began to offer what it considered to be more attractive value. The Fund’s leverage also increased, rising from 1.2% to 2.9% of assets over the course of the 12-month period.

Describe portfolio positioning at period end.

The Fund had an average credit quality of AA-, and it held an 13.0% weighting in bonds subject to the alternative minimum tax (“AMT”). Duration stood at approximately 9.0 years on June 30, 2022, compared with 7.1 years for the benchmark. The portfolio was overweight in the corporate-backed, transportation and utilities sectors, while its largest underweight was in the school districts category.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

GROWTH OF $10,000 INVESTMENT

Performance

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Portfolio Information

Investment Objective

BlackRock Short-Term Municipal Fund’s (the “Fund”) investment objective is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2022, the Fund’s Institutional, Investor A1 and Class K share classes outperformed their primary benchmark, the Bloomberg Municipal 1-5 Year Index, while the Fund’s Investor A and Investor C share classes underperformed their primary benchmark. For the same period, all of the Fund’s share classes underperformed its secondary benchmark, a customized index comprised of the Bloomberg National Short 0-3 Year Maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”). The following discussion of relative performance pertains to the Fund’s secondary benchmark, the Short-Term Customized Reference Benchmark.

What factors influenced performance?

Municipal bonds lost ground during the annual period, reflecting the Fed’s shift toward more restrictive monetary policy. Inflation climbed to its highest level in nearly 40 years, prompting the Fed to wind down its stimulative quantitative easing program and begin raising interest rates. In addition, the Fed indicated that several more rate increases were on the way before the end of 2022. Yields rose sharply for all segments of the bond market in response. (Prices and yields move in opposite directions.) Yields spreads also rose (indicating underperformance relative to U.S. Treasuries) as growing macroeconomic concerns led to heavy outflows from the market.

The Fund’s relative performance was hurt by an overweight in corporate-backed and transportation issues, as well as an overweight in A and BBB rated bonds. An overweight to duration also detracted, as did holdings in securities with four- to- seven year maturities. (Duration is a measure of interest rate sensitivity.) On the other hand, an underweight in one- to three-year maturities and an overweight in zero- to one-year maturities contributed. The Fund also benefited from its underweight in pre-refunded bonds and overweight in the housing sector.

Describe recent portfolio activity.

The Fund’s guidelines expanded during the period. Its maximum maturity moved from four to seven years, and its weighted average maturity shifted from two to three years. While the changes were modest, they afforded the Fund a larger opportunity set and allowed access to a steeper part of the municipal yield curve.

The overall benchmark characteristics did not change much, but the Fund’s relative positioning moved due to a structural portfolio shift. This mainly stemmed from the guideline expansion, since previously there had been not much incentive to move out of cash given the flatness of the yield curve out to four years.

The Fund moved to a duration overweight following the change to its investment guidelines. The Fund subsequently shortened duration and was underweight-to-neutral against the benchmark for the remainder of the period.

The Fund reduced its large position in variable rate demand notes (VRDNs) in favor of five- to seven-year issues and floating rate securities. As part of this process, the Fund’s weighting in bonds subject to the alternative minimum tax (“AMT”) rose. The investment adviser believes that the category offers an attractive yield, and the pool of investors subject to the AMT has been greatly reduced following the changes under the Tax Cuts and Jobs Act of 2017.

The Fund maintained an emphasis on A and BBB rated debt. While this positioning detracted during the second half of the period, the investment adviser maintained a preference for lower-rated investment-grade bonds. The investment adviser believed this market segment offered attractive yields and a wider opportunity to identify undervalued securities. Some areas of focus in this space included health care, transportation, higher education and corporate-backed securities.

Describe portfolio positioning at period end.

The Fund had a neutral duration positioning relative to the benchmark. It was overweight in zero- to one-year and four- to seven-year bonds, and it was underweight in the one-to three-year maturity range. In terms of credit quality, the Fund was overweight in lower-rated investment-grade debt, and it was underweight in securities rated AAA and AA.

The Fund was overweight in the corporate-backed, transportation, housing, health care and higher education sectors, and it was underweight in general obligations, utilities and pre-refunded issues.

Although the Fund was fully invested, it held a meaningful 19% position in short-term variable rate demand notes (“VRDNs”). VRDNs allow the investment adviser to maintain positions in the longer-dated portion of the yield curve while also keeping the portfolio’s duration near that of the index. VRDNs have no price volatility, and their yields adjust higher with a benchmark that is sensitive to the fed funds rate.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

GROWTH OF $10,000 INVESTMENT

Performance

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Expense Example (continued)

Portfolio Information

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock New York Municipal Opportunities Fund’s and BlackRock High Yield Municipal Fund’s Class K Share performance shown prior to the Class K shares inception date of January 25, 2018 is that of the respective Fund’s Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. On the close of business on August 15, 2016, all of the issued and outstanding BlackRock Shares of BlackRock National Municipal Fund were redesignated as Class K Shares.

Service Shares (available only in BlackRock National Municipal Fund) are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.25% for all Funds except BlackRock Short-Term Municipal Fund, which incurs a 3.00% maximum initial sales charge, and all Funds incur a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor A1 Shares (available only in BlackRock New York Municipal Opportunities Fund and BlackRock Short-Term Municipal Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% for BlackRock New York Municipal Opportunities Fund and 1.00% for BlackRock Short-Term Municipal Fund and a service fee of 0.10% per year (but no distribution fee). The maximum initial sales charge does not apply to current eligible investors of Investor A1 Shares of the Funds. These shares are only available for dividend and capital gain reinvestment by existing shareholders and for purchase by certain eligible employer-sponsored retirement plans. Certain redemptions of these shares may be subject to a CDSC where no initial sales charge was paid at the time of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and net asset value (“NAV”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

Each of BlackRock New York Municipal Opportunities Fund, BlackRock High Yield Municipal Fund and BlackRock National Municipal Fund may leverage its assets through the use of proceeds received in tender option bond (“TOB”) transactions, as described in the Notes to Financial Statements. In a TOB Trust transaction, each Fund transfers municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). TOB investments generally provide each Fund with economic benefits in periods of declining short-term interest rates but expose each Fund to risks during periods of rising short-term interest rates. Additionally, fluctuations in the market value of municipal bonds deposited into a TOB Trust may adversely affect each Fund’s NAV per share.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund’s shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in each Fund’s per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.

Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund was not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.