M&A - BlackRock Funds V

Form Type: 497

Filing Date: 2025-06-06

Corporate Action: Merger

Type: Update

Accession Number: 000119312525136792

Filing Summary: On June 5, 2025, the Board of Trustees of the BlackRock Mortgage-Backed Securities Fund approved a Reorganization of the Fund into a newly established exchange-traded fund, iShares Mortgage-Backed Securities Active ETF. The Reorganization aims to provide benefits such as lower expenses and increased portfolio transparency for investors. It is set to close on January 23, 2026, and shareholders must hold their shares through a brokerage account that can accept ETF shares to receive them post-Reorganization. Details regarding limited purchases, waivers of sales charges and service fees for various share classes were outlined, with effective dates specified for these changes. Additionally, shareholders were informed about conditions for participating in the Reorganization and adjustments to account requirements leading up to its conclusion.

Form Type: 497K

Filing Date: 2025-06-06

Corporate Action: Merger

Type: Update

Accession Number: 000119312525136795

Filing Summary: On June 5, 2025, the Board of Trustees approved the Reorganization of the BlackRock Mortgage-Backed Securities Fund into a newly-established exchange-traded fund (ETF) named iShares Mortgage-Backed Securities Active ETF, managed by BlackRock Fund Advisors. This reorganization is designed to be in the best interests of the Fund and its shareholders, ensuring no dilution of interests. The reorganization will be conducted as a tax-free transaction under the U.S. Internal Revenue Code, allowing shareholders to receive ETF shares equal in value to their existing shares. The anticipated closing for the Reorganization is January 23, 2026. Existing shareholders must ensure their accounts can accept ETF shares to participate; otherwise, they will receive cash equal to the net asset value (NAV). Multiple changes to Fund shares will occur, including limits on new purchases and waivers of certain sales charges starting from specified dates leading up to and beyond the Reorganization.