M&A - Managed Account Series II

Form Type: 497

Filing Date: 2025-06-06

Corporate Action: Merger

Type: Update

Accession Number: 000119312525136874

Filing Summary: On June 5, 2025, the Board of Trustees approved significant changes for the Managed Account Series II, including the Fund Repositioning and a reorganization into an exchange-traded fund (ETF). The Fund will be renamed from 'BlackRock U.S. Mortgage Portfolio' to 'BlackRock Securitized Income Fund.' The investment strategies will also be amended to focus on securitized assets, derivatives, and specific benchmark changes, effective around August 5, 2025. This transition involves liquidating the current Fund and allowing shareholders to transition into the newly created iShares Securitized Income Active ETF. The reorganization is scheduled to close on January 23, 2026, and aims to provide benefits such as lower expenses and increased flexibility. Shareholders must hold Fund shares through eligible brokerage accounts to receive ETF shares, and no further action is needed for those already compliant.

Form Type: 497K

Filing Date: 2025-06-06

Corporate Action: Merger

Type: Update

Accession Number: 000119312525136881

Filing Summary: On June 5, 2025, the Board of Trustees of Managed Account Series II approved significant changes to the Fund including a change in its name to 'BlackRock Securitized Income Fund' and a repositioning of its investment strategies. The Fund will reorganize into an exchange-traded fund (ETF) with identical investment objectives and policies. This ETF conversion, titled the 'iShares Securitized Income Active ETF,' is expected to close on January 23, 2026. Shareholders must hold their Fund shares through a brokerage account that accepts ETF shares to receive shares in the new ETF.