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BLACKROCK FUNDS V

BLACKROCK Advantage Global Fund, Advantage Total MarketFund, Asian Dragon Fund, Basic Value Fund, California Municipal Series TrustBlackRock California Municipal OpportunitiesFundBlackRock Emerging Markets Fund, Equity Dividend FundBlackRock EuroFundBlackRock Focus Growth Fund, Financial Institutions Series TrustBlackRock Summit Cash Reserves FundBlackRock FundsSMBlackRock Advantage Emerging Markets FundBlackRock Advantage Small Cap Core FundBlackRock China A Opportunities FundBlackRock Commodity Strategies FundBlackRock Emerging Markets Equity StrategiesFundBlackRock Global Long/Short Equity FundBlackRock Impact Equity FundBlackRock Money Market PortfolioBlackRock Real Estate Securities FundBlackRock Short Obligations FundBlackRock Total Emerging Markets FundBlackRock Total Factor FundiShares Developed Real Estate Index FundiShares Edge MSCI Min Vol EAFE Index FundiShares Edge MSCI Min Vol USA Index FundiShares Edge MSCI Multifactor Intl Index FundiShares Edge MSCI Multifactor USA Index FundiShares MSCI Developed World Index FundiShares Municipal Bond Index FundiShares Russell Mid-Cap Index FundiShares Russell Small/Mid-Cap Index

Share Classes—Investor C Shares—Deferred Sales Charge Option” is deleted in its entirety and replaced with the following: ... principal risk factors, fee and expense information, and historical performance information ... investments in other BlackRock equity and/or fixed income mutual funds (the “Underlying Funds”). ...

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  Income, Principal, Options, Fixed, Fixed income

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