BLACKROCK FUNDS V

1 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

2 FundiShares Short-Term TIPS Bond Index FundiShares Total Stock Market Index FundBlackRock FUNDS IIBlackRock Dynamic High income PortfolioBlackRock Global Dividend PortfolioBlackRock LifePath Smart Beta 2020 FundBlackRock LifePath Smart Beta 2025 FundBlackRock LifePath Smart Beta 2030 FundBlackRock LifePath Smart Beta 2035 FundBlackRock LifePath Smart Beta 2040 FundBlackRock LifePath Smart Beta 2045 FundBlackRock LifePath Smart Beta 2050 FundBlackRock LifePath Smart Beta 2055 FundBlackRock LifePath Smart Beta 2060 FundBlackRock LifePath Smart Beta Retirement FundBlackRock Managed income FundBlackRock Multi-Asset income PortfolioBlackRock FUNDS IIIB lackRock LifePath Dynamic Retirement FundBlackRock LifePath Dynamic 2020 FundBlackRock 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 Index Retirement FundBlackRock LifePath Index 2020 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 FundiShares MSCI Total International Index FundiShares Russell 1000 Large-Cap Index FundiShares S&P 500 Index FundiShares Aggregate Bond Index FundBlackRock FUNDS IVBlackRock Global Long/Short Credit FundBlackRock Impact Bond FundBlackRock Systematic Multi-Strategy FundBlackRock FUNDS VBlackRock Emerging Markets Bond FundBlackRock Emerging Markets Flexible DynamicBond PortfolioBlackRock

3 Emerging Markets Local CurrencyBond FundBlackRock Floating Rate income PortfolioBlackRock Inflation Protected Bond PortfolioBlackRock Strategic income OpportunitiesPortfolioBlackRock FUNDS VIBlackRock CoreAlpha Bond FundBlackRock Global Allocation Fund, Index FUNDS , MSCI EAFE International Index FundiShares Russell 2000 Small-Cap Index FundBlackRock Large Cap Series FUNDS , Large Cap Focus Growth FundBlackRock Latin America Fund, Long-Horizon Equity FundBlackRock Mid Cap Dividend Series, Mid Cap Dividend FundBlackRock Multi-State Municipal Series TrustBlackRock New Jersey Municipal Bond FundBlackRock New York Municipal OpportunitiesFundBlackRock Pennsylvania Municipal Bond FundBlackRock Municipal Bond Fund, High Yield Municipal FundBlackRock National Municipal FundBlackRock Short-Term Municipal FundBlackRock Municipal Series TrustBlackRock Strategic Municipal Opportunities FundBlackRock Natural Resources TrustBlackRock Series, International FundBlackRock Strategic Global Bond Fund, Series, BLACKROCK Capital Appreciation FundFDP BLACKROCK Equity Dividend FundFDP BLACKROCK International FundFDP Series II, BLACKROCK CoreAlpha Bond FundManaged Account SeriesBlackRock GA Disciplined Volatility Equity FundBlackRock GA Dynamic Equity FundManaged Account Series IIBlackRock Mortgage Portfolio(each, a Fund and collectively, the FUNDS )

4 Supplement dated January 30, 2019 to the Investor A Shares, Investor A1 Shares, Investor C Shares,Investor C1 Shares, Investor C2 Shares, Investor C3 Shares, Investor P Shares, Institutional Sharesand/or Class K Shares Prospectus, as applicable, of each Fund (each, a Prospectus )Effective immediately, the following changes are made to the Prospectus of each Fund:The subsection entitled Right of Accumulation, Sales Charges Reduced or Eliminated for Investor AShares Right of Accumulation or Sales Charges Reduced or Eliminated for Investor P Shares Rightof Accumulation, as applicable, in the section of each Fund s Prospectus entitled Account Information Details About the Share Classes is deleted in its entirety and replaced with the following:Right of AccumulationInvestors have a right of accumulation under which any of the following may be combined with the amount ofthe current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end salescharge:i.

5 The current value of an investor s existing Investor A and A1, Investor C, C1, C2 and C3, Investor P,Institutional and Class K Shares in most mutual FUNDS sponsored and advised by BLACKROCK or itsaffiliates ( BLACKROCK FUNDS ),ii. The current value of an investor s existing shares of certain unlisted closed-end management investmentcompanies sponsored and advised by BLACKROCK or its affiliates ( Eligible Unlisted BLACKROCK Closed-End FUNDS ) and-2-iii. The investment in the BLACKROCK CollegeAdvantage 529 Program by the investor or by or on behalf ofthe investor s spouse and Intermediaries may value current holdings of their customers differently for purposes of determiningwhether an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of thesame Financial Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRockto the existence of any previously purchased should retain this Supplement for future Advantage Global Fund, Advantage Total Market Fund, Asian Dragon Fund, Basic Value Fund, California Municipal Series TrustBlackRock California Municipal OpportunitiesFundBlackRock Emerging Markets Fund, Equity Dividend FundBlackRock EuroFundBlackRock Financial Institutions Series TrustBlackRock Summit Cash Reserves FundBlackRock Focus Growth Fund.

6 FundsSMBlackRock Advantage Emerging Markets FundBlackRock Advantage Small Cap Core 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 FundBlackRock FUNDS IIBlackRock Dynamic High income PortfolioBlackRock Global Dividend PortfolioBlackRock LifePath Smart Beta 2020 FundBlackRock LifePath Smart Beta 2025 FundBlackRock LifePath Smart Beta 2030 FundBlackRock LifePath Smart Beta 2035 FundBlackRock LifePath Smart Beta 2040 FundBlackRock LifePath Smart Beta 2045 FundBlackRock LifePath Smart Beta 2050 FundBlackRock LifePath Smart Beta 2055 FundBlackRock LifePath Smart Beta 2060 FundBlackRock LifePath Smart Beta Retirement FundBlackRock Managed income FundBlackRock Multi-Asset income PortfolioBlackRock FUNDS IIIB lackRock LifePath Dynamic Retirement FundBlackRock LifePath Dynamic 2020 FundBlackRock 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 FUNDS IVBlackRock Global Long/Short Credit FundBlackRock Impact Bond FundBlackRock Systematic Multi-Strategy FundBlackRock FUNDS VBlackRock Emerging Markets Flexible DynamicBond PortfolioBlackRock Floating Rate income PortfolioBlackRock Inflation Protected Bond PortfolioBlackRock Strategic income OpportunitiesPortfolioBlackRock FUNDS VIBlackRock CoreAlpha Bond FundBlackRock Global Allocation Fund.

7 Large Cap Series FUNDS , Large Cap Focus Growth FundBlackRock Latin America Fund, Long-Horizon Equity FundBlackRock Mid Cap Dividend Series, Mid Cap Dividend FundBlackRock Multi-State Municipal Series TrustBlackRock New Jersey Municipal Bond FundBlackRock New York Municipal OpportunitiesFundBlackRock Pennsylvania Municipal Bond FundBlackRock Municipal Bond Fund, High Yield Municipal FundBlackRock National Municipal FundBlackRock Short-Term Municipal FundBlackRock Municipal Series TrustBlackRock Strategic Municipal Opportunities FundBlackRock Natural Resources TrustBlackRock Series, International FundBlackRock Strategic Global Bond Fund, Series, BLACKROCK Capital Appreciation FundFDP BLACKROCK Equity Dividend FundFDP BLACKROCK International FundFDP Series II, BLACKROCK CoreAlpha Bond FundManaged Account Series IIBlackRock Mortgage Portfolio(each, a Fund and collectively, the FUNDS )Supplement dated January 30, 2019 to the Investor A and/or Investor C Shares Prospectus of each Fund(each, a Prospectus )The subsection entitled Merrill Lynch in the section of each Fund s Prospectus entitled Intermediary-Defined Sales Charge Waiver Policies is deleted in its entirety and replaced with the following:Merrill Lynch.

8 Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account(excluding shares purchased from or through the Fund, the Fund s distributor or any non-Merrill Lynch platformor account, even if Merrill Lynch serves as broker-dealer of record for such shares) will be eligible only for thefollowing sales charge waivers (front-end sales charge waivers and CDSC waivers) and reductions, which maydiffer from those disclosed elsewhere in the prospectus or Sales Charge Waivers for Investor A Shares available at Merrill Lynch Shares purchased by employer-sponsored retirement, deferred compensation and employee benefit plans(including health savings accounts) and trusts used to fund those plans, provided that the shares are not held ina commission-based brokerage account and shares are held for the benefit of the plan/plan participants Shares purchased by or through a 529 Plan Shares purchased through a Merrill Lynch affiliated investment advisory program, or effective February 1,2019, exchanges of shares purchased through such a Merrill Lynch program due to the holdings moving fromsuch program to a Merrill Lynch brokerage (non-advisory) account Shares purchased by third party investment advisors on behalf of their advisory clients through MerrillLynch s platform Shares of FUNDS purchased through the Merrill Edge Self-Directed platform Shares purchased through reinvestment of capital gains distributions and dividend reinvestment whenpurchasing shares of the same fund (but not any other BLACKROCK Fund)

9 Shares exchanged from Investor C ( level-load) Shares of the same Fund in the month of or following the10-year anniversary of the purchase date Shares purchased by employees and registered representatives of Merrill Lynch or its affiliates and theirfamily members-2- Shares purchased by directors of the Fund, and employees of BLACKROCK or any of its affiliates, as described inthe prospectus Shares purchased from the proceeds of redemptions from another BLACKROCK Fund, provided (1) therepurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the sameaccount, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights ofReinstatement)CDSC Waivers on Investor A and C Shares available at Merrill Lynch Shares sold due to death or disability of the shareholder Shares sold as part of a systematic withdrawal plan as described in the prospectus Shares bought due to return of excess contributions from an IRA Account Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholderreaching age 701 2 Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch Shares acquired through a Right of Reinstatement Investor A and C Shares of the Fund held in the following IRA or other retirement brokerage accounts.

10 Traditional IRAs, Roth IRAs, Rollover IRAs, Inherited IRAs, SEP IRAs, SIMPLE IRAs, BASIC Plans,Educational Savings Accounts and Medical Savings Accounts, that are exchanged for Institutional Shares ofthe Fund due to transfer to certain fee based accounts or platforms Effective February 1, 2019, Investor A Shares sold, where such Investor A Shares were received as a result ofexchanges of shares purchased through a Merrill Lynch affiliated investment advisory program due to theholdings moving from the program to a Merrill Lynch brokerage (non-advisory) accountFront-End Sales Charge Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation &Lett