497 1 d945782d497.htm BLACKROCK LOW DURATION BOND PORTFOLIO BlackRock Low Duration Bond Portfolio

BLACKROCK FUNDS V

BlackRock Low Duration Bond Portfolio

(the “Fund”)

Supplement dated April 7, 2025 (the “Supplement”) to the Fund’s

Summary Prospectuses, Prospectuses and Statement of Additional Information, each dated January 28, 2025, as supplemented to date

Effective immediately, the following changes are made to the Fund’s Summary Prospectuses, Prospectuses and Statement of Additional Information, as applicable:

The section of the Summary Prospectuses entitled “Key Facts About BlackRock Low Duration Bond Portfolio — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock Low Duration Bond Portfolio — Portfolio Managers” are deleted in their entirety and replaced with the following:

Portfolio Managers

 

Name    Portfolio Manager of
the Fund Since
  Title
Akiva Dickstein    2020   Managing Director of BlackRock, Inc.
Scott MacLellan, CFA, CMT    2012*   Managing Director of BlackRock, Inc.
Amanda Liu, CFA    2022   Director of BlackRock, Inc.
Sam Summers    2022   Director of BlackRock, Inc.
Siddharth Mehta    2025   Director of BlackRock, Inc.

 

*

Includes management of the Predecessor Fund.

The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — Low Duration Fund — About the Portfolio Management of the Low Duration Fund” is deleted in its entirety and replaced with the following:

 

ABOUT THE PORTFOLIO MANAGEMENT OF THE LOW DURATION FUND
The Low Duration Fund is managed by a team of financial professionals. Akiva Dickstein, Scott MacLellan, CFA, CMT, Amanda Liu, CFA, Sam Summers and Siddharth Mehta are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team.

The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — Low Duration Fund” is deleted in its entirety and replaced with the following:

Portfolio Manager Information

Low Duration Fund

The Low Duration Fund is managed by a team of financial professionals. Akiva Dickstein, Scott MacLellan, CFA, CMT, Amanda Liu, CFA, Sam Summers and Siddharth Mehta are jointly and primarily responsible for the day-to-day management of the Fund.


Portfolio Manager    Primary Role    Since   Title and Recent Biography
Akiva Dickstein    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2020   Managing Director of BlackRock, Inc. since 2009.
Scott MacLellan, CFA, CMT    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2012*   Managing Director of BlackRock, Inc. since 2022; Director of BlackRock, Inc. from 2010 to 2021.
Amanda Liu, CFA    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2022   Director of BlackRock, Inc. since 2020; Vice President of BlackRock, Inc. from 2015 to 2019.
Sam Summers    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2022   Director of BlackRock, Inc. since 2022; Vice President of BlackRock, Inc. from 2018 to 2021.
Siddharth Mehta    Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.    2025   Director of BlackRock, Inc. since 2017.

 

*

Includes management of BlackRock Low Duration Bond Portfolio, a series of BlackRock Funds II (the “Low Duration Predecessor Fund”)

The section of the Statement of Additional Information entitled “Management, Advisory and Other Service Arrangements — Information Regarding the Portfolio Managers” is deleted in its entirety and replaced with the following:

Information Regarding the Portfolio Managers

Rick Rieder, Mitchell S. Garfin, CFA, David Delbos, Scott MacLellan, CFA, CMT, Akiva Dickstein, David Rogal, Amanda Liu, CFA, Sam Summers, Chi Chen and Siddharth Mehta are the Funds’ portfolio managers, as noted below.

Other Funds and Accounts Managed

Set forth below is information regarding other funds and accounts other than the Funds managed by the portfolio managers as of September 30, 2024 (except as otherwise noted).

 

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High Yield Portfolio

 

     Number of Other Accounts Managed
and Assets by Account Type
   Number of Other Accounts and Assets
for Which Advisory Fee is
Performance-Based
Name of Portfolio
Manager
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
David Delbos    28

$17.58 Billion

   26

$10.14 Billion

   115

$17.34 Billion

   0

$0

   0

$0

   5

$678.19 Million

Mitchell Garfin, CFA    29

$18.79 Billion

   26

$10.33 Billion

   128

$17.49 Billion

   0

$0

   0

$0

   5

$678.19 Million

Low Duration Bond Portfolio

 

     Number of Other Accounts Managed
and Assets by Account Type
   Number of Other Accounts and Assets
for Which Advisory Fee is
Performance-Based
Name of Portfolio
Manager
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
Akiva Dickstein    17

$17.71 Billion

   22

$8.41 Billion

   198

$86.56 Billion

   0

$0

   0

$0

   2

$953.28 Million

Amanda Liu, CFA    10

$5.85 Billion

   12

$3.42 Billion

   158

$54.00 Billion

   0

$0

   0

$0

   2

$953.28 Million

Scott MacLellan, CFA, CMT    10

$5.85 Billion

   16

$3.53 Billion

   123

$46.28 Billion

   0

$0

   2

$110.39 Million

   2

$236.93 Million

Sam Summers    14

$42.64 Billion

   14

$16.96 Billion

   15

$8.80 Billion

   0

$0

   0

$0

   7

$4.56 Billion

Siddharth Mehta*    4

$3.79 Billion

   8

$3.34 Billion

   62

$335.2 Billion

   0

$0

   0

$0

   0

$0

 

*

Information provided as of December 31, 2024.

Core Bond Portfolio

 

     Number of Other Accounts Managed
and Assets by Account Type
   Number of Other Accounts and Assets
for Which Advisory Fee is
Performance-Based
Name of Portfolio
Manager
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
   Other
Registered
Investment
Companies
   Other
Pooled
Investment
Vehicles
   Other
Accounts
Rick Rieder    26

$113.02 Billion

   43

$41.20 Billion

   18

$4.29 Billion

   0

$0

   6

$186.13 Million

   2

$246.82 Million

Chi Chen    10

$34.96 Billion

   11

$14.47 Billion

   13

$6.10 Billion

   0

$0

   0

$0

   7

$4.56 Billion

Akiva Dickstein    17

$18.19 Billion

   22

$8.41 Billion

   198

$86.56 Billion

   0

$0

   0

$0

   2

$953.28 Million

David Rogal    21

$80.99 Billion

   14

$13.32 Billion

   12

$5.14 Billion

   0

$0

   0

$0

   0

$0

 

- 3 -


Portfolio Manager Compensation Overview

The discussion below describes the compensation of Messrs. Delbos, Dickstein, Garfin, MacLellan, Rieder, Rogal and Summers and Mses. Chen and Liu as of September 30, 2024 and Mr. Mehta as of December 31, 2024.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk- adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Funds and other accounts are:

 

Portfolio Manager    Benchmarks

Mitchell Garfin, CFA

David Delbos

   A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.

Scott MacLellan, CFA,

CMT

   A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate & Government Index, 1-3 Years), certain customized indices and certain fund industry peer groups.

Rick Rieder

David Rogal

Chi Chen

Amanda Liu, CFA

Sam Summers

   A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Bond Index), certain customized indices and certain fund industry peer groups.
Akiva Dickstein    A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Index, Bloomberg U.S. Universal Index and Bloomberg Intermediate Aggregate Index), certain customized indices and certain fund industry peer groups.
Siddharth Mehta    A combination of market-based indices (e.g. FTSE Mortgage Index, Bloomberg GNMA MBS Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock

 

- 4 -


awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

Portfolio Manager Beneficial Holdings

The following table sets forth the dollar range of equity securities of the Funds beneficially owned by each

portfolio manager of the Fund as of September 30, 2024 (except as otherwise noted).

 

Portfolio Manager      Fund Managed   Dollar Range of Equity
Securities Beneficially Owned1
Chi Chen      Core Bond Portfolio   $1 - $10,000
Akiva Dickstein     

Core Bond Portfolio

Low Duration Bond Portfolio

 

$50,001 - $100,000

$100,001 - $500,000

Rick Rieder      Core Bond Portfolio   None
David Rogal      Core Bond Portfolio   $50,001 - $100,000
David Delbos      High Yield Portfolio   $500,001 - $1,000,000
Mithell Garfin, CFA      High Yield Portfolio   $100,001 - $500,000
Amanda Liu, CFA      Low Duration Bond Portfolio   $10,001 - $50,000
Scott MacLellan, CFA, CMT      Low Duration Bond Portfolio   $50,001 - $100,000
Sam Summers      Low Duration Bond Portfolio   $1 - $10,000
Siddharth Mehta*      Low Duration Bond Portfolio   None

 

*

Information provided as of December 31, 2024

 

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Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Funds, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Funds. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Funds. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Funds by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a Fund. It should also be noted that Messrs. Delbos, Dickstein, Garfin, MacLellan, Rieder, Rogal, Summers and Mehta and Mses. Chen and Liu may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Delbos, Dickstein, Garfin, MacLellan, Rieder, Rogal, Summers and Mehta and Mses. Chen and Liu may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

Shareholders should retain this Supplement for future reference.

PR2SAI-LDB-0425

 

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