BLACKROCK FUNDSSM
iShares Developed Real Estate Index Fund
(the “Fund”)
Supplement dated May 16, 2025 to the Summary Prospectuses and the
Prospectuses of the Fund, each dated May 30, 2024, as amended or supplemented to date
Effective June 30, 2025, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectuses entitled “Key Facts About iShares Developed Real Estate Index Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About iShares Developed Real Estate Index Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Jennifer Hsui, CFA | 2016 | Managing Director of BlackRock, Inc | ||
| Paul Whitehead1 | 2022 | Managing Director of BlackRock, Inc | ||
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock, Inc | ||
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc | ||
| Steven White | 2025 | Director of BlackRock, Inc |
| 1 | On or about June 30, 2025, Paul Whitehead will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Details About the Fund — How the Fund Invests — About the Portfolio Management Team of the Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND |
| Jennifer Hsui, CFA, Paul Whitehead,1 Matt Waldron, CFA, Peter Sietsema, CFA, and Steven White are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the portfolio management team. |
| 1 | On or about June 30, 2025, Paul Whitehead will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses entitled “Management of the Fund — Portfolio Manager Information” is deleted in its entirety and replaced with the following:
Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Fund’s SAI.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Jennifer Hsui, CFA | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2016 | Managing Director of BlackRock, Inc. since 2011. |
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Paul Whitehead1 | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2022 | Managing Director of BlackRock, Inc. since 2010. | |||
| Matt Waldron, CFA | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc from 2010 to 2024. | |||
| Peter Sietsema, CFA | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2025 | Director of BlackRock, Inc. since 2013. | |||
| Steven White | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2025 | Director of BlackRock, Inc. since 2020. |
| 1 | On or about June 30, 2025, Paul Whitehead will no longer serve as a portfolio manager of the Fund. |
Shareholders should retain this Supplement for future reference.
2