BLACKROCK FUNDSSM
iShares FTSE NAREIT All Equity REIT Index Fund
(the “Fund”)
Supplement dated May 16, 2025 to the Prospectus of the Fund, dated October 3, 2024, as amended or supplemented to date
Effective June 30, 2025, the following changes are made to the Fund’s Prospectus:
The section of the Prospectus entitled “Fund Overview — Key Facts About iShares FTSE NAREIT All Equity REIT Index Fund — Portfolio Managers” is deleted in its entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Jennifer Hsui, CFA | 2024 | Managing Director of BlackRock, Inc. | ||
| Paul Whitehead1 | 2024 | 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 Prospectus 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 |
| The Fund is managed by a team of financial professionals. 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 Prospectus 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 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. | 2024 | Managing Director of BlackRock, Inc. since 2011. | |||
| 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. |
2024 | Managing Director of BlackRock, Inc. since 2010. |
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| 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.
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