BLACKROCK FUNDSSM
iShares Enhanced Roll Yield Index Fund
(the “Fund”)
Supplement dated June 23, 2025 to the Statement of Additional Information (“SAI”) of the Fund, dated October 3, 2024, as supplemented to date
Effective immediately, the following changes are made to the Fund’s SAI:
The section of the SAI entitled “Management, Advisory and Other Service Arrangements — Information Regarding the Portfolio Managers” is revised as follows:
The first paragraph is deleted in its entirety and replaced with the following:
Information Regarding the Portfolio Manager
Orlando Montalvo is the portfolio manager and is primarily responsible for the day-to-day management of the Fund.
The sub-section entitled “Other Funds and Accounts Managed” is deleted in its entirety and replaced with the following:
The following table sets forth information about the funds and accounts other than the Fund for which the Fund’s portfolio manager is primarily responsible for the day-to-day portfolio management as of December 31, 2024.
| 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 Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts | ||||||
| Orlando Montalvo | 3 $992.7 Million |
17 $1.29 Billion |
8 $1.78 Million |
0 $0 |
0 $0 |
0 $0 | ||||||
The first paragraph of the sub-section entitled “Portfolio Manager Compensation Overview” is deleted in its entirety and replaced with the following:
The discussion below describes the portfolio manager’s compensation as of December 31, 2024.
The last sentence of the first paragraph of the sub-section entitled “Portfolio Manager Compensation Overview — Discretionary Incentive Compensation” is deleted in its entirety and replaced with the following:
The performance of Mr. Montalvo is not measured against a specific benchmark.
The last sentence of the second paragraph of the sub-section entitled “Distribution of Discretionary Incentive Compensation” is deleted in its entirety and replaced with the following:
The portfolio manager of this Fund has deferred BlackRock, Inc. stock awards.
The sub-section entitled “Portfolio Manager Beneficial Holdings” is deleted in its entirety and replaced with the following:
The portfolio manager owned no shares of the Fund as of the date of this SAI.
The last three sentences of the first paragraph of the sub-section entitled “Portfolio Manager Potential Material Conflicts of Interest” are deleted in their entirety and replaced with the following:
It should also be noted that the portfolio manager 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. The portfolio manager may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio manager of this fund is not entitled to receive a portion of incentive fees of other accounts.
Shareholders should retain this Supplement for future reference.
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