BLACKROCK FUNDSSM
iShares Short-Term TIPS Bond Index Fund
(the “Fund”)
Supplement dated August 1, 2025 to the Summary Prospectuses and the
Prospectuses of the Fund, each dated April 30, 2025, as amended or supplemented to date
Effective immediately, 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 Short-Term TIPS Bond Index Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About iShares Short-Term TIPS Bond Index Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Name | Portfolio Manager of the Fund Since |
Title | ||
| James Mauro | 2016 | Managing Director of BlackRock, Inc. | ||
| Jonathan Graves | 2025 | Managing Director of BlackRock, Inc. | ||
| Marcus Tom | 2025 | Director of BlackRock, Inc. |
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 |
| The Fund is managed by a team of financial professionals. James Mauro, Jonathan Graves and Marcus Tom 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. |
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 | |||
| James Mauro | 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 2015 and Global Head of Index Fixed Income Portfolio Management at BlackRock, Inc. since 2025. | |||
| Jonathan Graves | 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 2013 and Head of Credit within the Index Fixed Income Portfolio Management team in the Americas at BlackRock, Inc. since 2014. |
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Marcus Tom | 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 2019 and Head of Index Fixed Income Portfolio Management team in Atlanta at BlackRock since 2024. |
Shareholders should retain this Supplement for future reference.
PR2-TIPS-0825SUP
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