# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-133375
**Filing Date:** 2025-6
**Character Count:** 30625
**Document Hash:** 5e7188ce4ae51daa3cd3d66171890314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133375.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133375

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-26305
- **FILM NUMBER:** 251015740

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Real Estate Securities Fund (Series ID: S000038448)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118599 | Investor A Shares    |  |
| C000118600 | Investor C Shares    |  |
| C000118601 | Institutional Shares |  |

**MAY 30, 2025**![](g920994img3e42e3b81.gif)

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| | |
|:---|:---|
| ![](g920994bar.jpg)<br>| **Summary Prospectus** |

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**BlackRock Funds**<sup>SM</sup> **\| Investor and Institutional Shares**

**●**

**BlackRock Real Estate Securities Fund**

Investor A: BAREX • Investor C: BCREX • Institutional: BIREX

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund's statement of additional information, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to **prospectus.request@blackrock.com**, or from your financial professional. The Fund's prospectus and statement of additional information, both dated May 30, 2025, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.

*This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.*

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.*

**Not FDIC Insured ● May Lose Value ● No Bank Guarantee**

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Summary Prospectus

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**Key Facts About BlackRock Real Estate Securities Fund**

***Investment Objective***

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The investment objective of BlackRock Real Estate Securities Fund (the "Fund"), a series of BlackRock Funds<sup>SM</sup> (the "Trust"), is to seek total return comprised of long-term growth of capital and dividend income.

***Fees and Expenses of the Fund***

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This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC ("BlackRock") and its affiliates) (each, a "Financial Intermediary"), which are not reflected in the table and example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the "Details About the Share Classes" and the "Intermediary-Defined Sales Charge Waiver Policies" sections on pages 22 and A-1, respectively, of the Fund's prospectus and in the "Purchase of Shares" section on page II-94 of Part II of the Fund's Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees** <br> **(fees paid directly from your investment)**<br>| **Investor A** <br> **Shares**<br>| **Investor C** <br> **Shares**<br>| **Institutional** <br> **Shares**<br>|
| &nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering <br> price)<br>| 5.25% |  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of offering price or <br> redemption proceeds, whichever is lower)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>| **Investor A** <br> **Shares**<br>| **Investor C** <br> **Shares**<br>| **Institutional** <br> **Shares**<br>|
| Management Fee<sup>3</sup> <br>| 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.25% | 0.35% | 0.30% |
| Total Annual Fund Operating Expenses | 1.25% | 2.10% | 1.05% |
| Fee Waivers and/or Expense Reimbursements<sup>3,4</sup> <br>| (0.25)% | (0.35)% | (0.30)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waivers and/or Expense <br> Reimbursements<sup>3,4</sup> <br>| 1.00% | 1.75% | 0.75% |

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A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

There is no CDSC on Investor C Shares after one year.

As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 38, BlackRock has contractually agreed to waive the management fee of the Fund with respect to any portion of the Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2026. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2026. The contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 38, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.00% (for Investor A Shares), 1.75% (for Investor C Shares) and 0.75% (for Institutional Shares) of average daily net assets through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

**2**

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**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor A Shares | &nbsp;&nbsp;&nbsp;&nbsp; $622 | &nbsp;&nbsp;&nbsp;&nbsp; $877 | &nbsp;&nbsp;&nbsp;&nbsp; $1153 | &nbsp;&nbsp;&nbsp;&nbsp; $1936 |
| Investor C Shares | &nbsp;&nbsp;&nbsp;&nbsp; $278 | &nbsp;&nbsp;&nbsp;&nbsp; $624 | &nbsp;&nbsp;&nbsp;&nbsp; $1097 | &nbsp;&nbsp;&nbsp;&nbsp; $2185 |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $304 | &nbsp;&nbsp;&nbsp;&nbsp; $550 | &nbsp;&nbsp;&nbsp;&nbsp; $1255 |

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You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Investor C Shares | &nbsp;&nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp;&nbsp; $624 | &nbsp;&nbsp;&nbsp;&nbsp; $1097 | &nbsp;&nbsp;&nbsp;&nbsp; $2185 |

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**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 59% of the average value of its portfolio.

***Principal Investment Strategies of the Fund***

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Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry inside the United States. An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein or has 50% of its assets in real estate or real estate interests. The Fund may invest up to 20% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry outside the United States and fixed-income investments, such as government, corporate and bank debt obligations.

Real estate industry companies may include real estate investment trusts ("REITs"), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. The Fund primarily buys common stock but also can invest in preferred stock and convertible securities.

The Fund concentrates its investments in securities of issuers in the real estate industry.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended.

***Principal Risks of Investing in the Fund***

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Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully.

<sup>◼</sup>

***Real Estate-Related Securities Risk*** — The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real estate values. If the Fund's real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Many

**3**

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issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers or tenants.

<sup>◼</sup>

***REIT Investment Risk*** — Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

<sup>◼</sup>

***Equity Securities Risk*** — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

<sup>◼</sup>

***Concentration Risk*** *—* The Fund's strategy of concentrating in the real estate industry means that its performance will be closely tied to the performance of a particular market segment. The Fund's concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole. In addition, the real estate industry has historically experienced substantial price volatility.

<sup>◼</sup>

***Convertible Securities Risk*** — The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

<sup>◼</sup>

***Investment Style Risk*** — Under certain market conditions, value investments have performed better during periods of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.

<sup>◼</sup>

***Market Risk and Selection Risk*** — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

<sup>◼</sup>

***Non-Diversification Risk*** — The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

<sup>◼</sup>

***Operational and Technology Risks*** — The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning ("AI"), which may result in losses for the Fund and its shareholders or may impair the Fund's operations. While the Fund's service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund's investments in such issuers to lose value.

<sup>◼</sup>

***Preferred Securities Risk*** — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's

**4**

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preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

<sup>◼</sup>

***Risk of Investing in the United States*** *—* Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.

<sup>◼</sup>

***Small and Mid-Capitalization Company Risk*** — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

***Performance Information***

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The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund's performance to that of the Russell 1000<sup>®</sup> Index and the FTSE Nareit All Equity REITs Index. The FTSE Nareit All Equity REITs Index is relevant to the Fund because it has characteristics similar to the Fund's investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund's returns would have been lower. Updated information on the Fund's performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.

**Investor A Shares** <br>**ANNUAL TOTAL RETURNS** <br>**BlackRock Real Estate Securities Fund** <br>**As of 12/31**

![](g920994c000118600_dgf.jpg)

During the ten-year period shown in the bar chart, the highest return for a quarter was 18.19% (quarter ended December 31, 2023) and the lowest return for a quarter was -24.07% (quarter ended March 31, 2020). The year-to-date return as of March 31, 2025 was 2.09%.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **For the periods ended 12/31/24**<br> **Average Annual Total Returns**<br>| **1 Year** | **5 Years** | **10 Years** |
| BlackRock Real Estate Securities Fund — Investor A Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>|
| BlackRock Real Estate Securities Fund — Investor C Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91<br> %<br>|
| BlackRock Real Estate Securities Fund — Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81<br> %<br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **For the periods ended 12/31/24**<br> **Average Annual Total Returns**<br>| **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index<sup>1</sup> <br>(Reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.87<br> %<br>|
| &nbsp;&nbsp; FTSE Nareit All Equity REITs Index<br> (Reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83<br> %<br>|

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1 The Fund has added this broad-based index in response to new regulatory requirements.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.

***Investment Manager***

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The Fund's investment manager is BlackRock Advisors, LLC(previously defined as "BlackRock"). The Fund's sub-advisers are BlackRock International Limited and BlackRock (Singapore) Limited. Where applicable, "BlackRock" refers also to the Fund's sub-advisers.

***Portfolio Managers***

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Manager** <br> **of the Fund Since**<br>| **Title** |
| Rajan Rehan, CFA  | 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Head of Real Estate Securities, Americas for <br> BlackRock Real Assets; Managing Director of BlackRock, Inc.<br>|
| Curtis Yee | 2024 | Director of BlackRock, Inc. |

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***Purchase and Sale of Fund Shares***

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You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares, you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429) or by the Internet at www.blackrock.com. The Fund's initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:

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| | | |
|:---|:---|:---|
|  | **Investor A and Investor C Shares**  | **Institutional Shares** |
| **Minimum Initial** <br> **Investment**<br>| &nbsp;&nbsp; $1,000 for all accounts except:<br> •$50, if establishing an Automatic Investment <br> Plan.<br> •There is no investment minimum for employer-<br> sponsored retirement plans (not including SEP <br> IRAs, SIMPLE IRAs or SARSEPs).<br>•There is no investment minimum for certain fee-<br> based programs.<br>| &nbsp;&nbsp; There is no minimum initial investment for: <br> •Employer-sponsored retirement plans (not <br> including SEP IRAs, SIMPLE IRAs or SARSEPs), <br> state sponsored 529 college savings plans, <br> collective trust funds, investment companies or <br> other pooled investment vehicles, unaffiliated <br> thrifts and unaffiliated banks and trust <br> companies, each of which may purchase shares <br> of the Fund through a Financial Intermediary that <br> has entered into an agreement with the Fund's <br> distributor to purchase such shares. <br>•Clients of Financial Intermediaries that: (i) charge <br> such clients a fee for advisory, investment <br> consulting, or similar services or (ii) have entered <br> into an agreement with the Fund's distributor to <br> offer Institutional Shares through a no-load <br> program or investment platform.<br>•Clients investing through a self-directed IRA <br> brokerage account program sponsored by a <br> retirement plan record-keeper, provided that such <br> program offers only mutual fund options and that <br>|

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**6**

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| | | |
|:---|:---|:---|
|  | **Investor A and Investor C Shares**  | **Institutional Shares** |
| **Minimum Initial** <br> **Investment** <br> **(continued)**<br>|  | &nbsp;&nbsp; the program maintains an account with the Fund <br> on an omnibus basis.<br>$2 million for individuals and "Institutional <br> Investors," which include, but are not limited to, <br> endowments, foundations, family offices, local, <br> city, and state governmental institutions, <br> corporations and insurance company separate <br> accounts who may purchase shares of the Fund <br> through a Financial Intermediary that has entered <br> into an agreement with the Fund's distributor to <br> purchase such shares. <br>$1,000 for:<br> •Clients investing through Financial Intermediaries <br> that offer such shares on a platform that charges <br> a transaction based sales commission outside of <br> the Fund.<br>•Tax-qualified accounts for insurance agents that <br> are registered representatives of an insurance <br> company's broker-dealer that has entered into an <br> agreement with the Fund's distributor to offer <br> Institutional Shares, and the family members of <br> such persons. <br>|
| **Minimum Additional** <br> **Investment**<br>| &nbsp;&nbsp; $50 for all accounts (with the exception of certain <br> employer-sponsored retirement plans which may <br> have a lower minimum).<br>| No subsequent minimum. |

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***Tax Information***

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The Fund's dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.

***Payments to Broker/Dealers and Other Financial Intermediaries***

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If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund's distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.

These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment.

Ask your individual financial professional or visit your Financial Intermediary's website for more information.

**7**

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INVESTMENT COMPANY ACT FILE # 811-05742

SPRO-RESF-0525

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