# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-194864
**Filing Date:** 2025-9
**Character Count:** 17679
**Document Hash:** 367eebbdaa1081ce5c19e90e3492e4fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194864.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194864

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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:** 251288990

**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

### Circle Reserve Fund (Series ID: S000077205)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000237396 | Institutional Shares |  |

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| | |
|:---|:---|
| ![LOGO](g52986g56p99.jpg) | **AUGUST 28, 2025** |

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## Summary Prospectus
**BlackRock Funds<sup>SM</sup> \| Institutional Shares** 

• **Circle Reserve Fund** 

Institutional Shares: USDXX

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) 441-7450 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 August 28, 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.* 

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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***Investment Objective***

The investment objective of Circle Reserve Fund (the "Fund"), a series of BlackRock Funds<sup>SM</sup> (the "Trust"), is to seek current income as is consistent with liquidity and stability of principal.

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

This table describes the fees and expenses that you may pay if you buy, hold and sell Institutional Shares of the Fund. More information about these fees and expenses is available in the "Details About the Share Class" section on page 12 of the Fund's prospectus and in the "Purchase of Shares" section on page II-29 of Part II of the Fund's Statement of Additional Information.

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| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** | **Institutional<br>Shares** |
| &nbsp;&nbsp; Management Fee | 0.15% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses | 0.06% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 0.21% |
| &nbsp;&nbsp; Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.04)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.17% |

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<sup>1</sup> As described in the "Management of the Funds" section of the Fund's prospectus beginning on page 16, BlackRock Advisors, LLC ("BlackRock"), the Fund's investment manager, has contractually agreed to waive fees 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 0.17% of average daily net assets through June 30, 2027. The 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. 

**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** |
| &nbsp;&nbsp; Institutional Shares | $17 | $64 | $114 | $264 |

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

Circle Reserve Fund invests 100% of its total assets in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury (collectively, "Treasury Instruments") with a maturity of 93 days or less, cash, and overnight repurchase agreements secured by Treasury Instruments and cash. The Fund's portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may transact in securities on a when-issued, delayed delivery or forward commitment basis.

The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"), and other rules of the Securities and Exchange Commission.

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

Risk is inherent in all investing. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will

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provide financial support to the Fund at any time, including during periods of market stress. The following is a summary description of 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.

∎  ***Interest Rate Risk*** — Interest rate risk is the risk that the value of a debt
security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Due to fluctuations
in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the
Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have
unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's ability to achieve its investment objective.

∎  ***Treasury Obligations Risk*** — Direct obligations of the U.S. Treasury have historically involved
little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury
obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative "debt ceiling." Such non-payment could
result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.

∎  ***Repurchase Agreements Risk*** — If the other party to a repurchase agreement defaults on its
obligations under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose
money.

∎  ***Shareholder Purchase/Redemption Risk*** — Shares of the Fund are held by Circle Internet Financial, LLC
and Circle Internet Financial Europe SAS (collectively, "Circle") as a portion of the reserves associated with Circle's issuance of stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the
creation (mining) of additional stablecoins or the redemption (burning) of such coins. Stablecoins may face periods of uncertainty resulting in the potential for rapid requests by Circle for redemption of the Fund's shares.

∎  ***Credit Risk*** — Credit risk refers to the possibility that the issuer of a debt security (i.e., the
borrower) will be unable or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness
may also affect the value of the Fund's investment in that issuer.

∎  ***Income Risk*** — Income risk is the risk that the Fund's yield will vary as short-term
securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.

∎  ***Large Shareholder and Large-Scale Redemption Risk*** — Certain shareholders may from time to time own or
manage a substantial amount of Fund shares or may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder would not redeem their investment or that the size of the Fund would be
maintained. Redemptions of a large number of Fund shares by a shareholder may adversely affect the Fund's liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet redemption requests when it might not
otherwise do so, which may negatively impact the Fund. In addition, large redemptions can result in the Fund's current expenses being allocated over a smaller asset base, which generally could result in an increase in the Fund's expense
ratio.

∎  ***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.

∎  ***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.

**4** 

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∎  ***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.

∎  ***Stable Net Asset Value Risk*** — The Fund may not be able to maintain a stable net
asset value ("NAV") of $1.00 per share at all times. If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund, along with other money market funds, could be subject to increased
redemption activity.

∎  ***When-Issued and Delayed Delivery Securities and Forward Commitments Risk*** —
When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the
transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

***Performance Information***

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. 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 is not an indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund's returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Updated information on the Fund's performance can be obtained by visiting www.blackrock.com/cash or can be obtained by phone at (800) 441-7450.

**Institutional Shares** 

**ANNUAL TOTAL RETURNS** 

**Circle Reserve Fund** 

**As of 12/31**![LOGO](g52986g40q43.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 1.34% (quarter ended December 31, 2023) and the lowest return for a quarter was 1.08% (quarter ended March 31, 2023). The year-to-date return as of June 30, 2025 was 2.13%.

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| | | |
|:---|:---|:---|
| **For the periods ended 12/31/24**<br> **Average Annual Total Returns** | **1 Year** | **Since Inception<br>(November 3, 2022)** |
| &nbsp;&nbsp; Circle Reserve Fund — Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 5.25% | 5.03% |

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Current Yield: You may obtain the Fund's current 7-day yield by calling (800) 441-7450 or by visiting the Fund's website at www.blackrock.com/cash.

***Investment Manager***

The Fund's investment manager is BlackRock Advisors, LLC (previously defined as "BlackRock").

**5** 

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

You may generally purchase or redeem shares of the Fund each day on which both the New York Stock Exchange and the Federal Reserve Bank of Philadelphia are open for business.

Shares are only available for purchase by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS.

To purchase or sell shares of the Fund, purchase orders and redemption orders must be transmitted to the Fund's office in Wilmington, Delaware by telephone (800-441-7450; in Delaware 302-797-2350), through the Fund's internet-based order entry program, or by such other electronic means as the Fund agrees to in its sole discretion.

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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| | |
|:---|:---|
| | **Institutional Shares** |
| **Minimum Initial Investment** | $2 billion |
| **Minimum Additional Investment** | No subsequent minimum. |

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***Tax Information***

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.

**6** 

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INVESTMENT COMPANY ACT FILE # 811-05742

SPRO-CRF-0825

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| ![LOGO](g52986g56p99.jpg) | ![LOGO](g52986g41v31.jpg) |

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