# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-23-027146
**Filing Date:** 2023-2
**Character Count:** 5668
**Document Hash:** 5a90b571086fad962694163b012a2470
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-027146.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001193125-23-027146

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779
- **IRS NUMBER:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-26305
- **FILM NUMBER:** 23596285

**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

### iShares Developed Real Estate Index Fund (Series ID: S000050371)

---

|  |  |
|:---|:---|
| Class Name    | Class ID   |
| Investor A    | C000159045 |
| Institutional | C000159046 |
| Class K       | C000159047 |

---

## Series and Classes Contracts Data

### iShares Developed Real Estate Index Fund (Series ID: S000050371)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000159045 | Investor A    |  |
| C000159046 | Institutional |  |
| C000159047 | Class K       |  |

**BLACKROCK FUNDS<sup>SM</sup>** 

iShares Developed Real Estate Index Fund

(the "Fund")

**Supplement dated February 8, 2023 to the Summary Prospectuses and the** 

**Prospectuses of the Fund, each dated May 31, 2022, as supplemented to date** 

**Effective on February 8, 2023, 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 Developed Real Estate Index Fund — Portfolio Managers" and the section of the Prospectuses entitled "Fund Overview — Key Facts About iShares Developed Real Estate Index Fund — Portfolio Managers" are deleted in their entirety and replaced with the following:** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager of**<br> **the Fund Since** | **Title** |
| Paul Whitehead | 2022 | Managing Director of BlackRock, Inc. |
| Suzanne Henige, CFA<sup>1</sup> | 2020 | Managing Director of BlackRock, Inc. |
| Jennifer Hsui, CFA | 2016 | Managing Director of BlackRock, Inc. |

---

**<sup>1</sup>** On or about April 14, 2023, Suzanne Henige will no longer serve as a portfolio manager of the Fund. 

**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:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND** |
| &nbsp;&nbsp;&nbsp;Paul Whitehead, Suzanne Henige, CFA<sup>1</sup>, and Jennifer Hsui, CFA 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. |

---

**<sup>1</sup>** On or about April 14, 2023, Suzanne Henige will no longer serve as a portfolio manager of the Fund. 

**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** |
| Paul Whitehead | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2022 | Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2009 to 2010; Principal of Barclays Global Investors ("BGI") from 2002 to 2009. |
| Suzanne Henige, CFA<sup>1</sup> | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2020 | Managing Director of BlackRock, Inc. since 2022; Director of BlackRock, Inc. from 2016 to 2021; Vice President of BlackRock, Inc. from 2011 to 2015. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **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's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2016 | Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal of BGI from 2006 to 2009. |

---

<sup>1</sup> On or about April 14, 2023, Suzanne Henige will no longer serve as a portfolio manager of the Fund.

**Shareholders should retain this Supplement for future reference.**