# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-305314
**Filing Date:** 2025-12
**Character Count:** 30375
**Document Hash:** 6c49a064d4bb1875694f58e2eee5fe3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-305314.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001193125-25-305314

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**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:** 251543446

**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 Total U.S. Stock Market Index Fund (Series ID: S000050372)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000159048 | Investor A    |  |
| C000159049 | Institutional |  |

**NOVEMBER 28, 2025**![](g945445img375ba1211.gif)

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| | |
|:---|:---|
| ![](g945445bar.jpg)<br>| **Summary Prospectus** |

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

**●**

**iShares Total U.S. Stock Market Index Fund**

Investor A: BASMX • Institutional: BITSX

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 November 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.*

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

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Summary Prospectus

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**Key Facts About iShares Total U.S. Stock Market Index Fund**

***Investment Objective***

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The investment objective of iShares Total U.S. Stock Market Index Fund (the "Fund"), a series of BlackRock Funds<sup>SM</sup> (the "Trust"), is to seek to track the investment results of a broad-based index composed of U.S. equities.

***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.** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses** <br> **(expenses that you pay each year as a** <br> **percentage of the value of your investment)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Investor A** <br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional** <br> **Shares**<br>|
| Management Fee<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|  |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Fee Waivers and/or Expense Reimbursements<sup>1,2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waivers and/or <br> Expense Reimbursements<sup>1,2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

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As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 32, BlackRock has contractually agreed to waive the management fee 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 ("ETFs") managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. 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, 2027. 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 32, 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 0.33% (for Investor A Shares) and 0.08% (for Institutional Shares) of average daily net assets through June 30, 2027. 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.

**Example:**

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in shares of 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; $34 | &nbsp;&nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp;&nbsp; $185 | &nbsp;&nbsp;&nbsp;&nbsp; $418 |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $19 | &nbsp;&nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp;&nbsp; $77 |

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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 8% of the average value of its portfolio.

**2**

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

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The Fund seeks to track the investment results of the Russell 3000<sup>®</sup> Index (the "Underlying Index"), which measures the performance of the broad U.S. equity market. As of October 31, 2025, the Underlying Index included issuers representing approximately 98% of the total market capitalization of all publicly-traded U.S.-domiciled equity securities. The Underlying Index is a float-adjusted capitalization-weighted index of the largest public issuers domiciled in the United States and its territories. Total market capitalization reflects all equity shares outstanding, while total market value reflects float-adjusted capitalizations based on equity shares available for general investment. The Underlying Index may include large-, mid- or small-capitalization companies, and components primarily include technology, consumer discretionary and industrials companies. The components of the Underlying Index and the degree to which these components represent certain industries may change over time.

BlackRock uses a representative sampling indexing strategy to manage the Fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.

The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Underlying Index. The Fund may invest a portion of the remainder of its assets in securities not included in the Underlying Index, but which BlackRock believes will help the Fund track the Underlying Index.

The Underlying Index is sponsored by an organization (the "Index Provider") that is independent of the Fund and BlackRock. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Underlying Index's Index Provider is Frank Russell Company ("Russell").

The Fund will concentrate its investments (*i.e.*, hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The Fund may become "non-diversified," as defined in the Investment Company Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index.

***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>

***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>

***Index-Related Risk*** — The index provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BlackRock can offer assurances that the index provider's methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the index provider or a third-party data provider and could cause the index provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

<sup>◼</sup>

***Passive Investment Risk*** *—* Because BlackRock does not select individual companies in the index that the Fund tracks, the Fund may hold securities of companies that present risks that an investment adviser researching individual securities might seek to avoid.

**3**

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<sup>◼</sup>

***Tracking Error Risk*** *—* The Fund is subject to the risk of "tracking error," which is the divergence of the Fund's performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund's portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund's holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund's obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to the Fund of complying with certain regulatory requirements or limits. A fund that tracks an index composed of a large number of securities or other assets may experience greater tracking error than a fund that tracks a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

<sup>◼</sup>

***Concentration Risk*** *—* The Fund reserves the right to concentrate its investments (i.e., invest 25% or more of its total assets in securities of issuers in a particular industry) to approximately the same extent that the Underlying Index concentrates in a particular industry. To the extent the Fund concentrates in a particular industry, it may be more susceptible to economic conditions and risks affecting that industry.

<sup>◼</sup>

***Consumer Discretionary Sector Risk*** *—* The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, supply chains, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

<sup>◼</sup>

***Industrials Sector Risk*** *—* Companies in the industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and changes in general economic conditions, among other factors.

<sup>◼</sup>

***Issuer Risk*** — Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

<sup>◼</sup>

***Large-Capitalization Companies Risk*** — Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

<sup>◼</sup>

***Management Risk*** — As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BlackRock's investment strategy may not produce the intended results.

<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* —** To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund's net asset value.

<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.

**4**

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<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.

<sup>◼</sup>

***Technology Securities Risk*** *—* Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain technology-related companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

***Performance Information***

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The information shows you how the performance of the Fund has varied for the periods since inception and provides some indication of the risks of investing in the Fund. The table compares the Fund's performance to that of the Russell 3000<sup>®</sup> Index. 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. 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. 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>**iShares Total U.S. Stock Market Index Fund** <br>**As of 12/31**

![](g945445c091936179_dgf.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 21.80% (quarter ended June 30, 2020) and the lowest return for a quarter was -20.94% (quarter ended March 31, 2020). The year-to-date return as of September 30, 2025 was 14.11%.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **For the periods ended 12/31/24**<br> **Average Annual Total Returns**<br>| **1 Year** | **5 Years** | &nbsp;&nbsp;&nbsp;&nbsp; **Since Inception** <br> **(August 13, 2015)**<br>|
| iShares Total U.S. Stock Market Index Fund — Investor A Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.82<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.51<br> %<br>|
| iShares Total U.S. Stock Market Index Fund — Institutional Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.09<br> %<br>|
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index <br> (Reflects no deduction for fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.12<br> %<br>|

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**5**

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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 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-adviser is BlackRock Fund Advisors (the "Sub-Adviser"). Where applicable, "BlackRock" refers also to the Sub-Adviser.

***Portfolio Managers***

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Portfolio Manager of the Fund Since** | **Title** |
| Jennifer Hsui, CFA | 2016 | Managing Director of BlackRock, Inc. |
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock. Inc. |
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc. |
| Steven White | 2025 | 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 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> 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>|

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**6**

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| | | |
|:---|:---|:---|
|  | **Investor A Shares**  | **Institutional Shares** |
| **Minimum Initial** <br> **Investment** <br> **(continued)**<br>|  | &nbsp;&nbsp; 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 of 1986, as amended, 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-TSMI-1125

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