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style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of iShares Russell Mid-Cap Index Fund (the “Fund”), a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Trust”), is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">other fees, such as brokerage commissions and other fees to your financial professional or your selected securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0.0002 0.0025 0 0.0009 0.0007 0.0036 0.0009 0.0036 0.0009 June 30, 2026 Example: <div style="line-height: 10.695pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 37 116 202 456 9 29 51 115 Portfolio Turnover: <div style="line-height: 10.695pt; margin-top: 0.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span></div> <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">26</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.26 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to track the investment results of the Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index (the “Underlying Index”), which measures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the performance of the mid-capitalization sector of the U.S. equity market. The Underlying Index is a float-adjusted, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalization-weighted index of equity securities issued by approximately 800 of the smallest issuers in the Russell </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1000</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index. The Underlying Index includes equity securities issued by issuers with a median market cap of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">$11.56 billion as of October 31, 2024. Components primarily include industrials, consumer discretionary and financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies, and may change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexing strategy that involves investing in a representative sample of securities that collectively has an investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may or may not hold all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of the Underlying Index.</span></div> Principal Risks of Investing in the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Index-Related Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— There is no guarantee that the Fund’s investment results will have a high degree of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or high volatility, other unusual market circumstances and regulatory restrictions could have an adverse effect on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, index computations or the construction of the Underlying Index in accordance with its methodology may occur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from time to time and may not be identified and corrected by the index provider for a period of time or at all, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index to vary from its normal or expected composition.</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An index fund has operating and other expenses while an index does not. As a result, while the Fund will attempt to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track the Underlying Index as closely as possible, it will tend to underperform the Underlying Index to some degree </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">over time. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performs poorly.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Tracking Error Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may be subject to tracking error, which is the divergence of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance from that of the Underlying Index. Tracking error may occur because of differences between the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differences (including, as applicable, differences between a security’s price at the local market close and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s valuation of a security at the time of calculation of the Fund’s net asset value, transaction costs incurred by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distributions paid to the Fund’s shareholders, the requirements to maintain pass-through tax treatment, portfolio </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions carried out to minimize the distribution of capital gains to shareholders, changes to the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index and the costs to the Fund of complying with various new or existing regulatory requirements, among other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reasons. These risks may be heightened during times of increased market volatility or other unusual market </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conditions. In addition, tracking error also may result because the Fund incurs fees and expenses, while the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Underlying Index does not.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Asset Class Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Securities and other assets or financial instruments in the Underlying Index or in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio may underperform in comparison to the general financial markets, a particular financial market or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset classes.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund reserves the right to concentrate its investments (i.e., invest 25% or more of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">total assets in securities of issuers in a particular industry) to approximately the same extent that the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index concentrates in a particular industry. To the extent the Fund concentrates in a particular industry, it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">more susceptible to economic conditions and risks affecting that industry.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Consumer Discretionary Sector Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The consumer discretionary sector may be affected by changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and international economies, exchange and interest rates, supply chains, competition, consumers’ </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">disposable income, consumer preferences, social trends and marketing campaigns.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Financials Sector Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies in the financials sector of an economy are subject to extensive governmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of capital and liquid assets they must maintain and, potentially, their size. Governmental regulation may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">change frequently and may have significant adverse consequences for companies in the financials sector, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effects not intended by such regulation. Increased risk taking by financial companies may also result in greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">overall risk in the United States and global financials sector. The impact of changes in capital requirements, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recent or future regulation in various countries, on any individual financial company or on the financials sector as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than those of investments outside this sector, including the risks associated with companies that operate with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantial financial leverage. Companies in the financials sector are exposed directly to the credit risk of their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrowers and counterparties, who may be leveraged to an unknown degree, including through swaps and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives products. Financial services companies may have significant exposure to the same borrowers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">counterparties, with the result that a borrower’s or counterparty’s inability to meet its obligations to one company </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect other companies with exposure to the same borrower or counterparty. This interconnectedness of risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in significant negative impacts to companies with direct exposure to the defaulting counterparty as well </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as adverse cascading effects in the markets and the financials sector generally. Companies in the financials sector </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money or asset valuations, credit rating downgrades, adverse public perception and adverse conditions in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in interest rates. The financials sector is also a target for cyberattacks. Cybersecurity incidents and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">technology malfunctions and failures have become increasingly frequent and have caused significant losses to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies in this sector, which may negatively impact the Fund. The extent to which the Fund may invest in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company that engages in securities-related activities or banking is limited by applicable law.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Industrials Sector Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Companies in the industrials sector may be adversely affected by changes in the supply </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of and demand for products and services, product obsolescence, claims for environmental damage or product </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liability and changes in general economic conditions, among other factors.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Fund performance depends on the performance of individual securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the securities to decline.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — As the Fund may not fully replicate the Underlying Index, it is subject to the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock’s investment strategy may not produce the intended results.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact </span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Passive Investment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because BlackRock does not select individual companies in the index that the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tracks, the Fund may hold securities of companies that present risks that an investment adviser researching </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">individual securities might seek to avoid.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the performance of the Fund has varied for the periods since inception and provides </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Russell 3000</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index and the Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index. The Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index is relevant to the Fund because it has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics similar to the Fund’s investment strategy. Prior to the Investor A Shares inception date of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">November 30, 2015, the returns for the Investor A Shares are based on the Fund’s Institutional Shares, as adjusted </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to reflect the applicable distribution and service (12b-1) fees. To the extent that dividends and distributions have been </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">dividends and distributions. As with all such investments, past performance (before and after taxes) is not an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information on the Fund’s performance, including its current net asset value, can be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">www.blackrock.com or can be obtained by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> 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. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 iShares Russell Mid-Cap Index Fund Investor A Shares ANNUAL TOTAL RETURNS As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the periods shown in the bar chart, the highest return for a quarter was 24.26% (quarter ended June 30, 2020) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the lowest return for a quarter was -26.98% (quarter ended March 31, 2020). The year-to-date return as of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">September 30, 2024 was 14.34%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2426 2020-06-30 lowest return -0.2698 2020-03-31 year-to-date return 2024-09-30 0.1434 For the periods ended 12/31/23 Average Annual Total Returns 2015-05-13 2015-05-13 2015-05-13 2015-05-13 0.1684 0.1232 0.0865 0.1604 0.1139 0.0728 0.1046 0.0970 0.0655 0.1717 0.1262 0.0893 0.2596 0.1516 0.1149 0.1723 0.1268 0.0894 <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Investor A Shares only, and the after-tax returns for Institutional Shares will vary.</span></div> 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. Fund Overview Key Facts About iShares Russell Mid-Cap Index Fund Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of iShares Russell Mid-Cap Index Fund (the “Fund”), a series of BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“Trust”), is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0.0002 0.0004 0.0004 June 30, 2026 Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other mutual funds. The Example assumes that you invest $10,000 in shares of the Fund for the time periods </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 4 13 23 51 Portfolio Turnover: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">26</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">% of the average value of its portfolio.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> 0.26 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to track the investment results of the Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index (the “Underlying Index”), which measures </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the performance of the mid-capitalization sector of the U.S. equity market. The Underlying Index is a float-adjusted, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">capitalization-weighted index of equity securities issued by approximately 800 of the smallest issuers in the Russell </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">1000</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index. The Underlying Index includes equity securities issued by issuers with a median market cap of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">$11.56 billion as of October 31, 2024. Components primarily include industrials, consumer discretionary and financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies, and may change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indexing strategy that involves investing in a representative sample of securities that collectively has an investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may or may not hold all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of the Underlying Index.</span></div> Principal Risks of Investing in the Fund You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Index-Related Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— There is no guarantee that the Fund’s investment results will have a high degree of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or high volatility, other unusual market circumstances and regulatory restrictions could have an adverse effect on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data, index computations or the construction of the Underlying Index in accordance with its methodology may occur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">from time to time and may not be identified and corrected by the index provider for a period of time or at all, which </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index to vary from its normal or expected composition.</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An index fund has operating and other expenses while an index does not. As a result, while the Fund will attempt to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track the Underlying Index as closely as possible, it will tend to underperform the Underlying Index to some degree </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">over time. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performs poorly.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid Cap Securities Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Tracking Error Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may be subject to tracking error, which is the divergence of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance from that of the Underlying Index. Tracking error may occur because of differences between the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differences (including, as applicable, differences between a security’s price at the local market close and the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s valuation of a security at the time of calculation of the Fund’s net asset value, transaction costs incurred by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distributions paid to the Fund’s shareholders, the requirements to maintain pass-through tax treatment, portfolio </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transactions carried out to minimize the distribution of capital gains to shareholders, changes to the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index and the costs to the Fund of complying with various new or existing regulatory requirements, among other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reasons. These risks may be heightened during times of increased market volatility or other unusual market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">conditions. In addition, tracking error also may result because the Fund incurs fees and expenses, while the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Underlying Index does not.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Asset Class Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Securities and other assets or financial instruments in the Underlying Index or in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">portfolio may underperform in comparison to the general financial markets, a particular financial market or other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">asset classes.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund reserves the right to concentrate its investments (i.e., invest 25% or more of its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">total assets in securities of issuers in a particular industry) to approximately the same extent that the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index concentrates in a particular industry. To the extent the Fund concentrates in a particular industry, it may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">more susceptible to economic conditions and risks affecting that industry.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Consumer Discretionary Sector Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The consumer discretionary sector may be affected by changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and international economies, exchange and interest rates, supply chains, competition, consumers’ </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">disposable income, consumer preferences, social trends and marketing campaigns.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Financials Sector Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Companies in the financials sector of an economy are subject to extensive governmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of capital and liquid assets they must maintain and, potentially, their size. Governmental regulation may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">change frequently and may have significant adverse consequences for companies in the financials sector, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">effects not intended by such regulation. Increased risk taking by financial companies may also result in greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">overall risk in the United States and global financials sector. The impact of changes in capital requirements, or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">recent or future regulation in various countries, on any individual financial company or on the financials sector as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">than those of investments outside this sector, including the risks associated with companies that operate with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">substantial financial leverage. Companies in the financials sector are exposed directly to the credit risk of their </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">borrowers and counterparties, who may be leveraged to an unknown degree, including through swaps and other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">derivatives products. Financial services companies may have significant exposure to the same borrowers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">counterparties, with the result that a borrower’s or counterparty’s inability to meet its obligations to one company </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may affect other companies with exposure to the same borrower or counterparty. This interconnectedness of risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may result in significant negative impacts to companies with direct exposure to the defaulting counterparty as well </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">as adverse cascading effects in the markets and the financials sector generally. Companies in the financials sector </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money or asset valuations, credit rating downgrades, adverse public perception and adverse conditions in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fluctuations in interest rates. The financials sector is also a target for cyberattacks. Cybersecurity incidents and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">technology malfunctions and failures have become increasingly frequent and have caused significant losses to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies in this sector, which may negatively impact the Fund. The extent to which the Fund may invest in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">company that engages in securities-related activities or banking is limited by applicable law.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Industrials Sector Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Companies in the industrials sector may be adversely affected by changes in the supply </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of and demand for products and services, product obsolescence, claims for environmental damage or product </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">liability and changes in general economic conditions, among other factors.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Fund performance depends on the performance of individual securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the securities to decline.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — As the Fund may not fully replicate the Underlying Index, it is subject to the risk that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock’s investment strategy may not produce the intended results.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this </span></div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">time.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Passive Investment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because BlackRock does not select individual companies in the index that the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">tracks, the Fund may hold securities of companies that present risks that an investment adviser researching </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">individual securities might seek to avoid.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the performance of the Fund has varied for the periods since inception and provides </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Russell 3000</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index and the Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index. The Russell Midcap</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Index is relevant to the Fund because it has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> 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. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 iShares Russell Mid-Cap Index Fund Class K Shares ANNUAL TOTAL RETURNS As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the periods shown in the bar chart, the highest return for a quarter was 24.46% (quarter ended June 30, 2020) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the lowest return for a quarter was -26.93% (quarter ended March 31, 2020). The year-to-date return as of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">September 30, 2024 was 14.57%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.2446 2020-06-30 lowest return -0.2693 2020-03-31 year-to-date return 2024-09-30 0.1457 For the periods ended 12/31/23 Average Annual Total Returns 2015-05-13 2015-05-13 2015-05-13 0.1727 0.1269 0.0898 0.1638 0.1167 0.0754 0.1076 0.0998 0.0680 0.2596 0.1516 0.1149 0.1723 0.1268 0.0894 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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.</span></div> 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. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, 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, 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 30, 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 0.37% (for Investor A Shares) and 0.12% (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. The Fund has added this broad-based index in response to new regulatory requirements. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 25, 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, 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 25, 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 0.07% 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. The Fund has added this broad-based index in response to new regulatory requirements.