0000844779 bf1:ClassKMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsMember 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166149Member 2016-02-16 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-02-16 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsMember 2016-02-16 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member 2016-02-16 2025-12-31 0000844779 bf1:ClassKMember bf1:ICEBofAUSBroadMarketIndexMember 2016-02-16 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:ICEBofAUSBroadMarketIndexMember 2016-02-16 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:AssetClassRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:IncomeRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:IndexRelatedRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:InflationIndexedBondsRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:IssuerRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:ManagementRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:MarketRiskAndSelectionRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:OperationalAndTechnologyRisksMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:PassiveInvestmentRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:RepresentativeSamplingRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:RiskOfInvestingInTheUnitedStatesMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:TIPSRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:TrackingErrorRiskMember 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:USTreasuryObligationsRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:AssetClassRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166149Member 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:IncomeRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:IndexRelatedRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:InflationIndexedBondsRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:IssuerRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:ManagementRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:MarketRiskAndSelectionRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:OperationalAndTechnologyRisksMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:PassiveInvestmentRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:RepresentativeSamplingRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:RiskOfInvestingInTheUnitedStatesMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:TIPSRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:TrackingErrorRiskMember 2025-12-31 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:USTreasuryObligationsRiskMember 2025-12-31 2025-12-31 0000844779 2025-12-31 2025-12-31 0000844779 bf1:ClassKMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166149Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member 2021-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:ICEBofAUSBroadMarketIndexMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:ICEBofAUSBroadMarketIndexMember 2021-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2017-01-01 2017-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2017-01-01 2017-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2018-01-01 2018-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2018-01-01 2018-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2019-01-01 2019-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2019-01-01 2019-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2020-01-01 2020-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2020-01-01 2020-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2021-01-01 2021-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2021-01-01 2021-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2022-01-01 2022-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2022-01-01 2022-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2023-01-01 2023-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2023-01-01 2023-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2024-01-01 2024-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2024-01-01 2024-12-31 0000844779 bf1:ClassKMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:BloombergUSTreasuryInflationProtectedSecuritiesTIPS05YearsIndexSeriesLMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166148Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:C000166149Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:C000166150Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:ICEBofAUSBroadMarketIndexMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:ICEBofAUSBroadMarketIndexMember 2025-01-01 2025-12-31 0000844779 bf1:InvestorAInstitutionalMember bf1:S000052837Member bf1:C000166148Member 2025-01-01 2025-12-31 0000844779 bf1:ClassKMember bf1:S000052837Member bf1:C000166150Member 2025-01-01 2025-12-31 iso4217:USD pure 0000844779 false 485BPOS 2025-12-31 0.0077 0.0022 0.0439 0.0464 0.0489 -0.0315 0.0422 0.0445 0.0573 0.0089 0.0060 0.0472 0.0487 0.0519 -0.0286 0.0451 0.0477 0.0606 N-1A BLACKROCK FUNDS 2026-04-30 Fund Overview Key Facts About iShares Short-Term TIPS Bond 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 Short-Term TIPS Bond 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 U.S. 0-5 Year Treasury Inflation-Protected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">TIPS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</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;">(</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), 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) 0.0001 0.0001 0.0025 0 0.0013 0.0006 0.0039 0.0007 -0.0003 0.0036 0.0007 June 30, 2027 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 the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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> 37 122 216 490 7 23 40 90 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;">12</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> 0.12 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 Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Years Index (Series-L) (the “Underlying Index”), which measures the performance of inflation-protected public </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the U.S. Treasury that have a remaining maturity of less than five years. Inflation-protected public </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the U.S. Treasury, commonly known as “TIPS,” are securities issued by the U.S. Treasury that are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal payments are adjusted for inflation — a sustained increase in prices that erodes the purchasing power of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation index, the consumer price index (“CPI”), and TIPS’ principal payments are adjusted according to changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds typically have lower yields than conventional fixed-rate bonds. If there is deflation, the principal value of an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation-linked security will be adjusted downward, and consequently the interest payments (calculated with respect to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a smaller principal amount) will be reduced. During periods of deflation, low inflation or no inflation, a conventional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond may perform better than inflation-linked securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Underlying Index includes all publicly-issued U.S. Treasury inflation-protected securities that have less than five </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">years remaining to maturity, are rated investment-grade and have $250 million or more of outstanding face value. In </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">addition, the securities in the Underlying Index must be denominated in U.S. dollars and have a notional coupon that is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fixed-rate or zero. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">updated on the last calendar day of each month.</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. From time to time when conditions warrant, however, the Fund may invest at least </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">80% of its assets in securities of the Underlying Index. The Fund may invest a portion of the remainder of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not included in the Underlying Index, but which BlackRock believes will help the Fund track the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index.</span></div> You may lose part or all of yourinvestment in the Fund or your investment may not perform as well as other similar investments. An investment in theFund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. <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;">TIPS Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond principal upon maturity is guaranteed, the market value of TIPS is not guaranteed, and will fluctuate.</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;">U.S. Treasury Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— U.S. Treasury obligations may differ from other securities in their interest rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the value of the Fund’s U.S. Treasury obligations to decline.</span><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> <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;">Inflation-Indexed Bonds Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The principal value of an investment in the Fund is not protected or otherwise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation-indexed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation rates. If the Fund purchases TIPS in the secondary market and the bonds’ principal values previously were </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invested.</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;">In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation, and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduced.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gross income. Due to original issue discount, the Fund may be required to make annual distributions to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of capital.</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;">Index-Related Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The index provider may rely on various sources of information to assess the criteria of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">components of the Underlying Index, including information that may be based on assumptions and estimates. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Neither the Fund nor BlackRock can offer assurances that the index provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information will provide an accurate assessment of included components. Errors in index data, index computations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or the construction of the Underlying Index in accordance with its methodology may occur, and the index provider </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unrest or war) may impact the index provider or a third-party data provider and could cause the index provider to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">composition.</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;">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> <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; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund is subject to the risk of “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 due to a number of factors, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differences between the securities and other assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Underlying Index; differences in the timing and methodologies used to value securities and other assets; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes; the requirements for the Fund 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, such as during a rebalancing or reconstitution; and impacts to the Fund of complying with certain regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements or limits. A fund that tracks an index composed of a large number of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">experience greater tracking error than a fund that tracks a more narrow index. Tracking error risk may be heightened </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">during times of increased market volatility or other unusual market 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: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Representative Sampling Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;"> Representative sampling is a method of indexing that involves investing in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">representative sample of securities that collectively have a similar investment profile to the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">resemble the Underlying Index in terms of risk factors and other key characteristics. The Fund may or may not hold </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">every security in the Underlying Index. When the Fund deviates from a full replication indexing strategy to utilize a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">representative sampling strategy, the Fund is subject to an increased risk of tracking error, in that the securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selected in the aggregate for the Fund may not have an investment profile similar to those of the Underlying Index.</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;">Asset Class Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The securities and other assets or financial instruments in the Underlying Index or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">another index, or other asset classes.</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;">Income Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s income may decline due to a decline in inflation, deflation or changes in inflation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expectations.</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;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to changes in the general level of interest rates. Interest rate changes can be sudden and unpredictable and are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of risk, and supply and demand for fixed-income securities. An increase in interest rates generally will cause the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of fixed-income securities to decline. Securities with longer maturities generally are more sensitive to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and subject to greater fluctuations in value. Changes in interest rates may have unpredictable effects </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">on fixed-income markets and result in heightened volatility and lower liquidity for certain instruments, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adversely affect the Fund’s performance. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to shareholders.</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> <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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</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;">Risk of Investing in the United States </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;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</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 Fund’s performance has varied for the periods since inception and provides some </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the ICE BofA </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. Broad Market Index and the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L). </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series L) is relevant to the Fund </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">because it has characteristics similar to the Fund’s investment strategies. To the extent that dividends and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reinvestment of the dividends and distributions. As with all such investments, past performance (before and after </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s investment manager </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">have been lower. Updated information on the Fund’s performance, including its current net asset value, can be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obtained by visiting http://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 Fund’s performance has varied for the periods since inception and provides someindication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the ICE BofAU.S. Broad Market Index and the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L).The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series L) is relevant to the Fundbecause it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and aftertaxes) is not an indication of future results. http://www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS iShares Short-Term TIPS Bond Index Fund 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 2.98% (quarter ended March 31, 2025) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the lowest return for a quarter was -2.76% (quarter ended September 30, 2022).</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.0298 2025-03-31 lowest return -0.0276 2022-09-30 For the periods ended 12/31/25Average Annual Total Returns 2016-02-16 2016-02-16 2016-02-16 2016-02-16 0.0573 0.0318 0.0283 0.0388 0.0137 0.0155 0.0338 0.0164 0.0161 0.0602 0.0345 0.0311 0.0715 -0.0042 0.0184 0.0607 0.0354 0.0320 <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 </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 notreflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and maydiffer from those shown, and the after-tax returns shown are not relevant to investors who hold their shares throughtax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown forInvestor A Shares only, and the after-tax returns for Institutional Shares will vary. Fund Overview Key Facts About iShares Short-Term TIPS Bond 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 Short-Term TIPS Bond 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 U.S. 0-5 Year Treasury Inflation-Protected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">TIPS</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">).</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 (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), 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) 0.0001 0 0.0005 0.0006 0.0006 June 30, 2027 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 the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">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> 6 19 34 77 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><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;">12</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> 0.12 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 Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Years Index (Series-L) (the “Underlying Index”), which measures the performance of inflation-protected public </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the U.S. Treasury that have a remaining maturity of less than five years. Inflation-protected public </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations of the U.S. Treasury, commonly known as “TIPS,” are securities issued by the U.S. Treasury that are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal payments are adjusted for inflation — a sustained increase in prices that erodes the purchasing power of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation index, the consumer price index (“CPI”), and TIPS’ principal payments are adjusted according to changes in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds typically have lower yields than conventional fixed-rate bonds. If there is deflation, the principal value of an </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation-linked security will be adjusted downward, and consequently the interest payments (calculated with respect to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">a smaller principal amount) will be reduced. During periods of deflation, low inflation or no inflation, a conventional </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond may perform better than inflation-linked securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Underlying Index includes all publicly-issued U.S. Treasury inflation-protected securities that have less than five </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">years remaining to maturity, are rated investment-grade and have $250 million or more of outstanding face value. In </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">addition, the securities in the Underlying Index must be denominated in U.S. dollars and have a notional coupon that is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fixed-rate or zero. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">updated on the last calendar day of each month.</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. From time to time when conditions warrant, however, the Fund may invest at least </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">80% of its assets in securities of the Underlying Index. The Fund may invest a portion of the remainder of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities not included in the Underlying Index, but which BlackRock believes will help the Fund track the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Index.</span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <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;">TIPS Risk —</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bond principal upon maturity is guaranteed, the market value of TIPS is not guaranteed, and will fluctuate.</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;">U.S. Treasury Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— U.S. Treasury obligations may differ from other securities in their interest rates, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cause the value of the Fund’s U.S. Treasury obligations to decline.</span><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> <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;">Inflation-Indexed Bonds Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The principal value of an investment in the Fund is not protected or otherwise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation-indexed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation rates. If the Fund purchases TIPS in the secondary market and the bonds’ principal values previously were </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">invested.</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;">In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">inflation, and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reduced.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div><div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">gross income. Due to original issue discount, the Fund may be required to make annual distributions to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return of capital.</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;">Index-Related Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The index provider may rely on various sources of information to assess the criteria of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">components of the Underlying Index, including information that may be based on assumptions and estimates. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Neither the Fund nor BlackRock can offer assurances that the index provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information will provide an accurate assessment of included components. Errors in index data, index computations </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or the construction of the Underlying Index in accordance with its methodology may occur, and the index provider </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unrest or war) may impact the index provider or a third-party data provider and could cause the index provider to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">composition.</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;">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> <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; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> The Fund is subject to the risk of “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 due to a number of factors, including </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">differences between the securities and other assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Underlying Index; differences in the timing and methodologies used to value securities and other assets; </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">foreign withholding taxes; the requirements for the Fund 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, such as during a rebalancing or reconstitution; and impacts to the Fund of complying with certain regulatory </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">requirements or limits. A fund that tracks an index composed of a large number of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">experience greater tracking error than a fund that tracks a more narrow index. Tracking error risk may be heightened </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">during times of increased market volatility or other unusual market 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: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Representative Sampling Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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;"> Representative sampling is a method of indexing that involves investing in a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">representative sample of securities that collectively have a similar investment profile to the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">resemble the Underlying Index in terms of risk factors and other key characteristics. The Fund may or may not hold </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">every security in the Underlying Index. When the Fund deviates from a full replication indexing strategy to utilize a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">representative sampling strategy, the Fund is subject to an increased risk of tracking error, in that the securities </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">selected in the aggregate for the Fund may not have an investment profile similar to those of the Underlying Index.</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;">Asset Class Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The securities and other assets or financial instruments in the Underlying Index or in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">another index, or other 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: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Income Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund’s income may decline due to a decline in inflation, deflation or changes in inflation </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">expectations.</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;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to changes in the general level of interest rates. Interest rate changes can be sudden and unpredictable and are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of risk, and supply and demand for fixed-income securities. An increase in interest rates generally will cause the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of fixed-income securities to decline. Securities with longer maturities generally are more sensitive to interest </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">rate changes and subject to greater fluctuations in value. Changes in interest rates may have unpredictable effects </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;">on fixed-income markets and result in heightened volatility and lower liquidity for certain instruments, which may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">adversely affect the Fund’s performance. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to shareholders.</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: 505.0pt;"><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> <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;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</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;">Risk of Investing in the United States </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;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</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 Fund’s performance 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 ICE BofA U.S. Broad Market Index and the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L). The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. 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 the Fund’s investment manager 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 http://www.blackrock.com or can be obtained by phone at (800) 882-0052.</span></div> The information shows you how the Fund’s performance 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 ICE BofA U.S. Broad Market Index and the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L). The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. http://www.blackrock.com (800) 882-0052 iShares Short-Term TIPS Bond 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 3.06% (quarter ended March 31, 2025) </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the lowest return for a quarter was -2.61% (quarter ended September 30, 2022).</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> highest return 0.0306 2025-03-31 lowest return -0.0261 2022-09-30 For the periods ended 12/31/25Average Annual Total Returns 2016-02-16 2016-02-16 2016-02-16 0.0606 0.0348 0.0313 0.0407 0.0155 0.0172 0.0357 0.0182 0.0178 0.0715 -0.0042 0.0184 0.0607 0.0354 0.0320 <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><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </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 33, 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 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 33, 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 0.36% (for Investor A Shares) and 0.11% (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. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 28, 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 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 28, 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 0.06% 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.