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SEPTEMBER 28, 2026
Summary Prospectus
BlackRock Funds SM | Investor and Institutional Shares
• BlackRock Sustainable Aware Advantage Large Cap Core Fund Investor A: BIRAX • Investor C: BIRCX • Institutional: BIRIX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund’s statement of additional information, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 441-7762 or by sending an e-mail request to prospectus.request@blackrock.com , or from your financial professional. The Fund’s prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank Guarantee
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Summary Prospectus
Key Facts About BlackRock Sustainable Aware Advantage Large Cap Core Fund
Investment Objective
The investment objective of BlackRock Sustainable Aware Advantage Large Cap Core Fund (the “Fund”), a series of BlackRock Funds SM (the “Trust”), is to seek to provide total return while seeking to maintain cer tain environmental, social and governance (“ESG”) characteristics and climate risk exposure relative to the Fund’s benchmark.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 26 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-97 of Par t II of the Fund’s Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment)
Investor A Shares
Investor C Shares
Institutional Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None 1 1.00% 2 None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Investor A Shares
Investor C Shares
Institutional Shares Management Fee 3 0.40% 0.40% 0.40% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None Other Expenses 4 0.23% 0.22% 0.24% Total Annual Fund Operating Expenses 4 0.88% 1.62% 0.64% Fee Waivers and/or Expense Reimbursements 3,5 (0.15)% (0.14)% (0.16)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 3,5 0.73% 1.48% 0.48% 1 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $1,000,000 or more. 2 There is no CDSC on Investor C Shares after one year. 3 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to waive the management fee with respect to any por tion 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, 2028. 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, 2028. 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. 4 For cer tain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. 5 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, 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 cer tain other Fund expenses) to 0.73% (for Investor A Shares), 1.48% (for Investor C Shares) and 0.48% (for Institutional Shares) of average daily net assets through June 30, 2028. 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.
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Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years Investor A Shares $596 $777 $973 $1,539 Investor C Shares $251 $497 $868 $1,712 Institutional Shares $ 49 $189 $341 $ 783
You would pay the following expenses if you did not redeem your shares:
1 Year 3 Years 5 Years 10 Years Investor C Shares $151 $497 $868 $1,712
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was 115% of the average value of its por tfolio.
Principal Investment Strategies of the Fund
The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a por tfolio level that is at least 10% better than that of the Russell 1000 Index (the “Benchmark”) and (ii) an aggregate carbon emissions assessment at a por tfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes such assessments by utilizing Fund management’s proprietary framework as well as cer tain third-par ty data. These assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary screens based on cer tain ESG criteria, which are described below.
Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Benchmark. The companies included in the Benchmark have market capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026.
Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase conver tible securities. From time to time the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”).
To determine the Fund’s investable universe, Fund management first seeks to screen out cer tain issuers based on ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally includes: (i) issuers that derive more than zero percent of revenue from the production of controversial weapons; (ii) issuers that derive more than zero percent of revenue from the production of civilian firearms; (iii) issuers that derive more than zero percent of revenue from the production of tobacco-related products; (iv) issuers that derive more than five percent of revenue from thermal coal generation, unless such issuers either (a) have made cer tain commitments to reduce climate impact or (b) derive at least fifty percent of revenue from alternative energy sources; (v) issuers that derive more than five percent of revenue from thermal coal mining; and (vi) issuers that derive more than five percent of revenue from oil sands extraction. The Fund relies on one or more third-par ty ratings agencies to identify issuers for purposes of the above screening criteria. Third-par ty rating agencies may base the above screening criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.
The Fund’s screening criteria is measured at the time of investment and is dependent upon information and data that may be incomplete, inaccurate, unavailable or estimated. Where the Fund’s criteria looks solely to third-par ty ratings or
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data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third par ties. This screening criteria is subject to change over time at BlackRock’s discretion.
In addition, the Fund may gain indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to issuers with exposures that are inconsistent with the ESG criteria used by Fund management.
The Fund seeks to pursue its investment objective by investing in equity securities in a disciplined manner, by using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting par ticular equities while seeking to control incremental risk. The investment process is driven with systematic and quantitative implementation based on an issuer’s expected returns, which include measurable ESG characteristics, risk and transaction costs, as determined by BlackRock’s proprietary research.
BlackRock then constructs and rebalances the por tfolio’s weightings by incorporating its investment insights into the model-based optimization process. Cer tain of the investment insights relate to ESG characteristics in BlackRock defined categories, including, but not limited to, (i) superior growth characteristics of issuers, (ii) risk mitigation characteristics of issuers, (iii) themes related to social matters and (iv) economic transition, which includes, but is not limited to, environmental considerations. Examples of such ESG characteristics, which are utilized in BlackRock’s ESG assessment versus the Benchmark, include management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development. The ESG characteristics utilized in the por tfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.
The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Benchmark. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.
Principal Risks of Investing in the Fund
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your investment in the Fund or your investment may not per form 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. The following is a summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully. Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. ESG Investing Risk — The Fund intends to screen out par ticular issuers pursuant to cer tain criteria established by BlackRock, and to measure ESG characteristics, including characteristics related to climate, with respect to cer tain investments pursuant to a methodology determined by BlackRock. This may affect the Fund’s exposure to cer tain issuers and the Fund may forego cer tain investment oppor tunities. The Fund’s results may be lower than other funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out issuers or evaluate ESG criteria. The Fund seeks to identify issuers that it believes are better positioned to manage ESG risks and oppor tunities related to their businesses and to avoid cer tain companies and industries with ESG related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any par ticular investor. In evaluating a security or issuer based on ESG criteria, BlackRock is dependent upon cer tain information and data from third par ty providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that BlackRock may incorrectly assess a security or issuer. There is also a risk that BlackRock may not apply the relevant ESG criteria correctly or that the Fund could have indirect exposure to issuers who do not meet the relevant ESG criteria used by the Fund. Neither the Fund nor BlackRock make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in cer tain sectors, as well as limited
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availability of investments with positive ESG assessments in cer tain sectors. BlackRock’s evaluation of ESG criteria is subjective and may change over time.
The Fund may not include all instruments in its ESG-related assessments, and may place weight on other factors when selecting investments. In addition, the Fund may not be successful in its ESG-related objectives. There is no guarantee that these objectives will be achieved, and such assessments are at BlackRock’s discretion. Model Risk — The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may per form differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to the use of ar tificial intelligence and machine learning (“AI”) and other technological issues). There is no guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund. The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective. Convertible Securities Risk — The market value of a conver tible security per forms like that of a regular debt security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the conver tible security. Derivatives Risk — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including: Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. Counterpar ty Risk — Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterpar ty. Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or enforceability of a contract. Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Hedging Risk — Hedges are sometimes subject to imper fect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in cer tain adverse tax consequences. Tax Risk — Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,
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regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. Risks Specific to Cer tain Derivatives Used by the Fund
Futures — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imper fect correlations between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterpar ty will default in the per formance of its obligations. Options — An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial loss. High Portfolio Turnover Risk — The Fund may engage in active and frequent trading of its por tfolio securities. High por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal por tfolio turnover may adversely affect Fund per formance. Investment Style Risk — Under cer tain market conditions, growth investments have per formed better during the later stages of economic expansion and value investments have per formed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use different investment styles. Large-Capitalization Companies Risk — Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The per formance of large-capitalization companies could trail the overall per formance of the broader securities markets. Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage. Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and
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environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to “Model Risk” as described above. Recent policy initiatives under taken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. “New Issues” Risk — “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the IPO. Operational and Technology Risks — The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. Preferred Securities Risk — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Risk of Investing in the United States — Cer tain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.
Performance Information
Effective December 1, 2021, the Fund changed its name, investment process and investment strategies. Per formance for the periods prior to December 1, 2021 shown below is based on the investment process and investment strategies utilized by the Fund under the name “BlackRock Advantage ESG U.S. Equity Fund.” The information shows you how the per formance of the Fund has varied for the periods since inception and provides some indication of the risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 1000 Index. To the extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.
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Investor A Shares ANNUAL TOTAL RETURNS BlackRock Sustainable Aware Advantage Large Cap Core Fund As of 12/31
13.94%
21.22%
-5.66%
30.79% 22.11%
28.26%
-19.93%
25.26% 23.59% 18.64%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
During the ten-year period shown in the bar char t, the highest return for a quar ter was 23.71% (quar ter ended June 30, 2020) and the lowest return for a quar ter was -20.35% (quar ter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 11.94%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock Sustainable Aware Advantage Large Cap Core Fund — Investor A Shares Return Before Taxes 12.42% 12.31% 14.04% Return After Taxes on Distributions 10.57% 10.42% 12.35% Return After Taxes on Distributions and Sale of Fund Shares 8.29% 9.28% 11.09% BlackRock Sustainable Aware Advantage Large Cap Core Fund — Investor C Shares Return Before Taxes 16.73% 12.67% 13.98% BlackRock Sustainable Aware Advantage Large Cap Core Fund — Institutional Shares Return Before Taxes 18.94% 13.81% 14.94% Russell 1000 Index (Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Portfolio Managers
Portfolio Manager Portfolio Manager of the Fund Since Title Travis Cooke, CFA 2015 Managing Director of BlackRock, Inc. Raffaele Savi 2020 Senior Managing Director of BlackRock, Inc. Richard Mathieson 2020 Managing Director of BlackRock, Inc. Anna Hawley, CFA 2020 Managing Director of BlackRock, Inc.
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Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Investor A and Investor C Shares Institutional Shares Minimum Initial Investment
$1,000 for all accounts except: • $50, if establishing an Automatic Investment Plan. • There is no investment minimum for employer sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). • There is no investment minimum for cer tain fee based programs.
There is no minimum initial investment for: • Cer tain employee benefits plans, such as health savings accounts and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. • Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. • Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. $1,000 for: • Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. • Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. Minimum Additional Investment
$50 for all accounts (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).
No subsequent minimum.
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Tax Information
The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
10
NM1026U-5984579-10/12
Page 11
[This page intentionally left blank]
NM1026U-5984579-11/12
Page 12
INVESTMENT COMPANY ACT FILE # 811-05742 SPRO-SALCC-0926
NM1026U-5984579-12/12
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"text": "(expenses that you pay each year as a"
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"text": "Distribution and/or Service (12b-1) Fees 0.25% 1.00% None"
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"text": "Total Annual Fund Operating Expenses"
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"text": "Fee Waivers and/or Expense Reimbursements"
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"text": "(0.15)% (0.14)% (0.16)%"
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"text": "Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
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"text": "Reimbursements"
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"text": "0.73% 1.48% 0.48%"
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"text": "A contingent deferred sales charge (\u201cCDSC\u201d) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after"
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"text": "purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $1,000,000 or more."
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"text": "There is no CDSC on Investor C Shares after one year."
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"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 42, BlackRock has contractually agreed to"
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"text": "waive the management fee with respect to any por tion of the Fund\u2019s assets estimated to be attributable to investments in other equity and fixed"
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"text": "income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through"
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"text": "June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the"
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"text": "Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028."
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"text": "The contractual agreements may be terminated upon 90 days\u2019 notice by a majority of the non-interested trustees of the Trust or by a vote of a"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "For cer tain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average"
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"text": "net assets given in the Fund\u2019s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and"
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"text": "waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
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"text": "Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.73%"
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"text": "(for Investor A Shares), 1.48% (for Investor C Shares) and 0.48% (for Institutional Shares) of average daily net assets through June 30, 2028."
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"text": "The contractual agreement may be terminated upon 90 days\u2019 notice by a majority of the non-interested trustees of the Trust or by a vote of a"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "Example:"
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"text": "This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other"
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"text": "mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then"
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"text": "redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%"
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"text": "return each year and that the Fund\u2019s operating expenses remain the same. Although your actual costs may be higher"
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"text": "or lower, based on these assumptions your costs would be:"
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"text": "1 Year 3 Years 5 Years 10 Years"
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"text": "Investor A Shares $596 $777 $973 $1,539"
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"text": "Investor C Shares $251 $497 $868 $1,712"
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"text": "Institutional Shares $ 49 $189 $341 $ 783"
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"text": "You would pay the following expenses if you did not redeem your shares:"
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"text": "The Fund pays transaction costs, such as commissions, when it buys and sells securities (or \u201cturns over\u201d its"
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"text": "por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
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"text": "shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the"
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"text": "Example, affect the Fund\u2019s per formance. During the most recent fiscal year, the Fund\u2019s por tfolio turnover rate was"
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"text": "115% of the average value of its por tfolio."
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"text": "Principal Investment Strategies of the Fund"
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"text": "The Fund pursues an ESG uplift strategy by seeking to maintain (i) an aggregate ESG assessment at a por tfolio level"
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"text": "that is at least 10% better than that of the Russell 1000 Index (the \u201cBenchmark\u201d) and (ii) an aggregate carbon"
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"id": "049a6e59-54fa-40fe-8abf-8adfd1e5366b",
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"text": "emissions assessment at a por tfolio level that is at least 20% lower than that of the Benchmark. BlackRock makes"
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"text": "such assessments by utilizing Fund management\u2019s proprietary framework as well as cer tain third-par ty data. These"
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"text": "assessments versus the Benchmark are determined at the time of investment and the Fund may deviate from its uplift"
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"text": "targets due to, among other factors, market movements or changes in data. In addition, the Fund utilizes exclusionary"
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"text": "screens based on cer tain ESG criteria, which are described below."
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"text": "Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any"
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"text": "borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to"
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"text": "such securities or to one or more market risk factors associated with such securities. For purposes of the Fund\u2019s 80%"
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"text": "policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within"
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"id": "9babfb00-0a13-44a8-a328-7d58c8d01e6e",
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"text": "the range of companies included in the Benchmark. The companies included in the Benchmark have market"
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"text": "capitalizations that range from approximately $1.98 billion to $5.36 trillion as of August 31, 2026."
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"text": "Equity securities in which the Fund invests include common stock and preferred stock. The Fund may also purchase"
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{
...