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SEPTEMBER 28, 2026
Summary Prospectus
BlackRock Funds SM | Class K Shares
• BlackRock Health Sciences Opportunities Portfolio Class K: SHSKX
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) 537-4942 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 Health Sciences Opportunities Portfolio
Investment Objective
The investment objective of BlackRock Health Sciences Oppor tunities Por tfolio (the “Fund”), a series of BlackRock Funds SM (the “Trust”), is to provide long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell Class K 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 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.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class K Shares Management Fee 1 0.68% Distribution and/or Service (12b-1) Fees None Other Expenses 2 0.08% Total Annual Fund Operating Expenses 2 0.76% Fee Waivers and/or Expense Reimbursements 1 0.00% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1 0.76% 1 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 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. 2 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. 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 Class K Shares $78 $243 $422 $942
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 49% of the average value of its por tfolio.
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Principal Investment Strategies of the Fund
Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily common stock, of companies in health sciences and related industries. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The health sciences sector can include companies in health care equipment and supplies, health care providers and services, biotechnology, and pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the development, production, and distribution or delivery of medical and pharmaceutical products and services, companies engaged in biotechnology and medical research and development, companies that may design, manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related administrative, management and financial suppor t. The Fund will concentrate its investments ( i.e., invest more than 25% of its assets) in health sciences or related industries, and may invest in companies located in non-U.S. countries.
The Fund reserves the right to invest up to 20% of its total assets in other types of securities. These may include stocks of companies not associated with health sciences.
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. Healthcare-Related Securities Risk — Healthcare companies are strongly affected by worldwide scientific or technological developments. Their products may rapidly become obsolete. Many healthcare companies are also subject to significant government regulation and may be affected by changes in governmental policies. Concentration Risk — The Fund’s strategy of concentrating in health sciences and related companies means that its per formance will be closely tied to the per formance of a par ticular market segment. The Fund’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the per formance of these companies will lag the per formance of other industries or the broader market as a whole. Foreign Securities Risk — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio. The economies of cer tain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
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The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full, which will adversely affect the Fund’s net asset value. Geographic Concentration Risk — From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment per formance. The Fund’s investment per formance may also be more volatile if it concentrates its investments in cer tain countries, especially emerging market countries. Investment Style Risk — Under cer tain market conditions, growth investments have per formed better during the later stages of economic expansion. Therefore, this investment style 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. 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 environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. 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. Mid Cap Securities Risk — The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies. 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 ar tificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. 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. Small Cap Securities Risk — Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.
Performance Information
The information shows you how the Fund’s per formance has varied year by year and provides some indication of the risks of investing in the Fund. Class K Shares commenced operations on June 8, 2016. As a result, the returns in the char t and table shown below for Class K Shares prior to June 8, 2016 are those of the Fund’s Investor A Shares, which are not offered in this prospectus, excluding any Investor A Shares front-end sales charges, which are not applicable to Class K Shares. The per formance of Class K Shares would be substantially similar to Investor A Shares
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because Class K Shares and Investor A Shares are invested in the same por tfolio of securities and per formance would differ only to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of Investor A Shares because Class K Shares have lower expenses than Investor A Shares. The table compares the Fund’s per formance to that of the Russell 3000 Index and the Russell 3000 Health Care Index. The Russell 3000 Health Care Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. 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. The table includes all applicable fees. If the Fund’s investment manager 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.
Class K Shares ANNUAL TOTAL RETURNS BlackRock Health Sciences Opportunities Portfolio As of 12/31
-5.85%
25.30%
8.39%
25.73%
19.91%
12.20%
-5.60%
3.93% 4.22%
16.38%
-10%
0%
10%
20%
30%
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 17.57% (quar ter ended June 30, 2020) and the lowest return for a quar ter was -11.45% (quar ter ended March 31, 2020). The year-to-date return as of June 30, 2026 was 4.60%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock Health Sciences Oppor tunities Por tfolio — Class K Shares Return Before Taxes 16.38% 5.95% 9.92% Return After Taxes on Distributions 13.55% 4.02% 8.34% Return After Taxes on Distributions and Sale of Fund Shares 11.33% 4.40% 7.82% Russell 3000 Index (Reflects no deduction for fees, expenses or taxes) 17.15% 13.15% 14.29% Russell 3000 Health Care Index (Reflects no deduction for fees, expenses or taxes) 14.56% 6.31% 9.54%
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.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
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Portfolio Managers
Portfolio Manager
Portfolio Manager of the Fund Since Title Erin Xie, PhD 2003 Managing Director of BlackRock, Inc. Xiang Liu, PhD 2020 Managing Director of BlackRock, Inc.
Purchase and Sale of Fund Shares
Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, 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, (iii) “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and insurance company separate accounts, 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, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 152534429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment requirement. There is no minimum investment amount for additional purchases.
Tax Information
Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and Fund shares are not “debt-financed proper ty” to the plan), then the dividends paid by the Fund and the gain realized from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends and gain from a redemption or exchange 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.
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.
Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to assets invested in Class K Shares.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
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INVESTMENT COMPANY ACT FILE # 811-05742 SPRO-HSO-K-0926
NM1026U-5978657-8/8
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"text": "Key Facts About BlackRock Health Sciences Opportunities Portfolio"
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"text": "The investment objective of BlackRock Health Sciences Oppor tunities Por tfolio (the \u201cFund\u201d), a series of BlackRock"
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"text": "(the \u201cTrust\u201d), is to provide long-term growth of capital."
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"text": "fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer,"
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"text": "(\u201cBlackRock\u201d) and its affiliates) (each, a \u201cFinancial Intermediary\u201d), which are not reflected in the table and"
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"text": "percentage of the value of your investment)"
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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": "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": "The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the"
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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": "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": "Class K Shares $78 $243 $422 $942"
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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": "49% of the average value of its por tfolio."
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"text": "common stock, of companies in health sciences and related industries. Investments in derivatives are counted toward"
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"text": "the Fund\u2019s 80% policy to the extent that they provide investment exposure to the securities included within that policy"
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"text": "or to one or more market risk factors associated with such securities. The health sciences sector can include"
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