# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-26-091676
**Filing Date:** 2026-3
**Character Count:** 7588
**Document Hash:** fe054a21526a7549cfef3b049a131db4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-091676.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-091676

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-26305
- **FILM NUMBER:** 26722064

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Global Equity Market Neutral Fund (Series ID: S000039460)

---

|  |  |
|:---|:---|
| Class Name           | Class ID   |
| Institutional Shares | C000121567 |
| Investor A Shares    | C000121568 |
| Investor C Shares    | C000121569 |
| Class K              | C000166017 |

---

## Series and Classes Contracts Data

### BlackRock Global Equity Market Neutral Fund (Series ID: S000039460)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000121567 | Institutional Shares |  |
| C000121568 | Investor A Shares    |  |
| C000121569 | Investor C Shares    |  |
| C000166017 | Class K              |  |

**BLACKROCK FUNDS<sup>SM</sup>** 

BlackRock Global Equity Market Neutral Fund

(the "Fund")

**Supplement dated March 4, 2026 to the Statement of Additional Information ("SAI") of the Fund** 

**dated August 28, 2025, as supplemented to date** 

Effective immediately, the minimum lag time until the Fund may disclose its Portfolio Holdings (as defined in the SAI) to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers will be extended from 20 calendar days after month-end to 60 calendar days after month-end.

**Therefore, effective immediately, the following change is made to the Fund's SAI:** 

**The sub-section entitled "Open-End Mutual Funds (Excluding Money Market Funds)" of the section of the SAI entitled "Selective Disclosure of Portfolio Holdings" is deleted in its entirety and replaced with the following:** 

**OPEN-END MUTUAL FUNDS (EXCLUDING MONEY MARKET FUNDS)** 

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| | | |
|:---|:---|:---|
|  | **Time Periods for Portfolio Holdings** | **Time Periods for Portfolio Holdings** |
|  | **Prior to 20 Calendar Days After<br>Month-End** | **20 Calendar Days After Month-End<br>To Public Filing** |
| &nbsp;&nbsp;&nbsp; **Portfolio**<br> **Holdings** | Cannot disclose without non-disclosure or confidentiality agreement and Chief Compliance Officer ("CCO") approval. | May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (*e.g.*, Lipper, Morningstar and Bloomberg), except with respect to Global Allocation funds<sup>1</sup>, BlackRock Core Bond Portfolio and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, BlackRock Strategic Global Bond Fund, Inc., BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Total Return V.I. Fund of BlackRock Variable Series Funds II, Inc., BlackRock Sustainable Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Unconstrained Equity Fund, BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV and BlackRock Global Equity Market Neutral Fund of BlackRock Funds<sup>SM</sup> (each of whose portfolio holdings may be disclosed 60 calendar days after month-end). BlackRock generally discloses portfolio holdings information on the lag times established herein on its public website. If Portfolio Holdings are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |

---

------

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| | | |
|:---|:---|:---|
|  | **Time Periods for Portfolio Characteristics** | **Time Periods for Portfolio Characteristics** |
| &nbsp;&nbsp;&nbsp; **Portfolio<br>Characteristics<br>(Excluding**<br> **Liquidity**<br> **Metrics)** | **Prior to 5 Calendar Days After<br>Month-End** | **5 Calendar Days After Month-End** |
| &nbsp;&nbsp;&nbsp; **Portfolio<br>Characteristics<br>(Excluding**<br> **Liquidity**<br> **Metrics)** | Cannot disclose without non-disclosure or confidentiality agreement and CCO approval.<sup>1</sup>**<sup>,</sup>**<sup>2</sup> | May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (*e.g.*, Lipper, Morningstar and Bloomberg). If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
|  | **Prior to 60 Calendar Days After<br>Calendar Quarter-End** | **60 Calendar Days After Calendar<br>Quarter-End** |
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics — Liquidity**<br> **Metrics** | Cannot disclose without non-disclosure or confidentiality agreement and CCO approval. | May disclose to shareholders, prospective shareholders, intermediaries and consultants; provided portfolio management has approved. If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |

---

<sup>1</sup> **Global Allocation Exception:** For purposes of portfolio holdings, Global Allocation funds include BlackRock Global Allocation Fund, Inc., BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc. and BlackRock Global Allocation V.I. Fund of BlackRock Variable Series Funds, Inc. Information on certain Portfolio Characteristics of BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund is available, upon request, to insurance companies that use these funds as underlying investments (and to advisers and sub-advisers of funds invested in BlackRock Global Allocation Portfolio and BlackRock Global Allocation V.I. Fund) in their variable annuity contracts and variable life insurance policies on a weekly basis (or such other period as may be determined to be appropriate). Disclosure of such characteristics of these two funds constitutes a disclosure of Confidential Information and is being made for reasons deemed appropriate by BlackRock and in accordance with the requirements set forth in these guidelines. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. 

<sup>2</sup> **Strategic Income Opportunities Exception:** Information on certain Portfolio Characteristics of BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V may be made available to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers, upon request on a more frequent basis as may be deemed appropriate by BlackRock from time-to-time. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. 

**Shareholders should retain this Supplement for future reference.** 

SAI-GEMN-0326SUP