# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-287183
**Filing Date:** 2025-11
**Character Count:** 6230
**Document Hash:** e385dca547123c82d49709f325acfc1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-287183.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-287183

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**EFFECTIVENESS DATE**: 20251119

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-26305
- **FILM NUMBER:** 251496867

**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 U.S. Insights Long/Short Equity Fund (Series ID: S000080441)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000242843 | Class K       |  |
| C000242844 | Investor A    |  |
| C000242845 | Institutional |  |

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

BlackRock U.S. Insights Long/Short Equity Fund

(the "Fund")

**Supplement dated November 19, 2025 to the Summary Prospectuses and the** 

**Prospectuses of the Fund, each dated September 26, 2025, as supplemented to date** 

On November 18, 2025, the Board of Trustees of BlackRock Funds<sup>SM</sup> (the "Trust"), on behalf of the Fund, approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on December 31, 2025, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On or about January 30, 2026 (the "Liquidation Date"), all of the assets of the Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a series of the Trust. Shareholders may redeem their Fund shares or exchange their shares into shares of another mutual fund advised by BlackRock Advisors, LLC or its affiliates at any time prior to the Liquidation Date. In preparation for the liquidation, the Fund may deviate from its investment objective and principal investment strategies.

Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund on their tax situation.

**Effective immediately, the following changes are made to the Fund's Summary Prospectuses and Prospectuses, as applicable:** 

**The section of the Summary Prospectuses entitled "Key Facts About BlackRock U.S. Insights Long/Short Equity Fund — Portfolio Managers" and the section of the Prospectuses entitled "Fund Overview — Key Facts About BlackRock U.S. Insights Long/Short Equity Fund — Portfolio Managers" are deleted in their entirety and replaced with the following:** 

***Portfolio Managers***

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Portfolio Manager of**<br> **the Fund Since** | **Title** |
| William Su | 2023 | Managing Director of BlackRock, Inc. |
| Linus Franngard | 2023 | Managing Director of BlackRock, Inc. |
| Travis Cooke, CFA | 2023 | Managing Director of BlackRock, Inc. |
| Simon McGeough | 2023 | Director of BlackRock, Inc. |

---

**The section of the Prospectuses entitled "Details About the Fund — How the Fund Invests — About the Portfolio Management of the Fund" is deleted in its entirety and replaced with the following:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**ABOUT THE PORTFOLIO MANAGEMENT OF THE FUND** |
| &nbsp;&nbsp;&nbsp;The Fund is managed by a team of financial professionals. William Su, Linus Franngard, Travis Cooke, CFA, and Simon McGeough are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see "Management of the Fund — Portfolio Manager Information" for additional information about the portfolio management team. |

---

------

**The section of the Prospectuses entitled "Management of the Fund — Portfolio Manager Information" is deleted in its entirety and replaced with the following:** 

Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Fund's SAI.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| William Su | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2018. |
| Linus Franngard | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2016. |
| Travis Cooke, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2023 | Managing Director of BlackRock, Inc. since 2012. |
| Simon McGeough | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2023 | Director of BlackRock, Inc. since 2019. |

---

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