# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-287184
**Filing Date:** 2025-11
**Character Count:** 6185
**Document Hash:** 453abf93eb727c077743bb718f40e363
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-287184.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-287184

**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:** 251496868

**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 HIGH EQUITY INCOME FUND (Series ID: S000001509)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000004057 | INSTITUTIONAL | BMCIX           |
| C000004059 | INVESTOR A    | BMEAX           |
| C000004061 | INVESTOR C    | BMECX           |
| C000219259 | Class K       |  |

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

BlackRock High Equity Income 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** 

**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 High Equity Income Fund — Portfolio Managers" and the section of the Prospectuses entitled "Fund Overview — Key Facts About BlackRock High Equity Income 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** |
| Tony DeSpirito<sup>1</sup> | 2017 | Managing Director of BlackRock, Inc. |
| Cem Inal<sup>2</sup> | 2025 | Managing Director of BlackRock, Inc. |
| Kyle McClements, CFA | 2017 | Managing Director of BlackRock, Inc. |
| Tom Pierce | 2021 | Director of BlackRock, Inc. |
| David Zhao | 2017 | Managing Director of BlackRock, Inc. |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as a portfolio manager of the Fund.

<sup>2</sup> Effective December 1, 2025, Cem Inal will serve as a portfolio manager of the Fund.

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND** |
| &nbsp;&nbsp;&nbsp;The Fund is managed by a team of financial professionals. Tony DeSpirito<sup>1</sup>, Cem Inal<sup>2</sup>, Kyle McClements, CFA, Tom Pierce and David Zhao 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. |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as a portfolio manager of the Fund.

<sup>2</sup> Effective December 1, 2025, Cem Inal will serve as a portfolio manager of the Fund.

------

**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** |
| Tony DeSpirito<sup>1</sup> | 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. | 2017 | Managing Director of BlackRock, Inc. since 2014. |
| Cem Inal<sup>2</sup> | 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. | 2025 | Managing Director of BlackRock, Inc. since 2025; Chief Investment Officer of US Large Cap Value Equities at AllianceBernstein from 2020 to 2025. |
| Kyle McClements,<br> 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. | 2017 | Managing Director of BlackRock, Inc. since 2010. |
| Tom Pierce | 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. | 2021 | Director of BlackRock, Inc. since 2017. |
| David Zhao | 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. | 2017 | Managing Director of BlackRock, Inc. since 2016. |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as portfolio manager of the Fund.

<sup>2</sup> Effective December 1, 2025, Cem Inal will serve as a portfolio manager of the Fund.

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