# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-287126
**Filing Date:** 2025-11
**Character Count:** 4499
**Document Hash:** 4a0aacd2d412d74237793a6f00ad1d94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-287126.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001193125-25-287126

**CONFORMED SUBMISSION TYPE**: 497

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-26305
- **FILM NUMBER:** 251496788

**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 EXCHANGE PORTFOLIO (Series ID: S000001878)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| BLACKROCK  | STSEX         | C000004917 |

---

## Series and Classes Contracts Data

### BLACKROCK EXCHANGE PORTFOLIO (Series ID: S000001878)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004917 | BLACKROCK    | STSEX           |

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

BlackRock Exchange Portfolio

(the "Fund")

**Supplement dated November 19, 2025 (the "Supplement") to the Fund's** 

**Summary Prospectus and Prospectus, each dated April 30, 2025, as supplemented to date** 

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

**The section of the Summary Prospectus entitled "Key Facts About BlackRock Exchange Portfolio — Portfolio Managers" and the section of the Prospectus entitled "Fund Overview — Key Facts About BlackRock Exchange Portfolio — Portfolio Managers" are deleted in their entirety and replaced with the following:** 

***Portfolio Managers***

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Portfolio Manager of<br>the Fund Since** | **Title** |
| Sally Du, CFA | 2025 | Director of BlackRock, Inc. |
| Ibrahim Kanan | 2025 | Managing Director of BlackRock, Inc. |

---

**The section of the Prospectus 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. Sally Du, CFA, and Ibrahim Kanan 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 Prospectus entitled "Management of the Fund — Portfolio Manager Information" is deleted in its entirety and replaced with the following:** 

***Portfolio Manager Information***

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** |
| Sally Du, 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. | 2025 | Director of BlackRock, Inc. since 2019. |
| Ibrahim Kanan | Jointly and primarily responsible for<br> the day-to-day management of the<br> Fund's portfolio, including setting the<br> Fund's overall investment strategy<br> and overseeing the management of<br> the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc. from 2019 to 2023. |

---

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