open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
SEPTEMBER 28, 2026
Summary Prospectus
BlackRock Funds SM | Investor and Institutional Shares
• BlackRock High Equity Income Fund Investor A: BMEAX • Investor C: BMECX • Institutional: BMCIX
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) 441-7762 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
NM1026U-5985663-1/12
Page 2
Summary Prospectus
Key Facts About BlackRock High Equity Income Fund
Investment Objective
The investment objective of BlackRock High Equity Income Fund (the “Fund”), a series of BlackRock Funds SM (the “Trust”), is to seek high current income while maintaining prospects for capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell 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 your 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 28 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-97 of Par t II of the Fund’s Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment)
Investor A Shares
Investor C Shares
Institutional Shares Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% None None Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None 1 1.00% 2 None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Investor A Shares
Investor C Shares
Institutional Shares Management Fee 3 0.79% 0.79% 0.79% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None Other Expenses 0.19% 0.17% 0.21% Acquired Fund Fees and Expenses 4 0.01% 0.01% 0.01% Total Annual Fund Operating Expenses 4 1.24% 1.97% 1.01% Fee Waivers and/or Expense Reimbursements 3,5 (0.13)% (0.11)% (0.15)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 3,5 1.11% 1.86% 0.86% 1 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $1,000,000 or more. 2 There is no CDSC on Investor C Shares after one year. 3 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 45, 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. 4 Total Annual Fund Operating 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. 5 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 45, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.10% (for Investor A Shares), 1.85% (for Investor C Shares) and 0.85% (for Institutional Shares) of average daily net assets through June 30, 2028. The contractual agreement 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
NM1026U-5985663-2/12
Page 3
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 Investor A Shares $632 $886 $1,158 $1,935 Investor C Shares $289 $608 $1,052 $2,098 Institutional Shares $ 88 $307 $ 543 $1,223
You would pay the following expenses if you did not redeem your shares:
1 Year 3 Years 5 Years 10 Years Investor C Shares $189 $608 $1,052 $2,098
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 153% of the average value of its por tfolio.
Principal Investment Strategies of the Fund
The Fund seeks to achieve its investment objective by investing primarily in a diversified por tfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities and equity-related instruments, including equity-linked notes. With respect to such equity investments, 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 Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that provide exposure to equity securities and covered call options or other types of financial instruments.
With respect to the Fund’s equity investments, the Fund may invest in common stock, preferred stock and depositary receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in shares of companies through initial public offerings (“IPOs”). The Fund may invest in securities from any country, including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains. The Fund may also purchase conver tible securities.
The Fund’s por tfolio, in the aggregate, will be structured in a manner designed to deliver high current income while maintaining prospects for capital appreciation.
The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of securities, sectors of securities and baskets of securities, primarily through structured notes. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund’s shareholders. As the Fund writes more covered call options, its ability to benefit from capital appreciation becomes more limited and the Fund’s total return may deviate more from the returns of the Russell 1000 Value Index, an all equity benchmark. The Fund seeks to produce a high level of current income from dividends and from option writing premiums.
The Fund may invest in master limited par tnerships (“MLPs”) that are generally in energy- and financial-related industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including equity-linked notes, to maximize the Fund’s current income.
The Fund may engage in active and frequent trading of por tfolio securities to achieve its primary investment strategies.
3
NM1026U-5985663-3/12
Page 4
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. The following is a summary description of the 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. Structured Securities Risk — Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). As a result, the Fund’s investment in such securities may be limited by cer tain investment restrictions contained in the Investment Company Act. Income Producing Stock Availability Risk — Depending upon market conditions, income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.
Convertible Securities Risk — The market value of a conver tible security per forms like that of a regular debt security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the conver tible security. Depositary Receipts Risk — Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be conver ted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk. Derivatives Risk — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:
Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly
4
NM1026U-5985663-4/12
Page 5
the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value. Counterpar ty Risk — Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterpar ty. Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or enforceability of a contract.
Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Hedging Risk — Hedges are sometimes subject to imper fect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in cer tain adverse tax consequences. Tax Risk — Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. Emerging Markets Risk — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets. 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. 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.
5
NM1026U-5985663-5/12
Page 6
Large-Capitalization Companies Risk — Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The per formance of large-capitalization companies could trail the overall per formance of the broader securities markets. Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses leverage. 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. Master Limited Partnerships Risk — The common units of an MLP are listed and traded on U.S. securities exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP. “New Issues” Risk — “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the IPO.
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. Preferred Securities Risk — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Real Estate-Related Securities Risk — The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease space under expiring leases on attractive terms, the amount of new construction in a par ticular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mor tgage financing and changes in interest rates may also affect real
6
NM1026U-5985663-6/12
Page 7
estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one proper ty type, the Fund will be par ticularly subject to the risks associated with that area or proper ty type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, cer tain issuers of real estate-related securities may have developed or commenced development on proper ties and may develop additional proper ties in the future. Real estate development involves significant risks in addition to those involved in the ownership and operation of established proper ties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers or tenants. REIT Investment Risk — Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. 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 and Mid-Capitalization Company Risk — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.
Performance Information
Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment strategies. Per formance for the periods prior to June 12, 2017 shown below is based on the investment process and investment strategies utilized by the Fund at that time under the name “BlackRock U.S. Oppor tunities Por tfolio.”
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. The table compares the Fund’s per formance to that of the Russell 1000 Index and the Russell 1000 Value Index. The Russell 1000 Value 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. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock 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.
7
NM1026U-5985663-7/12
Page 8
Investor A Shares ANNUAL TOTAL RETURNS BlackRock High Equity Income Fund As of 12/31
6.71%
17.21%
-6.39%
21.66%
-0.52%
22.70%
-1.85%
9.71% 7.48%
16.75%
-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 16.54% (quar ter ended December 31, 2020) and the lowest return for a quar ter was -25.96% (quar ter ended March 31, 2020). The year-to date return as of June 30, 2026 was 9.72%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock High Equity Income Fund — Investor A Shares Return Before Taxes 10.62% 9.45% 8.33% Return After Taxes on Distributions 7.33% 6.61% 4.84% Return After Taxes on Distributions and Sale of Fund Shares 6.35% 6.19% 5.16% BlackRock High Equity Income Fund — Investor C Shares Return Before Taxes 14.92% 9.83% 8.27% BlackRock High Equity Income Fund — Institutional Shares Return Before Taxes 17.04% 10.92% 9.21% Russell 1000 Index (Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59% Russell 1000 Value Index (Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%
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. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Portfolio Managers
Name
Portfolio Manager of the Fund Since Title Cem Inal 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.
8
NM1026U-5985663-8/12
Page 9
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Investor A and Investor C Shares Institutional Shares Minimum Initial Investment
$1,000 for all accounts except: • $50, if establishing an Automatic Investment Plan. • There is no investment minimum for employer sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). • There is no investment minimum for cer tain fee based programs.
There is no minimum initial investment for: • Cer tain employee benefits plans, such as health savings accounts, and cer tain employer sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, 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. • Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. • Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who 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. $1,000 for: • Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. • Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. Minimum Additional Investment
$50 for all accounts (with the exception of cer tain employer-sponsored retirement plans which may have a lower minimum).
No subsequent minimum.
9
NM1026U-5985663-9/12
Page 10
Tax Information
The Fund’s dividends and distributions 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 or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.
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.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
10
NM1026U-5985663-10/12
Page 11
[This page intentionally left blank]
NM1026U-5985663-11/12
Page 12
INVESTMENT COMPANY ACT FILE # 811-05742 SPRO-HEI-0926
NM1026U-5985663-12/12
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "6fdf3401-1391-4709-b3fa-023d7c5038ac",
"date_created": "2026-10-03T12:03:28.244000Z",
"date_modified": "2026-10-03T12:03:28.244000Z",
"file_hash": "f28f64e221cc1ae99920707af027bd953224e4b2fb2acd45e7019589720be1d9",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 12,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 11,
"width": 184,
"x": 754,
"y": 47
},
"id": "2f1138d5-995d-4c2a-a7e2-5bf185641dc3",
"page_number": 1,
"text": "SEPTEMBER 28, 2026"
},
{
"block_type": "box",
"box": {
"height": 33,
"width": 502,
"x": 103,
"y": 175
},
"id": "c2f367b1-7dc5-4f22-9ef9-b6689effbca9",
"page_number": 1,
"text": "Summary Prospectus"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 140,
"x": 63,
"y": 297
},
"id": "e6c73b17-1fc1-4be0-afaf-3621a677f140",
"page_number": 1,
"text": "BlackRock Funds"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 13,
"x": 204,
"y": 297
},
"id": "f67e2b81-a538-4d12-8734-b930ab2f776d",
"page_number": 1,
"text": "SM"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 3,
"x": 227,
"y": 296
},
"id": "6c64d8a7-8c77-4907-bbba-46337b00a982",
"page_number": 1,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 268,
"x": 241,
"y": 297
},
"id": "2aa3e90d-4506-492f-9d0e-3ce8a5fb15f6",
"page_number": 1,
"text": "Investor and Institutional Shares"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 6,
"x": 63,
"y": 325
},
"id": "3c633693-09c0-4851-adaf-db156b2dbd3c",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 298,
"x": 84,
"y": 321
},
"id": "b849381d-0054-485e-8040-3c816eb51e5a",
"page_number": 1,
"text": "BlackRock High Equity Income Fund"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 116,
"x": 84,
"y": 339
},
"id": "ffdad2fe-2d4c-48eb-b7d8-7fa6ae06d0c3",
"page_number": 1,
"text": "Investor A: BMEAX"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 204,
"y": 341
},
"id": "ec3c1a64-bd5b-4d68-b28f-24222c7a4967",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 117,
"x": 212,
"y": 339
},
"id": "8bfc2e03-ddf2-49d6-ac08-3b3bada4399f",
"page_number": 1,
"text": "Investor C: BMECX"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 333,
"y": 341
},
"id": "a711e76e-dd7c-4e56-b132-56ebdec254b0",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 126,
"x": 341,
"y": 339
},
"id": "253227c5-6dd4-4381-a8dd-884c56004c26",
"page_number": 1,
"text": "Institutional: BMCIX"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 808,
"x": 64,
"y": 379
},
"id": "fdb9eab1-8048-4054-ac6a-f05a02ac20de",
"page_number": 1,
"text": "Before you invest, you may want to review the Fund\u2019s prospectus, which contains more information about the Fund"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 821,
"x": 63,
"y": 394
},
"id": "fb1e79c1-6992-4f0b-a730-e5c8c0798faf",
"page_number": 1,
"text": "and its risks. You can find the Fund\u2019s prospectus (including amendments and supplements), reports to shareholders"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 748,
"x": 63,
"y": 410
},
"id": "2954f173-16ea-431a-9662-92a6f6b89cf5",
"page_number": 1,
"text": "and other information about the Fund, including the Fund\u2019s statement of additional information, online at"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 825,
"x": 63,
"y": 425
},
"id": "67a9e0b1-ade9-48c4-8ca9-6b2c4a8565ef",
"page_number": 1,
"text": "https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 441-7762 or by"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 203,
"x": 63,
"y": 441
},
"id": "3911414b-bb7c-4d35-89de-d1e7c82e6f12",
"page_number": 1,
"text": "sending an e-mail request to"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 261,
"x": 271,
"y": 441
},
"id": "b9a1e846-5521-4789-a5ca-e75bc86243ae",
"page_number": 1,
"text": "prospectus.request@blackrock.com"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 335,
"x": 534,
"y": 441
},
"id": "1eefaba5-6191-4ca8-8298-812015ee425d",
"page_number": 1,
"text": ", or from your financial professional. The Fund\u2019s"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 831,
"x": 63,
"y": 456
},
"id": "0f9ac253-7a0a-44da-bfde-38089e51f1b6",
"page_number": 1,
"text": "prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 729,
"x": 62,
"y": 472
},
"id": "8d36801a-ba88-4288-af3a-6b0c4f3b965a",
"page_number": 1,
"text": "from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 774,
"x": 63,
"y": 819
},
"id": "3c738247-a510-416e-a21d-a286480ef298",
"page_number": 1,
"text": "This Summary Prospectus contains information you should know before investing, including information about"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 477,
"x": 63,
"y": 834
},
"id": "fc860dd7-3b0c-48cc-9d9f-f351a17618d3",
"page_number": 1,
"text": "risks. Please read it before you invest and keep it for future reference."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 749,
"x": 63,
"y": 855
},
"id": "76ff16b3-54b2-4335-81f9-bfa617d40449",
"page_number": 1,
"text": "The Securities and Exchange Commission has not approved or disapproved these securities or passed upon"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 687,
"x": 63,
"y": 870
},
"id": "49b4f7b9-963e-476e-a95f-064c2d3c67bb",
"page_number": 1,
"text": "the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 112,
"x": 101,
"y": 916
},
"id": "c6df751e-cc21-4bce-a54f-9f12c9f83dd2",
"page_number": 1,
"text": "Not FDIC Insured"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 5,
"x": 218,
"y": 919
},
"id": "5d5c6bf5-6a04-4fd6-a76c-3a90b974843c",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 101,
"x": 228,
"y": 916
},
"id": "4af16c19-960f-4d80-8ecd-a9ee258eeac5",
"page_number": 1,
"text": "May Lose Value"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 4,
"x": 334,
"y": 919
},
"id": "4d11b161-5b4c-4ca2-a2f0-151c8fee4a12",
"page_number": 1,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 127,
"x": 344,
"y": 916
},
"id": "f1b5bfbc-7598-489c-aaaa-78c51d04b642",
"page_number": 1,
"text": "No Bank Guarantee"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 138,
"x": 757,
"y": 969
},
"id": "5a09654a-24be-4b1b-86bb-20841094c6b1",
"page_number": 1,
"text": "NM1026U-5985663-1/12"
},
{
"block_type": "box",
"box": {
"height": 34,
"width": 468,
"x": 62,
"y": 47
},
"id": "0831a7c4-bc4d-4540-95ec-b0f4ca637853",
"page_number": 2,
"text": "Summary Prospectus"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 481,
"x": 62,
"y": 121
},
"id": "1726a6a5-98da-4745-b99f-40df1b68ad6b",
"page_number": 2,
"text": "Key Facts About BlackRock High Equity Income Fund"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 191,
"x": 62,
"y": 152
},
"id": "0b78e136-61da-4969-9cc8-b51fd2a554e2",
"page_number": 2,
"text": "Investment Objective"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 780,
"x": 60,
"y": 178
},
"id": "d88f412d-51fb-4388-acd4-d6ad5bf11cfb",
"page_number": 2,
"text": "The investment objective of BlackRock High Equity Income Fund (the \u201cFund\u201d), a series of BlackRock Funds"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 11,
"x": 841,
"y": 179
},
"id": "b75eeeea-beea-4665-b410-79f0929f872a",
"page_number": 2,
"text": "SM"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 27,
"x": 859,
"y": 179
},
"id": "c7df8c62-bbd7-4a35-82e6-71bcc6d69d57",
"page_number": 2,
"text": "(the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 677,
"x": 62,
"y": 193
},
"id": "cc2d98bd-59d5-4968-8649-3e222b83d34f",
"page_number": 2,
"text": "\u201cTrust\u201d), is to seek high current income while maintaining prospects for capital appreciation."
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 283,
"x": 61,
"y": 232
},
"id": "23e4afd1-f965-4e4a-830e-b21d2225ca82",
"page_number": 2,
"text": "Fees and Expenses of the Fund"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 864,
"x": 60,
"y": 258
},
"id": "85a76923-7610-43ff-8e96-b0e62fadb283",
"page_number": 2,
"text": "This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 636,
"x": 60,
"y": 273
},
"id": "3642c79a-b29b-41e7-b565-ab33fd0d3095",
"page_number": 2,
"text": "the table are rounded to the nearest basis point, which in some cases may be \u201c0.00.\u201d"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 219,
"x": 703,
"y": 273
},
"id": "24a00bdf-0887-4c10-9eca-07a1f93add34",
"page_number": 2,
"text": "You may pay other fees, such"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 851,
"x": 61,
"y": 288
},
"id": "c969209a-53b4-47e0-a3f3-b52ad0a905d0",
"page_number": 2,
"text": "as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 871,
"x": 61,
"y": 303
},
"id": "d86645eb-4de8-42c1-b4b8-d56791037a4a",
"page_number": 2,
"text": "investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (\u201cBlackRock\u201d) and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 786,
"x": 61,
"y": 318
},
"id": "83e65409-4a18-4fa2-b88c-a7df07a535a6",
"page_number": 2,
"text": "its affiliates) (each, a \u201cFinancial Intermediary\u201d), which are not reflected in the table and example below."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 61,
"x": 853,
"y": 318
},
"id": "a09f06d0-718f-490d-b653-60e752e79f95",
"page_number": 2,
"text": "You may"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 872,
"x": 61,
"y": 332
},
"id": "098cf2c5-f958-46a9-a643-3631c383616b",
"page_number": 2,
"text": "qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 842,
"x": 60,
"y": 347
},
"id": "7c856443-5562-486a-98ce-445a38af280c",
"page_number": 2,
"text": "fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 847,
"x": 60,
"y": 362
},
"id": "0507bd50-3984-474e-bfe3-01f33782e90f",
"page_number": 2,
"text": "from your Financial Intermediary and in the \u201cDetails About the Share Classes\u201d and the \u201cIntermediary-Defined Sales"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 868,
"x": 61,
"y": 377
},
"id": "071ed40d-10bb-4dde-b2eb-420ca935da0c",
"page_number": 2,
"text": "Charge Waiver Policies\u201d sections on pages 28 and A-1, respectively, of the Fund\u2019s prospectus and in the \u201cPurchase of"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 660,
"x": 61,
"y": 392
},
"id": "f016468c-d437-4abd-ad97-caea4a6462f2",
"page_number": 2,
"text": "Shares\u201d section on page II-97 of Par t II of the Fund\u2019s Statement of Additional Information."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 116,
"x": 69,
"y": 421
},
"id": "62dd0520-abc0-4696-8586-1b14674e2d37",
"page_number": 2,
"text": "Shareholder Fees"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 275,
"x": 69,
"y": 432
},
"id": "5cffae98-fc99-428c-a23c-34f909ac2457",
"page_number": 2,
"text": "(fees paid directly from your investment)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 68,
"x": 668,
"y": 421
},
"id": "52b99fcf-e30a-4df4-befc-67902ebd62f3",
"page_number": 2,
"text": "Investor A"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 679,
"y": 432
},
"id": "cd6a857f-c851-4ead-afe0-d5b75c772384",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 67,
"x": 766,
"y": 421
},
"id": "d6b9f0e6-969e-49db-9019-89e882ce21b3",
"page_number": 2,
"text": "Investor C"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 776,
"y": 432
},
"id": "9f31a375-90ad-4686-90d0-b7979cd36331",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 80,
"x": 856,
"y": 421
},
"id": "3b62547f-34c8-4be2-8234-fc87ef0e18d1",
"page_number": 2,
"text": "Institutional"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 874,
"y": 432
},
"id": "e16f4a21-1c8b-4e58-a0e6-c512bbed6bfa",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 546,
"x": 70,
"y": 450
},
"id": "e449fbf2-922d-4024-9bde-96896e0f2c9b",
"page_number": 2,
"text": "Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 34,
"x": 70,
"y": 464
},
"id": "48c8b2ec-9cee-4f06-8684-adff6c071c36",
"page_number": 2,
"text": "price)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 225,
"x": 689,
"y": 464
},
"id": "ab40ab2f-ee3c-45ee-bf4b-e1adfe1caa46",
"page_number": 2,
"text": "5.25% None None"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 506,
"x": 70,
"y": 482
},
"id": "dd9adc60-32d0-4e05-bb61-7cde22f0f97f",
"page_number": 2,
"text": "Maximum Deferred Sales Charge (Load) (as a percentage of offering price or"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 649,
"x": 70,
"y": 495
},
"id": "e8f8aa61-d437-47ae-ade9-0eaa54a0b42e",
"page_number": 2,
"text": "redemption proceeds, whichever is lower) None"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 721,
"y": 495
},
"id": "1f1cfa67-fb5e-4629-af7b-f5df9ec5f4c5",
"page_number": 2,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 41,
"x": 787,
"y": 495
},
"id": "43968483-da4f-4ff6-8489-829d9ed4340e",
"page_number": 2,
"text": "1.00%"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 4,
"x": 828,
"y": 495
},
"id": "d0e0d0b0-f214-411e-9669-5cebdd82c741",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 32,
"x": 882,
"y": 495
},
"id": "e73ace40-7531-4dda-9f05-d36a1c627880",
"page_number": 2,
"text": "None"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 222,
"x": 69,
"y": 521
},
"id": "208fdc7b-aaaa-4aa8-8a49-f3faa1285aae",
"page_number": 2,
"text": "Annual Fund Operating Expenses"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 261,
"x": 69,
"y": 533
},
"id": "7904f4d6-0a22-442b-bbe8-0ad5d3ef36d2",
"page_number": 2,
"text": "(expenses that you pay each year as a"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 294,
"x": 70,
"y": 544
},
"id": "6f2aebd9-a87a-4924-978d-f1c79bc83deb",
"page_number": 2,
"text": "percentage of the value of your investment)"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 68,
"x": 668,
"y": 533
},
"id": "a017ac9e-459c-4d3c-9614-f7a46435d855",
"page_number": 2,
"text": "Investor A"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 679,
"y": 544
},
"id": "bff651ed-bb4e-467e-b6d2-a470931b8cfc",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 67,
"x": 766,
"y": 533
},
"id": "83255006-0ab8-423e-80f9-a8f114bed987",
"page_number": 2,
"text": "Investor C"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 776,
"y": 544
},
"id": "96a62014-c24e-42e2-bf11-5b454a93de94",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 80,
"x": 856,
"y": 533
},
"id": "a9c9e8a6-7107-4a4a-ade9-b56a0d726ed2",
"page_number": 2,
"text": "Institutional"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 46,
"x": 874,
"y": 544
},
"id": "7de14577-48f0-46ca-b1ee-9850cd40d964",
"page_number": 2,
"text": "Shares"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 112,
"x": 70,
"y": 562
},
"id": "829a8279-6b5d-408f-b469-dab9bee910e2",
"page_number": 2,
"text": "Management Fee"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 4,
"x": 183,
"y": 562
},
"id": "d874d0ef-fa1f-4bc8-8440-31d36ab176de",
"page_number": 2,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 236,
"x": 689,
"y": 562
},
"id": "37d55b2a-488d-41d1-b914-f1dc5986855b",
"page_number": 2,
"text": "0.79% 0.79% 0.79%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 844,
"x": 70,
"y": 580
},
"id": "c84ee714-6b8f-4324-a777-4d05202dcb64",
"page_number": 2,
"text": "Distribution and/or Service (12b-1) Fees 0.25% 1.00% None"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 103,
"x": 69,
"y": 598
},
"id": "4fe7e443-b61c-4a32-83af-2ccee3b3cf1e",
"page_number": 2,
"text": "Other Expenses"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 236,
"x": 689,
"y": 598
},
"id": "df1c4639-2fe1-4ecb-85fa-a1a3cc5b0b70",
"page_number": 2,
"text": "0.19% 0.17% 0.21%"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 225,
"x": 69,
"y": 617
},
"id": "07e4123d-a1fc-41fb-97ab-90494caa8f96",
"page_number": 2,
"text": "Acquired Fund Fees and Expenses"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 4,
"x": 295,
"y": 616
},
"id": "bb8d8404-6603-48f0-825c-f45946272703",
"page_number": 2,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 236,
"x": 689,
"y": 616
},
"id": "3aaf6e6d-ef63-458e-a55a-0236afaacfa1",
"page_number": 2,
"text": "0.01% 0.01% 0.01%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 252,
"x": 69,
"y": 635
},
"id": "b53f8d45-dbd9-49d5-8580-e190500ff195",
"page_number": 2,
"text": "Total Annual Fund Operating Expenses"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 4,
"x": 322,
"y": 634
},
"id": "ef13ba24-4980-4eb9-b113-880591ecf81b",
"page_number": 2,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 236,
"x": 689,
"y": 635
},
"id": "438025c8-f159-480e-ba4c-d84396b68d2d",
"page_number": 2,
"text": "1.24% 1.97% 1.01%"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 304,
"x": 70,
"y": 653
},
"id": "49988c55-6479-4406-b35f-e438248c49dc",
"page_number": 2,
"text": "Fee Waivers and/or Expense Reimbursements"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 11,
"x": 375,
"y": 652
},
"id": "68ea8d86-49c0-4fc1-a4dc-0fcb263df3b7",
"page_number": 2,
"text": "3,5"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 245,
"x": 685,
"y": 653
},
"id": "1624ce51-01f4-4db7-b56d-90255a1d3023",
"page_number": 2,
"text": "(0.13)% (0.11)% (0.15)%"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 481,
"x": 69,
"y": 670
},
"id": "034b719e-b8fd-4f8d-8713-abd166bb375a",
"page_number": 2,
"text": "Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 110,
"x": 70,
"y": 684
},
"id": "76bc873a-0e9f-4bd3-9c98-68a86baf9564",
"page_number": 2,
"text": "Reimbursements"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 11,
"x": 181,
"y": 684
},
"id": "c8b9889d-3d90-49ee-abbd-8c71104083a9",
"page_number": 2,
"text": "3,5"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 236,
"x": 689,
"y": 684
},
"id": "b03e5318-27aa-4dec-8cdc-ee2e749e2645",
"page_number": 2,
"text": "1.11% 1.86% 0.86%"
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 61,
"y": 704
},
"id": "dc3b1602-abf3-4523-a84e-bb882dbd9718",
"page_number": 2,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 835,
"x": 81,
"y": 704
},
"id": "16e2b03c-2318-4955-9417-0d4b2a8895e4",
"page_number": 2,
"text": "A contingent deferred sales charge (\u201cCDSC\u201d) of 1.00% is assessed on cer tain redemptions of Investor A Shares made within 18 months after"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 718,
"x": 81,
"y": 713
},
"id": "153eb711-e704-407d-af99-ec697d940cd8",
"page_number": 2,
"text": "purchase where no initial sales charge was paid at the time of purchase as par t of an investment of $1,000,000 or more."
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 61,
"y": 727
},
"id": "a79ba1d2-a1ad-4a90-bb8c-9fa1a311bf0c",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 318,
"x": 81,
"y": 727
},
"id": "9642ba6c-0cbd-4889-a816-fb04ae24e399",
"page_number": 2,
"text": "There is no CDSC on Investor C Shares after one year."
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 3,
"x": 61,
"y": 740
},
"id": "3342edc1-163c-4503-b9cb-ef80b71196bd",
"page_number": 2,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 837,
"x": 81,
"y": 740
},
"id": "7cd43929-135f-4f59-8325-4d31828fe238",
"page_number": 2,
"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 45, BlackRock has contractually agreed to"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 854,
"x": 80,
"y": 750
},
"id": "044b9820-4f1b-4c9a-87ae-70bcdaf5ec2b",
"page_number": 2,
"text": "waive the management fee with respect to any por tion of the Fund\u2019s assets estimated to be attributable to investments in other equity and fixed"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 810,
"x": 81,
"y": 760
},
"id": "c88f246a-c1a7-4839-a143-dadf4b9e14f7",
"page_number": 2,
"text": "income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 832,
"x": 81,
"y": 771
},
"id": "0f9fdf50-6eee-4c08-99b8-b6acbc827235",
"page_number": 2,
"text": "June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 847,
"x": 81,
"y": 781
},
"id": "542131a7-66a0-426d-a4a4-7458bc165529",
"page_number": 2,
"text": "Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 834,
"x": 81,
"y": 791
},
"id": "cf932e65-2629-48bc-91ea-810e18a4e255",
"page_number": 2,
"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"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 330,
"x": 81,
"y": 802
},
"id": "e102d6d0-60c7-4fd9-aa97-3942a1d9ca68",
"page_number": 2,
"text": "majority of the outstanding voting securities of the Fund."
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 4,
"x": 60,
"y": 815
},
"id": "ff0865ec-41cf-4ecf-9880-ffc0b90e15dc",
"page_number": 2,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 838,
"x": 81,
"y": 814
},
"id": "e633050e-c11a-4046-9921-eb875c2356a4",
"page_number": 2,
"text": "Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund\u2019s most recent Annual"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 618,
"x": 81,
"y": 825
},
"id": "9a4b55a5-c78a-4832-841e-a1c6eeefa98a",
"page_number": 2,
"text": "Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses."
},
{
"block_type": "box",
"box": {
"height": 3,
"width": 3,
"x": 61,
"y": 838
},
"id": "0b71ed3b-07d7-4bef-bb99-6bcc1e7d1ab0",
"page_number": 2,
"text": "5"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 837,
"x": 81,
"y": 838
},
"id": "a88ebc8b-be30-4378-958b-e9170d825965",
"page_number": 2,
"text": "As described in the \u201cManagement of the Fund\u201d section of the Fund\u2019s prospectus beginning on page 45, BlackRock has contractually agreed to"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 771,
"x": 80,
"y": 848
},
"id": "25adff54-a7eb-44b0-bcbe-27e1e020e349",
"page_number": 2,
"text": "waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 844,
"x": 81,
"y": 858
},
"id": "2036e5ce-fee7-4b28-8a52-a572255e2f56",
"page_number": 2,
"text": "Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.10%"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 833,
"x": 81,
"y": 869
},
"id": "a1f2a391-a107-4dea-89bc-ac87d3a855e2",
"page_number": 2,
"text": "(for Investor A Shares), 1.85% (for Investor C Shares) and 0.85% (for Institutional Shares) of average daily net assets through June 30, 2028."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 827,
"x": 81,
"y": 879
},
"id": "97397426-a804-4c0c-9574-a31217a095fb",
"page_number": 2,
"text": "The contractual agreement 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"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 330,
"x": 81,
"y": 889
},
"id": "3b2b1797-ecde-4df6-93f3-f8fe00cc4a5c",
"page_number": 2,
"text": "majority of the outstanding voting securities of the Fund."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 61,
"y": 947
},
"id": "f5d5d285-e780-4c76-9640-bf69f7fd7200",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 138,
"x": 757,
"y": 969
},
"id": "de8b092f-c14f-4adb-bc74-b52a37f6ba33",
"page_number": 2,
"text": "NM1026U-5985663-2/12"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 74,
"x": 61,
"y": 42
},
"id": "da21371d-6f4b-4c61-b7ef-9ac7f35b1448",
"page_number": 3,
"text": "Example:"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 830,
"x": 60,
"y": 59
},
"id": "5a522dca-abe9-40b1-8f0d-3d3c94481859",
"page_number": 3,
"text": "This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 832,
"x": 61,
"y": 73
},
"id": "03b317c5-19a8-4423-911a-042787c34689",
"page_number": 3,
"text": "mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 832,
"x": 61,
"y": 88
},
"id": "62623adb-5585-41c8-88cc-175e03e93ec0",
"page_number": 3,
"text": "redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 859,
"x": 61,
"y": 103
},
"id": "ff831868-3ba5-4579-be48-5d8400f16ed4",
"page_number": 3,
"text": "return each year and that the Fund\u2019s operating expenses remain the same. Although your actual costs may be higher"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 436,
"x": 61,
"y": 118
},
"id": "4414bccd-b387-4f47-b42c-57961495588f",
"page_number": 3,
"text": "or lower, based on these assumptions your costs would be:"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 292,
"x": 631,
"y": 147
},
"id": "2ae2fab4-9745-4bba-8bdd-4660c50598e4",
"page_number": 3,
"text": "1 Year 3 Years 5 Years 10 Years"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 848,
"x": 70,
"y": 164
},
"id": "7164c1b1-4f96-445c-8d6c-92575bfa562f",
"page_number": 3,
"text": "Investor A Shares $632 $886 $1,158 $1,935"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 848,
"x": 70,
"y": 182
},
"id": "4420268d-2f3f-46b6-90ee-e4f028d8149b",
"page_number": 3,
"text": "Investor C Shares $289 $608 $1,052 $2,098"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 848,
"x": 70,
"y": 200
},
"id": "50998fe3-d2df-4783-a233-e3f73b3454f4",
"page_number": 3,
"text": "Institutional Shares $ 88 $307 $ 543 $1,223"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 532,
"x": 60,
"y": 233
},
"id": "f766f56c-deb4-45be-9d36-699e6ad9ae4f",
"page_number": 3,
"text": "You would pay the following expenses if you did not redeem your shares:"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 292,
"x": 631,
"y": 261
},
"id": "256e223e-b27a-4fcc-89a1-70537ac3e043",
"page_number": 3,
"text": "1 Year 3 Years 5 Years 10 Years"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 848,
"x": 70,
"y": 279
},
"id": "b7b23f78-e672-40c1-851a-86ff7f393861",
"page_number": 3,
"text": "Investor C Shares $189 $608 $1,052 $2,098"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 151,
"x": 61,
"y": 304
},
"id": "58227954-b173-49f9-8eca-655023d88197",
"page_number": 3,
"text": "Portfolio Turnover:"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 800,
"x": 60,
"y": 320
},
"id": "7859e5fc-e799-48d9-abef-cf42c5a05506",
"page_number": 3,
"text": "The Fund pays transaction costs, such as commissions, when it buys and sells securities (or \u201cturns over\u201d its"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 850,
"x": 62,
"y": 335
},
"id": "676a533c-2fb4-4ffd-8585-0313a1a66521",
"page_number": 3,
"text": "por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 870,
"x": 61,
"y": 350
},
"id": "60ae6a39-22e5-4e39-a07f-9b4314633cc4",
"page_number": 3,
"text": "shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 839,
"x": 62,
"y": 365
},
"id": "f4fd2291-341e-44c7-97dc-86cff37e46f3",
"page_number": 3,
"text": "Example, affect the Fund\u2019s per formance. During the most recent fiscal year, the Fund\u2019s por tfolio turnover rate was"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 307,
"x": 62,
"y": 380
},
"id": "61920492-d344-4435-9378-e17e7df841ea",
"page_number": 3,
"text": "153% of the average value of its por tfolio."
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 394,
"x": 61,
"y": 418
},
"id": "7ea834c7-f37e-41bf-9742-81d12db17b13",
"page_number": 3,
"text": "Principal Investment Strategies of the Fund"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 861,
"x": 60,
"y": 445
},
"id": "8345bcad-5ac9-4510-8e31-354ec3e30b1e",
"page_number": 3,
"text": "The Fund seeks to achieve its investment objective by investing primarily in a diversified por tfolio of equity securities."
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 873,
"x": 62,
"y": 459
},
"id": "be173c97-5e4d-4e40-b1ac-0bf3051e1f2e",
"page_number": 3,
"text": "Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 869,
"x": 62,
"y": 475
},
"id": "f92291cc-79db-47dc-af2b-d134b6fb567f",
"page_number": 3,
"text": "investment purposes, in equity securities and equity-related instruments, including equity-linked notes. With respect to"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 860,
"x": 61,
"y": 489
},
"id": "2b13c548-a2e4-42f5-a5d6-e4e3d51fb8ef",
"page_number": 3,
"text": "such equity investments, investments in derivatives are counted toward the Fund\u2019s 80% policy to the extent that they"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 805,
"x": 62,
"y": 504
},
"id": "af81aee7-0d1b-4488-bb94-d389f96cdf7f",
"page_number": 3,
"text": "provide investment exposure to the securities included within that policy or to one or more market risk factors"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 873,
"x": 61,
"y": 519
},
"id": "827c98b8-1d0b-47bf-b7cc-a0bf2af154c3",
"page_number": 3,
"text": "associated with such securities. The Fund may invest in securities of companies with any market capitalization, but will"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 872,
"x": 60,
"y": 534
},
"id": "168ab49c-be7f-42dc-ae01-478c39c872cf",
"page_number": 3,
"text": "generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that provide"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 685,
"x": 61,
"y": 548
},
"id": "47d6a659-e4aa-488c-af5b-356b2686edf4",
"page_number": 3,
"text": "exposure to equity securities and covered call options or other types of financial instruments."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 864,
"x": 60,
"y": 571
},
"id": "d8191229-2484-43e9-bbad-7a0489554d1f",
"page_number": 3,
"text": "With respect to the Fund\u2019s equity investments, the Fund may invest in common stock, preferred stock and depositary"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 837,
"x": 61,
"y": 586
},
"id": "51e8199e-a194-41ac-a3b6-377e6083c0b3",
"page_number": 3,
"text": "receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 828,
"x": 61,
"y": 601
},
"id": "425e6ca3-0bdb-488e-b560-8f07e23304e8",
"page_number": 3,
"text": "shares of companies through initial public offerings (\u201cIPOs\u201d). The Fund may invest in securities from any country,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 848,
"x": 62,
"y": 616
},
"id": "b479d901-c500-448f-9ed1-1bbefac4fd7c",
"page_number": 3,
"text": "including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 870,
"x": 61,
"y": 630
},
"id": "38f9402a-7af0-46aa-9b8d-ca1656b1f778",
"page_number": 3,
"text": "currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains."
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 377,
"x": 60,
"y": 645
},
"id": "5d61c47a-2022-4e0c-a8dc-4756cc93748b",
"page_number": 3,
"text": "The Fund may also purchase conver tible securities."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 843,
"x": 60,
"y": 668
},
"id":...