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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 Advisors, LLC (&#8220;BlackRock&#8221;). More information about these and other discounts is available from your financial professional and in the &#8220;Details About the Share Classes&#8221; section on page 38 of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-58 of the Fund&#8217;s statement of additional information. <b>Shareholder Fees<br/>(fees paid directly from your investment) </b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment) </b> February 1, 2014 <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 19% of the average value of its portfolio. 0.19 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 Advisors, LLC (&#8220;BlackRock&#8221;). 25000 <b>Example:</b> 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares:<br /><br /> <b>Principal Investment Strategies of the Fund </b> Under normal conditions, All-Cap Energy &amp; Resources invests at least 80% of its total assets in equity securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities). Equity securities include common and preferred stock, convertible securities, warrants, depositary receipts and securities or other instruments whose price is linked to the price of common stock.<br /><br />The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries. The Fund expects to invest primarily in developed markets, but may also invest in emerging markets. The Fund may invest in companies of any size.<br /><br />The Fund may, when consistent with the Fund&#8217;s investment objective, buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives).<br /><br />The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund.<br /><br /> <b>Principal Risks of Investing in the Fund </b> The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <ul type="square"><li style="margin-left:-20px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</li></ul> <b>Performance Information</b> The information shows you how the performance of All-Cap Energy &amp; Resources has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund&#8217;s performance to that of the S&amp;P 500^&#174; Index. The table also compares the Fund&#8217;s performance to that of a customized weighted index, comprised of 70% Wilshire 5000 Modified Energy Cap Weighted Index and 30% MSCI All-Country World Energy Index, which is relevant to the Fund because it has characteristics similar to the Fund&#8217;s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. 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 certain Fund expenses during these periods, the Fund&#8217;s returns would have been lower. Updated information on the Fund&#8217;s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. The information shows you how the performance of All-Cap Energy &amp; Resources has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>BlackRock All-Cap Energy &amp; Resources Portfolio<br/>As of 12/31</b> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the period shown in the bar chart, the highest return for a quarter was 28.89% (quarter ended June 30, 2008) and the lowest return for a quarter was &#8211;39.62% (quarter ended December 31, 2008). <b>As of 12/31/12<br/>Average Annual Total Returns </b> However, the table includes all applicable fees and sales charges. 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&#8217;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 B, Investor C and Institutional Shares will vary. 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&#8217;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 B, Investor C and Institutional Shares will vary. 0.0525 0 0 0 0.0075 0.0075 0.0075 0.0075 0.0025 0.01 0.01 0 0.0035 0.0045 0.0033 0.002 0.0135 0.022 0.0208 0.0095 0.0135 0.021 0.0208 0.0095 655 663 311 97 930 1029 652 303 1226 1371 1119 525 2064 2311 2410 1166 213 211 679 652 1171 1119 2311 2410 0.1368 0.4317 -0.5314 0.6565 0.2271 -0.1672 -0.0409 Risk is inherent in all investing. The value of your investment in All-Cap Energy &amp; Resources, 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 part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Commodities Market Risk</b> &#8212; Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Fund cannot control) and these companies may lack the resources and the broad business lines to weather hard times.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Concentration Risk</b> &#8212; The Fund&#8217;s strategy of concentrating in energy and natural resources companies means that its performance will be closely tied to the performance of a particular market segment. The Fund&#8217;s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Convertible Securities Risk</b> &#8212; The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer&#8217;s credit rating or the market&#8217;s perception of the issuer&#8217;s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Depositary Receipts Risk</b> &#8212; 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. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> &#8212; The Fund&#8217;s use of derivatives may reduce the Fund&#8217;s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. 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. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Emerging Markets Risk</b> &#8212; 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 securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> &#8212; Stock markets are volatile. The price of equity securities fluctuates based on changes in a company&#8217;s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> &#8212; 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:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund&#8217;s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain 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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Geographic Concentration Risk</b> &#8212; From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund&#8217;s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> &#8212; 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 portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund&#8217;s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> &#8212; 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. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Mid-Cap Securities Risk</b> &#8212; The securities of mid-cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small Cap Securities Risk </b> &#8212; Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Warrants Risk</b> &#8212; If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. </p></li></ul> -0.0915 -0.0915 -0.0595 -0.0916 -0.0574 -0.0369 0.16 0.0298 -0.0633 -0.0684 -0.0542 -0.0635 -0.06 -0.0493 0.0166 -0.0103 0.0583 0.0533 0.0494 0.0576 0.058 0.0699 0.0427 0.0902 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKALLCAPENERGYRESOURCESPORTFOLIO column period compact * ~</div> -0.001 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKALLCAPENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBLACKROCKALLCAPENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKALLCAPENERGYRESOURCESPORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKALLCAPENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKALLCAPENERGYRESOURCESPORTFOLIO column period compact * ~</div> 0.0075 0.0025 0.0029 0.0129 0.0129 The investment objective of the BlackRock World Gold Fund (&#8220;World Gold&#8221; or the &#8220;Fund&#8221;), a series of BlackRock Funds^SM (the &#8220;Trust&#8221;), is to seek to maximize total return. Total return means the combination of capital appreciation and investment income. <b> Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of World Gold. 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 Advisors, LLC (&#8220;BlackRock&#8221;). More information about these and other discounts is available from your financial professional and in the &#8220;Details About the Share Classes&#8221; section on page 38 of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-58 of the Fund&#8217;s statement of additional information (&#8220;SAI&#8221;). 0.0075 Fund Overview<br/><br/><b>Key Facts About BlackRock Energy &amp; Resources Portfolio</b> <b>Investment Objective </b> The investment objective of BlackRock Energy &amp; Resources Portfolio (&#8220;Energy &amp; Resources&#8221; or the &#8220;Fund&#8221;), a series of BlackRock Funds^SM (the &#8220;Trust&#8221;), is to provide long-term growth of capital. <b> Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of Energy &amp; Resources. 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 Advisors, LLC (&#8220;BlackRock&#8221;). More information about these and other discounts is available from your financial professional in the &#8220;Details About the Share Classes&#8221; section on page 38 of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-58 of the Fund&#8217;s statement of additional information. <br /><br /> 0.0075 0.0075 0.0025 0.01 0 0.0186 0.0181 0.016 0.0185 0.018 0.0159 131 0.0001 0.0001 0.0001 409 708 1556 0.0286 0.0356 -0.0137 -0.0129 -0.0111 0.0149 0.0227 0.0124 -0.0409 -0.1666 0.2275 0.657 -0.5314 0.431 0.1375 0.0525 0 0 0 -0.0409 -0.0409 -0.0266 0.16 0.0298 -0.0529 -0.0581 -0.0458 0.0166 -0.0103 <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio.<br /><br /> <b> Principal Investment Strategies of the Fund </b> Under normal conditions, Energy &amp; Resources invests at least 80% of its total assets in equity securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities). Equity securities include common and preferred stock, convertible securities, warrants, depositary receipts and securities or other instruments whose price is linked to the price of common stock.<br /><br />The Fund intends to emphasize small companies but may from time to time emphasize companies of other sizes.<br /><br />The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries. The Fund expects to invest primarily in developed markets, but may also invest in emerging markets.<br /><br />The Fund may, when consistent with the Fund&#8217;s investment objective, buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives).<br /><br />The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund.<br /><br /> <b>Principal Risks of Investing in the Fund </b><br /><br /> 669 330 126 1242 972 627 1840 1736 1155 2601 3743 3450 0.0657 0.0607 0.0561 0.0427 0.0902 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 23% of the average value of its portfolio. February 1, 2014 <b> Principal Investment Strategies of the Fund </b> 0.15 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 Advisors, LLC (&#8220;BlackRock&#8221;). 25000 The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> The information shows you how the Fund&#8217;s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. 2005-02-16 <b>Investor A Shares</b><br/><b> ANNUAL TOTAL RETURNS</b><br/><b>BlackRock Energy &amp; Resources Portfolio</b><br/><b>As of 12/31</b> -0.1899 -0.0773 -0.1255 -0.1273 -0.0792 -0.0934 -0.0744 -0.1543 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the ten-year period shown in the bar chart, the highest return for a quarter was 45.48% (quarter ended June 30, 2008) and the lowest return for a quarter was &#8211;44.58% (quarter ended September 30, 2008).<br /><br /> -0.0226 -0.0261 -0.0204 -0.0101 0.0001 -0.0481 <b>As of 12/31/12</b><br/><b>Average Annual Total Returns</b> 2010-05-26 2010-05-26 2010-05-26 However, the table includes all applicable fees and sales charges. 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&#8217;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 B, Investor C and Institutional Shares will vary. 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&#8217;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 B, Investor C and Institutional Shares will vary. <b>Annual Fund Operating Expenses</b><br/><b> (expenses that you pay each year as a</b><br/><b>percentage of the value of your investment)</b> <b>Shareholder Fees </b><br/><b>(fees paid directly from your investment)</b> Fund Overview<br/><br/><b>Key Facts About BlackRock All-Cap Energy &amp; Resources Portfolio </b> 0.0074 0.0074 0.0074 0.0074 <b>Investment Objective </b> 0.0025 0.01 0.01 0 0.0035 0.0042 0.0033 0.0025 0.0134 0.0216 0.0207 0.0099 The investment objective of BlackRock All-Cap Energy &amp; Resources Portfolio (&#8220;All-Cap Energy &amp; Resources&#8221; or the &#8220;Fund&#8221;), a series of BlackRock Funds^SM (the &#8220;Trust&#8221;), is to provide long-term growth of capital. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold Service Shares of All-Cap Energy &amp; Resources. <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example:</b> 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: During the period shown in the bar chart, the highest return for a quarter was 21.94% (quarter ended September 30, 2012) and the lowest return for a quarter was &#8211;13.82% (quarter ended June 30, 2012). 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&#8217;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. <b>Portfolio Turnover:</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 19% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund </b> You would pay the following expenses if you did not redeem your shares: -0.0006 Under normal conditions, All-Cap Energy &amp; Resources invests at least 80% of its total assets in equity securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities). Equity securities include common and preferred stock, convertible securities, warrants, depositary receipts and securities or other instruments whose price is linked to the price of common stock.<br /><br />The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries. The Fund expects to invest primarily in developed markets, but may also invest in emerging markets. The Fund may invest in companies of any size.<br /><br />The Fund may, when consistent with the Fund&#8217;s investment objective, buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives).<br /><br />The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. 0.0134 0.021 0.0207 0.0099 <b>Principal Risks of Investing in the Fund </b> Risk is inherent in all investing. The value of your investment in All-Cap Energy &amp; Resources, 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 part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Commodities Market Risk</b> &#8212; Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Fund cannot control) and these companies may lack the resources and the broad business lines to weather hard times.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Concentration Risk</b> &#8212; The Fund&#8217;s strategy of concentrating in energy and natural resources companies means that its performance will be closely tied to the performance of a particular market segment. The Fund&#8217;s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Convertible Securities Risk</b> &#8212; The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer&#8217;s credit rating or the market&#8217;s perception of the issuer&#8217;s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Depositary Receipts Risk</b> &#8212; 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. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> &#8212; The Fund&#8217;s use of derivatives may reduce the Fund&#8217;s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. 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. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Emerging Markets Risk</b> &#8212; 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 securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> &#8212; Stock markets are volatile. The price of equity securities fluctuates based on changes in a company&#8217;s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> &#8212; 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:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund&#8217;s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain 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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Geographic Concentration Risk</b> &#8212; From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund&#8217;s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> &#8212; 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 portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund&#8217;s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> &#8212; 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. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Mid-Cap Securities Risk</b> &#8212; The securities of mid-cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small Cap Securities Risk </b> &#8212; Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Warrants Risk</b> &#8212; If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. </p></li></ul> <b>Performance Information </b> The information shows you how the performance of All-Cap Energy &amp; Resources has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund&#8217;s performance to that of the S&amp;P 500^&#174; Index. The table also compares the Fund&#8217;s performance to that of a customized weighted index, comprised of 70% Wilshire 5000 Modified Energy Cap Weighted Index and 30% MSCI All-Country World Energy Index, which is relevant to the Fund because it has characteristics similar to the Fund&#8217;s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. 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 certain Fund expenses during these periods, the Fund&#8217;s returns would have been lower. Updated information on the Fund&#8217;s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. <b>Service Shares<br/> ANNUAL TOTAL RETURNS<br/> BlackRock All-Cap Energy &amp; Resources Portfolio<br/> As of 12/31</b> 0.0525 0 0 0 0.01 0 During the period shown in the bar chart, the highest return for a quarter was 28.89% (quarter ended June 30, 2008) and the lowest return for a quarter was &#8211;39.66% (quarter ended December 31, 2008). <b>As of 12/31/12<br/> Average Annual Total Returns </b> 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&#8217;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. Fund Overview<br/><br/><b>Key Facts About BlackRock World Gold Fund </b> <b>Shareholder Fees <br/>(fees paid directly from your investment) </b> <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a <br/>percentage of the value of your investment) </b> World Gold seeks to achieve its objective by investing primarily in equity securities of gold-related companies. A company is considered a &#8220;gold-related company&#8221; when, at the time of purchase, at least 50% of the non-current assets, capitalization, gross revenues or operating profits of the company in the most recent or current fiscal year are involved in or result from (directly or indirectly through subsidiaries) gold-mining and/or other related activities, including but not limited to, exploring for, extracting, refining or processing gold. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of gold-related companies. For purposes of this policy, investments in exchange traded funds (&#8220;ETFs&#8221;) that invest primarily in physical gold or in equity securities of gold-related companies will be treated as investments in equity securities of gold-related companies. Equity securities include common stock, preferred stock, securities convertible into common stock or securities or other instruments whose price is linked to the value of common stock. The Fund may also invest in the equity securities of companies whose predominant economic activity is the mining of other precious metals, minerals or base metals and in related ETFs. The Fund generally does not hold physical gold or other precious metals.<br /><br />The Fund may seek to provide exposure to the investment returns of gold and other precious metals that trade in the commodity markets through investments designed to provide this exposure without direct investment in gold or other precious metals or futures contracts related thereto. Such exposure may be obtained through investments in derivative instruments linked to gold and other precious metals and investment vehicles, such as ETFs, that exclusively invest in gold and other precious metals. The Fund may make such investments directly or through investments in BlackRock Cayman World Gold Fund 1, Ltd. (the &#8220;Subsidiary&#8221;), a wholly-owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily in instruments related to gold or other precious metals, including through certain derivatives transactions. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the Subsidiary.<br /><br />The Fund will normally invest in both U.S. and non-U.S. companies, including companies located in emerging markets, such as Russia, and in securities denominated in both U.S. dollars and foreign currencies. The Fund may invest in securities of issuers of any market capitalization.<br /><br />The Fund seeks to invest in companies that offer the best exposure to metals and minerals prices within an acceptable risk level. The Fund attempts to identify inefficiencies in the market by constructing the portfolio to reflect Fund management&#8217;s views of the macro-economic environment (relating to the precious metals sector) as well as by using a &#8220;bottom up&#8221; approach, which entails the fundamental analysis of individual stocks and companies.<br /><br />The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. <b>Principal Risks of Investing in the Fund</b> <b>Performance Information</b> 0.23 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 Advisors, LLC (&#8220;BlackRock&#8221;). 25000 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the performance of World Gold has varied for the periods since inception and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. highest return 2012-09-30 0.2194 lowest return 2012-06-30 -0.1382 However, the table includes all applicable fees and sales charges. 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&#8217;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. A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 663 310 101 927 1020 649 315 1221 1354 1114 547 2053 2280 2400 1213 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <br /><br /> <b>Example:</b> February 1, 2014 0.19 230 972 1736 The Fund will concentrate its investments (i.e., invest more than 25% of its assets) in energy or natural resources companies. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> The information shows you how the performance of All-Cap Energy &amp; Resources has varied year by year and provides some indication of the risks of investing in the Fund. 3743 (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 213 210 However, the table includes all applicable fees and sales charges. 670 649 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&#8217;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. 1154 1114 2280 2400 highest return 2008-06-30 0.2889 lowest return 2008-12-31 -0.3966 0.6024 0.4762 0.568 0.0503 0.3242 -0.5339 0.7714 0.2457 -0.1459 -0.1016 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKALLCAPENERGYRESOURCESPORTFOLIOSERVICE column period compact * ~</div> <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul> -0.1488 -0.149 Risk is inherent in all investing. The value of your investment in World Gold, 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 part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Concentration Risk</b> &#8212; The Fund&#8217;s strategy of concentrating in gold-related companies means that its performance will be closely tied to the performance of a particular market segment. The Fund&#8217;s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a greater impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> &#8212; 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 securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> &#8212; Stock markets are volatile. The price of equity securities fluctuates based on changes in a company&#8217;s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> &#8212; 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:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund&#8217;s portfolio.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain 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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Gold and Other Precious Metal Related Securities Risk</b> &#8212; The price of gold and other precious metals and of gold and other precious metal-related securities historically have been very volatile. The high volatility of gold and other precious metal prices may adversely affect the financial condition of companies involved with gold and other precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the supply and prices of precious metals. The largest producers of gold are China, Australia, the Republic of South Africa, the United States and the Commonwealth of Independent States (which includes Russia and certain other countries that were part of the former Soviet Union). Economic and political conditions in those countries in particular may have a direct effect on the production and marketing of gold and on sales of central bank gold holdings.<br/><br/>Some gold and precious metals mining operation companies may hedge their exposure to falls in gold and precious metals prices by selling forward future production, which may result in lower returns during periods when the price of gold and precious metals increases. Other factors that may affect the price of gold and other precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.<br/><br/>In addition, in many gold-producing countries, the activities of companies engaged in gold mining are subject to the policies adopted by government officials and agencies and are subject to national and international political and economic developments. Moreover, political, social and economic conditions in many gold-producing countries are somewhat unsettled, which may pose certain risks to the Fund in addition to the risks described above in &#8220;Emerging Markets Risk&#8221; and &#8220;Foreign Securities Risk&#8221; because the Fund may hold a portion of its assets in securities of issuers in such countries.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investment in Other Investment Companies Risk</b> &#8212; As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> &#8212; 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. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Subsidiary Risk</b> &#8212; By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary&#8217;s investments. The instruments related to gold and other precious metals-related securities held by the Subsidiary are generally subject to the same risks that apply to similar investments if held directly by the Fund (see &#8220;Gold and Other Precious Metal-Related Securities Risk&#8221; above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the Fund.</p></li></ul> -0.0965 -0.148 -0.1173 -0.0987 0.16 -0.0565 -0.0688 -0.0513 -0.0556 -0.0531 -0.0429 0.0166 0.0277 0.1445 0.1249 0.126 0.1441 0.1426 0.1543 0.071 0.173 -0.0049 highest return 2008-06-30 0.4548 lowest return 2008-09-30 -0.4458 Risk is inherent in all investing. The value of your investment in Energy &amp; Resources, 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 part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Commodities Market Risk</b> &#8212; Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Fund cannot control) and these companies may lack the resources and the broad business lines to weather hard times.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Concentration Risk</b> &#8212; The Fund&#8217;s strategy of concentrating in energy and natural resources companies means that its performance will be closely tied to the performance of a particular market segment. The Fund&#8217;s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Convertible Securities Risk</b> &#8212; The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer&#8217;s credit rating or the market&#8217;s perception of the issuer&#8217;s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Depositary Receipts Risk</b> &#8212; 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. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> &#8212; The Fund&#8217;s use of derivatives may reduce the Fund&#8217;s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund&#8217;s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. 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. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Emerging Markets Risk</b> &#8212; 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 securities markets have far lower trading volumes and less liquidity than developed markets.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> &#8212; Stock markets are volatile. The price of equity securities fluctuates based on changes in a company&#8217;s financial condition and overall market and economic conditions.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> &#8212; 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:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund&#8217;s portfolio.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain 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.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">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. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="2%"><font class="_mt" size="1"> </font></td> <td valign="top" width="1%" align="left">&#8212;</td> <td valign="top" align="left"><p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Geographic Concentration Risk</b> &#8212; From time to time the Fund may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund&#8217;s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries. </p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Leverage Risk</b> &#8212; 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 portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund&#8217;s portfolio will be magnified when the Fund uses leverage.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Market Risk and Selection Risk</b> &#8212; 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. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Mid-Cap Securities Risk</b> &#8212; The securities of mid-cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Non-Diversification Risk</b> &#8212; The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small Cap Securities Risk </b> &#8212; Small cap companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized companies.</p></li></ul><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Warrants Risk</b> &#8212; If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. </p></li></ul> <b>Portfolio Turnover:</b> <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>BlackRock World Gold Fund<br/>As of 12/31</b> <b>As of 12/31/12<br/>Average Annual Total Returns</b> <b>Investment Objective </b> http://www.blackrock.com/funds (800) 882-0052 February 1, 2014 <b>Example:</b> 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKALLCAPENERGYRESOURCESPORTFOLIOSERVICEBarChart column period compact * ~</div> The information shows you how the performance of World Gold has varied for the periods since inception and provides some indication of the risks of investing in the Fund. The table compares the Fund&#8217;s performance to that of the FTSE Gold Mines Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. 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 certain Fund expenses during these periods, the Fund&#8217;s returns would have been lower. Updated information on the Fund&#8217;s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. <b>Performance Information</b> On January 31, 2005, Energy &amp; Resources reorganized with the State Street Research Global Resources Fund (the &#8220;SSR Fund&#8221;), which had investment objectives and strategies substantially similar to the Fund. For periods prior to January 31, 2005, the chart and table show performance information for the SSR Fund.<br /><br />The information shows you how the Fund&#8217;s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund&#8217;s performance to that of the S&amp;P 500^&#174; Index. The table also compares the Fund&#8217;s performance to that of the Wilshire 5000 Modified Energy Equal Weighted Index, which is relevant to the Fund because it has characteristics similar to the Fund&#8217;s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. 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 certain Fund expenses during these periods, the Fund&#8217;s returns would have been lower. Updated information on the Fund&#8217;s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052.<br /><br /> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKALLCAPENERGYRESOURCESPORTFOLIOSERVICE column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKALLCAPENERGYRESOURCESPORTFOLIOSERVICE column period compact * ~</div> A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 2005-02-16 2005-02-16 2005-02-16 2005-02-16 highest return 2008-06-30 0.2889 lowest return 2008-12-31 -0.3962 A contingent deferred sales charge (&#8220;CDSC&#8221;) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 0.0235 654 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockWorldGoldFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockWorldGoldFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockWorldGoldFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockWorldGoldFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBLACKROCKENERGYRESOURCESPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockWorldGoldFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockWorldGoldFund column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKENERGYRESOURCESPORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKENERGYRESOURCESPORTFOLIO column period compact * ~</div> 0.045 0 0.01 0 0 0.045 0.01 0 A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details About the Share Classes - Investor B Shares" in the Fund's prospectus for the complete schedule of CDSCs.) There is no CDSC on Investor C Shares after one year. As described in the "Management of the Funds" section of the Fund's prospectus on pages 53-58, 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 certain other Fund expenses) as a percentage of average daily net assets to 1.38% (for Investor A Shares), 2.10% (for Investor B and Investor C Shares), and 0.96% (for Institutional Shares) until February 1, 2014. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The 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. As described in the "Management of the Fund" section of the Fund's prospectus on pages 23-27, BlackRock Advisors, LLC ("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 certain other Fund expenses) to 1.38% of average daily net assets until February 1, 2014. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The 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. As described in the "Management of the Funds" section of the Fund's prospectus on pages 53-58, 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 certain other Fund expenses) as a percentage of average daily net assets to 1.49% (for Investor A Shares), 2.27% (for Investor C Shares) and 1.24% (for Institutional Shares) until February 1, 2014. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The 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. The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details About the Share Classes - Investor B Shares" in the Fund's prospectus for the complete schedule of CDSCs.) As described in the "Management of the Funds" section of the Fund's prospectus on pages 53-58, 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 certain other Fund expenses) as a percentage of average daily net assets to 1.38% (for Investor A Shares), 2.10% (for Investor B and Investor C Shares), and 1.07% (for Institutional Shares) until February 1, 2014. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The 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. A portion of the Fund’s total return was attributable to proceeds received in the fiscal year ended September 30, 2009 in a settlement of litigation.