497 1 e64017_497.htm SUPPLEMENT

 

BLACKROCK FUNDSSM

BlackRock Managed Volatility Portfolio

(the “Fund”)

 

Supplement dated May 4, 2015 to the Fund’s

Prospectus dated January 28, 2015

Effective immediately, the following changes are made to the Fund’s Prospectus:

The section entitled “Fund Overview — Portfolio Managers” is deleted in its entirety and replaced with the following:


Name
Portfolio Manager of
the Fund Since

Title
Philip Green 2006 Managing Director of BlackRock, Inc.
Justin Christofel, CFA 2013 Director of BlackRock, Inc.

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

ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND

The Fund is managed by a team of financial professionals. Philip Green and Justin Christofel, CFA, are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the portfolio management team.

The table in the section entitled “Management of the Fund — Portfolio Manager Information” is deleted in its entirety and replaced with the following:

Portfolio Manager Primary Role Since Title and Recent Biography
Philip Green Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. 2006 Managing Director of BlackRock, Inc. since 2006.
Justin Christofel, CFA Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. 2013 Director of BlackRock, Inc. since 2013; Vice President of BlackRock, Inc. from 2010 to 2013; Associate of BlackRock, Inc. from 2008 to 2010; Analyst at BlackRock, Inc. from 2007 to 2008.

 

Shareholders should retain this Supplement for future reference.