497 1 e64018_497.htm SUPPLEMENT

BLACKROCK FUNDSSM

BlackRock Managed Volatility Portfolio

(the “Fund”)

 

Supplement dated May 4, 2015 to the Fund’s

Statement of Additional Information dated January 28, 2015

Effective immediately, the following changes are made to the Fund’s Statement of Additional Information:

 

The section entitled “Management, Advisory and Other Service Arrangements — Information Regarding the Portfolio Managers” is revised as set forth below:

 

The first paragraph is deleted in its entirety and replaced with the following:

 

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.

 

The table in the sub-section entitled “Other Funds and Accounts Managed” is deleted in its entirety and replaced with the following:

 

Number of Other Accounts Managed

and Assets by Account Type

Number of Other Accounts and

Assets for Which Advisory Fee is

Performance-Based

Name of Portfolio Manager

Other

Registered

Investment

Companies

Other Pooled

Investment

Vehicles

Other

Accounts

Other

Registered

Investment

Companies

Other Pooled

Investment

Vehicles

Other

Accounts

Philip Green 21 24 3 0 0 2
  $14.00 Billion $3.83 Billion $3.03 Billion $0 $0 $2.83 Billion
Justin Christofel, CFA 20 22 0 0 0 0
  $13.63 Billion $5.06 Billion $0 $0 $0 $0

 

 

The last sentence of the sub-section entitled “Portfolio Manager Compensation Overview—Discretionary Incentive Compensation” is deleted in its entirety and replaced with the following:

The performance of Messrs. Green and Christofel is not measured against a specific benchmark.

The table in the sub-section entitled “Portfolio Manager Beneficial Holdings” is deleted in its entirety and replaced with the following:

   

Portfolio Manager

Dollar Range

Philip Green $100,001 – $500,000
Justin Christofel, CFA $1 – $10,000

 

 

Shareholders should retain this Supplement for future reference.