XML 11 R3.htm IDEA: XBRL DOCUMENT v3.5.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BLACKROCK FUNDS
Prospectus Date rr_ProspectusDate Nov. 27, 2015
Supplement [Text Block] bf11_SupplementTextBlock

BLACKROCK FUNDSSM

BlackRock Commodity Strategies Fund

(the “Fund”)

Supplement dated June 17, 2016

to the Prospectus of the Fund, dated November 27, 2015 (as amended March 9, 2016)

Effective June 15, 2016, BlackRock (as defined below) has agreed contractually to: (i) reduce its management fee for the Fund; and (ii) cap net expenses of the Fund at lower levels for the Fund’s Investor A, Investor C and Institutional Shares. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees or expenses if the Fund’s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund’s Investor A, Investor C and Institutional Shares. Accordingly, effective June 15, 2016, the Fund’s Prospectus is amended as follows:

The section entitled “Fund Overview — Key Facts About BlackRock Commodity Strategies Fund — Fees and Expenses of the Fund” is deleted in its entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 (“BlackRock”) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” section on page 27 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-67 of Part II of the Fund’s Statement of Additional Information.

 

Shareholder Fees
(fees paid directly from your investment)		  Investor A
Shares		  Investor C
Shares		  Institutional
Shares		 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
   5.25%    None    None  
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)
   None1   1.00%2   None  
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)		  Investor A
Shares		  Investor C
Shares		  Institutional
Shares		 
Management Fees3
   0.90%    0.90%    0.90%  
Distribution and/or Service (12b-1) Fees
   0.25%    1.00%    None  
Other Expenses4,5
   0.44%    0.34%    0.17%  
Miscellaneous Expenses4
   0.44%       0.34%       0.17%     
Other Expenses of the Subsidiary5
   —             —             —           
Acquired Fund Fees and Expenses
   0.01%    0.01%    0.01%  
Total Annual Fund Operating Expenses6
   1.60%    2.25%    1.08%  
Fee Waivers and/or Expense Reimbursements7
   (0.35)%    (0.25)%    (0.08)%  
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements7
   1.25%    2.00%    1.00%  
1 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.
2 There is no CDSC on Investor C Shares after one year.
3 Management Fees have been restated to reflect current fees.
4 Miscellaneous Expenses have been restated to reflect current fees.
5 The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Subsidiary”) were less than 0.01% for the most recent fiscal year.
6 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees and Miscellaneous Expenses to reflect current fees.
7 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, 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 1.24% (for Investor A Shares), 1.99% (for Investor C Shares) and 0.99% (for Institutional Shares) through November 30, 2016. 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.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

    1 Year   3 Years   5 Years   10 Years 
Investor A Shares
  $646    $971    $1,319    $2,297  
Investor C Shares
  $303    $679    $1,182    $2,566  
Institutional Shares
  $102    $336    $588    $1,310  

You would pay the following expenses if you did not redeem your shares:

 

    1 Year   3 Years   5 Years   10 Years 
Investor C Shares
  $203    $679    $1,182    $2,566  

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 85% of the average value of its portfolio. 
BlackRock Commodity Strategies Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] bf11_SupplementTextBlock

BLACKROCK FUNDSSM

BlackRock Commodity Strategies Fund

(the “Fund”)

Supplement dated June 17, 2016

to the Prospectus of the Fund, dated November 27, 2015 (as amended March 9, 2016)

Effective June 15, 2016, BlackRock (as defined below) has agreed contractually to: (i) reduce its management fee for the Fund; and (ii) cap net expenses of the Fund at lower levels for the Fund’s Investor A, Investor C and Institutional Shares. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees or expenses if the Fund’s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund’s Investor A, Investor C and Institutional Shares. Accordingly, effective June 15, 2016, the Fund’s Prospectus is amended as follows:

The section entitled “Fund Overview — Key Facts About BlackRock Commodity Strategies Fund — Fees and Expenses of the Fund” is deleted in its entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 (“BlackRock”) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” section on page 27 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-67 of Part II of the Fund’s Statement of Additional Information.

 

Shareholder Fees
(fees paid directly from your investment)		  Investor A
Shares		  Investor C
Shares		  Institutional
Shares		 
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
   5.25%    None    None  
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)
   None1   1.00%2   None  
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)		  Investor A
Shares		  Investor C
Shares		  Institutional
Shares		 
Management Fees3
   0.90%    0.90%    0.90%  
Distribution and/or Service (12b-1) Fees
   0.25%    1.00%    None  
Other Expenses4,5
   0.44%    0.34%    0.17%  
Miscellaneous Expenses4
   0.44%       0.34%       0.17%     
Other Expenses of the Subsidiary5
   —             —             —           
Acquired Fund Fees and Expenses
   0.01%    0.01%    0.01%  
Total Annual Fund Operating Expenses6
   1.60%    2.25%    1.08%  
Fee Waivers and/or Expense Reimbursements7
   (0.35)%    (0.25)%    (0.08)%  
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements7
   1.25%    2.00%    1.00%  
1 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.
2 There is no CDSC on Investor C Shares after one year.
3 Management Fees have been restated to reflect current fees.
4 Miscellaneous Expenses have been restated to reflect current fees.
5 The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Subsidiary”) were less than 0.01% for the most recent fiscal year.
6 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees and Miscellaneous Expenses to reflect current fees.
7 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 41, 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 1.24% (for Investor A Shares), 1.99% (for Investor C Shares) and 0.99% (for Institutional Shares) through November 30, 2016. 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.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

    1 Year   3 Years   5 Years   10 Years 
Investor A Shares
  $646    $971    $1,319    $2,297  
Investor C Shares
  $303    $679    $1,182    $2,566  
Institutional Shares
  $102    $336    $588    $1,310  

You would pay the following expenses if you did not redeem your shares:

 

    1 Year   3 Years   5 Years   10 Years 
Investor C Shares
  $203    $679    $1,182    $2,566  

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 85% of the average value of its portfolio. 
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 (“BlackRock”) and its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” section on page 27 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-67 of Part II of the Fund’s Statement of Additional Information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination November 30, 2016
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” 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’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 85% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 85.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock 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.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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 (“BlackRock”) and its affiliates.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Management Fees have been restated to reflect current fees.

Miscellaneous Expenses have been restated to reflect current fees.
Expense Example [Heading] rr_ExpenseExampleHeading Example:
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your shares:
BlackRock Commodity Strategies Fund | Investor A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Management Fees rr_ManagementFeesOverAssets 0.90% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Miscellaneous Expenses rr_Component1OtherExpensesOverAssets 0.44% [3]
Other Expenses of the Subsidiary rr_Component2OtherExpensesOverAssets [4]
Other Expenses rr_OtherExpensesOverAssets 0.44% [3],[4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.60% [5]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.35%) [6]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.25% [6]
1 Year rr_ExpenseExampleYear01 $ 646
3 Years rr_ExpenseExampleYear03 971
5 Years rr_ExpenseExampleYear05 1,319
10 Years rr_ExpenseExampleYear10 $ 2,297
BlackRock Commodity Strategies Fund | Investor C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [7]
Management Fees rr_ManagementFeesOverAssets 0.90% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Miscellaneous Expenses rr_Component1OtherExpensesOverAssets 0.34% [3]
Other Expenses of the Subsidiary rr_Component2OtherExpensesOverAssets [4]
Other Expenses rr_OtherExpensesOverAssets 0.34% [3],[4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.25% [5]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.25%) [6]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 2.00% [6]
1 Year rr_ExpenseExampleYear01 $ 303
3 Years rr_ExpenseExampleYear03 679
5 Years rr_ExpenseExampleYear05 1,182
10 Years rr_ExpenseExampleYear10 2,566
1 Year rr_ExpenseExampleNoRedemptionYear01 203
3 Years rr_ExpenseExampleNoRedemptionYear03 679
5 Years rr_ExpenseExampleNoRedemptionYear05 1,182
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,566
BlackRock Commodity Strategies Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.90% [2]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Miscellaneous Expenses rr_Component1OtherExpensesOverAssets 0.17% [3]
Other Expenses of the Subsidiary rr_Component2OtherExpensesOverAssets [4]
Other Expenses rr_OtherExpensesOverAssets 0.17% [3],[4]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.08% [5]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.08%) [6]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.00% [6]
1 Year rr_ExpenseExampleYear01 $ 102
3 Years rr_ExpenseExampleYear03 336
5 Years rr_ExpenseExampleYear05 588
10 Years rr_ExpenseExampleYear10 $ 1,310
[1] 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.
[2] Management Fees have been restated to reflect current fees.
[3] Miscellaneous Expenses have been restated to reflect current fees.
[4] The Other Expenses of the BlackRock Cayman Commodity Strategies Fund, Ltd. (the "Subsidiary") were less than 0.01% for the most recent fiscal year.
[5] The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund's most recent annual report, which do not include the restatement of Management Fees and Miscellaneous Expenses to reflect current fees.
[6] As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 41, 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 1.24% (for Investor A Shares), 1.99% (for Investor C Shares) and 0.99% (for Institutional Shares) through November 30, 2016. 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.
[7] There is no CDSC on Investor C Shares after one year.