XML 10 R2.htm IDEA: XBRL DOCUMENT

Nov. 28, 2017

BLACKROCK FUNDS^SMBlackRock Global Long/Short Equity Fund(the “Fund”)
Supplement dated June 1, 2018to the Summary Prospectuses, Prospectuses and Statement of Additional Information (“SAI”) of the Fund, each dated November 28, 2017, as amended or supplemented to date

Effective June 1, 2018, BlackRock (as defined below) has agreed contractually to cap net expenses of the Fund at lower levels for the Fund’s Investor A, Investor C, Institutional and Class K 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, Institutional and Class K Shares. Accordingly, effective June 1, 2018, the Fund’s Summary Prospectuses, Prospectuses and SAI are amended as follows:

The section of the Investor A, Investor C and Institutional Shares Summary Prospectus entitled “Fees and Expenses of the Fund” and the section of the Investor A, Investor C and Institutional Shares Prospectus entitled “Fund Overview—Fees and Expenses of the Fund” are deleted in their 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”) or 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” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 22 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-72 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)		None	¹		1.00	%²		None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Investor A Shares			Investor C Shares			Institutional Shares
Management Fee³		1.50	%		1.50	%		1.50	%
Distribution and/or Service (12b-1) Fees		0.25	%		1.00	%		None
Other Expenses⁴		0.34	%		0.30	%		0.27	%
Acquired Fund Fees and Expenses⁵		–			–			–
Total Annual Fund Operating Expenses⁶		2.09	%		2.80	%		1.77	%
Fee Waivers and/or Expense Reimbursements^{3, 7}		(0.20	)%		(0.16	)%		(0.13	)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements^{3, 7}		1.89	%		2.64	%		1.64	%

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.

As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 37, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

⁴	Other Expenses have been restated to reflect current fees.

⁵	Acquired Fund Fees and Expenses have been restated to reflect current fees.

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 Other Expenses to reflect current fees.

⁷

As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 37, 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 1.89% (for Investor A Shares), 2.64% (for Investor C Shares) and 1.64% (for Institutional Shares) through November 30, 2019. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

Example:

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


	1 Year		3 Years		5 Years		10 Years
Investor A Shares	$	707	$	1,127	$	1,572	$	2,804
Investor C Shares	$	367	$	853	$	1,465	$	3,117
Institutional Shares	$	167	$	545	$	947	$	2,073

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


	1 Year		3 Years		5 Years		10 Years
Investor C Shares	$	267	$	853	$	1,465	$	3,117

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 rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

The section of the Class K Shares Summary Prospectus entitled “Fees and Expenses of the Fund” and the section of the Class K Shares Prospectus entitled “Fund Overview—Fees and Expenses of the Fund” are deleted in their 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 Class K Shares of the Fund.



Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Class K Shares
Management Fee¹		1.50	%
Distribution and/or Service (12b-1) Fees		None
Other Expenses²		0.19	%
Acquired Fund Fees and Expenses³		–
Total Annual Fund Operating Expenses⁴		1.69	%
Fee Waivers and/or Expense Reimbursements^{1, 5}		(0.10	)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements^{1, 5}		1.59	%

As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 27, BlackRock Advisors, LLC (“BlackRock”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

²	Other Expenses have been restated to reflect current fees.

³	Acquired Fund Fees and Expenses have been restated to reflect current fees.

⁴	The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report, which does not include the restatement of Other Expenses to reflect current fees.

⁵

As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 27, 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 1.59% of average daily net assets through November 30, 2019. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in the following two years. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

Example:


	1 Year		3 Years		5 Years		10 Years
Class K Shares	$	162	$	523	$	908	$	1,989

Portfolio Turnover: