0000844779 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member bf13:C000004883Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member rr:AfterTaxesOnDistributionsAndSalesMember bf13:C000004885Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member rr:AfterTaxesOnDistributionsMember bf13:C000004885Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member bf13:C000004885Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member bf13:C000004887Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member bf13:C000037656Member 2021-09-28 2021-09-28 0000844779 bf13:ClassKMember bf13:S000001871Member rr:AfterTaxesOnDistributionsAndSalesMember bf13:C000198239Member 2021-09-28 2021-09-28 0000844779 bf13:ClassKMember bf13:S000001871Member rr:AfterTaxesOnDistributionsMember bf13:C000198239Member 2021-09-28 2021-09-28 0000844779 bf13:ClassKMember bf13:S000001871Member bf13:C000198239Member 2021-09-28 2021-09-28 0000844779 bf13:ClassKMember bf13:S000001871Member 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member 2021-09-28 2021-09-28 0000844779 bf13:ClassKMember bf13:S000001871Member bf13:RussellThousandGrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-09-28 2021-09-28 0000844779 bf13:INVESTORCINVESTORAINSTITUTIONALandClassRSharesMember bf13:S000001871Member bf13:RussellThousandGrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-09-28 2021-09-28 pure iso4217:USD 0000844779 false 485BPOS 2021-05-31 -0.0557 0.1094 0.2374 0.0076 0.0121 0.0999 0.2313 -0.0290 0.3339 0.3409 -0.0557 0.1094 0.2374 0.0076 0.0121 0.0999 0.2313 -0.0263 0.3382 0.3445 2021-09-23 N-1A BLACKROCK FUNDS 2021-09-28 2021-09-28 Fund Overview Key Facts About BlackRock Advantage Large Cap Growth Fund Investment Objective <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment objective of BlackRock Advantage Large Cap Growth Fund (the “Fund”), a series of BlackRock Funds<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Trust”), is to seek long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.</span> 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 or its affiliates. More information about these and other discounts is available from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 24 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-87 of Part II of the Fund’s Statement of Additional Information.</div> 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 or its affiliates. 25000 Shareholder Fees(fees paid directly from your investment) 0.0525 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses(expenses that you pay each year as apercentage of the value of your investment) 0.0057 0.0057 0.0057 0.0057 0.0025 0.0100 0 0.0050 0.0026 0.0027 0.0026 0.0029 0.0108 0.0184 0.0083 0.0136 -0.0021 -0.0022 -0.0021 -0.0024 0.0087 0.0162 0.0062 0.0112 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. June 30, 2023 Example: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">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:</div> 609 831 1070 1755 265 557 975 1941 63 244 440 1006 114 356 617 1363 You would pay the following expenses if you did not redeem your shares: 165 557 975 1941 Portfolio Turnover: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; text-align: left; text-decoration: none; text-transform: none;">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 134% of the average value of its portfolio.</div> 1.34 Principal Investment Strategies of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities of U.S. issuers and derivatives that have similar economic characteristics to such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index (the “Russell 1000 Growth Index”). The Fund is a growth fund and primarily intends to invest in equity securities, which include common stock, preferred stock and convertible securities, or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Growth Index. The Russell 1000 Growth Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Russell 1000 Growth Index. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.</div> Principal Risks of Investing in the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Risk is inherent in all investing. The value of your investment in the Fund, 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 the principal risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor. </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 4pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Commodities Related Investments Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Convertible Securities Risk <span style="font-style: normal; font-weight: normal;">— 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’s credit rating or the market’s perception of the issuer’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.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Derivatives Risk <span style="font-style: normal; font-weight: normal;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Volatility Risk<span style="font-style: normal;"> — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Counterparty Risk<span style="font-style: normal;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Market and Illiquidity Risk<span style="font-style: normal;"> — 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.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Valuation Risk<span style="font-style: normal;"> — Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Hedging Risk<span style="font-style: normal;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Tax Risk <span style="font-style: normal;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.<br/></span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Regulatory Risk<span style="font-style: normal;"> — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of over-the-counter (“OTC”) swaps with the Fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.<br/></span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">On October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Equity Securities Risk <span style="font-style: normal; font-weight: normal;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">High Portfolio Turnover Risk<span style="font-style: normal; font-weight: normal;"> — The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Investment Style Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Leverage Risk<span style="font-style: normal; font-weight: normal;"> — 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’s portfolio will be magnified when the Fund uses leverage.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Market Risk and Selection Risk <span style="font-style: normal; font-weight: normal;">— 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. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. 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. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to “Model Risk” as described below. This means you may lose money.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">A recent outbreak of an infectious coronavirus has developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Model Risk <span style="font-style: normal; font-weight: normal;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues and other technological issues). There is no guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">“New Issues” Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 13pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Preferred Securities Risk <span style="font-style: normal; font-weight: normal;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.</span> </td> </tr> </table> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Performance Information <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment strategies. Performance for the periods between July 31, 2012 and June 11, 2017 shown below is based on the investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Flexible Equity Fund.”</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Effective July 31, 2012, the Fund changed its investment objective and its investment strategies. Performance for the periods prior to July 31, 2012 shown below is based on the investment strategies utilized by the Fund at that time, which focused on investing in equity securities issued by U.S. mid-capitalization value companies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Growth Index. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and the table assumes reinvestment of the dividends and distributions. 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’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com or can be obtained by phone at (800) 882-0052.</div> The information shows you how the Fund’s performance has varied year by year 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. However, the table includes all applicable fees and sales charges. http://www.blackrock.com (800) 882-0052 Investor A SharesANNUAL TOTAL RETURNSBlackRock Advantage Large Cap Growth FundAs of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 27.13% (quarter ended June 30, 2020) and the lowest return for a quarter was -22.13% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2021 was 13.30%. highest return 0.2713 2020-06-30 lowest return -0.2213 2011-09-30 year-to-date return 2021-06-30 0.1330 For the periods ended 12/31/20Average Annual Total Returns 0.2705 0.1738 0.1141 0.2459 0.1562 0.0985 0.1710 0.1345 0.0881 0.3202 0.1774 0.1132 0.3445 0.1898 0.1234 0.3369 0.1831 0.1164 0.3849 0.2100 0.1721 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’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares throughtax-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, Institutional and Class R 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’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares throughtax-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, Institutional and Class R Shares will vary. Fund Overview Key Facts About BlackRock Advantage Large Cap Growth Fund Investment Objective <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The investment objective of BlackRock Advantage Large Cap Growth Fund (the “Fund”), a series of BlackRock Funds<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Trust”), is to seek long-term capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0057 0 0.0012 0.0069 -0.0012 0.0057 June 30, 2023 Example: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">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:</div> 58 209 372 847 Portfolio Turnover: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">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 134% of the average value of its portfolio.</div> 1.34 Principal Investment Strategies of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities of U.S. issuers and derivatives that have similar economic characteristics to such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index (the “Russell 1000 Growth Index”). The Fund is a growth fund and primarily intends to invest in equity securities, which include common stock, preferred stock and convertible securities, or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Growth Index. The Russell 1000 Growth Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The Fund primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Russell 1000 Growth Index. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.</div> Principal Risks of Investing in the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Risk is inherent in all investing. The value of your investment in the Fund, 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 the principal risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor. </div> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Commodities Related Investments Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Convertible Securities Risk <span style="font-style: normal; font-weight: normal;">— 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’s credit rating or the market’s perception of the issuer’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.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Derivatives Risk <span style="font-style: normal; font-weight: normal;">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Volatility Risk<span style="font-style: normal;"> — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Counterparty Risk<span style="font-style: normal;"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Market and Illiquidity Risk<span style="font-style: normal;"> — 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.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Valuation Risk<span style="font-style: normal;"> — Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Hedging Risk<span style="font-style: normal;"> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Tax Risk <span style="font-style: normal;">— Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Regulatory Risk<span style="font-style: normal;"> — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of over-the-counter (“OTC”) swaps with the Fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.<br/></span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">On October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Equity Securities Risk <span style="font-style: normal; font-weight: normal;">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">High Portfolio Turnover Risk <span style="font-style: normal; font-weight: normal;">— The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Investment Style Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Leverage Risk<span style="font-style: normal; font-weight: normal;"> — 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’s portfolio will be magnified when the Fund uses leverage.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Market Risk and Selection Risk <span style="font-style: normal; font-weight: normal;">— 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. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. 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</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">investment strategies. The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to “Model Risk” as described below. This means you may lose money.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">A recent outbreak of an infectious coronavirus has developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Model Risk <span style="font-style: normal; font-weight: normal;">— The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues and other technological issues). There is no guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 2.30%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">“New Issues” Risk <span style="font-weight: normal;">—</span><span style="font-style: normal; font-weight: normal;"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 2.30%;">■</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: italic; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.70%;">Preferred Securities Risk <span style="font-style: normal; font-weight: normal;">— Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.</span> </td> </tr> </table> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Performance Information <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment strategies. Performance for the periods between July 31, 2012 and June 11, 2017 shown below is based on the investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Flexible Equity Fund.”</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Effective July 31, 2012, the Fund changed its investment objective and its investment strategies. Performance for the periods prior to July 31, 2012 shown below is based on the investment strategies utilized by the Fund at that time, which focused on investing in equity securities issued by U.S. mid-capitalization value companies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Investor A Shares, which are not offered in this prospectus, excluding any Investor A Shares front-end sales charges, which are not applicable to Class K Shares. The performance of Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares are invested in the same portfolio of securities and performance would differ only to the extent that Investor A Shares and Class K Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares. The table compares the Fund’s performance to that of the Russell 1000 Growth Index. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and the table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com or can be obtained by phone at (800) 882-0052. </div> The information shows you how the Fund’s performance has varied year by year 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. http://www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNSBlackRock Advantage Large Cap Growth FundAs of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 27.24% (quarter ended June 30, 2020) and the lowest return for a quarter was -22.13% (quarter ended September 30, 2011). The year-to-date return as of June 30, 2021 was 13.46%. highest return 0.2724 2020-06-30 lowest return -0.2213 2011-09-30 year-to-date return 2021-06-30 0.1346 For the periods ended 12/31/20Average Annual Total Returns 0.3445 0.1886 0.1211 0.3186 0.1708 0.1054 0.2151 0.1469 0.0942 0.3849 0.2100 0.1721 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’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 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’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. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 40, 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 June 30, 2023. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2023. The contractual agreements 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 beginning on page 40, 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 0.87% (for Investor A Shares), 1.62% (for Investor C Shares), and 0.62% (for Institutional Shares) through June 30, 2023 and 1.12% (for Class R Shares) through June 30, 2032. On October 1 of each year, the Class R Shares waiver agreement will renew automatically for an additional year so that the agreement will have a perpetual ten-year term. 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. 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. 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 26, 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 June 30, 2023. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2023. The contractual agreements 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 beginning on page 26, 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 0.57% of average daily net assets through June 30, 2023. 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.