BlackRock Allocation Target Shares BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc.

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1 BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock CoRI Funds BlackRock CoRI 2015 Fund BlackRock CoRI 2017 Fund BlackRock CoRI 2019 Fund BlackRock CoRI 2021 Fund BlackRock CoRI 2023 Fund BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds SM BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Disciplined Small Cap Core Fund BlackRock Emerging Market Allocation Portfolio BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Long/Short Equity Fund BlackRock Energy & Resources Portfolio BlackRock Flexible Equity Fund BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Global Opportunities Portfolio BlackRock Health Sciences Opportunities Portfolio BlackRock International Opportunities Portfolio BlackRock Macro Themes Fund BlackRock Managed Volatility Portfolio BlackRock Midcap Index Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock MSCI Asia ex Japan Index Fund BlackRock MSCI World Index Fund BlackRock Multi-Asset Real Return Fund BlackRock Multi-Manager Alternative Strategies Fund BlackRock Municipal Money Market Portfolio BlackRock New Jersey Municipal Money Market Portfolio BlackRock North Carolina Municipal Money Market Portfolio BlackRock Ohio Municipal Money Market Portfolio BlackRock Pennsylvania Municipal Money Market Portfolio BlackRock Real Estate Securities Fund BlackRock Science & Technology Opportunities Portfolio BlackRock Short Obligations Fund BlackRock Small Cap Growth Equity Portfolio BlackRock Strategic Risk Allocation Fund BlackRock U.S. Opportunities Portfolio BlackRock U.S. Treasury Money Market Portfolio BlackRock Ultra-Short Obligations Fund BlackRock Virginia Municipal Money Market Portfolio BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Investment Grade Bond Portfolio BlackRock LifePath Active 2020 Fund BlackRock LifePath Active 2025 Fund BlackRock LifePath Active 2030 Fund BlackRock LifePath Active 2035 Fund BlackRock LifePath Active 2040 Fund BlackRock LifePath Active 2045 Fund BlackRock LifePath Active 2050 Fund BlackRock LifePath Active 2055 Fund BlackRock LifePath Active Retirement Fund BlackRock Low Duration Bond Portfolio BlackRock Multi-Asset Income Portfolio BlackRock Secured Credit Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio

2 BlackRock Funds III BlackRock CoreAlpha Bond Fund BlackRock Large Cap Index Fund BlackRock LifePath Retirement Fund BlackRock LifePath 2020 Fund BlackRock LifePath 2025 Fund BlackRock LifePath 2030 Fund BlackRock LifePath 2035 Fund BlackRock LifePath 2040 Fund BlackRock LifePath 2045 Fund BlackRock LifePath 2050 Fund BlackRock LifePath 2055 Fund BlackRock LifePath Index Retirement Fund BlackRock LifePath Index 2020 Fund BlackRock LifePath Index 2025 Fund BlackRock LifePath Index 2030 Fund BlackRock LifePath Index 2035 Fund BlackRock LifePath Index 2040 Fund BlackRock LifePath Index 2045 Fund BlackRock LifePath Index 2050 Fund BlackRock LifePath Index 2055 Fund BlackRock S&P 500 Index Fund BlackRock Total International ex U.S. Index Fund BlackRock U.S. Total Bond Index Fund BlackRock Index Funds, Inc. BlackRock International Index Fund BlackRock Small Cap Index Fund BlackRock Large Cap Series Funds, Inc. BlackRock Event Driven Equity Fund BlackRock Large Cap Core Fund BlackRock Large Cap Growth Fund BlackRock Large Cap Value Fund BlackRock Large Cap Value Retirement Portfolio BlackRock Latin America Fund, Inc. BlackRock Global Allocation Fund, Inc. BlackRock Global SmallCap Fund, Inc. BlackRock Long-Horizon Equity Fund BlackRock Mid Cap Value Opportunities Series, Inc. BlackRock Mid Cap Value Opportunities Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust BlackRock Pacific Fund, Inc. BlackRock Series, Inc. BlackRock International Fund BlackRock Small Cap Growth Fund II BlackRock Value Opportunities Fund, Inc. BlackRock World Income Fund, Inc. FDP Series, Inc. Franklin Templeton Total Return FDP Fund Invesco Value FDP Fund Marsico Growth FDP Fund MFS Research International FDP Fund Managed Account Series BlackRock U.S. Mortgage Portfolio Global SmallCap Portfolio Mid Cap Value Opportunities Portfolio (each, a Fund and collectively, the Funds ) 2

3 Supplement dated July 1, 2015 to the Prospectus of each Fund Effective on September 1, 2015, each Fund s Prospectus is amended as follows: The section entitled Account Information Note on Low Balance Accounts in the current Prospectus is deleted in its entirety and replaced with the following or the following section is added to the section entitled Account Information in the current Prospectus, as applicable: Note on Low Balance Accounts. Because of the high cost of maintaining smaller shareholder accounts, BlackRock has set a minimum balance of $500 in each Fund position you hold within your account ( Fund Minimum ), and may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any reason, including market fluctuation. You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your Financial Intermediary. In the section entitled Account Information How to Buy and Sell Shares How to Sell Shares Selling shares held directly with BlackRock, Account Information How to Buy, Sell and Transfer Shares How to Sell Shares Selling shares held directly with BlackRock or Account Information How to Buy, Sell, Exchange and Transfer Shares How to Sell Shares Selling shares held directly with BlackRock, as applicable, in each Fund s Prospectus, the following paragraph is added as the second paragraph under Payment by Check or, if applicable, the following paragraph is added with the header of Payment by Check : Each Fund reserves the right to reinvest any dividend or distribution amounts (e.g., income dividends or capital gains) which you have elected to receive by check should your check be returned as undeliverable or remain uncashed for more than 6 months. No interest will accrue on amounts represented by uncashed checks. Your check will be reinvested in your account at the net asset value next calculated, on the day of the investment. When reinvested, those amounts are subject to the risk of loss like any Fund investment. If you elect to receive distributions in cash and a check remains undeliverable or uncashed for more than 6 months, your cash election may also be changed automatically to reinvest and your future dividend and capital gains distributions will be reinvested in the Fund at the net asset value as of the date of payment of the distribution. Shareholders should retain this Supplement for future reference. 3

4 PRO-COMPLEX-0715SUP

5 BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock CoRI Funds BlackRock CoRI 2015 Fund BlackRock CoRI 2017 Fund BlackRock CoRI 2019 Fund BlackRock CoRI 2021 Fund BlackRock CoRI 2023 Fund BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds SM BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Disciplined Small Cap Core Fund BlackRock Emerging Market Allocation Portfolio BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Long/Short Equity Fund BlackRock Energy & Resources Portfolio BlackRock Flexible Equity Fund BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Global Opportunities Portfolio BlackRock Health Sciences Opportunities Portfolio BlackRock International Opportunities Portfolio BlackRock Macro Themes Fund BlackRock Managed Volatility Portfolio BlackRock Midcap Index Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock MSCI Asia ex Japan Index Fund BlackRock MSCI World Income Fund BlackRock Multi-Asset Real Return Fund BlackRock Multi-Manager Alternative Strategies Fund BlackRock Municipal Money Market Portfolio BlackRock New Jersey Municipal Money Market Portfolio BlackRock North Carolina Municipal Money Market Portfolio BlackRock Ohio Municipal Money Market Portfolio BlackRock Pennsylvania Municipal Money Market Portfolio BlackRock Real Estate Securities Fund BlackRock Science & Technology Opportunities Portfolio BlackRock Short Obligations Fund BlackRock Small Cap Growth Equity Portfolio BlackRock Strategic Risk Allocation Fund BlackRock U.S. Opportunities Portfolio BlackRock U.S. Treasury Money Market Portfolio BlackRock Ultra-Short Obligations Fund BlackRock Virginia Municipal Money Market Portfolio BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Investment Grade Bond Portfolio BlackRock LifePath Active 2020 Fund BlackRock LifePath Active 2025 Fund BlackRock LifePath Active 2030 Fund BlackRock LifePath Active 2035 Fund BlackRock LifePath Active 2040 Fund BlackRock LifePath Active 2045 Fund BlackRock LifePath Active 2050 Fund BlackRock LifePath Active 2055 Fund BlackRock LifePath Active Retirement Fund BlackRock Low Duration Bond Portfolio BlackRock Multi-Asset Income Portfolio BlackRock Secured Credit Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Funds III BlackRock CoreAlpha Bond Fund BlackRock Large Cap Index Fund BlackRock LifePath Retirement Fund BlackRock LifePath 2020 Fund BlackRock LifePath 2025 Fund BlackRock LifePath 2030 Fund BlackRock LifePath 2035 Fund BlackRock LifePath 2040 Fund BlackRock LifePath 2045 Fund BlackRock LifePath 2050 Fund BlackRock LifePath 2055 Fund BlackRock LifePath Index Retirement Fund BlackRock LifePath Index 2020 Fund

6 BlackRock LifePath Index 2025 Fund BlackRock LifePath Index 2030 Fund BlackRock LifePath Index 2035 Fund BlackRock LifePath Index 2040 Fund BlackRock LifePath Index 2045 Fund BlackRock LifePath Index 2050 Fund BlackRock LifePath Index 2055 Fund BlackRock S&P 500 Index Fund BlackRock Total International ex U.S. Index Fund BlackRock U.S. Total Bond Index Fund BlackRock Global Allocation Fund, Inc. BlackRock Global SmallCap Fund, Inc. BlackRock Index Funds, Inc. BlackRock International Index Fund BlackRock Small Cap Index Fund BlackRock Large Cap Series Funds, Inc. BlackRock Event Driven Equity Fund BlackRock Large Cap Core Fund BlackRock Large Cap Growth Fund BlackRock Large Cap Value Fund BlackRock Latin America Fund, Inc. BlackRock Long-Horizon Equity Fund BlackRock Mid Cap Value Opportunities Series, Inc. BlackRock Mid Cap Value Opportunities Fund (each, a Fund and collectively, the Funds ) BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust BlackRock Pacific Fund, Inc. BlackRock Series, Inc. BlackRock International Fund BlackRock Small Cap Growth Fund II BlackRock Value Opportunities Fund, Inc. BlackRock World Income Fund, Inc. FDP Series, Inc. Franklin Templeton Total Return FDP Fund Invesco Value FDP Fund Marsico Growth FDP Fund MFS Research International FDP Fund Managed Account Series BlackRock U.S. Mortgage Portfolio Supplement dated July 1, 2015 to the Prospectus of each Fund Effective on September 1, 2015, each Fund s Prospectus is amended as follows: In the section entitled Fund Overview Purchase and Sale of Fund Shares in each Fund s Prospectus for Institutional Shares, the Institutional Shares column of the table is deleted in its entirety and replaced with the following: Minimum Initial Investment Minimum Additional Investment Institutional Shares There is no minimum initial investment for employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $2 million for individuals and Institutional Investors, which, include but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund s distributor to purchase such shares. $1,000 for investors of Financial Intermediaries that: i) charge such investors a fee for advisory, investment consulting, or similar services or ii) have entered into agreement with the Fund s distributor to offer Institutional Shares through a no-load program or investment platform. No subsequent minimum. 2

7 In the section entitled Account Information How to Choose the Share Class that Best Suits Your Needs in each Fund s current Prospectus for Institutional Shares, the first two rows of the Institutional Shares column of the table are deleted in their entirety and replaced with the following with regards to Institutional Shares: Availability Minimum Investment Institutional Limited to certain investors, including: Individuals and Institutional Investors who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares. Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares. Employees, officers and directors/trustees of BlackRock or its affiliates. Participants in certain programs sponsored by BlackRock or its affiliates or other Financial Intermediaries. There is no investment minimum for: Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies. Employees, officers and directors/trustees of BlackRock or its affiliates. $2 million for individuals and Institutional Investors. $1,000 for investors of Financial Intermediaries that: i) charge such investors a fee for advisory, investment consulting, or similar services or ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform. The last paragraph in the section entitled Account Information Details About the Share Classes Institutional Shares or Account Information Details About the Share Classes, as applicable, in each Fund s current Prospectus for Institutional Shares is deleted in its entirety and replaced with the following with regards to Institutional Shares: Eligible Institutional investors include the following: Individuals and Institutional Investors with a minimum initial investment of $2 million who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares; Investors of Financial Intermediaries that: (i) charge such investors a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each case, with a minimum initial investment of $1,000; Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares; Trust department clients of PNC Bank and Bank of America, N.A. and their affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as custodian for at least $2 million in assets, who are not subject to any minimum initial investment; Holders of certain BofA Corp. sponsored UITs who reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial investment; and Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., PNC, Barclays or their respective affiliates, who are not subject to any minimum initial investment. The Fund reserves the right to modify or waive the above-stated policies at any time. Shareholders should retain this Supplement for future reference. 3

8 PRO-INST-0715SUP

9 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated June 5, 2015 to the Prospectus of the Fund, dated December 29, 2014 Pursuant to action taken by the Board of Trustees of BlackRock Funds SM, Ionic Capital Management LLC will serve as a sub-adviser to the Fund. Effective immediately, the following changes are made to the Fund s Prospectus: The tables in the sections entitled Fund Overview Principal Investment Strategies of the Fund and Details About the Fund How the Fund Invests Principal Investment Strategies are hereby amended to add the following: Relative Value Ionic Capital Management LLC The second paragraph of the section entitled Fund Overview Investment Manager is hereby deleted in its entirety and replaced with the following: The Fund s Sub-Advisers are Achievement Asset Management LLC, Benefit Street Partners, LLC, Ionic Capital Management LLC, LibreMax Capital, LLC, MeehanCombs LP and QMS Capital Management LP. The section entitled Management of the Fund BlackRock and the Sub-Advisers Sub-Advisers is hereby amended to add the following: Ionic Capital Management LLC ( Ionic ), 475 Fifth Avenue, 9th Floor, New York, New York 10017, serves as a sub-adviser to the Fund. Ionic was founded in 2006 and will focus on managing assets for the Fund utilizing a relative value strategy. Total assets under management by Ionic were approximately $2.5 billion as of December 31, The section entitled For More Information Fund and Service Providers Sub-Advisers is hereby amended to add the following: Ionic Capital Management LLC 475 Fifth Avenue 9th Floor New York, New York Shareholders should retain this Supplement for future reference. PRO-MMAS-0615SUP

10 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated May 21, 2015 to the Summary Prospectus, Prospectus and Statement of Additional Information of the Fund, each dated December 29, 2014 One of the Fund s sub-advisers, Independence Capital Asset Partners, LLC ( ICAP ), has notified BlackRock Advisors, LLC, the Fund s investment adviser ( BlackRock ), that it has determined to no longer provide investment advisory services to clients with respect to the investment strategy provided to the Fund. As a result, pursuant to the terms of the sub-advisory agreement between BlackRock and ICAP, the sub-advisory agreement will be terminated effective May 27, ICAP is currently one of the Fund s sub-advisers that employs a fundamental long/short strategy as its principal strategy. The Fund s assets managed by ICAP will be re-allocated by BlackRock to the Fund s other unaffiliated sub-advisers and to mutual funds affiliated with BlackRock. In connection with the termination of the sub-advisory agreement, effective May 27, 2015, all references in the Fund s Summary Prospectus, Prospectus and Statement of Additional Information to ICAP are hereby deleted in their entirety. Shareholders should retain this Supplement for future reference. PRSAI-MMAS-0515SUP

11 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated April 30, 2015 to the Prospectus of the Fund, dated December 29, 2014 Effective May 1, 2015, BlackRock Advisors, LLC, the Fund s investment advisor ( BlackRock ), has agreed to reduce certain expenses of the Fund, as described further below. BlackRock has agreed to: (i) reduce its management fee; and (ii) replace the current expense cap on total annual fund operating expenses with an expense cap on miscellaneous other expenses of the Fund. Accordingly, the Fund s prospectus is amended as follows: Effective May 1, 2015, the section of the Fund s prospectus entitled Fund Overview Key Facts About BlackRock Multi-Manager Alternative Strategies Fund Fees and Expenses of the Fund is deleted in its entirety and replaced with the following: Fees and Expenses of the Fund The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees Investor A Investor C Institutional (fees paid directly from your investment) Shares Shares 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 % 2 None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of Investor A Investor C Institutional the value of your investment) Shares Shares Shares Management Fee % 1.80% 1.80% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None Other Expenses % 0.83% 0.78% Dividend Expense/Stock Loan Fees 0.33% 0.33% 0.33% Miscellaneous Other Expenses of the Fund % 0.50% 0.45% Other Expenses of the Subsidiary 6 Acquired Fund Fees and Expenses % 0.39% 0.39% Total Annual Fund Operating Expenses 3.27% 4.02% 2.97% Fee Waivers and/or Expense Reimbursements 3, 5 (0.70)% (0.70)% (0.65)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 2.57% 3.32% 2.32% 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 The Management Fee payable by the Fund is based on assets estimated to be attributable to the Fund s direct investments in fixed-income and equity securities and instruments, including exchange-traded funds ( ETFs ) advised by BlackRock or other investment advisers, other investments and cash and cash equivalents (including money market funds). BlackRock has contractually agreed to waive the Management Fee on assets estimated to be attributed to the Fund s investments in other equity and fixed-income mutual funds managed by BlackRock or its affiliates (the mutual funds ) until January 1, The agreement may be terminated upon 90 days notice by a majority of the noninterested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. 4 Other Expenses are based on estimated amounts for the current fiscal year. 5 As described in the Management of the Fund section of the Fund s prospectus beginning on page 58, BlackRock has contractually agreed to waive and/or reimburse fees to limit Miscellaneous Other Expenses of the Fund (excluding extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund s business, if any) to 0.16% on Investor A, Investor C and Institutional shares until January 1, 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. 6 The Other Expenses of BlackRock Cayman Multi-Manager Alternatives Fund, Ltd. (the Subsidiary ) are estimated to be less than 0.01% for the most recent fiscal year. 7 Acquired Fund Fees and Expenses are estimated for the current fiscal year.

12 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 $771 $1,417 $2,086 $3,860 Investor C Shares $435 $1,160 $2,002 $4,180 Institutional Shares $235 $857 $1,505 $3,244 You would pay the following expenses if you did not redeem your shares: 1 Year 3 Years 5 Years 10 Years Investor C Shares $335 $1,160 $2,002 $4,180 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. For the period August 7, 2014 (commencement of operations) through August 31, 2014, the Fund s portfolio turnover rate was 5% of the average value of its portfolio. Effective May 1, 2015, the section of the Fund s prospectus entitled Management of the Fund BlackRock and the Sub-Advisers is revised as follows: Effective May 1, 2015, the annual management fee payable to BlackRock (as a percentage of average daily net assets) is calculated as follows: Rate of Average Daily Net Assets Management Fee Not exceeding $1 billion 1.80% In excess of $1 billion but not more than $3 billion 1.69% In excess of $3 billion but not more than $5 billion 1.62% In excess of $5 billion but not more than $10 billion 1.57% In excess of $10 billion 1.53% Prior to May 1, 2015, the annual management fee payable to BlackRock (as a percentage of average daily net assets) was calculated as follows: Rate of Average Daily Net Assets Management Fee Not exceeding $1 billion 1.95% In excess of $1 billion but not more than $3 billion 1.83% In excess of $3 billion but not more than $5 billion 1.76% In excess of $5 billion but not more than $10 billion 1.70% In excess of $10 billion 1.66% 2

13 The seventh paragraph, eighth paragraph and following chart, ninth paragraph and tenth paragraph are deleted in their entirety and replaced with the following: Effective May 1, 2015, BlackRock has contractually agreed to waive and/or reimburse fees to limit Miscellaneous Other Expenses of the Fund (excluding extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund s business, if any) to 0.16% on Investor A, Investor C and Institutional shares until January 1, With respect to the contractual agreement described above, if during the Fund s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver or reimbursement from BlackRock, are less than the expense limit for that share class, the share class is required to repay BlackRock up to the lesser of (a) the amount of fees waived or expenses reimbursed during those prior two fiscal years under the agreement and (b) the amount by which the expense limit for that share class exceeds the operating expenses of the share class for the current fiscal year, provided that: (1) the Fund has more than $50 million in assets and (2) BlackRock or an affiliate serves as the Fund s manager or administrator. Shareholders should retain this Supplement for future reference. PRO-MMAS-0415SUP

14 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated April 29, 2015 to the Summary Prospectus, Prospectus and Statement of Additional Information of the Fund, dated December 29, 2014 Pursuant to action taken by the Board of Trustees of BlackRock Funds SM, Ionic Capital Management LLC ( Ionic ) has been approved as a sub-adviser to the Fund. BlackRock Advisors, LLC, the Fund s investment manager, expects that, effective on or about May 27, 2015, a portion of the Fund s assets will be allocated to Ionic. Ionic intends to employ a relative value strategy as its principal investment strategy. Shareholders should retain this Supplement for future reference. PRSAI-MMAS-0415SUP

15 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated February 27, 2015 to the Prospectus of the Fund, dated December 29, 2014 Pursuant to action taken by the Board of Trustees of BlackRock Funds SM, Achievement Asset Management LLC will serve as a sub-adviser to the Fund. Effective immediately, the following changes are made to the Fund s Prospectus: The tables in the sections entitled Fund Overview Principal Investment Strategies of the Fund and Details About the Fund How the Fund Invests Principal Investment Strategies are hereby amended to add the following: Relative Value Achievement Asset Management LLC The second paragraph of the section entitled Fund Overview Investment Manager is hereby deleted in its entirety and replaced with the following: The Fund s Sub-Advisers are Achievement Asset Management LLC, Benefit Street Partners, LLC, Independence Capital Asset Partners, LLC, LibreMax Capital, LLC, MeehanCombs LP and QMS Capital Management LP. The section entitled Management of the Fund BlackRock and the Sub-Advisers Sub-Advisers is hereby amended to add the following: Achievement Asset Management LLC ( AAM ), 141 West Jackson Boulevard, Suite 800, Chicago, Illinois 60604, serves as a sub-adviser to the Fund. AAM, formerly known as PEAK6 Advisors LLC, was founded in 2005 and will focus on managing assets for the Fund utilizing a relative value strategy. Total assets under management by AAM were approximately $2 billion as of December 31, The section entitled For More Information Fund and Service Providers Sub-Advisers is hereby amended to add the following: Achievement Asset Management LLC 141 West Jackson Boulevard Suite 800 Chicago, Illinois Shareholders should retain this Supplement for future reference. PRO-MMAS-0215SUP

16 BLACKROCK FUNDS SM BlackRock Multi-Manager Alternative Strategies Fund (the Fund ) Supplement dated January 15, 2015 to the Prospectus of the Fund, dated December 29, 2014 One of the Fund s sub-advisers, Loeb King Capital Management ( Loeb King ), has notified BlackRock Advisors, LLC, the Fund s investment adviser ( BlackRock ), that it has determined to no longer provide investment advisory services to clients. As a result, pursuant to the terms of the sub-advisory agreement between BlackRock and Loeb King, the sub-advisory agreement will be terminated effective January 30, Loeb King is currently the Fund s sole sub-adviser that employs an event driven strategy as its principal strategy. The Fund s assets managed by Loeb King will be re-allocated by BlackRock to the Fund s five other unaffiliated sub-advisers and to mutual funds affiliated with BlackRock. In connection with the termination of the sub-advisory agreement, effective January 30, 2015, all references in the Fund s Prospectus to Loeb King are hereby deleted in their entirety. Shareholders should retain this Supplement for future reference. PRO-MMAS-0115SUP

17 DECEMBER 29, 2014 PROSPECTUS BlackRock Funds SM c Investor and Institutional Shares BlackRock Multi-Manager Alternative Strategies Fund Investor A: BMMAX v Investor C: BMMCX v Institutional: BMMNX This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Not FDIC Insured May Lose Value No Bank Guarantee

18 Table of Contents Fund Overview Details About the Fund Account Information Management of the Fund Key facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information, and historical performance information Investment Objective... 3 Fees and Expenses of the Fund... 3 Principal Investment Strategies of the Fund... 4 Principal Risks of Investing in the Fund... 6 Performance Information Investment Manager Portfolio Managers Purchase and Sale of Fund Shares Tax Information Payments to Broker/Dealers and Other Financial Intermediaries Information about how the Fund invests, including investment objective, investment processes, principal strategies and risk factors How the Fund Invests Investment Risks Information about account services, sales charges and waivers, shareholder transactions, and distribution and other payments How to Choose the Share Class that Best Suits Your Needs Details About the Share Classes Distribution and Service Payments How to Buy, Sell, Exchange and Transfer Shares Account Services and Privileges Fund s Rights Participation in Fee-Based Programs Short-Term Trading Policy Information about BlackRock and the Portfolio Managers BlackRock and the Sub-Advisers Portfolio Manager Information Conflicts of Interest Valuation of Fund Investments Dividends, Distributions and Taxes Financial Highlights Financial Performance of the Fund General Information Shareholder Documents Certain Fund Policies Statement of Additional Information Glossary Glossary of Investment Terms For More Information Fund and Service Providers... Inside Back Cover Additional Information... Back Cover

19 Fund Overview Key Facts About BlackRock Multi-Manager Alternative Strategies Fund Investment Objective The investment objective of the BlackRock Multi-Manager Alternative Strategies Fund (the Fund ), a series of BlackRock Funds SM (the Trust ), is to seek total return. 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 section on page 43 of the Fund s prospectus and in the Purchase of Shares section on page II-74 of Part II of the Fund s Statement of Additional Information ( SAI ). 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 % 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 Fee % 1.95% 1.95% Distribution and/or Service (12b-1) Fees 0.25% 1.00% None Other Expenses % 0.83% 0.78% Dividend Expense/Stock Loan Fees 0.33% 0.33% 0.33% Miscellaneous Other Expenses of the Fund 0.50% 0.50% 0.45% Other Expenses of the Subsidiary 5 Acquired Fund Fees and Expenses % 0.41% 0.41% Total Annual Fund Operating Expenses 3.44% 4.19% 3.14% Fee Waivers and/or Expense Reimbursements 3,7 (0.39)% (0.39)% (0.39)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements % 3.80% 2.75% 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 The Management Fee payable by the Fund is based on assets estimated to be attributable to the Fund s direct investments in fixed-income and equity securities and instruments, including exchange-traded funds ( ETFs ) advised by BlackRock or other investment advisers, other investments and cash and cash equivalents (including money market funds). BlackRock has contractually agreed to waive the Management Fee on assets estimated to be attributed to the Fund s investments in other equity and fixed-income mutual funds managed by BlackRock or its affiliates (the mutual funds ) until January 1, 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. 4 Other Expenses are based on estimated amounts for the current fiscal year. 5 The Other Expenses of BlackRock Cayman Multi-Manager Alternatives Fund, Ltd. (the Subsidiary ) are estimated to be less than 0.01% for the most recent fiscal year. 6 Acquired Fund Fees and Expenses are estimated for the current fiscal year. 7 As described in the Management of the Fund section of the Fund s prospectus beginning on page 58, 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 2.60% (for Investor A Shares), 3.35% (for Investor C Shares) and 2.35% (for Institutional Shares) until January 1, 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. 3

20 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 $817 $1,492 $2,188 $4,026 Investor C Shares $482 $1,237 $2,106 $4,341 Institutional Shares $278 $ 932 $1,611 $3,421 You would pay the following expenses if you did not redeem your shares: 1 Year 3 Years 5 Years 10 Years Investor C Shares $382 $1,237 $2,106 $4,341 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. For the period August 7, 2014 (commencement of operations) through August 31, 2014, the Fund s portfolio turnover rate was 5% of the average value of its portfolio. Principal Investment Strategies of the Fund The Fund seeks to achieve its investment objective by allocating to multiple affiliated and unaffiliated investment managers ( Sub-Advisers ) that employ a variety of alternative investment strategies. Each of the Sub-Advisers generally provides day-to-day management for a portion of the Fund s assets. Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. BlackRock is responsible for identifying and retaining (subject to approval of the Trust s Board of Trustees (the Board )) the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. BlackRock reviews a number of qualitative and quantitative factors as part of its process for selecting and monitoring the Sub-Advisers, as described in the Details About the Fund section of this prospectus. BlackRock is also responsible for selecting the Fund s alternative investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on BlackRock s ongoing evaluation of the Sub-Advisers, BlackRock may adjust allocations among Sub-Advisers, or make recommendations to the Board with respect to the hiring, termination or replacement of Sub-Advisers. The primary strategies that will initially be employed by the Fund and its Sub-Advisers include: Relative Value, Event Driven, Fundamental Long/Short and Directional Trading. Relative Value Strategies seek to profit from mispricing of financial instruments relative to each other or historical norms. These strategies utilize quantitative and qualitative analysis to identify securities or spreads between securities that deviate from their theoretical fair value and/or historical norms. Event Driven Strategies concentrate on companies that are subject to corporate events such as mergers, acquisitions, restructurings, spin-offs, shareholder activism, or other special situations that alter a company s financial structure or operating strategy. The intended goal of event driven strategies is to profit when the price of a security changes to reflect more accurately the likelihood and potential impact of the occurrence, or non-occurrence, of the extraordinary event. This can be done by taking a long position in a security or other financial instrument that is believed to be underpriced or a short position in a security or other financial instrument that is believed to be overpriced. Fundamental Long/Short Strategies involve buying or selling securities believed to be overpriced or underpriced relative to their potential value. Investment strategies within the fundamental long/short discipline include long and short equity- or credit-based strategies that emphasize a fundamental valuation framework and equity active value strategies where an active role is taken to enhance corporate value. 4

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