https://www.sec.gov/Archives/edgar/data/844779/000119312519211039/d778291d497.htm497 1 d778291d497.htm BLACKROCK ENERGY & RESOURCES PORTFOLIO
BLACKROCK FUNDSSM
BlackRock Energy & Resources Portfolio
(the “Fund”)
Supplement dated August 1, 2019 to the Summary Prospectus, Prospectus and Statement of Additional
Information of the Fund, each dated January 28, 2019
The Board of Trustees of BlackRock FundsSM (the “Trust”) has approved an Agreement and Plan of Reorganization (the “Agreement and Plan”) between the Trust, on behalf of the Fund, and the Trust, on behalf of BlackRock All-Cap Energy & Resources Portfolio (the “Acquiring Fund”), pursuant to which the Fund will be reorganized into the Acquiring Fund (the “Reorganization”).
In the Reorganization, the Fund will transfer substantially all of its assets to the Acquiring Fund in exchange for the assumption by the Acquiring Fund of certain stated liabilities of the Fund and shares of the Acquiring Fund.
The Agreement and Plan provides that shareholders of the Fund will receive shares, including fractional shares, if any, of the class of shares in the Acquiring Fund as set out in the table below with the same aggregate net asset value as the shares of the Fund held immediately prior to the Reorganization...
