Definitive Materials Filed by Investment Companies. (497)

BLACKROCK FUNDS ^SM

BlackRock Small Cap Growth Equity Portfolio

(“Small Cap Growth Equity” or the “Fund”)

Supplement dated February 26, 2013 to the

Prospectus of the Fund dated January 28, 2013

Effective May 1, 2013, the following changes are made to the Fund’s prospectus:

In the “Fund Overview” section of the prospectus, the subsection entitled “Portfolio Managers” is deleted in its entirety and replaced with the following:

Portfolio Manager


Name	Portfolio Manager of the Fund Since	Title
Travis Cooke, CFA	2013	Managing Director of BlackRock, Inc.

The section of the prospectus captioned “Details About the Funds — How Each Fund Invests — About the Portfolio Management Team of Small Cap Growth Equity” is deleted in its entirety and replaced with the following:

ABOUT THE PORTFOLIO MANAGER OF SMALL CAP GROWTH EQUITY

Travis Cooke, CFA is the portfolio manager of Small Cap Growth Equity and is primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds – Portfolio Manager Information” for additional information about the portfolio manager.

The section of the prospectus captioned “Management of the Funds — Portfolio Manager Information — Small Cap Growth Equity” is deleted in its entirety and replaced with the following:

Small Cap Growth Equity


Portfolio Manager	Primary Role	Since	Title and Recent Biography
Travis Cooke, CFA	Primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund.	2013	Managing Director of BlackRock, Inc. since 2012; Director of BlackRock, Inc. from 2009 to 2011; Principal of Barclays Global Investors from 2002 to 2009