Mutual Fund Summary Prospectus (497k)
15 März 2013 - 10:13PM
Edgar (US Regulatory)
BlackRock Funds
SM
BlackRock Index Equity Portfolio
(the Fund)
Supplement dated March 15, 2013
to the Prospectus and Summary Prospectus of the Fund
The Board of Trustees of BlackRock Index Equity Portfolio (the Fund), a series of BlackRock Funds
SM
, approved a plan of reorganization whereby BlackRock S&P 500
Stock Fund, a series of BlackRock Funds III (the Acquiring Fund), will acquire substantially all of the assets and assume certain stated liabilities of the Fund in exchange for newly issued shares of the Acquiring Fund (the
Reorganization). The Reorganization is subject to approval by the Funds shareholders and certain other conditions. On November 9, 2012, the Funds shareholders approved the Reorganization. The Reorganization remains
contingent on the completion of the reorganization of Master S&P 500 Index Series (the Series), a series of Quantitative Master Series LLC, with the S&P 500 Stock Master Portfolio, a series of Master Investment Portfolio (the
Master Reorganization). The Master Reorganization was not expected to close until the reorganization of BlackRock S&P 500 Index Fund (S&P 500 Index Fund), a series of BlackRock Index Funds, Inc., with the Acquiring
Fund (the S&P 500 Fund Reorganization) was approved by S&P 500 Index Funds shareholders. On March 15, 2013, the shareholders of S&P 500 Index Fund approved the S&P 500 Fund Reorganization. Each reorganization
now is expected to close on or about April 19, 2013.
Shareholders should retain this Supplement for future reference.