<PAGE>
RULE NO. 497(e)
BLACKROCK FUNDSSM FILE NO. 33-26305
THE BOND PORTFOLIOS/INVESTOR CLASSES
SUPPLEMENT TO PROSPECTUS DATED
JANUARY 28, 1998
The Prospectus is amended to reflect the fact that BlackRock, Inc. has changed
its name to BlackRock Advisors, Inc.
The section "Who Manages The Fund?" has been amended as follows:
The Portfolios and their portfolio managers are as follows:
<TABLE>
<CAPTION>
BLACKROCK FUNDS PORTFOLIO PORTFOLIO MANAGER
------------------------- -----------------
<C> <S>
Low Duration Bond Robert S. Kapito; Vice Chairman of BlackRock
since 1988; Portfolio co-manager since its
inception.
Scott Amero; Managing Director of BlackRock since
1990; Portfolio co-manager since its inception.
Jody Kochansky; Vice President of BlackRock since
1992; Portfolio co-manager since 1995.
Intermediate Government Bond Robert S. Kapito and Scott Amero (see above) and
Michael P. Lustig; Mr. Lustig has been Vice
President of BlackRock since 1989; Messrs.
Kapito, Lustig and Amero have been Portfolio co-
managers since 1995.
Intermediate Bond Robert S. Kapito, Michael P. Lustig and Scott
Amero (see above); Messrs. Kapito, Lustig and
Amero have been Portfolio co-managers since 1995.
Core Bond Keith Anderson; Managing Director of BlackRock
since 1988; Portfolio manager since June 1997.
Government Income Robert S. Kapito, Michael P. Lustig and Scott
Amero (see above); Messrs. Kapito, Lustig and
Amero have been Portfolio co-managers since 1995.
Managed Income Keith Anderson (see above); Portfolio manager
since June 1997.
International Bond Andrew Gordon; Portfolio manager at BlackRock
since 1996; responsible for non-dollar research
at Barclay Investments from 1994 to 1996 and at
CS First Boston from 1986 to 1994; Portfolio
manager since January 1997.
Tax-Free Income Kevin Klingert; Portfolio manager at BlackRock
since 1991; prior to joining BlackRock, Assistant
Vice President, Merrill Lynch, Pierce, Fenner &
Smith; Portfolio manager since 1995.
Pennsylvania Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
New Jersey Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
Ohio Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
</TABLE>
This Supplement is dated April 13, 1998.
<PAGE>
RULE NO. 497(e)
FILE NO. 33-26305
BLACKROCK FUNDSSM
THE BOND PORTFOLIOS/INSTITUTIONAL CLASS
SUPPLEMENT TO PROSPECTUS DATED
JANUARY 28, 1998
The Prospectus is amended to reflect the fact that BlackRock, Inc. has changed
its name to BlackRock Advisors, Inc.
The section "Who Manages The Fund?" has been amended as follows:
The Portfolios and their portfolio managers are as follows:
BLACKROCK FUNDS PORTFOLIO PORTFOLIO MANAGER
------------------------- -----------------
Low Duration Bond Robert S. Kapito; Vice Chairman of BlackRock
since 1988; Portfolio co-manager since its
inception.
Scott Amero; Managing Director of BlackRock since
1990; Portfolio co-manager since its inception.
Jody Kochansky; Vice President of BlackRock since
1992; Portfolio co-manager since 1995.
Intermediate Government Bond Robert S. Kapito and Scott Amero (see above) and
Michael P. Lustig; Mr. Lustig has been Vice
President of BlackRock since 1989; Messrs.
Kapito, Lustig and Amero have been Portfolio co-
managers since 1995.
Intermediate Bond Robert S. Kapito, Michael P. Lustig and Scott
Amero (see above); Messrs. Kapito, Lustig and
Amero have been Portfolio co-managers since 1995.
Core Bond Keith Anderson; Managing Director of BlackRock
since 1988; Portfolio manager since June 1997.
Managed Income Keith Anderson (see above); Portfolio manager
since June 1997.
International Bond Andrew Gordon; Portfolio manager at BlackRock
since 1996; responsible for non-dollar research
at Barclay Investments from 1994 to 1996 and at
CS First Boston from 1986 to 1994; Portfolio
manager since January 1997.
Tax-Free Income Kevin Klingert; Portfolio manager at BlackRock
since 1991; prior to joining BlackRock, Assistant
Vice President, Merrill, Lynch, Pierce, Fenner &
Smith; Portfolio manager since 1995.
Pennsylvania Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
New Jersey Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
Ohio Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
This Supplement is dated April 13, 1998.
<PAGE>
RULE NO. 497(e)
FILE NO. 33-26305
BLACKROCK FUNDSSM
THE BOND PORTFOLIOS/SERVICE CLASS
SUPPLEMENT TO PROSPECTUS DATED
JANUARY 28, 1998
The Prospectus is amended to reflect the fact that BlackRock, Inc. has changed
its name to BlackRock Advisors, Inc.
The section "Who Manages The Fund?" has been amended as follows:
The Portfolios and their portfolio managers are as follows:
BLACKROCK FUNDS PORTFOLIO PORTFOLIO MANAGER
------------------------- -----------------
Low Duration Bond Robert S. Kapito; Vice Chairman of BlackRock
since 1988; Portfolio co-manager since its
inception.
Scott Amero; Managing Director of BlackRock since
1990; Portfolio co-manager since its inception.
Jody Kochansky; Vice President of BlackRock since
1992; Portfolio co-manager since 1995.
Intermediate Government Bond Robert S. Kapito and Scott Amero (see above) and
Michael P. Lustig; Mr. Lustig has been Vice
President of BlackRock since 1989; Messrs.
Kapito, Lustig and Amero have been Portfolio co-
managers since 1995.
Intermediate Bond Robert S. Kapito, Michael P. Lustig and Scott
Amero (see above); Messrs. Kapito, Lustig and
Amero have been Portfolio co-managers since 1995.
Core Bond Keith Anderson; Managing Director of BlackRock
since 1988; Portfolio manager since June 1997.
Managed Income Keith Anderson (see above); Portfolio manager
since June 1997.
International Bond Andrew Gordon; Portfolio manager at BlackRock
since 1996; responsible for non-dollar research
at Barclay Investments from 1994 to 1996 and at
CS First Boston from 1986 to 1994; Portfolio
manager since January 1997.
Tax-Free Income Kevin Klingert; Portfolio manager at BlackRock
since 1991; prior to joining BlackRock, Assistant
Vice President, Merrill, Lynch, Pierce, Fenner &
Smith; Portfolio manager since 1995.
Pennsylvania Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
New Jersey Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
Ohio Tax-Free Income Kevin Klingert (see above); Portfolio manager
since 1995.
This Supplement is dated April 13, 1998.
<PAGE>
RULE NO. 497(e)
BLACKROCK FUNDSSM FILE NO. 33-26305
LOW DURATION BOND, CORE BOND AND INTERMEDIATE BOND PORTFOLIOS/BLACKROCK CLASS
SUPPLEMENT TO PROSPECTUS DATED
JANUARY 28, 1998
The Prospectus is amended to reflect the fact that BlackRock, Inc. has changed
its name to BlackRock Advisors, Inc.
The section "Who Manages The Fund?" has been amended as follows:
The Portfolios and their portfolio managers are as follows:
<TABLE>
<CAPTION>
BLACKROCK PORTFOLIO PORTFOLIO MANAGER
------------------- -----------------
<C> <S>
Low Duration Bond Robert S. Kapito; Vice Chairman of BlackRock since 1988;
Portfolio co-manager since its inception.
Scott Amero; Managing Director of BlackRock since 1990;
Portfolio co-manager since its inception.
Jody Kochansky; Vice President of BlackRock since 1992;
Portfolio co-manager since 1995.
Core Bond Keith Anderson; Managing Director of BlackRock since 1988;
Portfolio manager since June 1997.
Intermediate Bond Robert S. Kapito (see above); Portfolio co-manager since
1995.
Michael P. Lustig; Vice President of BlackRock since 1989;
Portfolio co-manager since 1995.
Scott Amero (see above); Portfolio co-manager since 1995.
</TABLE>
This Supplement is dated April 13, 1998.
