As filed with the Securities and Exchange Commission on February 18, 2015

Securities Act File No. 33-26305

Investment Company Act File No. 811-05742

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x
Pre-Effective Amendment No.	¨
Post-Effective Amendment No. 440	x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 442	x

(Check appropriate box or boxes)

BLACKROCK FUNDS^SM

(Exact Name of Registrant as Specified in Charter)

100 Bellevue Parkway

Wilmington, Delaware 19809

(Address of Principal Executive Office)

Registrant’s Telephone Number, including Area Code (800) 441-7762

John M. Perlowski

BlackRock Funds^SM

55 East 52^nd Street

New York, New York 10055

United States of America

(Name and Address of Agent for Service)

Copies to:

Frank P. Bruno, Esq.	Benjamin Archibald, Esq.
Sidley Austin LLP	BlackRock Advisors, LLC
787 Seventh Avenue	55 East 52nd Street
New York, New York 10019-6018	New York, New York 10055

It is proposed that this filing will become effective (check appropriate box)

x Immediately upon filing pursuant to paragraph (b)

¨ On (date) pursuant to paragraph (b)

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ On (date) pursuant to paragraph (a)(1)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of beneficial interest, par value $.001 per share.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York, on February 18, 2015.

BLACKROCK FUNDSSM (REGISTRANT)
ON BEHALF OF BLACKROCK MANAGED VOLATILITY PORTFOLIO
By:	/s/ John M. Perlowski
	John M. Perlowski
	President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/S/ JOHN M. PERLOWSKI	President and Chief Executive Officer	February 18, 2015
John M. Perlowski	(Principal Executive Officer)
/S/ NEAL J. ANDREWS	Chief Financial Officer (Principal	February 18, 2015
Neal J. Andrews	Financial and Accounting Officer)
DAVID O. BEIM*	Trustee
David O. Beim
COLLETTE CHILTON*	Trustee
Collette Chilton
FRANK J. FABOZZI*	Trustee
Frank J. Fabozzi
DR. MATINA S. HORNER*	Trustee
Dr. Matina S. Horner
RODNEY D. JOHNSON*	Trustee
Rodney D. Johnson
HERBERT I. LONDON*	Trustee
Herbert I. London
IAN A. MACKINNON*	Trustee
Ian A. MacKinnon
CYNTHIA A. MONTGOMERY*	Trustee
Cynthia A. Montgomery
JOSEPH P. PLATT*	Trustee
Joseph P. Platt

	ROBERT C. ROBB, JR.*	Trustee
	Robert C. Robb, Jr.
	TOBY ROSENBLATT*	Trustee
	Toby Rosenblatt
	MARK STALNECKER*	Trustee
	Mark Stalnecker
	KENNETH L. URISH*	Trustee
	Kenneth L. Urish
	FREDERICK W. WINTER*	Trustee
	Frederick W. Winter
	BARBARA G. NOVICK*	Trustee
	Barbara G. Novick
*By:	/S/ BENJAMIN ARCHIBALD		February 18, 2015
	Benjamin Archibald (Attorney-in-Fact)

EXHIBIT INDEX

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase