As filed with the Securities and Exchange Commission on May 24, 2012

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. 222	x
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 224	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 of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 24^th day of May, 2012.

BLACKROCK FUNDSSM 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 below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/S/    JOHN M. PERLOWSKI	President and Chief Executive Officer     (Principal Executive Officer)	May 24, 2012
John M. Perlowski
/S/    NEAL J. ANDREWS	Chief Financial Officer (Principal         Financial and Accounting Officer)	May 24, 2012
Neal J. Andrews
DAVID O. BEIM*	Trustee
David O. Beim
RONALD W. FORBES*	Trustee
Ronald W. Forbes
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

KENNETH L. URISH*	Trustee
Kenneth L. Urish
FREDERICK W. WINTER*	Trustee
Frederick W. Winter
PAUL L. AUDET*	Trustee
Paul L. Audet
HENRY GABBAY*	Trustee
Henry Gabbay

*By:	/s/    BEN ARCHIBALD	May 24, 2012
	Ben 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