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<PAGE> PAGE 5
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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008 A000801 BLACKROCK ADVISOR, INC.
008 B000801 A
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 A000901 BLACKROCK ADVISOR, INC.
<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001001 BLACKROCK ADVISOR, INC.
008 B001001 A
008 C001001 801-47710
008 D011001 NEW YORK
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008 D031001 10154
008 A001002 BLACKROCK FINANCIAL MANAGEMENT, INC.
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015 A001001 PNC BANK NATIONAL ASSOCIATION
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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008 B001101 A
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<PAGE> PAGE 56
015 A001101 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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008 A001601 BLACKROCK ADVISOR, INC.
008 B001601 A
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008 A001602 BLACKROCK FINANCIAL MANAGEMENT, INC.
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015 A001601 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
070 F021600 N
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<PAGE> PAGE 82
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008 A001701 BLACKROCK ADVISOR, INC.
008 B001701 A
008 C001701 801-47710
<PAGE> PAGE 83
008 D011701 NEW YORK
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008 D031701 10154
008 A001702 BLACKROCK INSTITUTIONAL MANAGEMENT CORP.
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015 A001701 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 84
032 001700 0
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<PAGE> PAGE 85
063 A001700 28
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070 F021700 N
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070 H011700 N
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070 I011700 N
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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008 A001801 BLACKROCK ADVISOR, INC.
008 B001801 A
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008 A001802 BLACKROCK FINANCIAL MANAGEMENT, INC.
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025 C001802 D
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025 A001803 MORGAN STANLEY & COMPANY
025 B001803 13-2655998
025 C001803 D
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
070 B011800 N
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
008 C002001 801-47710
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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008 A002101 BLACKROCK ADVISOR, INC.
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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008 A002201 BLACKROCK ADVISOR, INC.
008 B002201 A
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015 A002201 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
070 K012200 Y
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<PAGE> PAGE 110
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<PAGE> PAGE 111
015 A002301 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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<PAGE> PAGE 148
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<PAGE> PAGE 149
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<PAGE> PAGE 159
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<PAGE> PAGE 160
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<PAGE> PAGE 161
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<PAGE> PAGE 162
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<PAGE> PAGE 163
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<PAGE> PAGE 164
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<PAGE> PAGE 165
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<PAGE> PAGE 166
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<PAGE> PAGE 167
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<PAGE> PAGE 168
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<PAGE> PAGE 169
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<PAGE> PAGE 170
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<PAGE> PAGE 171
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<PAGE> PAGE 172
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<PAGE> PAGE 173
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<PAGE> PAGE 174
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<PAGE> PAGE 175
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<PAGE> PAGE 176
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<PAGE> PAGE 177
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<PAGE> PAGE 178
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<NUMBER> 051
<NAME> MANAGED INCOME PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 052
<NAME> MANAGED INCOME PORTFOLIO-SERVICE CLASS
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 053
<NAME> MANAGED INCOME PORTFOLIO-INVESTOR A CLASS
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 054
<NAME> MANAGED INCOME PORTFOLIO-INVESTOR B CLASS
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 061
<NAME> BALANCED PORTFOLIO - INSTITUTIONAL CLASS
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 062
<NAME> BALANCED PORTFOLIO - SERVICE CLASS
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 063
<NAME> BALANCED PORTFOLIO - INVESTOR A CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 064
<NAME> BALANCED PORTFOLIO - INVESTOR B CLASS
<S> <C>
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<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 065
<NAME> BALANCED PORTFOLIO - INVESTOR C CLASS
<S> <C>
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<NAME> BLACKROCK FUNDS
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<NAME> TAX FREE INCOME PORTFOLIO-INSTITUTIONAL CLASS
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
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<NAME> TAX FREE INCOME PORTFOLIO-SERVICE CLASS
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<TABLE> <S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 073
<NAME> TAX FREE INCOME PORTFOLIO-INVESTOR A CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
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<NAME> TAX FREE INCOME PORTFOLIO-INVESTOR B CLASS
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<TABLE> <S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 075
<NAME> TAX FREE INCOME PORTFOLIO-INVESTOR C CLASS
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
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<NAME> INTERNATIONAL EQUITY PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
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<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
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<NAME> INTERNATIONAL EQUITY PORTFOLIO-INVESTOR A CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> INTERNATIONAL EQUITY PORTFOLIO-INVESTOR B CLASS
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<NUMBER> 112
<NAME> LARGE CAP VALUE EQUITY PORTFOLIO-SERVICE CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 113
<NAME> LARGE CAP VALUE EQUITY PORTFOLIO-INVESTOR A CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 114
<NAME> LARGE CAP VALUE EQUITY PORTFOLIO-INVESTOR B CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 115
<NAME> LARGE CAP VALUE EQUITY PORTFOLIO-INVESTOR C CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 121
<NAME> INDEX EQUITY PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 122
<NAME> INDEX EQUITY PORTFOLIO-SERVICE CLASS
<S> <C>
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<NAME> BLACKROCK FUNDS
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<NAME> INDEX EQUITY PORTFOLIO-INVESTOR A CLASS
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<CIK> 0000844779
<NAME> BLACKROCK FUNDS
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<NUMBER> 124
<NAME> INDEX EQUITY PORTFOLIO-INVESTOR B CLASS
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<NAME> BLACKROCK FUNDS
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<NUMBER> 125
<NAME> INDEX EQUITY PORTFOLIO-INVESTOR C CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> SMALL CAP VALUE EQUITY PORTFOLIO-INVESTOR A CLASS
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<NAME> SMALL CAP VALUE EQUITY PORTFOLIO-INVESTOR B CLASS
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<NAME> SMALL CAP VALUE EQUITY PORTFOLIO-INVESTOR C CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> INTERMEDIATE GOVERNMENT BOND PORTFOLIO-INSTITUTIONAL CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> BLACKROCK FUNDS
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<NAME> INTERMEDIATE GOVERNMENT BOND PORTFOLIO-INVESTOR B CLASS
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<NAME> LOW DURATION BOND PORTFOLIO-BLACKROCK CLASS
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<NAME> BLACKROCK FUNDS
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<REALIZED-GAINS-CURRENT> 50382667
<APPREC-INCREASE-CURRENT> (125501318)
<NET-CHANGE-FROM-OPS> (65605487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9394542)
<DISTRIBUTIONS-OF-GAINS> (39739140)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76252606
<NUMBER-OF-SHARES-REDEEMED> (20413924)
<SHARES-REINVESTED> 2527863
<NET-CHANGE-IN-ASSETS> 975790322
<ACCUMULATED-NII-PRIOR> 22069
<ACCUMULATED-GAINS-PRIOR> 38608228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6234740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11258479
<AVERAGE-NET-ASSETS> 1161231553
<PER-SHARE-NAV-BEGIN> 17.51
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.01
<EXPENSE-RATIO> .86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 202
<NAME> SELECT EQUITY PORTFOLIO-SERVICE CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1129924695
<INVESTMENTS-AT-VALUE> 1568392047
<RECEIVABLES> 3092358
<ASSETS-OTHER> 3853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1571488258
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3922207
<TOTAL-LIABILITIES> 3922207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1079740812
<SHARES-COMMON-STOCK> 92180956
<SHARES-COMMON-PRIOR> 33814411
<ACCUMULATED-NII-CURRENT> 140691
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49251755
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 438432793
<NET-ASSETS> 1567566051
<DIVIDEND-INCOME> 19135788
<INTEREST-INCOME> 1628819
<OTHER-INCOME> 0
<EXPENSES-NET> (11251443)
<NET-INVESTMENT-INCOME> 9513164
<REALIZED-GAINS-CURRENT> 50382667
<APPREC-INCREASE-CURRENT> (125501318)
<NET-CHANGE-FROM-OPS> (65605487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9394542)
<DISTRIBUTIONS-OF-GAINS> (39739140)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76252606
<NUMBER-OF-SHARES-REDEEMED> (20413924)
<SHARES-REINVESTED> 2527863
<NET-CHANGE-IN-ASSETS> 975790322
<ACCUMULATED-NII-PRIOR> 22069
<ACCUMULATED-GAINS-PRIOR> 38608228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6234740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11258479
<AVERAGE-NET-ASSETS> 1161231553
<PER-SHARE-NAV-BEGIN> 17.50
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .48
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.00
<EXPENSE-RATIO> 1.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 203
<NAME> SELECT EQUITY PORTFOLIO-INVESTOR A CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1129924695
<INVESTMENTS-AT-VALUE> 1568392047
<RECEIVABLES> 3092358
<ASSETS-OTHER> 3853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1571488258
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3922207
<TOTAL-LIABILITIES> 3922207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1079740812
<SHARES-COMMON-STOCK> 92180956
<SHARES-COMMON-PRIOR> 33814411
<ACCUMULATED-NII-CURRENT> 140691
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49251755
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 438432793
<NET-ASSETS> 1567566051
<DIVIDEND-INCOME> 19135788
<INTEREST-INCOME> 1628819
<OTHER-INCOME> 0
<EXPENSES-NET> (11251443)
<NET-INVESTMENT-INCOME> 9513164
<REALIZED-GAINS-CURRENT> 50382667
<APPREC-INCREASE-CURRENT> (125501318)
<NET-CHANGE-FROM-OPS> (65605487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9394542)
<DISTRIBUTIONS-OF-GAINS> (39739140)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76252606
<NUMBER-OF-SHARES-REDEEMED> (20413924)
<SHARES-REINVESTED> 2527863
<NET-CHANGE-IN-ASSETS> 975790322
<ACCUMULATED-NII-PRIOR> 22069
<ACCUMULATED-GAINS-PRIOR> 38608228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6234740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11258479
<AVERAGE-NET-ASSETS> 1161231553
<PER-SHARE-NAV-BEGIN> 17.50
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .50
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.00
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 204
<NAME> SELECT EQUITY PORTFOLIO-INVESTOR B CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1129924695
<INVESTMENTS-AT-VALUE> 1568392047
<RECEIVABLES> 3092358
<ASSETS-OTHER> 3853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1571488258
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3922207
<TOTAL-LIABILITIES> 3922207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1079740812
<SHARES-COMMON-STOCK> 92180956
<SHARES-COMMON-PRIOR> 33814411
<ACCUMULATED-NII-CURRENT> 140691
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49251755
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 438432793
<NET-ASSETS> 1567566051
<DIVIDEND-INCOME> 19135788
<INTEREST-INCOME> 1628819
<OTHER-INCOME> 0
<EXPENSES-NET> (11251443)
<NET-INVESTMENT-INCOME> 9513164
<REALIZED-GAINS-CURRENT> 50382667
<APPREC-INCREASE-CURRENT> (125501318)
<NET-CHANGE-FROM-OPS> (65605487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9394542)
<DISTRIBUTIONS-OF-GAINS> (39739140)
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<NUMBER-OF-SHARES-SOLD> 76252606
<NUMBER-OF-SHARES-REDEEMED> (20413924)
<SHARES-REINVESTED> 2527863
<NET-CHANGE-IN-ASSETS> 975790322
<ACCUMULATED-NII-PRIOR> 22069
<ACCUMULATED-GAINS-PRIOR> 38608228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6234740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11258479
<AVERAGE-NET-ASSETS> 1161231553
<PER-SHARE-NAV-BEGIN> 17.40
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.85
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 205
<NAME> SELECT EQUITY PORTFOLIO-INVESTOR C CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1129924695
<INVESTMENTS-AT-VALUE> 1568392047
<RECEIVABLES> 3092358
<ASSETS-OTHER> 3853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1571488258
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3922207
<TOTAL-LIABILITIES> 3922207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1079740812
<SHARES-COMMON-STOCK> 92180956
<SHARES-COMMON-PRIOR> 33814411
<ACCUMULATED-NII-CURRENT> 140691
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49251755
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 438432793
<NET-ASSETS> 1567566051
<DIVIDEND-INCOME> 19135788
<INTEREST-INCOME> 1628819
<OTHER-INCOME> 0
<EXPENSES-NET> (11251443)
<NET-INVESTMENT-INCOME> 9513164
<REALIZED-GAINS-CURRENT> 50382667
<APPREC-INCREASE-CURRENT> (125501318)
<NET-CHANGE-FROM-OPS> (65605487)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9394542)
<DISTRIBUTIONS-OF-GAINS> (39739140)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76252606
<NUMBER-OF-SHARES-REDEEMED> (20413924)
<SHARES-REINVESTED> 2527863
<NET-CHANGE-IN-ASSETS> 975790322
<ACCUMULATED-NII-PRIOR> 22069
<ACCUMULATED-GAINS-PRIOR> 38608228
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6234740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11258479
<AVERAGE-NET-ASSETS> 1161231553
<PER-SHARE-NAV-BEGIN> 17.40
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.00)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.85
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 211
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1144316418
<INVESTMENTS-AT-VALUE> 1262473065
<RECEIVABLES> 223458070
<ASSETS-OTHER> 3435
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1485934570
<PAYABLE-FOR-SECURITIES> 20778742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202675557
<TOTAL-LIABILITIES> 223454299
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1169525477
<SHARES-COMMON-STOCK> 72442263
<SHARES-COMMON-PRIOR> 35442377
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21790603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114745397
<NET-ASSETS> 1262480271
<DIVIDEND-INCOME> 194438
<INTEREST-INCOME> 7883879
<OTHER-INCOME> 0
<EXPENSES-NET> (11232312)
<NET-INVESTMENT-INCOME> (3153995)
<REALIZED-GAINS-CURRENT> (7228973)
<APPREC-INCREASE-CURRENT> (351978763)
<NET-CHANGE-FROM-OPS> (362361731)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (42276438)
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<NUMBER-OF-SHARES-SOLD> 74059391
<NUMBER-OF-SHARES-REDEEMED> (38719283)
<SHARES-REINVESTED> 1659778
<NET-CHANGE-IN-ASSETS> 186290737
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 26343044
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5972883
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11234622
<AVERAGE-NET-ASSETS> 905329259
<PER-SHARE-NAV-BEGIN> 23.62
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (4.98)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.12)
<RETURNS-OF-CAPITAL> (.02)
<PER-SHARE-NAV-END> 17.50
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 212
<NAME> SMALL CAP GROWTH EQUITY PORTFOLIO-SERVICE CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1144316418
<INVESTMENTS-AT-VALUE> 1262473065
<RECEIVABLES> 223458070
<ASSETS-OTHER> 3435
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1485934570
<PAYABLE-FOR-SECURITIES> 20778742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202675557
<TOTAL-LIABILITIES> 223454299
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1169525477
<SHARES-COMMON-STOCK> 72442263
<SHARES-COMMON-PRIOR> 35442377
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21790603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114745397
<NET-ASSETS> 1262480271
<DIVIDEND-INCOME> 194438
<INTEREST-INCOME> 7883879
<OTHER-INCOME> 0
<EXPENSES-NET> (11232312)
<NET-INVESTMENT-INCOME> (3153995)
<REALIZED-GAINS-CURRENT> (7228973)
<APPREC-INCREASE-CURRENT> (351978763)
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<NUMBER-OF-SHARES-SOLD> 74059391
<NUMBER-OF-SHARES-REDEEMED> (38719283)
<SHARES-REINVESTED> 1659778
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11234622
<AVERAGE-NET-ASSETS> 905329259
<PER-SHARE-NAV-BEGIN> 23.43
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> (4.91)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.12)
<RETURNS-OF-CAPITAL> (.02)
<PER-SHARE-NAV-END> 17.24
<EXPENSE-RATIO> 1.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
