|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
Assets:
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
Short-Term
Securities
1
|
|
|
|
$14,687,399
|
|
|
|
$14,687,399
|
|
1
|
See above Schedule of Investments for values in the state.
|
Certain of the Funds assets are held at carrying amount, which approximates fair value for financial statement
purposes. As of March 31, 2013, cash of $42,798 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers
between levels during the year ended March 31, 2013.
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
BlackRock
Money Market
Portfolio
|
|
|
BlackRock
U.S. Treasury
Money Market
Portfolio
|
|
|
BlackRock
Municipal
Money Market
Portfolio
|
|
|
BlackRock
New
Jersey
Municipal
Money Market
Portfolio
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value
1
|
|
$
|
1,356,039,011
|
|
|
$
|
169,008,277
|
|
|
$
|
187,634,091
|
|
|
$
|
47,500,163
|
|
Repurchase agreements at value
2
|
|
|
72,873,000
|
|
|
|
208,378,000
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
320
|
|
|
|
75
|
|
|
|
78,161
|
|
|
|
26,895
|
|
Capital shares sold receivable
|
|
|
398,523
|
|
|
|
851
|
|
|
|
|
|
|
|
|
|
Interest receivable
|
|
|
885,667
|
|
|
|
43,882
|
|
|
|
150,550
|
|
|
|
51,775
|
|
Receivable from Manager
|
|
|
169,454
|
|
|
|
60,328
|
|
|
|
10,370
|
|
|
|
1,572
|
|
Investments sold receivable
|
|
|
15,006,041
|
|
|
|
|
|
|
|
|
|
|
|
1,101,750
|
|
Prepaid expenses
|
|
|
71,131
|
|
|
|
26,931
|
|
|
|
25,803
|
|
|
|
8,143
|
|
|
|
|
|
|
Total assets
|
|
|
1,445,443,147
|
|
|
|
377,518,344
|
|
|
|
187,898,975
|
|
|
|
48,690,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital shares redeemed payable
|
|
|
1,108,868
|
|
|
|
1,305,985
|
|
|
|
|
|
|
|
|
|
Other affiliates payable
|
|
|
301,304
|
|
|
|
96,706
|
|
|
|
32,648
|
|
|
|
13,789
|
|
Investment advisory fees payable
|
|
|
257,267
|
|
|
|
9,312
|
|
|
|
3,669
|
|
|
|
6,867
|
|
Professional fees payable
|
|
|
40,953
|
|
|
|
30,519
|
|
|
|
38,433
|
|
|
|
42,206
|
|
Printing fees payable
|
|
|
33,740
|
|
|
|
7,824
|
|
|
|
2,713
|
|
|
|
1,844
|
|
Officers and Trustees fees payable
|
|
|
12,623
|
|
|
|
4,183
|
|
|
|
2,141
|
|
|
|
1,589
|
|
Income dividends payable
|
|
|
25
|
|
|
|
10
|
|
|
|
4
|
|
|
|
1
|
|
Other accrued expenses payable
|
|
|
113,904
|
|
|
|
36,137
|
|
|
|
14,427
|
|
|
|
7,178
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,868,684
|
|
|
|
1,490,676
|
|
|
|
94,035
|
|
|
|
73,474
|
|
|
|
|
|
|
Net Assets
|
|
$
|
1,443,574,463
|
|
|
$
|
376,027,668
|
|
|
$
|
187,804,940
|
|
|
$
|
48,616,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
1,443,560,889
|
|
|
$
|
376,005,254
|
|
|
$
|
187,809,837
|
|
|
$
|
48,616,824
|
|
Undistributed net investment income
|
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
Accumulated net realized gain (loss)
|
|
|
13,574
|
|
|
|
22,414
|
|
|
|
(4,916
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
1,443,574,463
|
|
|
$
|
376,027,668
|
|
|
$
|
187,804,940
|
|
|
$
|
48,616,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Investments at cost
|
|
$
|
1,356,039,011
|
|
|
$
|
169,008,277
|
|
|
$
|
187,634,091
|
|
|
$
|
47,500,163
|
|
2
Repurchase agreements at cost
|
|
$
|
72,873,000
|
|
|
$
|
208,378,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
31
|
|
|
|
|
|
|
|
|
Statements of Assets and Liabilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
BlackRock
Money Market
Portfolio
|
|
|
BlackRock
U.S. Treasury
Money Market
Portfolio
|
|
|
BlackRock
Municipal
Money Market
Portfolio
|
|
|
BlackRock
New Jersey
Municipal
Money Market
Portfolio
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
736,195,153
|
|
|
$
|
170,058,459
|
|
|
$
|
74,085,516
|
|
|
$
|
32,344,958
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
3
|
|
|
736,215,384
|
|
|
|
170,078,183
|
|
|
|
74,073,320
|
|
|
|
32,322,464
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
380,302,821
|
|
|
$
|
170,805,947
|
|
|
$
|
111,131,537
|
|
|
$
|
16,024,921
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
3
|
|
|
380,313,270
|
|
|
|
170,825,757
|
|
|
|
111,113,242
|
|
|
|
16,013,777
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
296,088,793
|
|
|
$
|
35,163,262
|
|
|
$
|
2,587,887
|
|
|
$
|
246,945
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
3
|
|
|
296,096,944
|
|
|
|
35,167,491
|
|
|
|
2,587,461
|
|
|
|
246,771
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
4,576,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
3
|
|
|
4,576,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
26,411,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
3
|
|
|
26,411,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
Unlimited number of shares authorized, $0.001 par value.
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Statements of Assets and Liabilities (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
BlackRock
North Carolina
Municipal
Money
Market
Portfolio
|
|
|
BlackRock
Ohio
Municipal
Money Market
Portfolio
|
|
|
BlackRock
Pennsylvania
Municipal
Money Market
Portfolio
|
|
|
BlackRock
Virginia
Municipal
Money Market
Portfolio
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value
1
|
|
$
|
60,619,682
|
|
|
$
|
62,138,119
|
|
|
$
|
312,842,065
|
|
|
$
|
14,687,399
|
|
Cash
|
|
|
98,709
|
|
|
|
62,152
|
|
|
|
395,147
|
|
|
|
42,798
|
|
Interest receivable
|
|
|
201,022
|
|
|
|
64,656
|
|
|
|
219,770
|
|
|
|
3,737
|
|
Receivable from Manager
|
|
|
205
|
|
|
|
7,948
|
|
|
|
40,261
|
|
|
|
1,955
|
|
Prepaid expenses
|
|
|
7,168
|
|
|
|
7,602
|
|
|
|
21,807
|
|
|
|
6,867
|
|
|
|
|
|
|
Total assets
|
|
|
60,926,786
|
|
|
|
62,280,477
|
|
|
|
313,519,050
|
|
|
|
14,742,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable
|
|
|
731,469
|
|
|
|
601,188
|
|
|
|
1,179,908
|
|
|
|
|
|
Investment advisory fees payable
|
|
|
|
|
|
|
4,251
|
|
|
|
17,969
|
|
|
|
|
|
Professional fees payable
|
|
|
40,198
|
|
|
|
34,603
|
|
|
|
36,135
|
|
|
|
28,931
|
|
Other affiliates payable
|
|
|
3,574
|
|
|
|
17,641
|
|
|
|
77,616
|
|
|
|
1,041
|
|
Officers and Trustees fees payable
|
|
|
1,548
|
|
|
|
1,701
|
|
|
|
3,820
|
|
|
|
1,304
|
|
Printing fees payable
|
|
|
1,635
|
|
|
|
1,887
|
|
|
|
7,974
|
|
|
|
969
|
|
Income dividends payable
|
|
|
2
|
|
|
|
2
|
|
|
|
11
|
|
|
|
1
|
|
Other accrued expenses payable
|
|
|
6,408
|
|
|
|
8,058
|
|
|
|
17,918
|
|
|
|
4,866
|
|
|
|
|
|
|
Total liabilities
|
|
|
784,834
|
|
|
|
669,331
|
|
|
|
1,341,351
|
|
|
|
37,112
|
|
|
|
|
|
|
Net Assets
|
|
$
|
60,141,952
|
|
|
$
|
61,611,146
|
|
|
$
|
312,177,699
|
|
|
$
|
14,705,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
60,164,823
|
|
|
$
|
61,612,566
|
|
|
$
|
312,178,238
|
|
|
$
|
14,705,644
|
|
Undistributed net investment income
|
|
|
|
|
|
|
|
|
|
|
56
|
|
|
|
|
|
Accumulated net realized loss
|
|
|
(22,871
|
)
|
|
|
(1,420
|
)
|
|
|
(595
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
60,141,952
|
|
|
$
|
61,611,146
|
|
|
$
|
312,177,699
|
|
|
$
|
14,705,644
|
|
|
|
|
|
|
|
|
|
|
|
1
Investments at cost
|
|
$
|
60,619,682
|
|
|
$
|
62,138,119
|
|
|
$
|
312,842,065
|
|
|
$
|
14,687,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
60,077,857
|
|
|
$
|
52,177,770
|
|
|
$
|
294,799,861
|
|
|
$
|
14,705,644
|
|
|
|
|
|
|
Shares outstanding
2
|
|
|
60,096,153
|
|
|
|
52,144,415
|
|
|
|
294,747,758
|
|
|
|
14,687,285
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
29,772
|
|
|
$
|
9,428,485
|
|
|
$
|
17,315,175
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
2
|
|
|
29,725
|
|
|
|
9,422,421
|
|
|
|
17,312,113
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
34,323
|
|
|
$
|
4,891
|
|
|
$
|
62,663
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
2
|
|
|
34,334
|
|
|
|
4,889
|
|
|
|
62,644
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
Unlimited number of shares authorized, $0.001 par
value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2013
|
|
BlackRock
Money Market
Portfolio
|
|
|
BlackRock
U.S. Treasury
Money Market
Portfolio
|
|
|
BlackRock
Municipal
Money Market
Portfolio
|
|
|
BlackRock
New Jersey
Municipal
Money Market
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
$
|
4,285,162
|
|
|
$
|
501,618
|
|
|
$
|
271,798
|
|
|
$
|
132,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory
|
|
|
6,252,957
|
|
|
|
1,477,411
|
|
|
|
562,458
|
|
|
|
233,174
|
|
Service and distribution class specific
|
|
|
1,988,473
|
|
|
|
358,930
|
|
|
|
125,201
|
|
|
|
39,110
|
|
Transfer agent class specific
|
|
|
1,958,055
|
|
|
|
431,425
|
|
|
|
169,748
|
|
|
|
67,502
|
|
Administration
|
|
|
941,032
|
|
|
|
246,235
|
|
|
|
93,743
|
|
|
|
38,862
|
|
Administration class specific
|
|
|
335,323
|
|
|
|
82,078
|
|
|
|
31,248
|
|
|
|
12,954
|
|
Registration
|
|
|
113,855
|
|
|
|
38,095
|
|
|
|
44,845
|
|
|
|
9,832
|
|
Custodian
|
|
|
51,208
|
|
|
|
39,008
|
|
|
|
6,863
|
|
|
|
2,415
|
|
Officer and Trustees
|
|
|
47,652
|
|
|
|
13,001
|
|
|
|
6,713
|
|
|
|
4,482
|
|
Professional
|
|
|
44,087
|
|
|
|
31,851
|
|
|
|
43,670
|
|
|
|
40,660
|
|
Miscellaneous
|
|
|
116,387
|
|
|
|
45,517
|
|
|
|
23,817
|
|
|
|
16,116
|
|
|
|
|
|
|
Total expenses
|
|
|
11,849,029
|
|
|
|
2,763,551
|
|
|
|
1,108,306
|
|
|
|
465,107
|
|
Less fees waived by Manager
|
|
|
(3,282,369
|
)
|
|
|
(1,381,164
|
)
|
|
|
(507,406
|
)
|
|
|
(210,802
|
)
|
Less administration fees waived
|
|
|
|
|
|
|
(8,452
|
)
|
|
|
(2,948
|
)
|
|
|
(2,821
|
)
|
Less administration fees waived class specific
|
|
|
(335,323
|
)
|
|
|
(82,078
|
)
|
|
|
(31,248
|
)
|
|
|
(12,954
|
)
|
Less transfer agent fees waived class specific
|
|
|
(36,357
|
)
|
|
|
(1,813
|
)
|
|
|
(1,923
|
)
|
|
|
(144
|
)
|
Less transfer agent fees reimbursed class specific
|
|
|
(1,921,698
|
)
|
|
|
(429,612
|
)
|
|
|
(167,825
|
)
|
|
|
(67,228
|
)
|
Less service and distribution fees waived class specific
|
|
|
(1,988,473
|
)
|
|
|
(358,930
|
)
|
|
|
(125,201
|
)
|
|
|
(39,110
|
)
|
Less fees paid indirectly
|
|
|
(161
|
)
|
|
|
(4
|
)
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
4,284,648
|
|
|
|
501,498
|
|
|
|
271,754
|
|
|
|
132,048
|
|
|
|
|
|
|
Net investment income
|
|
|
514
|
|
|
|
120
|
|
|
|
44
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain from investments
|
|
|
26,856
|
|
|
|
27,133
|
|
|
|
1,530
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations
|
|
$
|
27,370
|
|
|
$
|
27,253
|
|
|
$
|
1,574
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
34
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Statements of Operations (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2013
|
|
BlackRock
North Carolina
Municipal
Money Market
Portfolio
|
|
|
BlackRock
Ohio
Municipal
Money Market
Portfolio
|
|
|
BlackRock
Pennsylvania
Municipal
Money Market
Portfolio
|
|
|
BlackRock
Virginia
Municipal
Money Market
Portfolio
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
$
|
103,296
|
|
|
$
|
132,445
|
|
|
$
|
571,940
|
|
|
$
|
37,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory
|
|
|
241,962
|
|
|
|
280,085
|
|
|
|
1,311,164
|
|
|
|
85,811
|
|
Professional
|
|
|
43,684
|
|
|
|
36,584
|
|
|
|
38,379
|
|
|
|
33,273
|
|
Administration
|
|
|
40,327
|
|
|
|
46,681
|
|
|
|
218,527
|
|
|
|
14,302
|
|
Administration class specific
|
|
|
13,442
|
|
|
|
15,563
|
|
|
|
72,846
|
|
|
|
4,768
|
|
Registration
|
|
|
9,165
|
|
|
|
8,052
|
|
|
|
14,420
|
|
|
|
10,707
|
|
Transfer agent class specific
|
|
|
8,231
|
|
|
|
82,417
|
|
|
|
395,946
|
|
|
|
13,642
|
|
Officer and Trustees
|
|
|
4,513
|
|
|
|
4,638
|
|
|
|
11,668
|
|
|
|
3,512
|
|
Custodian
|
|
|
3,329
|
|
|
|
3,365
|
|
|
|
10,360
|
|
|
|
1,950
|
|
Service and distribution class specific
|
|
|
354
|
|
|
|
17,725
|
|
|
|
49,947
|
|
|
|
|
|
Miscellaneous
|
|
|
12,490
|
|
|
|
15,339
|
|
|
|
31,246
|
|
|
|
10,474
|
|
|
|
|
|
|
Total expenses
|
|
|
377,497
|
|
|
|
510,449
|
|
|
|
2,154,503
|
|
|
|
178,439
|
|
Less fees waived by Manager
|
|
|
(239,585
|
)
|
|
|
(256,734
|
)
|
|
|
(1,063,930
|
)
|
|
|
(85,811
|
)
|
Less administration fees waived
|
|
|
(12,608
|
)
|
|
|
(5,586
|
)
|
|
|
|
|
|
|
(13,794
|
)
|
Less administration fees waived class specific
|
|
|
(13,442
|
)
|
|
|
(15,563
|
)
|
|
|
(72,846
|
)
|
|
|
(4,768
|
)
|
Less transfer agent fees waived class specific
|
|
|
(203
|
)
|
|
|
(165
|
)
|
|
|
(870
|
)
|
|
|
(73
|
)
|
Less transfer agent fees reimbursed class specific
|
|
|
(8,028
|
)
|
|
|
(82,252
|
)
|
|
|
(395,076
|
)
|
|
|
(13,569
|
)
|
Less service and distribution fees waived class specific
|
|
|
(354
|
)
|
|
|
(17,725
|
)
|
|
|
(49,947
|
)
|
|
|
|
|
Less expenses reimbursed by Manager
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,046
|
)
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
103,277
|
|
|
|
132,424
|
|
|
|
571,834
|
|
|
|
37,378
|
|
|
|
|
|
|
Net investment income
|
|
|
19
|
|
|
|
21
|
|
|
|
106
|
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss from investments
|
|
|
|
|
|
|
(1,420
|
)
|
|
|
(595
|
)
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
$
|
19
|
|
|
$
|
(1,399
|
)
|
|
$
|
(489
|
)
|
|
$
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
35
|
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
Money Market Portfolio
|
|
|
BlackRock
U.S. Treasury
Money Market Portfolio
|
|
|
BlackRock
Municipal
Money Market Portfolio
|
|
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|
Increase (Decrease) in Net Assets:
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
514
|
|
|
$
|
7,226
|
|
|
$
|
120
|
|
|
$
|
188
|
|
|
$
|
44
|
|
|
$
|
81
|
|
Net realized gain
|
|
|
26,856
|
|
|
|
11,762
|
|
|
|
27,133
|
|
|
|
3,770
|
|
|
|
1,530
|
|
|
|
1,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
27,370
|
|
|
|
18,988
|
|
|
|
27,253
|
|
|
|
3,958
|
|
|
|
1,574
|
|
|
|
2,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
(264
|
)
|
|
|
(297
|
)
|
|
|
(67
|
)
|
|
|
(72
|
)
|
|
|
(39
|
)
|
|
|
(3,030
|
)
|
Service
|
|
|
(125
|
)
|
|
|
(109
|
)
|
|
|
(45
|
)
|
|
|
(41
|
)
|
|
|
(26
|
)
|
|
|
(4,980
|
)
|
Hilliard Lyons
2
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
Investor A
|
|
|
(113
|
)
|
|
|
(117
|
)
|
|
|
(8
|
)
|
|
|
(14
|
)
|
|
|
(1
|
)
|
|
|
(46
|
)
|
Investor B
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
(10
|
)
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
(16,422
|
)
|
|
|
(3,446
|
)
|
|
|
(3,272
|
)
|
|
|
(1,794
|
)
|
|
|
|
|
|
|
|
|
Service
|
|
|
(6,666
|
)
|
|
|
(951
|
)
|
|
|
(2,027
|
)
|
|
|
(954
|
)
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
(6,857
|
)
|
|
|
(1,269
|
)
|
|
|
(291
|
)
|
|
|
(212
|
)
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
(115
|
)
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
(638
|
)
|
|
|
(162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from
dividends and distributions to shareholders
|
|
|
(31,212
|
)
|
|
|
(6,397
|
)
|
|
|
(5,710
|
)
|
|
|
(3,087
|
)
|
|
|
(66
|
)
|
|
|
(8,059
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital share transactions
|
|
|
(14,189,685
|
)
|
|
|
(95,530,331
|
)
|
|
|
67,103,703
|
|
|
|
(48,520,158
|
)
|
|
|
51,546,634
|
|
|
|
27,385,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets
|
|
|
(14,193,527
|
)
|
|
|
(95,517,740
|
)
|
|
|
67,125,246
|
|
|
|
(48,519,287
|
)
|
|
|
51,548,142
|
|
|
|
27,379,076
|
|
Beginning of year
|
|
|
1,457,767,990
|
|
|
|
1,553,285,730
|
|
|
|
308,902,422
|
|
|
|
357,421,709
|
|
|
|
136,256,798
|
|
|
|
108,877,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
1,443,574,463
|
|
|
$
|
1,457,767,990
|
|
|
$
|
376,027,668
|
|
|
$
|
308,902,422
|
|
|
$
|
187,804,940
|
|
|
$
|
136,256,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income
|
|
$
|
|
|
|
$
|
6,686
|
|
|
$
|
|
|
|
$
|
61
|
|
|
$
|
19
|
|
|
$
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
2
|
As of March 12, 2012, Money Market and Municipal no longer accepted orders to purchase Hilliard Lyons shares.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
36
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
New Jersey Municipal
Money Market Portfolio
|
|
|
BlackRock
North Carolina Municipal
Money Market
Portfolio
|
|
|
BlackRock
Ohio Municipal
Money Market Portfolio
|
|
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|
Increase (Decrease) in Net Assets:
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
16
|
|
|
$
|
2,360
|
|
|
$
|
19
|
|
|
$
|
17
|
|
|
$
|
21
|
|
|
$
|
35
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
1,116
|
|
|
|
|
|
|
|
|
|
|
|
(1,420
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
16
|
|
|
|
3,476
|
|
|
|
19
|
|
|
|
17
|
|
|
|
(1,399
|
)
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
(10
|
)
|
|
|
(2,145
|
)
|
|
|
(19
|
)
|
|
|
(17
|
)
|
|
|
(19
|
)
|
|
|
(34
|
)
|
Service
|
|
|
(6
|
)
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
(210
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
(1,701
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
(484
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from dividends and distributions to shareholders
|
|
|
(16
|
)
|
|
|
(4,550
|
)
|
|
|
(19
|
)
|
|
|
(17
|
)
|
|
|
(21
|
)
|
|
|
(35
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital share transactions
|
|
|
(6,365,808
|
)
|
|
|
(19,024,051
|
)
|
|
|
15,839,394
|
|
|
|
(2,547,569
|
)
|
|
|
(2,049,652
|
)
|
|
|
(34,372,420
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets
|
|
|
(6,365,808
|
)
|
|
|
(19,025,125
|
)
|
|
|
15,839,394
|
|
|
|
(2,547,569
|
)
|
|
|
(2,051,072
|
)
|
|
|
(34,372,420
|
)
|
Beginning of year
|
|
|
54,982,632
|
|
|
|
74,007,757
|
|
|
|
44,302,558
|
|
|
|
46,850,127
|
|
|
|
63,662,218
|
|
|
|
98,034,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
48,616,824
|
|
|
$
|
54,982,632
|
|
|
$
|
60,141,952
|
|
|
$
|
44,302,558
|
|
|
$
|
61,611,146
|
|
|
$
|
63,662,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
37
|
|
|
|
|
|
|
|
Statements of Changes in Net Assets (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
Pennsylvania Municipal
Money Market Portfolio
|
|
|
BlackRock
Virginia Municipal
Money Market Portfolio
|
|
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|
Increase (Decrease) in Net Assets:
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
106
|
|
|
$
|
120
|
|
|
$
|
84
|
|
|
$
|
30
|
|
Net realized gain (loss)
|
|
|
(595
|
)
|
|
|
4,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
(489
|
)
|
|
|
4,943
|
|
|
|
84
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
(99
|
)
|
|
|
(186
|
)
|
|
|
(84
|
)
|
|
|
(30
|
)
|
Service
|
|
|
(7
|
)
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
Net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
(4,567
|
)
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
(255
|
)
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from dividends and distributions to shareholders
|
|
|
(106
|
)
|
|
|
(5,022
|
)
|
|
|
(84
|
)
|
|
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital share transactions
|
|
|
46,940,082
|
|
|
|
(70,239,409
|
)
|
|
|
(7,588,214
|
)
|
|
|
(6,076,786
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets
|
|
|
46,939,487
|
|
|
|
(70,239,488
|
)
|
|
|
(7,588,214
|
)
|
|
|
(6,076,786
|
)
|
Beginning of year
|
|
|
265,238,212
|
|
|
|
335,477,700
|
|
|
|
22,293,858
|
|
|
|
28,370,644
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
312,177,699
|
|
|
$
|
265,238,212
|
|
|
$
|
14,705,644
|
|
|
$
|
22,293,858
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income
|
|
$
|
56
|
|
|
$
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
Service
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year
Ended
September 30,
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year
Ended
September 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0013
|
|
|
|
0.0090
|
|
|
|
0.0346
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0003
|
|
|
|
0.0075
|
|
|
|
0.0318
|
|
|
|
Net realized gain
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0001
|
|
|
|
0.0013
|
|
|
|
0.0090
|
|
|
|
0.0346
|
|
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0003
|
|
|
|
0.0075
|
|
|
|
0.0318
|
|
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0013
|
)
|
|
|
(0.0090
|
)
|
|
|
(0.0346
|
)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0003
|
)
|
|
|
(0.0075
|
)
|
|
|
(0.0318
|
)
|
|
|
Net realized gain
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0001
|
)
|
|
|
(0.0013
|
)
|
|
|
(0.0090
|
)
|
|
|
(0.0346
|
)
|
|
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0003
|
)
|
|
|
(0.0075
|
)
|
|
|
(0.0318
|
)
|
|
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.13%
|
|
|
|
0.90%
|
5
|
|
|
3.52%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.75%
|
5
|
|
|
3.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.70%
|
|
|
|
0.70%
|
|
|
|
0.71%
|
|
|
|
0.74%
|
|
|
|
0.75%
|
6
|
|
|
0.56%
|
|
|
|
|
|
0.94%
|
|
|
|
0.94%
|
|
|
|
0.96%
|
|
|
|
0.98%
|
|
|
|
0.97%
|
6
|
|
|
0.81%
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.30%
|
|
|
|
0.27%
|
|
|
|
0.36%
|
|
|
|
0.41%
|
|
|
|
0.46%
|
6
|
|
|
0.42%
|
|
|
|
|
|
0.30%
|
|
|
|
0.27%
|
|
|
|
0.37%
|
|
|
|
0.52%
|
|
|
|
0.75%
|
6
|
|
|
0.70%
|
|
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.14%
|
|
|
|
1.79%
|
6
|
|
|
3.57%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
1.40%
|
6
|
|
|
3.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
736,195
|
|
|
$
|
790,645
|
|
|
$
|
785,316
|
|
|
$
|
433,778
|
|
|
$
|
543,487
|
|
|
$
|
595,728
|
|
|
|
|
$
|
380,303
|
|
|
$
|
332,427
|
|
|
$
|
391,617
|
|
|
$
|
365,358
|
|
|
$
|
514,764
|
|
|
$
|
454,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0003
|
|
|
|
0.0071
|
|
|
|
0.0312
|
|
|
|
Net realized gain
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0003
|
|
|
|
0.0071
|
|
|
|
0.0312
|
|
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0003
|
)
|
|
|
(0.0071
|
)
|
|
|
(0.0312
|
)
|
|
|
Net realized gain
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0003
|
)
|
|
|
(0.0071
|
)
|
|
|
(0.0312
|
)
|
|
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.71%
|
5
|
|
|
3.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.91%
|
|
|
|
0.89%
|
|
|
|
0.91%
|
|
|
|
0.93%
|
|
|
|
0.94%
|
6
|
|
|
0.87%
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.30%
|
|
|
|
0.27%
|
|
|
|
0.37%
|
|
|
|
0.53%
|
|
|
|
0.83%
|
6
|
|
|
0.76%
|
|
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
1.41%
|
6
|
|
|
3.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
296,089
|
|
|
$
|
299,205
|
|
|
$
|
314,811
|
|
|
$
|
358,698
|
|
|
$
|
510,950
|
|
|
$
|
461,079
|
|
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
39
|
|
|
|
|
|
|
|
|
Financial Highlights (concluded)
|
|
BlackRock Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
|
|
Investor C
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
Per Share Operating Performance
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0002
|
|
|
|
0.0044
|
|
|
|
0.0250
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0004
|
|
|
|
0.0044
|
|
|
|
0.0250
|
|
Net realized gain
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0002
|
|
|
|
0.0044
|
|
|
|
0.0250
|
|
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0004
|
|
|
|
0.0044
|
|
|
|
0.0250
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0002
|
)
|
|
|
(0.0044
|
)
|
|
|
(0.0250
|
)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0004
|
)
|
|
|
(0.0044
|
)
|
|
|
(0.0250
|
)
|
Net realized gain
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0002
|
)
|
|
|
(0.0044
|
)
|
|
|
(0.0250
|
)
|
|
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0004
|
)
|
|
|
(0.0044
|
)
|
|
|
(0.0250
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.44%
|
5
|
|
|
2.53%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.04%
|
|
|
|
0.45%
|
5
|
|
|
2.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.70%
|
|
|
|
1.71%
|
|
|
|
1.75%
|
|
|
|
1.81%
|
|
|
|
1.80%
|
6
|
|
|
1.77%
|
|
|
|
|
|
1.60%
|
|
|
|
1.62%
|
|
|
|
1.68%
|
|
|
|
1.75%
|
|
|
|
1.72%
|
6
|
|
|
1.66%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.30%
|
|
|
|
0.27%
|
|
|
|
0.37%
|
|
|
|
0.55%
|
|
|
|
1.37%
|
6
|
|
|
1.39%
|
|
|
|
|
|
0.30%
|
|
|
|
0.27%
|
|
|
|
0.38%
|
|
|
|
0.55%
|
|
|
|
1.35%
|
6
|
|
|
1.42%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.86%
|
6
|
|
|
2.40%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.04%
|
|
|
|
0.88%
|
6
|
|
|
2.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
4,577
|
|
|
$
|
6,306
|
|
|
$
|
7,207
|
|
|
$
|
11,528
|
|
|
$
|
23,467
|
|
|
$
|
15,835
|
|
|
|
|
$
|
26,411
|
|
|
$
|
29,185
|
|
|
$
|
23,683
|
|
|
$
|
19,016
|
|
|
$
|
48,162
|
|
|
$
|
25,356
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock U.S. Treasury
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
Service
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
Year Ended
September 30,
|
|
Year Ended March 31,
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
Year Ended
September 30,
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
|
2008
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
|
2008
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0001
|
|
|
|
|
0.0007
|
|
|
|
|
0.0234
|
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0001
|
|
|
|
|
0.0004
|
|
|
|
|
0.0206
|
|
|
|
Net realized gain
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0001
|
|
|
|
|
0.0007
|
|
|
|
|
0.0234
|
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0001
|
|
|
|
|
0.0004
|
|
|
|
|
0.0206
|
|
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0001
|
)
|
|
|
|
(0.0007
|
)
|
|
|
|
(0.0234)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0001
|
)
|
|
|
|
(0.0004
|
)
|
|
|
|
(0.0206)
|
|
|
|
Net realized gain
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0001
|
)
|
|
|
|
(0.0007
|
)
|
|
|
|
(0.0234)
|
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0001
|
)
|
|
|
|
(0.0004
|
)
|
|
|
|
(0.0206)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.01%
|
|
|
|
|
0.07%
|
5
|
|
|
|
2.37%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.01%
|
|
|
|
|
0.04%
|
5
|
|
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
0.75%
|
|
|
|
|
0.74%
|
|
|
|
|
0.74%
|
|
|
|
|
0.75%
|
|
|
|
|
0.79%
|
6
|
|
|
|
0.59%
|
|
|
|
|
0.97%
|
|
|
|
|
0.95%
|
|
|
|
|
0.95%
|
|
|
|
|
0.95%
|
|
|
|
|
0.98%
|
6
|
|
|
|
0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
|
0.15%
|
|
|
|
|
0.09%
|
|
|
|
|
0.20%
|
|
|
|
|
0.21%
|
|
|
|
|
0.42%
|
6
|
|
|
|
0.41%
|
|
|
|
|
0.15%
|
|
|
|
|
0.09%
|
|
|
|
|
0.20%
|
|
|
|
|
0.22%
|
|
|
|
|
0.48%
|
6
|
|
|
|
0.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.15%
|
6
|
|
|
|
2.26%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.08%
|
6
|
|
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
|
$
|
170,058
|
|
|
|
$
|
189,361
|
|
|
|
$
|
133,623
|
|
|
|
$
|
188,346
|
|
|
|
$
|
228,457
|
|
|
|
$
|
382,033
|
|
|
|
$
|
170,806
|
|
|
|
$
|
99,022
|
|
|
|
$
|
118,827
|
|
|
|
$
|
149,629
|
|
|
|
$
|
213,402
|
|
|
|
|
$289,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0004
|
|
|
|
0.0206
|
|
|
|
Net realized gain
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0001
|
|
|
|
0.0004
|
|
|
|
0.0206
|
|
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0004
|
)
|
|
|
(0.0206
|
)
|
|
|
Net realized gain
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0001
|
)
|
|
|
(0.0004
|
)
|
|
|
(0.0206
|
)
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.04%
|
5
|
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.92%
|
|
|
|
0.89%
|
|
|
|
0.86%
|
|
|
|
0.87%
|
|
|
|
0.89%
|
6
|
|
|
0.85%
|
|
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.15%
|
|
|
|
0.10%
|
|
|
|
0.20%
|
|
|
|
0.21%
|
|
|
|
0.48%
|
6
|
|
|
0.69%
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.08%
|
6
|
|
|
1.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
35,163
|
|
|
$
|
20,520
|
|
|
$
|
104,971
|
|
|
$
|
92,759
|
|
|
$
|
103,762
|
|
|
|
$123,316
|
|
|
|
|
|
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
41
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock Municipal Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0002
|
|
|
|
0.0011
|
|
|
|
0.0050
|
|
|
|
0.0234
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0002
|
|
|
|
0.0035
|
|
|
|
0.0206
|
|
|
|
Dividends and distributions from net investment
income
2
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0002
|
)
|
|
|
(0.0011
|
)
|
|
|
(0.0050
|
)
|
|
|
(0.0234
|
)
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0002
|
)
|
|
|
(0.0035
|
)
|
|
|
(0.0206
|
)
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.11%
|
|
|
|
0.50%
|
5
|
|
|
2.36%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.35%
|
5
|
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.79%
|
|
|
|
0.81%
|
|
|
|
0.80%
|
|
|
|
0.79%
|
|
|
|
0.82%
|
6
|
|
|
0.60%
|
|
|
|
1.03%
|
|
|
|
1.06%
|
|
|
|
1.06%
|
|
|
|
1.02%
|
|
|
|
1.00%
|
6
|
|
|
0.86%
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.22%
|
|
|
|
0.22%
|
|
|
|
0.39%
|
|
|
|
0.43%
|
|
|
|
0.47%
|
6
|
|
|
0.42%
|
|
|
|
0.22%
|
|
|
|
0.20%
|
|
|
|
0.42%
|
|
|
|
0.51%
|
|
|
|
0.77%
|
6
|
|
|
0.70%
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.12%
|
|
|
|
0.95%
|
6
|
|
|
2.26%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.78%
|
6
|
|
|
2.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
74,086
|
|
|
$
|
78,590
|
|
|
$
|
62,845
|
|
|
$
|
67,046
|
|
|
$
|
101,246
|
|
|
$
|
92,663
|
|
|
$
|
111,132
|
|
|
$
|
56,951
|
|
|
$
|
34,991
|
|
|
$
|
50,013
|
|
|
$
|
47,592
|
|
|
$
|
81,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1, 2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0003
|
|
|
|
0.0035
|
|
|
|
0.0205
|
|
|
|
Dividends and distributions from net investment
income
2
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0003
|
)
|
|
|
(0.0035
|
)
|
|
|
(0.0205
|
)
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.35%
|
5
|
|
|
2.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.99%
|
|
|
|
0.97%
|
|
|
|
0.94%
|
|
|
|
0.92%
|
|
|
|
0.94%
|
6
|
|
|
0.86%
|
|
|
|
|
|
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.21%
|
|
|
|
0.25%
|
|
|
|
0.41%
|
|
|
|
0.51%
|
|
|
|
0.77%
|
6
|
|
|
0.71%
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.76%
|
6
|
|
|
2.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
2,588
|
|
|
$
|
715
|
|
|
$
|
2,611
|
|
|
$
|
3,443
|
|
|
|
$ 5,301
|
|
|
|
$ 7,004
|
|
|
|
|
|
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock New Jersey Municipal
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
Service
|
|
|
Year Ended March 31,
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
Year Ended
September 30,
|
|
|
|
Year Ended March 31,
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
Year Ended
September 30,
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
|
2008
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
|
2008
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0003
|
|
|
|
|
0.0022
|
|
|
|
|
0.0058
|
|
|
|
|
0.0228
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0005
|
|
|
|
|
0.0044
|
|
|
|
|
0.0200
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0003
|
|
|
|
|
0.0022
|
|
|
|
|
0.0058
|
|
|
|
|
0.0228
|
|
|
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0000
|
|
|
|
|
0.0005
|
|
|
|
|
0.0044
|
|
|
|
|
0.0200
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0003
|
)
|
|
|
|
(0.0022
|
)
|
|
|
|
(0.0058
|
)
|
|
|
|
(0.0228
|
)
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0005
|
)
|
|
|
|
(0.0044
|
)
|
|
|
|
(0.0200
|
)
|
Net realized gain
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0003
|
)
|
|
|
|
(0.0022
|
)
|
|
|
|
(0.0058
|
)
|
|
|
|
(0.0228
|
)
|
|
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0000
|
)
|
|
|
|
(0.0005
|
)
|
|
|
|
(0.0044
|
)
|
|
|
|
(0.0200
|
)
|
Net asset value, end of period
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.03%
|
|
|
|
|
0.22%
|
|
|
|
|
0.59%
|
5
|
|
|
|
2.30%
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.05%
|
|
|
|
|
0.44%
|
5
|
|
|
|
2.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
0.85%
|
|
|
|
|
0.85%
|
|
|
|
|
0.80%
|
|
|
|
|
0.79%
|
|
|
|
|
0.82%
|
6
|
|
|
|
0.61%
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
1.05%
|
|
|
|
|
1.02%
|
|
|
|
|
1.04%
|
|
|
|
|
1.06%
|
6
|
|
|
|
0.86%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
|
0.26%
|
|
|
|
|
0.27%
|
|
|
|
|
0.39%
|
|
|
|
|
0.41%
|
|
|
|
|
0.43%
|
6
|
|
|
|
0.39%
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
0.28%
|
|
|
|
|
0.42%
|
|
|
|
|
0.59%
|
|
|
|
|
0.73%
|
6
|
|
|
|
0.67%
|
|
Net investment income
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.02%
|
|
|
|
|
0.24%
|
|
|
|
|
1.15%
|
6
|
|
|
|
2.30%
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
0.05%
|
|
|
|
|
0.89%
|
6
|
|
|
|
2.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
|
$
|
32,345
|
|
|
|
$
|
41,966
|
|
|
|
$
|
46,755
|
|
|
|
$
|
59,520
|
|
|
|
$
|
103,465
|
|
|
|
$
|
114,696
|
|
|
|
|
|
$
|
16,025
|
|
|
|
$
|
12,895
|
|
|
|
$
|
15,935
|
|
|
|
$
|
19,373
|
|
|
|
$
|
23,791
|
|
|
|
$
|
25,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0006
|
|
|
|
0.0045
|
|
|
|
0.0200
|
|
Net realized gain
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0001
|
|
|
|
0.0006
|
|
|
|
0.0045
|
|
|
|
0.0200
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0006
|
)
|
|
|
(0.0045
|
)
|
|
|
(0.0200
|
)
|
Net realized gain
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0001
|
)
|
|
|
(0.0006
|
)
|
|
|
(0.0045
|
)
|
|
|
(0.0200
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.06%
|
|
|
|
0.45%
|
5
|
|
|
2.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.32%
|
|
|
|
0.94%
|
|
|
|
0.90%
|
|
|
|
0.92%
|
|
|
|
0.93%
|
6
|
|
|
0.86%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.25%
|
|
|
|
0.38%
|
|
|
|
0.41%
|
|
|
|
0.59%
|
|
|
|
0.69%
|
6
|
|
|
0.67%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.01%
|
|
|
|
0.06%
|
|
|
|
0.92%
|
6
|
|
|
1.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
247
|
|
|
$
|
122
|
|
|
$
|
11,318
|
|
|
$
|
15,025
|
|
|
$
|
23,381
|
|
|
$
|
27,216
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
43
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock North Carolina Municipal
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
Service
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0009
|
|
|
|
0.0052
|
|
|
|
0.0234
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0003
|
|
|
|
0.0037
|
|
|
|
0.0207
|
|
Dividends and distributions from net investment
income
2
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0009
|
)
|
|
|
(0.0052
|
)
|
|
|
(0.0234
|
)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0003
|
)
|
|
|
(0.0037
|
)
|
|
|
(0.0207
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.09%
|
|
|
|
0.52%
|
5
|
|
|
2.37%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.37%
|
5
|
|
|
2.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.70%
|
|
|
|
0.76%
|
|
|
|
0.69%
|
|
|
|
0.73%
|
|
|
|
0.77%
|
6
|
|
|
0.67%
|
|
|
|
|
|
1.10%
|
|
|
|
1.15%
|
|
|
|
1.21%
|
|
|
|
0.98%
|
|
|
|
1.01%
|
6
|
|
|
0.92%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.19%
|
|
|
|
0.15%
|
|
|
|
0.29%
|
|
|
|
0.30%
|
|
|
|
0.34%
|
6
|
|
|
0.30%
|
|
|
|
|
|
0.20%
|
|
|
|
0.19%
|
|
|
|
0.30%
|
|
|
|
0.41%
|
|
|
|
0.63%
|
6
|
|
|
0.58%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.10%
|
|
|
|
0.98%
|
6
|
|
|
2.31%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.06%
|
|
|
|
0.75%
|
6
|
|
|
2.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
60,078
|
|
|
$
|
44,159
|
|
|
$
|
46,622
|
|
|
$
|
74,251
|
|
|
$
|
79,880
|
|
|
$
|
60,404
|
|
|
|
|
$
|
30
|
|
|
$
|
65
|
|
|
$
|
138
|
|
|
$
|
165
|
|
|
$
|
3,172
|
|
|
$
|
3,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0032
|
|
|
|
0.0190
|
|
Dividends and distributions from net investment
income
2
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0032
|
)
|
|
|
(0.0190
|
)
|
Net asset value, end of period.
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.32%
|
5
|
|
|
1.92%
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.35%
|
|
|
|
1.23%
|
|
|
|
1.10%
|
|
|
|
1.12%
|
|
|
|
1.18%
|
6
|
|
|
1.08%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.20%
|
|
|
|
0.15%
|
|
|
|
0.30%
|
|
|
|
0.39%
|
|
|
|
0.73%
|
6
|
|
|
0.74%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.61%
|
6
|
|
|
1.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
34
|
|
|
$
|
78
|
|
|
$
|
90
|
|
|
$
|
106
|
|
|
$
|
168
|
|
|
$
|
155
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
44
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock Ohio Municipal
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
Service
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0003
|
|
|
|
0.0029
|
|
|
|
0.0071
|
|
|
|
0.0245
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0009
|
|
|
|
0.0058
|
|
|
|
0.0217
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0003
|
|
|
|
0.0029
|
|
|
|
0.0071
|
|
|
|
0.0245
|
|
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0009
|
|
|
|
0.0058
|
|
|
|
0.0217
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0003
|
)
|
|
|
(0.0029
|
)
|
|
|
(0.0071
|
)
|
|
|
(0.0245
|
)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0009
|
)
|
|
|
(0.0058
|
)
|
|
|
(0.0217
|
)
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0003
|
)
|
|
|
(0.0029
|
)
|
|
|
(0.0071
|
)
|
|
|
(0.0245
|
)
|
|
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0009
|
)
|
|
|
(0.0058
|
)
|
|
|
(0.0217
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.29%
|
|
|
|
0.72%
|
5
|
|
|
2.48%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.09%
|
|
|
|
0.57%
|
5
|
|
|
2.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.79%
|
|
|
|
0.74%
|
|
|
|
0.74%
|
|
|
|
0.75%
|
|
|
|
0.73%
|
6
|
|
|
0.62%
|
|
|
|
|
|
1.04%
|
|
|
|
1.04%
|
|
|
|
0.97%
|
|
|
|
1.02%
|
|
|
|
0.99%
|
6
|
|
|
0.87%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.21%
|
|
|
|
0.18%
|
|
|
|
0.37%
|
|
|
|
0.41%
|
|
|
|
0.42%
|
6
|
|
|
0.39%
|
|
|
|
|
|
0.20%
|
|
|
|
0.19%
|
|
|
|
0.40%
|
|
|
|
0.62%
|
|
|
|
0.71%
|
6
|
|
|
0.67%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.03%
|
|
|
|
0.29%
|
|
|
|
1.37%
|
6
|
|
|
2.41%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.10%
|
|
|
|
1.33%
|
6
|
|
|
2.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
52,178
|
|
|
$
|
59,034
|
|
|
$
|
88,491
|
|
|
$
|
149,659
|
|
|
$
|
179,038
|
|
|
$
|
137,274
|
|
|
|
|
$
|
9,428
|
|
|
$
|
4,623
|
|
|
$
|
4,156
|
|
|
$
|
4,591
|
|
|
$
|
14,636
|
|
|
$
|
26,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0011
|
|
|
|
0.0057
|
|
|
|
0.0217
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0001
|
|
|
|
0.0011
|
|
|
|
0.0057
|
|
|
|
0.0217
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0011
|
)
|
|
|
(0.0057
|
)
|
|
|
(0.0217
|
)
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0001
|
)
|
|
|
(0.0011
|
)
|
|
|
(0.0057
|
)
|
|
|
(0.0217
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.01%
|
|
|
|
0.11%
|
|
|
|
0.58%
|
5
|
|
|
2.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
4.70%
|
|
|
|
0.91%
|
|
|
|
0.88%
|
|
|
|
0.88%
|
|
|
|
0.90%
|
6
|
|
|
0.87%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.20%
|
|
|
|
0.26%
|
|
|
|
0.40%
|
|
|
|
0.60%
|
|
|
|
0.70%
|
6
|
|
|
0.67%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.02%
|
|
|
|
0.12%
|
|
|
|
1.29%
|
6
|
|
|
2.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5,388
|
|
|
$
|
13,318
|
|
|
$
|
24,902
|
|
|
$
|
41,209
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
45
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock Pennsylvania Municipal
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
Service
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0005
|
|
|
|
0.0047
|
|
|
|
0.0222
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0033
|
|
|
|
0.0194
|
|
Net realized gain
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0005
|
|
|
|
0.0047
|
|
|
|
0.0222
|
|
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0033
|
|
|
|
0.0194
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0005
|
)
|
|
|
(0.0047
|
)
|
|
|
(0.0222
|
)
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0033
|
)
|
|
|
(0.0194
|
)
|
Net realized gain
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0005
|
)
|
|
|
(0.0047
|
)
|
|
|
(0.0222
|
)
|
|
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0033
|
)
|
|
|
(0.0194
|
)
|
Net asset value, end of period
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.06%
|
|
|
|
0.48%
|
5
|
|
|
2.24%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.33%
|
5
|
|
|
1.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.72%
|
|
|
|
0.74%
|
|
|
|
0.73%
|
|
|
|
0.75%
|
|
|
|
0.75%
|
6
|
|
|
0.58%
|
|
|
|
|
|
0.98%
|
|
|
|
0.96%
|
|
|
|
0.90%
|
|
|
|
0.91%
|
|
|
|
0.92%
|
6
|
|
|
0.83%
|
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.20%
|
|
|
|
0.19%
|
|
|
|
0.31%
|
|
|
|
0.39%
|
|
|
|
0.46%
|
6
|
|
|
0.42%
|
|
|
|
|
|
0.19%
|
|
|
|
0.21%
|
|
|
|
0.31%
|
|
|
|
0.46%
|
|
|
|
0.74%
|
6
|
|
|
0.70%
|
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.07%
|
|
|
|
0.93%
|
6
|
|
|
2.21%
|
|
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.69%
|
6
|
|
|
1.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
|
$ 294,800
|
|
|
|
$248,836
|
|
|
|
$287,394
|
|
|
|
$332,387
|
|
|
|
$589,724
|
|
|
|
$ 535,882
|
|
|
|
|
|
$17,315
|
|
|
|
$16,333
|
|
|
|
$30,649
|
|
|
|
$27,166
|
|
|
|
$52,127
|
|
|
|
$52,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0001
|
|
|
|
0.0035
|
|
|
|
0.0194
|
|
Net realized gain
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0001
|
|
|
|
0.0035
|
|
|
|
0.0194
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0001
|
)
|
|
|
(0.0035
|
)
|
|
|
(0.0194
|
)
|
Net realized gain
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0001
|
)
|
|
|
(0.0035
|
)
|
|
|
(0.0194
|
)
|
Net asset value, end of period
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00%
|
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.01
|
%
|
|
|
0.35
|
%
5
|
|
|
1.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.34%
|
|
|
|
0.85
|
%
|
|
|
0.84
|
%
|
|
|
0.85
|
%
|
|
|
0.86
|
%
6
|
|
|
0.83
|
%
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.22%
|
|
|
|
0.27
|
%
|
|
|
0.31
|
%
|
|
|
0.44
|
%
|
|
|
0.71
|
%
6
|
|
|
0.70
|
%
|
Net investment income
|
|
|
0.00%
|
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.01
|
%
|
|
|
0.72
|
%
6
|
|
|
1.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
|
$ 63
|
|
|
|
$ 69
|
|
|
|
$ 17,434
|
|
|
|
$22,109
|
|
|
|
$ 34,483
|
|
|
|
$ 36,708
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
|
|
BlackRock Virginia Municipal
Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
Year Ended March 31,
|
|
|
Period
October 1,
2008 to
March 31,
2009
|
|
|
Year Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
2008
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Net investment income
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
0.0002
|
|
|
|
0.0011
|
|
|
|
0.0041
|
|
|
|
0.0228
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
0.0000
|
1
|
|
|
0.0000
|
1
|
|
|
|
|
|
|
|
|
Net increase from investment operations
|
|
|
0.0000
|
|
|
|
0.0000
|
|
|
|
0.0002
|
|
|
|
0.0011
|
|
|
|
0.0041
|
|
|
|
0.0228
|
|
Dividends and distributions from:
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
(0.0002
|
)
|
|
|
(0.0011
|
)
|
|
|
(0.0041
|
)
|
|
|
(0.0228
|
)
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
(0.0000
|
)
3
|
|
|
(0.0000
|
)
3
|
|
|
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.0000
|
)
|
|
|
(0.0000
|
)
|
|
|
(0.0002
|
)
|
|
|
(0.0011
|
)
|
|
|
(0.0041
|
)
|
|
|
(0.0228
|
)
|
Net asset value, end of period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.02
|
%
|
|
|
0.12
|
%
|
|
|
0.42
|
%
5
|
|
|
2.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.94
|
%
|
|
|
0.85
|
%
|
|
|
0.81
|
%
|
|
|
0.80
|
%
|
|
|
0.79
|
%
6
|
|
|
0.65
|
%
|
Total expenses after fees waived, reimbursed and paid indirectly
|
|
|
0.20
|
%
|
|
|
0.18
|
%
|
|
|
0.29
|
%
|
|
|
0.32
|
%
|
|
|
0.35
|
%
6
|
|
|
0.30
|
%
|
Net investment income
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
|
0.02
|
%
|
|
|
0.13
|
%
|
|
|
0.92
|
%
6
|
|
|
2.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
14,706
|
|
|
$
|
22,294
|
|
|
$
|
28,370
|
|
|
$
|
42,326
|
|
|
$
|
75,817
|
|
|
$
|
90,845
|
|
|
1
|
Amount is less than $0.00005 per share.
|
|
2
|
Dividends and distributions are determined in accordance with federal income tax regulations.
|
|
3
|
Amount is greater than $(0.00005) per share.
|
|
4
|
Where applicable, total investment returns include the reinvestment of dividends and distributions.
|
|
5
|
Aggregate total investment return.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
47
|
|
|
|
|
|
|
|
|
Notes to Financial Statements
|
|
|
1. Organization and Significant Accounting Policies:
BlackRock
Funds
SM
(the Trust), is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust is organized as a Massa-chusetts business trust. BlackRock Money Market Portfolio (Money Market), BlackRock U.S. Treasury Money
Market Portfolio (U.S. Treasury), BlackRock Municipal Money Market Portfolio (Municipal), BlackRock New Jersey Municipal Money Market Portfolio (New Jersey Municipal), BlackRock North Carolina Municipal Money
Market Portfolio (North Carolina Municipal), BlackRock Ohio Municipal Money Market Portfolio (Ohio Municipal), BlackRock Pennsylvania Municipal Money Market Portfolio (Pennsylvania Municipal) and BlackRock
Virginia Municipal Money Market Portfolio (Virginia Municipal) (collectively, the Funds or individually, a Fund) are each a series of the Trust. Each of the Funds, except Money Market, U.S. Treasury and Municipal,
is non-diversified. The Funds financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which may require the use of management accruals and estimates.
Actual results may differ from these estimates. Each Fund may offer Shares of Institutional, Service, Investor A, Investor B and Investor C classes. All classes of shares have identical voting, dividend, liquidation and other rights and the same
terms and conditions, except that Service, Investor A, Investor B and Investor C Shares bear certain expenses related to the shareholder servicing of such shares and Investor B and Investor C Shares also bear certain expenses related to the
distribution of such shares. Under certain circumstances Investor B Shares automatically convert to Investor A Shares after approximately seven, eight or ten years. Investor B and Investor C Shares are only available for exchange from Investor B or
Investor C shares, respectively, of non-money market funds advised by BlackRock Advisors, LLC (the Manager) or its affiliates. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and
distribution expenditures (except that Investor B shareholders may vote on material changes to the Investor A distribution and service plan).
The
following is a summary of significant accounting policies followed by the Funds:
Valuation:
US GAAP defines fair value as the price the
Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds investments are valued under the amortized cost method which approximates current
market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and thereafter, a constant proportionate accretion and amortization of any discounts and premiums are recorded until the
maturity of the security. Each Fund seeks to maintain its net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
Repurchase Agreements:
The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually
agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are condi-
tioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated
account by the Funds custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in
liquidating the collateral.
Investment Transactions and Investment Income:
For financial reporting purposes, investment transactions are
recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and
discounts on debt securities, is recognized on the accrual basis. Income and realized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions:
Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. The character and timing of
dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.
Income Taxes:
It is
the Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no
federal income tax provision is required.
Each Fund files US federal and various state and local tax returns. No income tax returns are currently under
examination. The statute of limitations on each Funds US federal tax returns remains open for each of the four years ended March 31, 2013. The statutes of limitations on each Funds state and local tax returns may remain open for an
additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
Recent Accounting Standards:
In December 2011, the Financial Accounting Standards Board (the FASB) issued guidance that will expand current disclosure requirements on the offsetting of certain
assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statements of Assets and Liabilities and will
require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the
offsetting disclosure requirements. The scope of the disclosure requirements for offsetting will be limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending
transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds
financial statement disclosures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
Other:
Expenses directly related to a Fund or its classes are charged to that Fund or class. Other operating
expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses pro rated to the Funds are allocated daily to each
class based on its relative net assets or other appropriate methods.
The Funds have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash
balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.
2. Investment Advisory Agreement and Other
Transactions with Affiliates:
The PNC Financial Services Group, Inc. (PNC) is the largest stockholder and an affiliate, for 1940 Act
purposes, of BlackRock, Inc. (BlackRock).
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the
Manager, the Funds investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Funds portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee based on a percentage of each Funds average daily net assets at the
following annual rates:
|
|
|
Average Daily Net Assets
|
|
Investment Advisory Fee
|
First $1 billion
|
|
0.450%
|
$1 billion - $2 billion
|
|
0.400%
|
$2 billion - $3 billion
|
|
0.375%
|
Greater than $3 billion
|
|
0.350%
|
The Trust, on behalf of
each Fund, entered into a Distribution Agreement and Distribution and Service Plan with BlackRock Investments, LLC (BRIL), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under
the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares of each Fund as follows:
|
|
|
|
|
|
|
Service
Fee
|
|
Distribution
Fee
|
Service
|
|
0.25%
|
|
|
Investor A
|
|
0.25%
|
|
|
Investor B
|
|
0.25%
|
|
0.75%
|
Investor C
|
|
0.25%
|
|
0.75%
|
Pursuant to sub-agreements
with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution
related services to Service, Investor A, Investor B and Investor C shareholders.
For the year ended March 31, 2013, the following table shows the
class specific service and distribution fees borne directly by each class of each Fund:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
868,298
|
|
|
$
|
786,917
|
|
|
$
|
53,369
|
|
|
$
|
279,889
|
|
|
$
|
1,988,473
|
|
U.S. Treasury
|
|
$
|
305,477
|
|
|
$
|
53,453
|
|
|
|
|
|
|
|
|
|
|
$
|
358,930
|
|
Municipal
|
|
$
|
121,524
|
|
|
$
|
3,677
|
|
|
|
|
|
|
|
|
|
|
$
|
125,201
|
|
New Jersey Municipal
|
|
$
|
38,915
|
|
|
$
|
195
|
|
|
|
|
|
|
|
|
|
|
$
|
39,110
|
|
North Carolina Municipal
|
|
$
|
235
|
|
|
$
|
119
|
|
|
|
|
|
|
|
|
|
|
$
|
354
|
|
Ohio Municipal
|
|
$
|
17,712
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
$
|
17,725
|
|
Pennsylvania Municipal
|
|
$
|
49,790
|
|
|
$
|
157
|
|
|
|
|
|
|
|
|
|
|
$
|
49,947
|
|
Pursuant to written
agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services,
these entities receive an asset based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended March 31, 2013, the Funds paid the following to affiliates in return for these
services, which are included in transfer agent - class specific in the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
49
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Total
|
|
Money Market
|
|
$
|
1,083,383
|
|
|
$
|
458,218
|
|
|
$
|
76,128
|
|
|
$
|
1,617,729
|
|
U.S. Treasury
|
|
$
|
271,081
|
|
|
$
|
137,566
|
|
|
$
|
9,910
|
|
|
$
|
418,557
|
|
Municipal
|
|
$
|
104,191
|
|
|
$
|
56,640
|
|
|
$
|
|
|
|
$
|
160,831
|
|
New Jersey Municipal
|
|
$
|
55,146
|
|
|
$
|
8,789
|
|
|
$
|
|
|
|
$
|
63,935
|
|
North Carolina Municipal
|
|
$
|
5,555
|
|
|
$
|
84
|
|
|
$
|
|
|
|
$
|
5,639
|
|
Ohio Municipal
|
|
$
|
69,585
|
|
|
$
|
9,798
|
|
|
$
|
|
|
|
$
|
79,383
|
|
Pennsylvania Municipal
|
|
$
|
353,665
|
|
|
$
|
24,341
|
|
|
$
|
|
|
|
$
|
378,006
|
|
Virginia Municipal
|
|
$
|
12,039
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
12,039
|
|
The Manager maintains a call center, which is responsible for providing certain shareholder services to the Funds, such as
responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the year ended March 31, 2013, each Fund reimbursed the Manager the
following amounts for costs incurred in running the call center, which are included in transfer agent class specific in the Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
3,826
|
|
|
$
|
2,034
|
|
|
$
|
27,943
|
|
|
$
|
1,032
|
|
|
$
|
1,522
|
|
|
$
|
36,357
|
|
U.S. Treasury
|
|
$
|
673
|
|
|
$
|
651
|
|
|
$
|
489
|
|
|
|
|
|
|
|
|
|
|
$
|
1,813
|
|
Municipal
|
|
$
|
230
|
|
|
$
|
1,498
|
|
|
$
|
195
|
|
|
|
|
|
|
|
|
|
|
$
|
1,923
|
|
New Jersey Municipal
|
|
$
|
123
|
|
|
$
|
133
|
|
|
$
|
17
|
|
|
|
|
|
|
|
|
|
|
$
|
273
|
|
North Carolina Municipal
|
|
$
|
177
|
|
|
$
|
1
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
$
|
203
|
|
Ohio Municipal
|
|
$
|
155
|
|
|
$
|
16
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
$
|
181
|
|
Pennsylvania Municipal
|
|
$
|
797
|
|
|
$
|
62
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
$
|
878
|
|
Virginia Municipal
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73
|
|
For the year ended March 31, 2013, the following table shows the class specific transfer agent fees borne directly by each
class of each Fund:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
1,117,353
|
|
|
$
|
489,015
|
|
|
$
|
330,222
|
|
|
$
|
8,082
|
|
|
$
|
13,383
|
|
|
$
|
1,958,055
|
|
U.S. Treasury
|
|
$
|
276,033
|
|
|
$
|
140,222
|
|
|
$
|
15,170
|
|
|
|
|
|
|
|
|
|
|
$
|
431,425
|
|
Municipal
|
|
$
|
106,603
|
|
|
$
|
61,855
|
|
|
$
|
1,290
|
|
|
|
|
|
|
|
|
|
|
$
|
169,748
|
|
New Jersey Municipal
|
|
$
|
57,405
|
|
|
$
|
9,788
|
|
|
$
|
309
|
|
|
|
|
|
|
|
|
|
|
$
|
67,502
|
|
North Carolina Municipal
|
|
$
|
7,873
|
|
|
$
|
159
|
|
|
$
|
199
|
|
|
|
|
|
|
|
|
|
|
$
|
8,231
|
|
Ohio Municipal
|
|
$
|
72,327
|
|
|
$
|
9,888
|
|
|
$
|
202
|
|
|
|
|
|
|
|
|
|
|
$
|
82,417
|
|
Pennsylvania Municipal
|
|
$
|
366,729
|
|
|
$
|
28,900
|
|
|
$
|
317
|
|
|
|
|
|
|
|
|
|
|
$
|
395,946
|
|
Virginia Municipal
|
|
$
|
13,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,642
|
|
BNY Mellon Investment Servicing (US) Inc. (BNYMIS) and the Manager act as co-administrators for the Funds. For these
services, the co-administrators receive an administration fee computed daily and payable monthly to each administrator pursuant to separate fee arrangements, basedon a percentage of the average daily net assets of each Fund. The combined
administration fee, which is shown as administration in the Statements of Operations, is paid at the following annual rates:
|
|
|
Average Daily Net Assets
|
|
Administration Fee
|
First $500 million
|
|
0.075%
|
$500 million - $1 billion
|
|
0.065%
|
Greater than $1 billion
|
|
0.055%
|
In addition, each of the share classes is charged an administration fee, which is shown as administration - class specific in the
Statements of Operations, based on the following percentages of average daily net assets of each respective class:
|
|
|
Average Daily Net Assets
|
|
Administration Fee Class Specific
|
First $500 million
|
|
0.025%
|
$500 million - $1 billion
|
|
0.015%
|
Greater than $1 billion
|
|
0.005%
|
In addition, BNYMIS and the Manager may have, at their discretion, voluntarily waived all or any portion of their administration
fees for a Fund or a share class which are included in administration fees waived and administration fees waived class specific in the Statements of Operations. For the year ended March 31, 2013, the Funds paid the following to the
Manager in return for these services, which are included in administration,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
administration class specific, administration fees waived and administration fees waived class
specific in the Statements of Operations:
|
|
|
|
|
Money Market
|
|
$
|
845,399
|
|
U.S. Treasury
|
|
$
|
208,145
|
|
Municipal
|
|
$
|
71,562
|
|
New Jersey Municipal
|
|
$
|
20,464
|
|
North Carolina Municipal
|
|
$
|
12,045
|
|
Ohio Municipal
|
|
$
|
24,997
|
|
Pennsylvania Municipal
|
|
$
|
190,982
|
|
Virginia Municipal
|
|
$
|
4,768
|
|
For the year ended, March 31, 2013, the following table shows the class specific administration fees borne directly by each
class of each Fund:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
161,426
|
|
|
$
|
86,827
|
|
|
$
|
78,719
|
|
|
$
|
1,336
|
|
|
$
|
7,015
|
|
|
$
|
335,323
|
|
U.S. Treasury
|
|
$
|
46,185
|
|
|
$
|
30,548
|
|
|
$
|
5,345
|
|
|
|
|
|
|
|
|
|
|
$
|
82,078
|
|
Municipal
|
|
$
|
18,728
|
|
|
$
|
12,152
|
|
|
$
|
368
|
|
|
|
|
|
|
|
|
|
|
$
|
31,248
|
|
New Jersey Municipal
|
|
$
|
9,042
|
|
|
$
|
3,892
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
$
|
12,954
|
|
North Carolina Municipal
|
|
$
|
13,407
|
|
|
$
|
24
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
$
|
13,442
|
|
Ohio Municipal
|
|
$
|
13,791
|
|
|
$
|
1,771
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
$
|
15,563
|
|
Pennsylvania Municipal
|
|
$
|
67,852
|
|
|
$
|
4,979
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
$
|
72,846
|
|
Virginia Municipal
|
|
$
|
4,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,768
|
|
The Manager contractually or voluntarily agreed to waive and/or reimburse fees or expenses, excluding interest expense, dividend
expense, income tax expense, acquired fund fees and expenses and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Funds business, in order to limit expenses. The expense
limitations as a percentage of average daily net assets are as follows:
|
|
|
|
|
|
|
|
|
|
|
Money Market
|
|
U.S. Treasury
|
|
Municipal
|
|
New Jersey Municipal
|
|
|
Contractual
1
|
|
Contractual
1
|
|
Contractual
1
|
|
Contractual
1
|
Institutional
|
|
0.42%
|
|
0.41%
|
|
0.42%
|
|
0.39%
|
Service
|
|
0.72%
|
|
0.71%
|
|
0.72%
|
|
0.69%
|
Investor A
|
|
0.89%
|
|
0.88%
|
|
0.89%
|
|
0.96%
|
Investor B
|
|
1.49%
|
|
N/A
|
|
N/A
|
|
N/A
|
Investor C
|
|
1.49%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Municipal
|
|
Ohio Municipal
|
|
Pennsylvania Municipal
|
|
Virginia Municipal
|
|
|
Contractual
1
|
|
Contractual
1
|
|
Contractual
1
|
|
Contractual
1
|
Institutional
|
|
0.30%
|
|
0.39%
|
|
0.42%
|
|
0.30%
|
Service
|
|
0.60%
|
|
0.69%
|
|
0.72%
|
|
0.60%
2
|
Investor A
|
|
0.87%
|
|
0.96%
|
|
0.99%
|
|
0.87%
2
|
Investor B
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
Investor C
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1
|
The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to August 1, 2013 unless approved by the Board, including
a majority of the Independent Trustees.
|
|
2
|
Fund currently active but no assets in share class.
|
These amounts waived or reimbursed are included in fees waived by Manager, and shown as administration fees waived class specific, service and distribution fees waived class specific, transfer agent
fees waived class specific, transfer agent fees reimbursed class specific and expenses reimbursed by Manager, respectively, in the Statements of Operations. Class specific expense waivers or reimbursements are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administration Fees Waived
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
161,430
|
|
|
$
|
86,827
|
|
|
$
|
78,719
|
|
|
$
|
1,332
|
|
|
$
|
7,015
|
|
|
$
|
335,323
|
|
U.S. Treasury
|
|
$
|
46,185
|
|
|
$
|
30,548
|
|
|
$
|
5,345
|
|
|
|
|
|
|
|
|
|
|
$
|
82,078
|
|
Municipal
|
|
$
|
18,728
|
|
|
$
|
12,152
|
|
|
$
|
368
|
|
|
|
|
|
|
|
|
|
|
$
|
31,248
|
|
New Jersey Municipal
|
|
$
|
9,037
|
|
|
$
|
3,892
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
$
|
12,954
|
|
North Carolina Municipal
|
|
$
|
13,407
|
|
|
$
|
24
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
$
|
13,442
|
|
Ohio Municipal
|
|
$
|
13,791
|
|
|
$
|
1,771
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
$
|
15,563
|
|
Pennsylvania Municipal
|
|
$
|
67,852
|
|
|
$
|
4,979
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
$
|
72,846
|
|
Virginia Municipal
|
|
$
|
4,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
51
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and Distribution Fees Waived
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
868,300
|
|
|
$
|
786,916
|
|
|
$
|
53,369
|
|
|
$
|
279,888
|
|
|
$
|
1,988,473
|
|
U.S. Treasury
|
|
$
|
305,477
|
|
|
$
|
53,453
|
|
|
|
|
|
|
|
|
|
|
$
|
358,930
|
|
Municipal
|
|
$
|
121,524
|
|
|
$
|
3,677
|
|
|
|
|
|
|
|
|
|
|
$
|
125,201
|
|
New Jersey Municipal
|
|
$
|
38,915
|
|
|
$
|
195
|
|
|
|
|
|
|
|
|
|
|
$
|
39,110
|
|
North Carolina Municipal
|
|
$
|
235
|
|
|
$
|
119
|
|
|
|
|
|
|
|
|
|
|
$
|
354
|
|
Ohio Municipal
|
|
$
|
17,712
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
$
|
17,725
|
|
Pennsylvania Municipal
|
|
$
|
49,790
|
|
|
$
|
157
|
|
|
|
|
|
|
|
|
|
|
$
|
49,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer Agent Fees Waived
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
3,826
|
|
|
$
|
2,034
|
|
|
$
|
27,943
|
|
|
$
|
1,032
|
|
|
$
|
1,522
|
|
|
$
|
36,357
|
|
U.S. Treasury
|
|
$
|
673
|
|
|
$
|
651
|
|
|
$
|
489
|
|
|
|
|
|
|
|
|
|
|
$
|
1,813
|
|
Municipal
|
|
$
|
230
|
|
|
$
|
1,498
|
|
|
$
|
195
|
|
|
|
|
|
|
|
|
|
|
$
|
1,923
|
|
New Jersey Municipal
|
|
$
|
123
|
|
|
|
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
$
|
144
|
|
North Carolina Municipal
|
|
$
|
177
|
|
|
$
|
1
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
$
|
203
|
|
Ohio Municipal
|
|
$
|
155
|
|
|
|
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
$
|
165
|
|
Pennsylvania Municipal
|
|
$
|
797
|
|
|
$
|
62
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
$
|
870
|
|
Virginia Municipal
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer Agent Fees Reimbursed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
Service
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
|
Total
|
|
Money Market
|
|
$
|
1,113,682
|
|
|
$
|
486,979
|
|
|
$
|
302,139
|
|
|
$
|
7,045
|
|
|
$
|
11,853
|
|
|
$
|
1,921,698
|
|
U.S. Treasury
|
|
$
|
275,361
|
|
|
$
|
139,571
|
|
|
$
|
14,680
|
|
|
|
|
|
|
|
|
|
|
$
|
429,612
|
|
Municipal
|
|
$
|
106,256
|
|
|
$
|
60,474
|
|
|
$
|
1,095
|
|
|
|
|
|
|
|
|
|
|
$
|
167,825
|
|
New Jersey Municipal
|
|
$
|
57,282
|
|
|
$
|
9,655
|
|
|
$
|
291
|
|
|
|
|
|
|
|
|
|
|
$
|
67,228
|
|
North Carolina Municipal
|
|
$
|
7,715
|
|
|
$
|
139
|
|
|
$
|
174
|
|
|
|
|
|
|
|
|
|
|
$
|
8,028
|
|
Ohio Municipal
|
|
$
|
72,189
|
|
|
$
|
9,871
|
|
|
$
|
192
|
|
|
|
|
|
|
|
|
|
|
$
|
82,252
|
|
Pennsylvania Municipal
|
|
$
|
365,940
|
|
|
$
|
28,838
|
|
|
$
|
298
|
|
|
|
|
|
|
|
|
|
|
$
|
395,076
|
|
Virginia Municipal
|
|
$
|
13,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,569
|
|
If during a Funds fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years
received a waiver or reimbursement from the Manager, are less than the expense limit for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of (a) the amount of fees waived or expenses reimbursed
during those prior two fiscal years under the agreement and (b) the amount by which the expense limit for that share class exceeds the operating expenses of the share class for the current fiscal year, provided that: (1) the Fund, of which
the share class is a part, has more than $50 million in assets for the fiscal year and (2) the Manager or an affiliate continues to serve as the Funds investment advisor or administrator. In the event the expense limit for a share class
is changed subsequent to a fiscal year in which the Manager becomes entitled to reimbursement for fees waived or reimbursed, the amount available to reimburse the Manager shall be calculated by reference to the expense limit for that share class in
effect at the time the Manager became entitled to receive such reimbursement, rather than the subsequently changed expense limit for that share class.
On March 31, 2013, the Fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement
are as follows:
|
|
|
|
|
|
|
|
|
|
|
Expiring March 31,
|
|
|
|
2014
|
|
|
2015
|
|
Money Market
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
1,538,856
|
|
|
$
|
1,526,406
|
|
Institutional
|
|
$
|
1,420,318
|
|
|
$
|
1,278,930
|
|
U.S. Treasury
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
569,203
|
|
|
$
|
545,200
|
|
Institutional
|
|
$
|
321,974
|
|
|
$
|
322,218
|
|
Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
261,042
|
|
|
$
|
257,120
|
|
Institutional
|
|
$
|
98,759
|
|
|
$
|
125,331
|
|
Service
|
|
$
|
792
|
|
|
$
|
1,278
|
|
New Jersey Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
171,645
|
|
|
$
|
143,457
|
|
Institutional
|
|
$
|
82,848
|
|
|
$
|
66,447
|
|
Investor A
|
|
$
|
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiring March 31,
|
|
|
|
2014
|
|
|
2015
|
|
North Carolina Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
194,445
|
|
|
$
|
194,140
|
|
Institutional
|
|
$
|
22,259
|
|
|
$
|
21,280
|
|
Service
|
|
$
|
20
|
|
|
$
|
20
|
|
Investor A
|
|
$
|
|
|
|
$
|
10
|
|
Ohio Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
213,398
|
|
|
$
|
152,066
|
|
Institutional
|
|
$
|
123,584
|
|
|
$
|
86,119
|
|
Service
|
|
$
|
41
|
|
|
$
|
151
|
|
Investor A
|
|
$
|
115
|
|
|
$
|
172
|
|
Pennsylvania Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
471,497
|
|
|
$
|
412,054
|
|
Institutional
|
|
$
|
552,272
|
|
|
$
|
434,582
|
|
Service
|
|
$
|
|
|
|
$
|
5,242
|
|
Investor A
|
|
$
|
83
|
|
|
$
|
26
|
|
Virginia Municipal
|
|
|
|
|
|
|
|
|
Fund Level
|
|
$
|
141,542
|
|
|
$
|
102,572
|
|
Institutional
|
|
$
|
26,062
|
|
|
$
|
18,410
|
|
The following waivers previously recorded by the Funds, which were subject to recoupment by the Manager, expired on March 31,
2013:
|
|
|
|
|
Money Market
|
|
|
|
|
Fund Level
|
|
$
|
1,611,072
|
|
Institutional
|
|
$
|
972,840
|
|
U.S. Treasury
|
|
|
|
|
Fund Level
|
|
$
|
686,957
|
|
Institutional
|
|
$
|
319,389
|
|
Municipal
|
|
|
|
|
Fund Level
|
|
$
|
310,642
|
|
Institutional
|
|
$
|
95,607
|
|
Service
|
|
|
|
|
New Jersey Municipal
|
|
|
|
|
Fund Level
|
|
$
|
198,413
|
|
Institutional
|
|
$
|
93,637
|
|
Investor A
|
|
|
|
|
North Carolina Municipal
|
|
|
|
|
Fund Level
|
|
$
|
212,630
|
|
Institutional
|
|
$
|
26,096
|
|
Service
|
|
$
|
246
|
|
Investor A
|
|
|
|
|
Ohio Municipal
|
|
|
|
|
Fund Level
|
|
$
|
237,029
|
|
Institutional
|
|
$
|
151,910
|
|
Service
|
|
$
|
3
|
|
Investor A
|
|
$
|
31
|
|
Pennsylvania Municipal
|
|
|
|
|
Fund Level
|
|
$
|
482,591
|
|
Institutional
|
|
$
|
499,563
|
|
Service
|
|
$
|
|
|
Investor A
|
|
$
|
|
|
Virginia Municipal
|
|
|
|
|
Fund Level
|
|
$
|
142,148
|
|
Institutional
|
|
$
|
26,544
|
|
The Manager and BRIL voluntarily agreed to waive management, service and distribution fees and reimburse operating expenses to
enable the Funds to maintain minimum levels of daily net investment income. These amounts are reported in the Statements of Operations as fees waived by Manager, service and distribution fees waived class specific and transfer agent fees
reimbursed class specific. The Manager and BRIL may discontinue the waiver or reimbursement at any time.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
53
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
For the year ended March 31, 2013, affiliates received contingent deferred sales charges as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
Money Market
|
|
|
$5,318
|
|
|
|
$15,050
|
|
|
|
$13,349
|
|
U.S. Treasury
|
|
|
$4,447
|
|
|
|
|
|
|
|
|
|
Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the
Manager for a portion of the compensation paid to the Trusts Chief Compliance Officer, which is included in officer and trustees in the Statements of Operations.
3. Income Tax Information:
US GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value
per share. The following permanent difference as of March 31, 2013 attributable to the reclassification of distributions
and the characterization of expenses were reclassified to the following accounts:
|
|
|
|
|
|
|
Money Market
|
|
U.S. Treasury
|
Undistributed net investment income
|
|
$(6,686)
|
|
$(61)
|
Accumulated net realized gain (loss)
|
|
$ 6,686
|
|
$ 61
|
The tax character of distributions paid during
the fiscal years ended March 31, 2013 and March 31, 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Income
|
|
Ordinary
Income
|
|
Long-Term
Capital Gain
|
|
Total
|
Money Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
|
|
|
|
|
|
$31,212
|
|
|
|
|
|
|
|
|
$
|
31,212
|
|
3/31/12
|
|
|
|
|
|
|
|
|
$ 6,397
|
|
|
|
|
|
|
|
|
$
|
6,397
|
|
U.S. Treasury
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
|
|
|
|
|
|
$ 5,710
|
|
|
|
|
|
|
|
|
$
|
5,710
|
|
3/31/12
|
|
|
|
|
|
|
|
|
$ 3,087
|
|
|
|
|
|
|
|
|
$
|
3,087
|
|
Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
|
$ 66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
66
|
|
3/31/12
|
|
|
|
$8,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,059
|
|
New Jersey Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
|
$ 16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16
|
|
3/31/12
|
|
|
|
$2,360
|
|
|
|
|
$ 177
|
|
|
|
$
|
2,013
|
|
|
|
$
|
4,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Income
|
|
|
Ordinary
Income
|
|
|
Long-Term
Capital Gain
|
|
Total
|
|
North Carolina Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
$ 19
|
|
|
|
|
|
|
|
|
$
|
19
|
|
3/31/12
|
|
|
$ 17
|
|
|
|
|
|
|
|
|
$
|
17
|
|
Ohio Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
$ 21
|
|
|
|
|
|
|
|
|
$
|
21
|
|
3/31/12
|
|
|
$ 35
|
|
|
|
|
|
|
|
|
$
|
35
|
|
Pennsylvania Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
$106
|
|
|
|
|
|
|
|
|
$
|
106
|
|
3/31/12
|
|
|
$199
|
|
|
|
$4,823
|
|
|
|
|
$
|
5,022
|
|
Virginia Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/13
|
|
|
$ 84
|
|
|
|
|
|
|
|
|
$
|
84
|
|
3/31/12
|
|
|
$ 30
|
|
|
|
|
|
|
|
|
$
|
30
|
|
As of March 31, 2013, the tax components of accumulated net earnings (losses) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
Tax-Exempt
Income
|
|
|
Undistributed
Ordinary
Income
|
|
|
Capital
Loss
Carryforward
|
|
|
Total
Accumulated
Earnings
(Losses)
|
|
Money Market
|
|
|
|
|
|
|
$13,574
|
|
|
|
|
|
|
|
$13,574
|
|
U.S. Treasury
|
|
|
|
|
|
|
$22,414
|
|
|
|
|
|
|
|
$22,414
|
|
Municipal
|
|
|
$19
|
|
|
|
|
|
|
|
$(4,916)
|
|
|
|
$ (4,897)
|
|
North Carolina Municipal
|
|
|
|
|
|
|
|
|
|
|
$(22,871)
|
|
|
|
$(22,871)
|
|
Ohio Municipal
|
|
|
|
|
|
|
|
|
|
|
$(1,420)
|
|
|
|
$ (1,420)
|
|
Pennsylvania Municipal
|
|
|
$56
|
|
|
|
|
|
|
|
$(595)
|
|
|
|
$ (539)
|
|
As of March 31, 2013, there were no significant differences between book and tax components of net assets.
During the year ended March 31, 2013, the Municipal Money Market Portfolio utilized $1,530 of its capital loss carryforward.
As of March 31, 2013, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires March 31,
|
|
Municipal
|
|
|
North Carolina
Municipal
|
|
|
Ohio
Municipal
|
|
|
Pennsylvania
Municipal
|
|
2015
|
|
|
$ 806
|
|
|
|
$ 6,955
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
$4,110
|
|
|
|
$15,916
|
|
|
|
|
|
|
|
|
|
No expiration date
|
|
|
|
|
|
|
|
|
|
|
$1,420
|
|
|
|
$595
|
|
Total
|
|
|
$4,916
|
|
|
|
$22,871
|
|
|
|
$1,420
|
|
|
|
$595
|
|
|
|
|
|
|
4. Concentration, Market and Credit Risk:
New Jersey Municipal, North Carolina Municipal, Ohio Municipal, Penn-sylvania Municipal and Virginia Municipal invest a substantial amount of
their assets in issuers located in a single state or limited number of states. Please see the Schedules of
Investments for concentrations in specific states.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54
|
|
BLACKROCK FUNDS
|
|
MARCH 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to
fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving
the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations.
Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage
counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially
expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds exposure to market, issuer and counterparty credit risks with
respect to these financial assets is generally approximated by their value as recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Certain obligations held by the Funds have a credit enhancement or liquidity feature that may, under certain circumstances, provide for repayment of principal and interest on the obligation when due. These
enhancements, which may include letters of credit, stand-by bond purchase agreements and/or third party insurance, are issued by financial institutions. The value of the obligations may be affected by changes in creditworthiness of the entities that
provide the credit enhancements or liquidity features. The Funds monitor their exposure by reviewing the creditworthiness of the issuers, as well as the financial institutions issuing the credit enhancements and by limiting the amount of holdings
with credit enhancements from one financial institution.
5. Capital Share Transactions:
The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of dividends and distributions and cost of shares redeemed, respectively, since shares are
sold and redeemed at $1.00 per share.
Transactions in capital shares for each class were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
Money Market
|
|
2013
|
|
|
2012
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,071,134,664
|
|
|
|
1,079,423,505
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
11,220
|
|
|
|
2,311
|
|
Shares redeemed
|
|
|
(1,125,599,521
|
)
|
|
|
(1,074,117,874
|
)
|
Net increase (decrease)
|
|
|
(54,453,637
|
)
|
|
|
5,307,942
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
Money Market (concluded)
|
|
2013
|
|
|
2012
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,202,327,607
|
|
|
|
916,280,675
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
99
|
|
|
|
21
|
|
Shares redeemed
|
|
|
(1,154,450,003
|
)
|
|
|
(975,466,593
|
)
|
Net increase (decrease)
|
|
|
47,877,703
|
|
|
|
(59,185,897
|
)
|
|
|
|
|
|
|
|
|
|
Hilliard Lyons
1
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
|
|
|
|
8,984,301
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
|
|
|
|
2
|
|
Shares redeemed
|
|
|
|
|
|
|
(39,629,650
|
)
|
Net decrease
|
|
|
|
|
|
|
(30,645,347
|
)
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
323,866,994
|
|
|
|
241,894,678
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
6,936
|
|
|
|
1,334
|
|
Shares redeemed
|
|
|
(326,985,078
|
)
|
|
|
(257,505,669
|
)
|
Net decrease
|
|
|
(3,111,148
|
)
|
|
|
(15,609,657
|
)
|
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,484,897
|
|
|
|
4,999,150
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
115
|
|
|
|
29
|
|
Shares redeemed
|
|
|
(3,214,250
|
)
|
|
|
(5,898,869
|
)
|
Net decrease
|
|
|
(1,729,238
|
)
|
|
|
(899,690
|
)
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
32,858,621
|
|
|
|
60,177,042
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
641
|
|
|
|
166
|
|
Shares redeemed
|
|
|
(35,632,627
|
)
|
|
|
(54,674,890
|
)
|
Net increase (decrease)
|
|
|
(2,773,365
|
)
|
|
|
5,502,318
|
|
Total Net Decrease
|
|
|
(14,189,685
|
)
|
|
|
(95,530,331
|
)
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
652,653,219
|
|
|
|
765,842,108
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
49
|
|
|
|
398
|
|
Shares redeemed
|
|
|
(671,972,808
|
)
|
|
|
(710,089,481
|
)
|
Net increase (decrease)
|
|
|
(19,319,540
|
)
|
|
|
55,753,025
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
417,830,357
|
|
|
|
547,678,864
|
|
Shares issued in reinvestment of dividends and distributions
|
|
|
128
|
|
|
|
6
|
|
Shares redeemed
|
|
|
(346,050,472
|
)
|
|
|
(567,515,620
|
)
|
Net increase (decrease)
|
|
|
71,780,013
|
|
|
|
(19,836,750
|
)
|