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Name | Symbol | Market | Type |
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Blackrock Fds, All-Cap Energy & Resources Ptf Investor A Class (MM) | NASDAQ:BACAX | NASDAQ | Fund |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05742
Name of Fund: BlackRock Funds
BlackRock Money Market Portfolio
BlackRock Municipal Money Market Portfolio
BlackRock New Jersey Municipal Money Market Portfolio
BlackRock North Carolina Municipal Money Market Portfolio
BlackRock Ohio Municipal Money Market Portfolio
BlackRock Pennsylvania Municipal Money Market Portfolio
BlackRock U.S. Treasury Money Market Portfolio
BlackRock Virginia Municipal Money Market Portfolio
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52 nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 441-7762
Date of fiscal year end: 03/31/2013
Date of reporting period: 3/31/2013
Item 1 | Report to Stockholders |
Table of Contents
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4 | ||||
5 | ||||
8 | ||||
10 | ||||
31 | ||||
34 | ||||
36 | ||||
39 | ||||
48 | ||||
58 | ||||
58 | ||||
59 | ||||
63 | ||||
65 |
2 |
BLACKROCK FUNDS | MARCH 31, 2013 |
|
Despite continued global headwinds, risk assets (such as equities) have generated strong performance as investors sought meaningful yields in the ongoing low-interest-rate environment. About this time one year ago, concerns about Europes debt crisis dominated the markets as political instability in Greece and severe deficit and liquidity problems in Spain raised the specter of a full-blown euro collapse. Investors were also discouraged by gloomy economic reports from various parts of the world, particularly in China. As the outlook for the global economy worsened, however, investors grew increasingly optimistic that the worlds largest central banks would intervene to stimulate growth. This theme, along with the European Central Banks (ECBs) firm commitment to preserve the euro currency bloc, drove most asset classes higher through the summer of 2012. In early September, the ECB announced it would purchase unlimited amounts of short term sovereign bonds to support the regions debt-laden countries. Days later, the US Federal Reserve announced its own much-anticipated stimulus package.
Although financial markets world-wide were buoyed by these aggressive policy actions, risk assets weakened in the fall of 2012. Global trade began to slow as many European countries fell into recession and growth continued to decelerate in China. In the United States, stocks slid on lackluster corporate earnings and volatility rose in advance of the US Presidential election. In the post-election environment, investors grew increasingly concerned over the fiscal cliff, the automatic tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013. There was widespread fear that the fiscal cliff would push the United States into recession unless politicians could agree upon alternate measures to reduce the nations deficit. Worries that bipartisan gridlock would preclude a timely budget deal triggered high levels of volatility in financial markets around the world in the months leading up to the last day of the year. Ultimately, the worst of the fiscal cliff was averted with a last-minute tax deal, although the postponement of decisions relating to spending cuts and the debt ceiling left some lingering uncertainty.
Investors shook off the nerve-wracking finale to 2012 and the New Year began with a powerful relief rally in risk assets. Money that had been pulled to the sidelines amid year-end tax-rate uncertainty poured back into the markets in January. Key indicators signaling modest but broad-based improvements in the worlds major economies underpinned the rally. Underlying this aura of comfort was the absence of negative headlines out of Europe. Against this backdrop, global equities surged through January while rising US Treasury yields pressured high quality fixed income assets (as prices move in the opposite direction as yields).
However, bond markets regained strength in February when economic momentum slowed and investors toned down their risk appetite. US stocks continued to rise, but at a more moderate pace. Uncertainty about how long the Federal Reserve would maintain its monetary easing bias drove high levels of volatility later in the month, but these fears abated as the budget sequester (automatic spending cuts scheduled to take effect March 1) began to appear imminent and was deemed likely to deter any near-term changes in the central banks policy stance. Improving labor market data and rising home prices pushed US stocks higher at the end of the period, with major indices reaching new all-time highs. Outside the United States, equity prices weakened in the final two months of the period due to a resurgence of macro risk out of Europe. Italys February presidential election ended in a stalemate, further propagating the ongoing theme of political instability in the eurozone. In March, a severe banking crisis in Cyprus underscored the fragility of the broader European banking system.
For the 6- and 12-month periods ended March 31, 2013, US and international stocks and high yield bonds posted strong gains, while emerging market equities lagged as the pace of global growth failed to impress investors. US Treasury yields were highly volatile over the past 12 months. While remaining relatively low from a historical standpoint, yields began inching higher in the later part of the period, pressuring Treasuries and investment-grade bonds. Tax-exempt municipal bonds, however, benefited from favorable supply-and-demand dynamics. Near-zero short term interest rates continued to keep yields on money market securities near their all-time lows.
Markets have always been unpredictable, but that does not mean investors can delay taking action. At BlackRock, we believe its time for a different approach to investing. One that seeks out more opportunities in more places across a broader array of investments in a portfolio designed to move freely as the markets move up and down. People everywhere are asking, So what do I do with my money? Visit www.blackrock.com for answers.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Despite continued global headwinds, risk assets (such as equities) have generated strong performance as investors sought meaningful yields in the ongoing low-interest-rate environment.
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of March 31, 2013
6-month | 12-month | |||
US large cap equities | 10.19% | 13.96% | ||
(S&P 500 ® Index) | ||||
US small cap equities | 14.48 | 16.30 | ||
(Russell 2000 ® Index) | ||||
International equities | 12.04 | 11.25 | ||
(MSCI Europe, Australasia, | ||||
Far East Index) | ||||
Emerging market | 3.87 | 1.96 | ||
equities (MSCI Emerging | ||||
Markets Index) | ||||
3-month Treasury | 0.06 | 0.12 | ||
bill (BofA Merrill Lynch | ||||
3-Month US Treasury | ||||
Bill Index) | ||||
US Treasury securities | (0.55) | 6.19 | ||
(BofA Merrill Lynch 10- | ||||
Year US Treasury Index) | ||||
US investment grade | 0.09 | 3.77 | ||
bonds (Barclays | ||||
US Aggregate | ||||
Bond Index) | ||||
Tax-exempt municipal | 1.26 | 5.82 | ||
bonds (S&P Municipal | ||||
Bond Index) | ||||
US high yield bonds | 6.28 | 13.08 | ||
(Barclays US | ||||
Corporate High Yield 2% Issuer Capped Index) |
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Money Market Overview |
For the 12-month period ended March 31, 2013 |
The Federal Open Market Committee (FOMC) continued to maintain its target range for the federal funds rate at 0.00% to 0.25% throughout the 12-month reporting period ended March 31, 2013. Sluggish economic growth and stubbornly high unemployment have prompted the FOMC to employ multiple stimulus measures in recent years, including the September 2012 decision to purchase approximately $40 billion per month of agency mortgage-backed securities, which was followed by a pronouncement in December that the central bank would begin purchasing long-term US Treasury bonds at a rate of $45 billion per month. US policymakers have committed to maintaining accommodative measures including the aforementioned asset purchase programs and holding the federal funds rate at an exceptionally low level until the US labor market exhibits substantial improvement (subject to continued price stability). While the US unemployment rate has declined by 0.6% (from 8.2% to 7.6%) in the 12 months ended March 31, 2013, the labor force participation rate has also declined by 0.5% (from 63.8% to 63.3%) during the same period, calling into question the actual strength of the labor market recovery. Over the past four years, the FOMCs stimulus programs have, in large part, driven the US Federal Reserves balance sheet to triple in size to $3.2 trillion.
In Europe, policymakers have long been working to contain spiraling sovereign funding costs in certain debt-stressed countries while contending with a broader, secular decline in economic growth across the region. Finance regulators have urged European commercial banks to shrink their balance sheets and increase capital while the European Central bank (ECB) provided virtually unlimited access to loans through its long-term refinancing operations to help bridge any gaps in liquidity. As conditions in the bank funding market steadily improved, the ECB cut its deposit rate to zero in July 2012 to encourage banks to lend these funds in order to spur growth. In September, ECB President Mario Draghi announced a bold new sovereign bond-buying plan aimed at lowering short-term financing costs for the regions most troubled countries. The program, dubbed the OMT for Outright Monetary Transactions, is subject to formal request by a eurozone government and is subject to strict conditionality. In March of 2013, a severe banking crisis led to drastic measures in Cyprus. To the surprise of many, European leaders and Cypriot officials agreed upon a plan to impose a levy on bank depositors as a condition for the country to preserve its membership in the euro currency bloc. While the reaction in financial markets was short-lived, critics contend the move sets a dangerous precedent at a decisive time for the region.
London Interbank Offered Rates (LIBOR) notched lower over the 12 months due in large part to central bank liquidity measures, with three-month LIBOR decreasing 19 basis points to close at 0.28% as of March 31, 2013. Yields on 3-month US Treasury bills were unchanged at 0.07% over the period after touching a high of 0.12% in mid-February 2012 on a seasonal supply uptick.
The Federal Deposit Insurance Corporations temporary Transaction Account Guarantee (TAG) program, which had provided unlimited insurance for non-interest-bearing transaction accounts, expired on December 31, 2012. The level of disintermediation (withdrawals) of uninsured deposits from bank deposit accounts into short-term US Treasury securities and money market mutual funds prior to expiration of the TAG program fell short of expectations. To the extent that sizable cash flows into Treasuries combine with reduced supply moving forward, this may present downward pressure on short-term rates.
In the short-term tax-exempt market, the impact of the FOMCs ongoing near-zero interest rate policy continued to be evident in variable rate demand note (VRDN) securities, which make up the largest portion of municipal money market fund holdings. During the 12-month period ended March 31, 2013, the benchmark Securities Industry and Financial Markets Association (SIFMA) Index, which represents the average rate on seven-day, high-quality, tax-exempt VRDN securities (as calculated by Municipal Market Data), averaged 0.16%, while ranging between a high of 0.26% and a low of 0.08%. While the FOMC continued its low-rate policy, a reduced supply of VRDN securities coupled with continued strong demand from non-traditional buyers put additional pressure on yields. As of period end, total outstanding supply of VRDN securities was approximately $270 billion, down 45% from its mid-2008 peak. New VRDN security issuance remained minimal as issuers continued to take advantage of low interest rates by issuing debt instruments with longer maturities. The muted VRDN new issuance activity during the period consisted mostly of re-issuance for the purpose of substituting the bank underlying the issues credit enhancement. This trend was driven largely by uncertainty stemming from Europes financial problems and rating agency downgrades across the banking sector.
As state and local municipalities continued to limit spending and reduce debt, new-issue supply of one-year, fixed-rate notes remained unchanged in 2012 from the diminished level seen in 2011 (approximately $60 billion). This level of issuance, however, is anticipated to decline in the coming year to the extent that state tax revenues improve. Municipal notes generally offer an opportunity for investors to lock in a yield that is more stable than VRDN yields for a longer period of time. Investor demand for municipal notes increased over the period as the FOMC held short-term rates steady and the outstanding supply of VRDN securities declined. The municipal yield curve continued to be extremely flat and credit spreads tightened as investors pursued higher yielding issues. The yield on one-year municipal notes remained close to the 0.20% level throughout the period, representing only a nominal premium for the extension risk over VRDNs.
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
4 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Fund Information as of March 31, 2013 |
BlackRock Money Market Portfolio |
BlackRock Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% | ||
Investor B |
0.00% | 0.00% | ||
Investor C |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Certificates of Deposit |
38% | |
Commercial Paper |
31 | |
U.S. Treasury Obligations |
10 | |
Municipal Bonds |
8 | |
Repurchase Agreements |
5 | |
U.S. Government Sponsored Agency Obligations |
4 | |
Corporate Notes |
2 | |
Closed-End Investment Companies |
1 | |
Other Assets Less Liabilities |
1 | |
|
||
Total |
100% | |
|
BlackRock U.S. Treasury Money Market Portfolio |
BlackRock U.S. Treasury Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Repurchase Agreements |
55% | |
U.S. Treasury Obligations |
45 | |
|
||
Total |
100% | |
|
BlackRock Municipal Money Market Portfolio |
BlackRock Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Variable Rate Demand Notes |
85% | |
Fixed Rate Notes |
7 | |
Tax-Exempt Commercial Paper |
4 | |
Closed-End Investment Companies |
4 | |
|
||
Total |
100% | |
|
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.
BLACKROCK FUNDS | MARCH 31, 2013 | 5 |
Fund Information (continued) as of March 31, 2013 |
BlackRock New Jersey Municipal Money Market Portfolio |
BlackRock New Jersey Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax and, to the extent possible, New Jersey state income tax, as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of Net Assets |
|
Variable Rate Demand Notes |
68% | |
Fixed Rate Notes |
18 | |
Closed-End Investment Companies |
12 | |
Other Assets Less Liabilities |
2 | |
|
||
Total |
100% | |
|
BlackRock North Carolina Municipal Money Market Portfolio |
BlackRock North Carolina Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax and, to the extent possible, North Carolina state income tax, as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of Net Assets |
|
Variable Rate Demand Notes |
79% | |
Fixed Rate Notes |
22 | |
Liabilities in Excess of Other Assets |
(1) | |
|
||
Total |
100% | |
|
BlackRock Ohio Municipal Money Market Portfolio |
BlackRock Ohio Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax and, to the extent possible, Ohio state income tax, as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Variable Rate Demand Notes |
75% | |
Fixed Rate Notes |
18 | |
Tax-Exempt Commercial Paper |
8 | |
Liabilities in Excess of Other Assets |
(1) | |
|
||
Total |
100% | |
|
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.
6 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Fund Information (concluded) as of March 31, 2013 |
BlackRock Pennsylvania Municipal Money Market Portfolio |
BlackRock Pennsylvania Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax and, to the extent possible, Pennsylvania personal income tax, as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% | ||
Service |
0.00% | 0.00% | ||
Investor A |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Variable Rate Demand Notes |
90% | |
Fixed Rate Notes |
6 | |
Municipal Put Bonds |
2 | |
Closed-End Investment Companies |
2 | |
|
||
Total |
100% | |
|
BlackRock Virginia Municipal Money Market Portfolio |
BlackRock Virginia Municipal Money Market Portfolios (the Fund) investment objective is to seek as high a level of current income exempt from Federal income tax and, to the extent possible, Virginia state income tax, as is consistent with maintaining liquidity and stability of principal.
Yields |
7-Day SEC Yield | 7-Day Yield | ||
Institutional |
0.00% | 0.00% |
Portfolio Composition |
Percent of
Net Assets |
|
Variable Rate Demand Notes |
92% | |
Municipal Put Bonds |
7 | |
Fixed Rate Notes |
1 | |
|
||
Total |
100% | |
|
The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.
BLACKROCK FUNDS | MARCH 31, 2013 | 7 |
Disclosure of Expenses |
Shareholders of the Funds may incur the following charges: (a) expenses related to transactions, including sales charges; and (b) operating expenses, including advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples below (which are based on a hypothetical investment of $1,000 invested on October 1, 2012 and held through March 31, 2013) are intended to assist shareholders both in calculating expenses based on an investment in the Funds and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the headings entitled Expenses Paid During the Period.
The expense examples also provide information about hypothetical account values and hypothetical expenses based on each Funds actual expense ratios and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds shareholder reports.
The expenses shown in the expense examples are intended to highlight shareholders ongoing costs only and do not reflect any transactional expenses, such as sales charges or exchange fees, if any. Therefore, the hypothetical expense is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Expense Example |
Actual | Hypothetical 1 | |||||||||||||
Beginning
Account Value October 1, 2012 |
Ending
Account Value March 31, 2013 |
Expenses
Paid
During the Period 2 |
Beginning
Account Value October 1, 2012 |
Ending
Account Value March 31, 2013 |
Expenses
Paid
During the Period 2 |
Annualized
Expense Ratio |
||||||||
BlackRock Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $1.45 | $1,000.00 | $1,023.49 | $1.46 | 0.29% | |||||||
Service |
$1,000.00 | $1,000.00 | $1.45 | $1,000.00 | $1,023.49 | $1.46 | 0.29% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $1.45 | $1,000.00 | $1,023.49 | $1.46 | 0.29% | |||||||
Investor B |
$1,000.00 | $1,000.00 | $1.45 | $1,000.00 | $1,023.49 | $1.46 | 0.29% | |||||||
Investor C |
$1,000.00 | $1,000.00 | $1.45 | $1,000.00 | $1,023.49 | $1.46 | 0.29% | |||||||
|
||||||||||||||
BlackRock U.S. Treasury Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.75 | $1,000.00 | $1,024.18 | $0.76 | 0.15% | |||||||
Service |
$1,000.00 | $1,000.00 | $0.75 | $1,000.00 | $1,024.18 | $0.76 | 0.15% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $0.75 | $1,000.00 | $1,024.18 | $0.76 | 0.15% | |||||||
|
||||||||||||||
BlackRock Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.95 | $1,000.00 | $1,023.98 | $0.96 | 0.19% | |||||||
Service |
$1,000.00 | $1,000.00 | $0.95 | $1,000.00 | $1,023.98 | $0.96 | 0.19% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $0.95 | $1,000.00 | $1,023.98 | $0.96 | 0.19% | |||||||
|
||||||||||||||
BlackRock New Jersey Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $1.20 | $1,000.00 | $1,023.73 | $1.21 | 0.24% | |||||||
Service |
$1,000.00 | $1,000.00 | $1.20 | $1,000.00 | $1,023.73 | $1.21 | 0.24% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $1.15 | $1,000.00 | $1,023.78 | $1.16 | 0.23% | |||||||
|
||||||||||||||
BlackRock North Carolina Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.90 | $1,000.00 | $1,024.03 | $0.91 | 0.18% | |||||||
Service |
$1,000.00 | $1,000.00 | $0.85 | $1,000.00 | $1,024.08 | $0.86 | 0.17% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $0.95 | $1,000.00 | $1,023.98 | $0.96 | 0.19% |
1 |
Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. | |||
2 |
For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). |
8 | BLACKROCK FUNDS | MARCH 31, 2013 |
Disclosure of Expenses |
Expense Example (concluded) |
Actual | Hypothetical 1 | |||||||||||||
Beginning
Account Value October 1, 2012 |
Ending
Account Value March 31, 2013 |
Expenses
Paid
During the Period 2 |
Beginning
Account Value October 1, 2012 |
Ending
Account Value March 31, 2013 |
Expenses
Paid
During the Period 2 |
Annualized
Expense Ratio |
||||||||
BlackRock Ohio Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.90 | $1,000.00 | $1,024.03 | $0.91 | 0.18% | |||||||
Service |
$1,000.00 | $1,000.00 | $0.90 | $1,000.00 | $1,024.03 | $0.91 | 0.18% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $0.85 | $1,000.00 | $1,024.08 | $0.86 | 0.17% | |||||||
|
||||||||||||||
BlackRock Pennsylvania Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.85 | $1,000.00 | $1,024.08 | $0.86 | 0.17% | |||||||
Service |
$1,000.00 | $1,000.00 | $0.85 | $1,000.00 | $1,024.08 | $0.86 | 0.17% | |||||||
Investor A |
$1,000.00 | $1,000.00 | $1.00 | $1,000.00 | $1,023.93 | $1.01 | 0.20% | |||||||
|
||||||||||||||
BlackRock Virginia Municipal Money Market Portfolio |
||||||||||||||
Institutional |
$1,000.00 | $1,000.00 | $0.85 | $1,000.00 | $1,024.08 | $0.86 | 0.17% |
1 |
Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. | |||
2 |
For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). |
BLACKROCK FUNDS | MARCH 31, 2013 | 9 |
Schedule of Investments March 31, 2013 |
BlackRock Money Market Portfolio (Percentages shown are based on Net Assets) |
Certificates of Deposit |
Par
(000) |
Value | ||||||
|
||||||||
Euro 2.6% |
||||||||
Mitsubishi UFJ Trust and Banking Corp., Tokyo,
|
$ | 8,000 | $ | 7,999,114 | ||||
National Australia Bank Ltd., London: |
||||||||
0.43%, 4/10/13 (b) |
16,000 | 16,000,000 | ||||||
0.30%, 10/21/13 (b) |
13,000 | 13,000,000 | ||||||
|
|
|||||||
36,999,114 | ||||||||
|
||||||||
Yankee (c) 35.1% |
||||||||
Bank of Montreal, Chicago: |
||||||||
0.20%, 6/19/13 |
5,000 | 5,000,000 | ||||||
0.42%, 7/17/13 (b) |
10,000 | 10,000,000 | ||||||
0.37%, 1/10/14 (b) |
9,000 | 9,000,000 | ||||||
Bank of Nova Scotia, Houston: |
||||||||
0.23%, 4/12/13 |
6,000 | 6,000,000 | ||||||
0.26%, 11/26/13 (b) |
10,000 | 10,000,000 | ||||||
0.36%, 1/02/14 (b) |
9,500 | 9,500,000 | ||||||
Bank of Tokyo-Mitsubishi UFJ Ltd.,
|
35,000 | 35,000,000 | ||||||
Canadian Imperial Bank of Commerce, New York: |
||||||||
0.31%, 9/03/13 (b) |
15,500 | 15,500,000 | ||||||
0.34%, 9/25/13 (b) |
13,000 | 13,000,000 | ||||||
0.32%, 1/08/14 (b) |
15,000 | 15,000,000 | ||||||
0.31%, 2/04/14 (b) |
8,000 | 8,000,000 | ||||||
Credit Suisse, New York: |
||||||||
0.28%, 6/06/13 |
10,000 | 10,000,000 | ||||||
0.28%, 9/13/13 |
7,000 | 7,000,000 | ||||||
Deutsche Bank A.G., New York: |
||||||||
0.22%, 4/08/13 |
15,000 | 15,000,000 | ||||||
0.30%, 5/28/13 |
10,000 | 10,000,000 | ||||||
0.41%, 8/08/13 |
10,000 | 10,000,000 | ||||||
0.39%, 9/09/13 (b) |
15,000 | 15,000,000 | ||||||
DnB NOR Bank ASA, New York,
|
5,000 | 5,000,000 | ||||||
Mitsubishi UFJ Trust and Banking Corp., New York,
|
10,000 | 10,000,000 | ||||||
Mizuho Corporate Bank Ltd., New York: |
||||||||
0.24%, 6/06/13 |
12,000 | 12,000,000 | ||||||
0.24%, 6/17/13 |
10,000 | 9,999,786 | ||||||
National Australia Bank Ltd., New York,
|
15,000 | 15,000,000 | ||||||
Natixis S.A., New York,
|
20,000 | 20,000,000 | ||||||
Nordea Bank Finland Plc, New York: |
||||||||
0.28%, 7/17/13 |
4,465 | 4,464,934 | ||||||
0.25%, 9/06/13 |
5,000 | 5,000,000 | ||||||
Rabobank Nederland N.V., New York: |
||||||||
0.39%, 6/18/13 (b) |
15,000 | 15,000,000 | ||||||
0.42%, 10/29/13 (b) |
22,000 | 22,000,000 | ||||||
0.41%, 1/08/14 |
13,000 | 13,000,000 | ||||||
0.39%, 1/17/14 |
15,000 | 15,000,000 | ||||||
Royal Bank of Canada, New York,
|
12,000 | 12,000,000 |
Certificates of Deposit |
Par
(000) |
Value | ||||||
|
||||||||
Yankee (c) (concluded) |
||||||||
Skandinaviska Enskilda Banken AB, New York,
|
$ | 2,550 | $ | 2,550,000 | ||||
Societe Generale, New York: |
||||||||
0.31%, 5/02/13 |
10,000 | 10,000,000 | ||||||
0.30%, 6/03/13 |
22,000 | 22,000,000 | ||||||
Sumitomo Mitsui Banking Corp.,
|
||||||||
0.23%, 5/07/13 |
10,000 | 10,000,000 | ||||||
0.26%, 5/07/13 |
15,000 | 15,000,000 | ||||||
Sumitomo Trust & Banking Co. Ltd.,
|
||||||||
0.29%, 4/22/13 |
10,000 | 10,000,000 | ||||||
0.23%, 5/13/13 |
15,000 | 15,000,000 | ||||||
Svenska Handelsbanken, Inc.,
|
10,000 | 9,999,819 | ||||||
Toronto Dominion Bank, New York: |
||||||||
0.30%, 7/22/13 |
12,000 | 12,000,000 | ||||||
0.25%, 12/20/13 (b) |
12,000 | 12,000,000 | ||||||
Westpac Banking Corp., New York: |
||||||||
0.39%, 7/10/13 (b) |
14,000 | 14,000,000 | ||||||
0.32%, 4/15/14 (b) |
12,500 | 12,500,000 | ||||||
|
|
|||||||
506,514,539 | ||||||||
|
||||||||
Total Certificates of Deposit 37.7% |
543,513,653 | |||||||
|
||||||||
|
||||||||
Commercial Paper |
||||||||
|
||||||||
Antalis US Funding Corp., 0.35%, 5/03/13 (a) |
4,800 | 4,798,507 | ||||||
Australia and New Zealand Banking Group Ltd.: |
||||||||
0.37%, 1/17/14 (b) |
9,000 | 9,000,000 | ||||||
0.31%, 2/25/14 (b) |
10,000 | 10,000,000 | ||||||
Bedford Row Funding Corp.,
|
7,000 | 6,990,676 | ||||||
BNP Paribas Finance, Inc.: |
||||||||
0.33%, 5/06/13 (a) |
7,000 | 6,997,754 | ||||||
0.40%, 9/09/13 (a) |
13,000 | 12,977,035 | ||||||
Cancara Asset Securitisation LLC,
|
6,000 | 5,998,720 | ||||||
Ciesco LLC: |
||||||||
0.28%, 4/30/13 (a) |
10,000 | 9,997,744 | ||||||
0.26%, 6/04/13 (a) |
12,000 | 11,994,453 | ||||||
DnB NOR Bank ASA: |
||||||||
0.27%, 7/30/13 (a) |
20,000 | 19,982,000 | ||||||
0.27%, 8/05/13 (a) |
12,000 | 11,988,660 | ||||||
Erste Abwicklungsanstalt: |
||||||||
0.34%, 5/29/13 (a) |
20,000 | 19,989,044 | ||||||
0.25%, 9/27/13 (a) |
5,000 | 4,993,785 | ||||||
General Electric Capital Corp.,
|
10,000 | 9,991,133 |
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
AGM | Assured Guaranty Municipal Corp. | IDRB | Industrial Development Revenue | RAN | Revenue Anticipation Notes | TECP | Tax Exempt Commercial Paper | |||||||
AMT | Alternative Minimum Tax (subject to) | Bonds | RB | Revenue Bonds | TRAN | Tax Revenue Anticipation Notes | ||||||||
BAN | Bond Anticipation Notes | LOC | Letter of Credit | ROC | Reset Option Certificates | VRDN | Variable Rate Demand Notes | |||||||
COP | Certificates of Participation | MB | Municipal Bonds | SBPA | Stand-by Bond Purchase Agreement | VRDP | Variable Rate Demand Preferred | |||||||
GO | General Obligation Bonds | PCRB | Pollution Control Revenue Bonds | SPEARS | Short Puttable Exempt Adjustable | |||||||||
IDA | Industrial Development Authority | PUTTERS | Puttable Tax-Exempt Receipts | Receipts |
See Notes to Financial Statements. | ||||||
10 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (continued) |
BlackRock Money Market Portfolio (Percentages shown are based on Net Assets) |
Commercial Paper |
Par
(000) |
Value | ||||||
|
||||||||
Govco LLC: |
||||||||
0.25%, 5/07/13 (a) |
$ | 23,976 | $ | 23,970,006 | ||||
0.30%, 5/24/13 (a) |
10,000 | 9,995,583 | ||||||
HSBC Bank Plc, 0.66%, 4/25/13 (a) |
8,000 | 7,996,501 | ||||||
ING US Funding LLC: |
||||||||
0.23%, 5/09/13 (a) |
25,000 | 24,993,931 | ||||||
0.29%, 5/13/13 (a) |
6,000 | 5,998,005 | ||||||
Kells Funding LLC: |
||||||||
0.33%, 6/03/13 (a) |
8,000 | 7,995,380 | ||||||
0.25%, 9/05/13 (a) |
10,000 | 9,989,097 | ||||||
0.25%, 9/13/13 (a) |
10,000 | 9,988,542 | ||||||
0.29%, 10/04/13 (a) |
10,000 | 9,985,017 | ||||||
0.26%, 10/15/13 (a) |
10,000 | 9,985,772 | ||||||
Mizuho Funding LLC, 0.28%, 4/02/13 (a) |
5,000 | 4,999,962 | ||||||
Mont Blanc Capital Corp., 0.29%, 6/19/13 (a) |
8,000 | 7,994,909 | ||||||
Natexis Banques Populaires, 0.18%, 4/01/13 (a) |
26,390 | 26,390,000 | ||||||
Nederlandse Waterschapsbank NV, 0.27%, 9/23/13 (a) |
10,500 | 10,486,219 | ||||||
Nieuw Amsterdam Receivables Corp., 0.25%, 5/02/13 (a) |
12,000 | 11,997,417 | ||||||
Nordea North America, Inc.: |
||||||||
0.30%, 5/16/13 (a) |
12,000 | 11,995,500 | ||||||
0.20%, 5/28/13 (a) |
2,700 | 2,699,145 | ||||||
0.28%, 7/15/13 (a) |
4,465 | 4,461,354 | ||||||
0.28%, 7/16/13 (a) |
4,465 | 4,461,319 | ||||||
NRW.Bank, 0.13%, 4/04/13 (a) |
21,711 | 21,710,772 | ||||||
Societe Generale North America, Inc., 0.25%, 5/01/13 (a) |
15,000 | 14,996,875 | ||||||
Surrey Funding Corp., 0.25%, 7/09/13 (a) |
5,000 | 4,996,564 | ||||||
UBS Finance Delaware LLC: |
||||||||
0.24%, 6/04/13 (a) |
9,000 | 8,996,160 | ||||||
0.24%, 6/11/13 (a) |
10,000 | 9,995,267 | ||||||
Westpac Banking Corp.: |
||||||||
0.20%, 5/07/13 (b)(d) |
7,000 | 6,999,727 | ||||||
0.48%, 8/09/13 (a) |
13,616 | 13,592,399 | ||||||
0.29%, 10/08/13 (b)(d) |
10,000 | 10,000,000 | ||||||
|
||||||||
Total Commercial Paper 30.7% |
443,370,934 | |||||||
|
||||||||
|
||||||||
Corporate Notes |
||||||||
|
||||||||
JPMorgan Chase Bank N.A., 0.37%, 5/17/13 (b) |
17,135 | 17,135,000 | ||||||
Park Village Assisted Living LLC, 0.25%, 4/04/13 (e) |
5,755 | 5,755,000 | ||||||
Sumitomo Mitsui Banking Corp., 2.15%, 7/22/13 (d) |
9,000 | 9,048,806 | ||||||
|
||||||||
Total Corporate Notes 2.2% |
31,938,806 | |||||||
|
||||||||
|
||||||||
Municipal Bonds |
||||||||
|
||||||||
Brazos River Harbor Navigation District Brazoria County RB (JT Venture Project) Series 1998 VRDN (JPMorgan Chase Bank N.A. LOC), 0.16%, 4/01/13 (e) |
10,400 | 10,400,000 | ||||||
California Housing Finance Agency Home Mortgage RB Series 2003U AMT VRDN (Fannie Mae LOC, Freddie Mac LOC),
|
5,780 | 5,780,000 | ||||||
California Pollution Control Financing Authority RB (Sierra Pacific Industries Inc. Project) Series 1988 VRDN (Wells Fargo Bank N.A. LOC), 0.15%, 4/04/13 (e) |
8,675 | 8,675,000 |
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
Houston Utility System RB (First Lien Water Revenue Project) Series 2004-B3 VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.12%, 4/04/13 (e) |
$ | 17,000 | $ | 17,000,000 | ||||
Michigan State Housing Development Authority RB Series 2009D VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.12%, 4/04/13 (e) |
5,240 | 5,240,000 | ||||||
New York City GO Series 2003A-3 VRDN (Morgan Stanley Bank LOC), 0.14%, 4/04/13 (e) |
10,000 | 10,000,000 | ||||||
New York City IDRB (New York Law School Project) Series 2006 VRDN (JPMorgan Chase Bank N.A. LOC), 0.11%, 4/04/13 (e) |
9,320 | 9,320,000 | ||||||
Rhode Island Housing & Mortgage Finance Corp. RB (Groves at Johnston Project) Series 2006 VRDN (Freddie Mac Guaranty), 0.12%, 4/04/13 (e) |
26,350 | 26,350,000 | ||||||
San Francisco City & County COP Municipal Trust Receipts Floaters Series 2010-B001 VRDN (Morgan Stanley Bank SBPA), 0.25%,
|
6,000 | 6,000,000 | ||||||
Savannah College Georgia RB (Art & Design Project) Series 2004 VRDN (Bank of America N.A. LOC), 0.21%, 4/04/13 (e) |
4,700 | 4,700,000 | ||||||
South Central Texas IDRB (Rohr Industries Project) Series 1990 VRDN (Bank One N.A. LOC), 0.16%, 4/04/13 (e) |
14,800 | 14,800,000 | ||||||
|
||||||||
Total Municipal Bonds 8.2% |
118,265,000 | |||||||
|
||||||||
|
||||||||
Closed-End Investment Companies |
||||||||
|
||||||||
California 0.4% |
||||||||
Nuveen California Investment Quality Municipal Fund, Inc. Series 2012-2-100 VRDP (Royal Bank of Canada Liquidity Facility),
|
5,000 | 5,000,000 | ||||||
New York 0.5% |
||||||||
Nuveen New York AMT-Free Municipal Income Fund Series 2002 VRDP (Citibank N.A. Liquidity Facility), 0.20%, 4/04/13 (d)(e) |
7,600 | 7,600,000 | ||||||
|
||||||||
Total Closed-End Investment
|
12,600,000 | |||||||
|
||||||||
|
||||||||
U.S. Government Sponsored Agency Obligations |
||||||||
|
||||||||
Fannie Mae Variable Rate Notes, 0.17%, 2/27/15 (b) |
14,000 | 13,993,278 | ||||||
Freddie Mac Variable Rate Notes: (b) |
||||||||
0.35%, 9/03/13 |
15,000 | 14,998,715 | ||||||
0.14%, 9/13/13 |
36,700 | 36,689,943 | ||||||
|
||||||||
Total U.S. Government Sponsored Agency Obligations 4.6% |
65,681,936 | |||||||
|
||||||||
|
||||||||
U.S. Treasury Obligations |
||||||||
|
||||||||
U.S. Treasury Bills: (a) |
||||||||
0.05%, 4/04/13 |
10,362 | 10,361,960 | ||||||
0.05%, 4/18/13 |
15,000 | 14,999,681 | ||||||
0.15%, 4/18/13 |
10,000 | 9,999,292 | ||||||
0.10%, 6/27/13 |
12,000 | 11,997,100 | ||||||
0.09%, 8/22/13 |
10,000 | 9,996,326 |
See Notes to Financial Statements. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 11 |
Schedule of Investments (continued) |
BlackRock Money Market Portfolio (Percentages shown are based on Net Assets) |
U.S. Treasury Obligations |
Par
(000) |
Value | ||||||
|
||||||||
U.S. Treasury Notes: |
||||||||
2.50%, 4/01/13 |
$ | 10,000 | $ | 10,000,000 | ||||
1.38%, 5/15/13 |
19,000 | 19,026,771 | ||||||
3.50%, 5/31/13 |
15,000 | 15,082,277 | ||||||
3.38%, 6/30/13 |
5,000 | 5,039,507 | ||||||
1.00%, 7/15/13 |
15,000 | 15,035,846 | ||||||
0.13%, 9/30/13 |
9,000 | 8,998,145 | ||||||
1.75%, 1/31/14 |
10,000 | 10,131,777 | ||||||
|
||||||||
Total U.S. Treasury Obligations 9.7% |
|
140,668,682 | ||||||
|
||||||||
|
||||||||
Repurchase Agreements |
||||||||
|
||||||||
Barclays Capital, Inc.,
|
15,000 | 15,000,000 | ||||||
(Purchased on 8/03/12 to be repurchased at $15,127,400, collateralized by various corporate/debt obligations, 0.00% to 7.95% due from 6/15/16 to 2/12/51, aggregate par and fair value of $137,939,230 and $17,986,483, respectively) |
Repurchase Agreements |
Par
(000) |
Value | ||||||
|
||||||||
Deutsche Bank Securities Inc.,
|
$ | 42,873 | $ | 42,873,000 | ||||
(Purchased on 3/28/13 to be repurchased at $42,873,953, collateralized by Fannie Mae Bond, 1.25% due at 9/28/16, par and fair value of $42,698,000 and $43,730,865, respectively) |
||||||||
Mizuho Securities USA,
|
15,000 | 15,000,000 | ||||||
(Purchased on 3/04/13 to be repurchased at $15,031,000, collateralized by various corporate/debt, U.S. government sponsored agency and U.S. Treasury obligations, 0.00% to 7.03% due from 5/15/24 to 12/25/39, aggregate par and fair value of $482,124,453 and $16,280,898, respectively) |
||||||||
|
||||||||
Total Repurchase Agreements 5.0% |
|
72,873,000 | ||||||
|
||||||||
Total Investments
|
|
1,428,912,011 | ||||||
Other Assets Less Liabilities 1.0% |
|
14,662,452 | ||||||
|
|
|||||||
Net Assets 100.0% |
|
$ | 1,443,574,463 | |||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rate shown reflects the discount rate at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date. |
(c) | Issuer is a US branch of a foreign domiciled bank. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(f) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
See Notes to Financial Statements. | ||||||
12 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) | BlackRock Money Market Portfolio |
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: |
||||||||||||
Investments: |
||||||||||||
Short-Term Securities 1 |
| $ | 1,428,912,011 | | $ | 1,428,912,011 | ||||||
1 See above Schedule of Investments for values in each security type. |
|
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 $320 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 13 |
Schedule of Investments March 31, 2013 |
BlackRock U.S. Treasury Money Market Portfolio (Percentages shown are based on Net Assets) |
Par | ||||||||
U.S. Treasury Obligations | (000) | Value | ||||||
U.S. Treasury Bills: (a) |
||||||||
0.11%, 4/15/13 |
$ | 10,000 | $ | 9,999,572 | ||||
0.16%, 5/02/13 |
15,000 | 14,997,933 | ||||||
0.15%, 5/09/13 |
10,000 | 9,998,430 | ||||||
0.15%, 5/16/13 |
7,000 | 6,998,688 | ||||||
0.12%, 5/23/13 |
5,000 | 4,999,115 | ||||||
0.15%, 5/30/13 |
5,000 | 4,998,812 | ||||||
0.08%, 6/27/13 |
15,000 | 14,997,281 | ||||||
0.13%, 6/27/13 |
5,000 | 4,998,429 | ||||||
0.13%, 7/05/13 |
10,000 | 9,996,569 | ||||||
0.12%, 7/11/13 |
20,000 | 19,993,547 | ||||||
0.12%, 8/15/13 |
5,000 | 4,997,733 | ||||||
0.20%, 8/22/13 |
2,000 | 1,998,451 | ||||||
0.11%, 9/05/13 |
5,000 | 4,997,601 | ||||||
0.13%, 9/05/13 |
5,000 | 4,997,166 | ||||||
0.11%, 9/19/13 |
5,000 | 4,997,388 | ||||||
0.11%, 9/26/13 |
10,000 | 9,994,561 | ||||||
U.S. Treasury Notes: |
||||||||
0.38%, 7/31/13 |
3,000 | 3,002,723 | ||||||
0.50%, 10/15/13 |
5,000 | 5,009,232 | ||||||
0.25%, 10/31/13 |
5,000 | 5,003,048 | ||||||
0.25%, 11/30/13 |
12,000 | 12,006,421 | ||||||
0.75%, 12/15/13 |
2,500 | 2,509,471 | ||||||
1.00%, 1/15/14 |
2,000 | 2,012,736 | ||||||
0.25%, 1/31/14 |
1,500 | 1,500,849 | ||||||
0.25%, 2/28/14 |
4,000 | 4,002,521 | ||||||
Total U.S. Treasury Obligations 45.0% |
169,008,277 | |||||||
|
||||||||
Repurchase Agreements |
||||||||
Barclays Capital, Inc.,
|
6,000 | 6,000,000 | ||||||
(Purchased on 3/27/13 to be repurchased at $6,000,093, collateralized by U.S. Treasury Note, 0.25% due at 9/15/15, par and fair value of $6,128,100 and $6,120,025, respectively) |
||||||||
Barclays Capital, Inc.,
|
19,000 | 19,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $19,000,359, collateralized by U.S. Treasury Note, 0.25% due at 9/15/15, par and fair value of $19,405,600 and $19,380,030, respectively) |
||||||||
Citigroup Global Markets, Inc.,
|
4,400 | 4,400,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $4,400,120, collateralized by U.S. Treasury Note, 0.63% due at 11/30/17, par and fair value of $4,490,900 and $4,488,053, respectively) |
||||||||
Credit Suisse Securities (USA) LLC,
|
11,000 | 11,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $11,000,220, collateralized by U.S. Treasury Bond, 3.13% due at 2/15/42, par and fair value of $11,125,000 and $11,223,477, respectively) |
||||||||
Credit Suisse Securities (USA) LLC,
|
5,300 | 5,300,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $5,300,134, collateralized by U.S. Treasury Bond, 3.13% due at 2/15/42, par and fair value of $5,360,000 and $5,407,446, respectively) |
Par | ||||||||
Repurchase Agreements | (000) | Value | ||||||
Deutsche Bank Securities Inc.,
|
$ | 15,000 | $ | 15,000,000 | ||||
(Purchased on 3/28/13 to be repurchased at $15,000,250, collateralized by U.S. Treasury Note, 0.75% due at 10/31/17, par and fair value of $15,199,900 and $15,300,011, respectively) |
||||||||
Deutsche Bank Securities Inc.,
|
7,000 | 7,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $7,000,163, collateralized by U.S. Treasury Note, 0.75% due at 10/31/17, par and fair value of $7,093,300 and $7,140,019, respectively) |
||||||||
Goldman Sachs & Co., 0.11%, 4/02/13 |
12,000 | 12,000,000 | ||||||
(Purchased on 3/26/13 to be repurchased at $12,000,257, collateralized by U.S. Treasury Inflation Indexed Note, 1.88% due at 7/15/13, par and fair value of $9,536,200 and $12,240,063, respectively) |
||||||||
Goldman Sachs & Co.,
|
12,000 | 12,000,000 | ||||||
(Purchased on 3/27/13 to be repurchased at $12,001,300, collateralized by U.S. Treasury Inflation Indexed Note, 1.88% due at 7/15/13, par and fair value of $9,536,200 and $12,240,063, respectively) |
||||||||
HSBC Securities (USA) Inc.,
|
13,700 | 13,700,000 | ||||||
(Purchased on 3/27/13 to be repurchased at $13,700,213, collateralized by U.S. Treasury Strip, 0.00% due at 5/15/24, par and fair value of $17,880,000 and $13,974,293, respectively) |
||||||||
HSBC Securities (USA) Inc.,
|
10,000 | 10,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $10,000,189, collateralized by U.S. Treasury Strip, 0.00% due at 8/15/41, par and fair value of $26,165,000 and $10,200,164, respectively) |
||||||||
HSBC Securities (USA) Inc.,
|
13,300 | 13,300,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $13,300,336, collateralized by U.S. Treasury Strips, 0.00% to 2.75% due from 8/15/41 to 11/15/42, aggregate par and fair value of $35,170,000 and $13,566,293, respectively) |
||||||||
JPMorgan Securities LLC,
|
13,000 | 13,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $13,000,246, collateralized by U.S. Treasury Note, 2.13% due at 2/29/16, par and fair value of $12,595,000 and $13,263,755, respectively) |
||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc.,
|
15,000 | 15,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $15,000,233, collateralized by U.S. Treasury Note, 0.63% due at 5/31/17, par and fair value of $15,243,000 and $15,300,087, respectively) |
See Notes to Financial Statements. | ||||||
14 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) |
BlackRock U.S. Treasury Money Market Portfolio (Percentages shown are based on Net Assets) |
Par | ||||||||
Repurchase Agreements | (000) | Value | ||||||
Morgan Stanley & Co. LLC,
|
$ | 10,678 | $ | 10,678,000 | ||||
(Purchased on 3/28/13 to be repurchased at $10,678,202, collateralized by U.S. Treasury Note, 2.50% due at 3/31/15, par and fair value of $10,301,400 and $10,891,608, respectively) |
||||||||
RBS Securities Inc.,
|
10,000 | 10,000,000 | ||||||
(Purchased on 3/15/13 to be repurchased at $10,001,206, collateralized by U.S. Treasury Inflation Indexed Note, 1.88% due at 7/15/13, par and fair value of $7,950,000 and $10,205,095, respectively) |
||||||||
RBS Securities Inc.,
|
6,000 | 6,000,000 | ||||||
(Purchased on 3/28/13 to be repurchased at $6,000,113, collateralized by U.S. Treasury Inflation Indexed Note, 1.88% due at 7/15/13, par and fair value of $4,770,000 and $6,123,057, respectively) |
Par | ||||||||
Repurchase Agreements | (000) | Value | ||||||
UBS Securities LLC,
|
$ | 25,000 | $ | 25,000,000 | ||||
(Purchased on 3/28/13 to be repurchased at $25,000,417, collateralized by U.S. Treasury Note, 1.88% due at 4/30/14, par and fair value of $24,851,300 and $25,500,012, respectively) |
||||||||
Total Repurchase Agreements 55.4% |
208,378,000 | |||||||
Total Investments (Cost $377,386,277*) 100.4% |
|
377,386,277 | ||||||
Liabilities in Excess of Other Assets (0.4)% |
|
(1,358,609 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
$ | 376,027,668 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Rate shown reflects the discount rate at the time of purchase. |
(b) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||
Assets: |
||||||||
Investments: |
||||||||
Short-Term Securities 1 |
| $377,386,277 | | $377,386,277 | ||||
1 See above Schedule of Investments for values in each security type. |
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 $75 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 15 |
Schedule of Investments March 31, 2013 |
BlackRock Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
Alabama 1.6% |
||||||||
Columbia IDRB (Alabama Power Co. Project) Series 1995B VRDN, 0.13%, 4/01/13 (a) |
$ | 1,000 | $ | 1,000,000 | ||||
Columbia IDRB (Alabama Power Co. Project) Series 1999A VRDN, 0.13%, 4/01/13 (a) |
2,100 | 2,100,000 | ||||||
|
|
|||||||
3,100,000 | ||||||||
|
||||||||
Alaska 0.2% |
||||||||
Alaska Student Loan Corp. RB Series 2012B-1 Mandatory Put Bonds AMT (State Street Bank & Trust Co. LOC), 0.37%, 6/01/13 (a) |
300 | 300,000 | ||||||
|
||||||||
Arizona 1.8% |
||||||||
Salt River Pima-Maricopa Indian Community RB Series 2005 VRDN (Bank of America N.A. LOC), 0.14%, 4/04/13 (a) |
1,400 | 1,400,000 | ||||||
Salt River Pima-Maricopa Indian Community RB Series 2006 VRDN (Bank of America N.A. LOC), 0.14%, 4/04/13 (a) |
2,005 | 2,005,000 | ||||||
|
|
|||||||
3,405,000 | ||||||||
|
||||||||
Arkansas 0.2% |
||||||||
Arkansas State University RB (Jonesboro Campus Project) Series 2013 MB, 1.00%, 3/01/14 |
385 | 386,751 | ||||||
|
||||||||
California 14.2% |
||||||||
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek at Union City Project) Series 2008A VRDN (Bank of America N.A. SBPA), 0.17%, 4/01/13 (a) |
400 | 400,000 | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2008E-1 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd.
LOC),
|
4,100 | 4,100,000 | ||||||
California GO Series 2005B-1 VRDN (Bank of America N.A. LOC), 0.12%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
California Pollution Control Financing Authority RB (Air Products & Chemicals Project) Series 1997 VRDN, 0.15%, 4/01/13 (a) |
500 | 500,000 | ||||||
California RB Series 2012A-1 RAN, 2.50%, 5/30/13 |
2,400 | 2,408,395 | ||||||
California RB Series 2012A-2 RAN, 2.50%, 6/20/13 |
600 | 602,713 | ||||||
California School Cash Reserve Program Authority RB Series 2013AA, 2.00%, 10/01/13 |
1,000 | 1,008,794 | ||||||
California School Cash Reserve Program Authority RB Series 2013X, 2.00%, 10/01/13 |
100 | 100,829 | ||||||
California Statewide Communities Development Authority RB (Los Angeles County Museum of Arts Project) Series 2008 VRDN (Union Bank N.A. LOC), 0.12%, 4/04/13 (a) |
1,900 | 1,900,000 | ||||||
California Statewide Communities Development Authority RB (Retirement Housing Foundation Obligated Group Project) Series 2008 VRDN (U.S. Bank N.A. LOC), 0.10%, 4/04/13 (a) |
400 | 400,000 | ||||||
Fontana Unified School District GO PUTTERS Series 2008-2668 VRDN (AGM Insurance, JPMorgan Chase Bank N.A. SBPA), 0.20%, 4/04/13 (a)(b)(c) |
500 | 500,000 | ||||||
Los Angeles County Schools RB Series 2013C-6 TRAN, 2.00%, 12/31/13 |
100 | 101,308 | ||||||
Los Angeles Department of Water & Power RB Series 2001B-1 VRDN (Royal Bank of Canada SBPA), 0.10%, 4/04/13 (a) |
1,500 | 1,500,000 | ||||||
Los Angeles Department of Water & Power RB Series 2001B-3 VRDN (Royal Bank of Canada SBPA), 0.09%, 4/04/13 (a) |
5,000 | 5,000,000 |
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
California (concluded) |
||||||||
Metropolitan Water District of Southern California RB Series 2004A-2 VRDN (U.S. Bank N.A. SBPA),
|
$ | 1,300 | $ | 1,300,000 | ||||
Sacramento Financing Authority RB (Master Lease Program Facilities Project) Municipal Trust Receipts Floaters Series 2011E-4698 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.20%, 4/04/13 (a)(b)(c) |
5,800 | 5,800,000 | ||||||
|
|
|||||||
26,622,039 | ||||||||
|
||||||||
Colorado 0.5% |
||||||||
Denver City & County COP Series 2008A-3 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.15%, 4/01/13 (a) |
1,000 | 1,000,000 | ||||||
|
||||||||
Connecticut 1.3% |
||||||||
Brooklyn GO Series 2012 BAN, 1.00%, 8/13/13 |
800 | 802,017 | ||||||
Connecticut Health & Educational Facilities Authority RB (Yale University Project) Series 2003X-2 VRDN (Yale University Obligor), 0.10%, 4/04/13 (a) |
1,600 | 1,600,000 | ||||||
|
|
|||||||
2,402,017 | ||||||||
|
||||||||
Florida 2.9% |
||||||||
Kissimmee Utility Authority Series 2013-00-B TECP (JPMorgan Chase Bank N.A. SBPA), 0.18%, 5/01/13 |
2,300 | 2,300,000 | ||||||
Lee Memorial Health System RB SPEARS Series 2011-1016 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.17%, 4/04/13 (a)(b)(c) |
3,200 | 3,200,000 | ||||||
|
|
|||||||
5,500,000 | ||||||||
|
||||||||
Georgia 0.6% |
||||||||
Meriwether County IDRB (Crown Technology LLC Project) Series 2010 AMT VRDN (Federal Home Loan Bank LOC), 0.22%, 4/04/13 (a) |
1,190 | 1,190,000 | ||||||
|
||||||||
Illinois 2.0% |
||||||||
Chicago Waterworks RB (Second Lien Project) Sub-Series 2000-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.16%, 4/01/13 (a) |
3,500 | 3,500,000 | ||||||
Illinois Finance Authority RB SPEARS (OSF Healthcare System Project) Series 2012DBE-1115 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank
A.G. SBPA),
|
200 | 200,000 | ||||||
|
|
|||||||
3,700,000 | ||||||||
|
||||||||
Indiana 3.0% |
||||||||
Indiana Finance Authority RB (Hamilton Grove Project) Series 2008A VRDN (Bank of America N.A. LOC), 0.14%, 4/04/13 (a) |
2,655 | 2,655,000 | ||||||
Indiana Finance Authority RB (Parkview Health System Project) Series 2009D VRDN (Wells Fargo Bank N.A. LOC), 0.12%, 4/04/13 (a) |
3,000 | 3,000,000 | ||||||
|
|
|||||||
5,655,000 | ||||||||
|
||||||||
Iowa 1.4% |
||||||||
Iowa Finance Authority RB (Bio America Inc. Project) Series 2012 VRDN (Korea Development Bank LOC),
|
2,600 | 2,600,000 | ||||||
|
||||||||
Kansas 1.1% |
||||||||
Leawood GO Series 2012-1, 1.50%, 9/01/13 |
2,050 | 2,060,514 | ||||||
|
See Notes to Financial Statements. | ||||||
16 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (continued) |
BlackRock Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
Louisiana 1.1% |
||||||||
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2010 VRDN, 0.13%, 4/04/13 (a) |
$ | 2,000 | $ | 2,000,000 | ||||
|
||||||||
Maryland 2.7% |
||||||||
Maryland Community Development Administration RB (Residential Project) Series 2007 VRDN (TD Bank N.A. SBPA), 0.12%, 4/04/13 (a) |
3,000 | 3,000,000 | ||||||
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999B VRDN (Manufacturers and Traders Trust Co. LOC), 0.12%, 4/04/13 (a) |
900 | 900,000 | ||||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 4/04/13 (a) |
1,125 | 1,125,000 | ||||||
Prince Georges County GO (Public Improvement Project) Series 2003A MB, 5.00%, 10/01/13 |
100 | 102,346 | ||||||
|
|
|||||||
5,127,346 | ||||||||
|
||||||||
Massachusetts 0.9% |
||||||||
Fitchburg GO Series 2012B BAN, 1.50%, 6/28/13 |
750 | 751,617 | ||||||
Massachusetts Health & Educational Facilities Authority RB (Tufts University Project) Series 2008N-1 VRDN (U.S. Bank N.A. SBPA), 0.12%, 4/01/13 (a) |
1,000 | 1,000,000 | ||||||
|
|
|||||||
1,751,617 | ||||||||
|
||||||||
Michigan 17.9% |
||||||||
Chelsea Economic Development Corp. RB (Silver Maples Obligation Project) Series 2006 VRDN (Comerica Bank LOC), 0.13%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
Detroit Water Supply System RB PUTTERS Series 2012-4240 VRDN (Berkshire Hathaway Assurance Corp. Insurance, Deutsche Bank AG SBPA), 0.33%, 4/04/13 (a)(b)(c) |
295 | 295,000 | ||||||
Michigan Housing Development Authority RB (Rental Housing Revenue Project) Series 2008A AMT VRDN (JPMorgan Chase Bank N.A. SBPA), 0.18%, 4/01/13 (a) |
2,500 | 2,500,000 | ||||||
Michigan Strategic Fund RB (Hindu Temple Project) Series 2009 VRDN (Comerica Bank LOC), 0.15%,
|
750 | 750,000 | ||||||
Michigan Strategic Fund RB (Larsen Warden Project) Series 2008 VRDN (Standard Chartered Bank LOC), 0.41%, 4/04/13 (a) |
500 | 500,000 | ||||||
Michigan Strategic Fund RB (Mans LLC Project) Series 2012 VRDN (Comerica Bank LOC), 0.22%, 4/04/13 (a) |
500 | 500,000 | ||||||
Michigan Strategic Fund RB (Van Andel Research Project) Series 2008 VRDN, 0.16%, 4/04/13 (a) |
28,000 | 28,000,000 | ||||||
|
|
|||||||
33,545,000 | ||||||||
|
||||||||
Minnesota 0.0% |
||||||||
Minneapolis Health Care System Revenue Authority RB RBC Municipal Products, Inc. Trust Series 2010E-19 (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.12%, 4/04/13 (a)(b) |
100 | 100,000 | ||||||
|
||||||||
Missouri 0.9% |
||||||||
Taney County IDRB (Keeter Heights Project) Series 2006 AMT VRDN (U.S. Bank N.A. LOC), 0.19%, 4/04/13 (a) |
1,745 | 1,745,000 | ||||||
|
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
Nevada 1.1% |
||||||||
Clark County Airport System Junior Subordinate Lien RB Series 2012A-1 AMT, 2.00%, 7/01/13 |
$ | 1,200 | $ | 1,204,754 | ||||
Clark County Airport System Junior Subordinate Lien RB Series 2012A-2, 2.00%, 7/01/13 |
900 | 903,692 | ||||||
|
|
|||||||
2,108,446 | ||||||||
|
||||||||
New Jersey 0.6% |
||||||||
Marlboro Township GO Series 2012 BAN, 1.25%, 6/13/13 |
100 | 100,149 | ||||||
New Jersey RB Series 2012C TRAN, 2.50%, 6/27/13 |
800 | 804,109 | ||||||
Sparta Township GO Series 2013 BAN, 1.00%, 11/01/13 |
200 | 200,773 | ||||||
|
|
|||||||
1,105,031 | ||||||||
|
||||||||
New York 14.1% |
||||||||
Nassau County IDA RB (Clinton Plaza Senior Housing Project) Series 2004 VRDN (Fannie Mae Guaranty), 0.13%, 4/04/13 (a) |
250 | 250,000 | ||||||
New York City GO Series 2006A MB, 4.50%, 8/01/13 |
100 | 101,413 | ||||||
New York City Municipal Water Finance Authority RB Series 2011A-2 VRDN (Mizuho Corporate Bank Ltd. SBPA), 0.14%, 4/01/13 (a) |
10,000 | 10,000,000 | ||||||
New York State Housing Finance Agency RB (175 West 60th Street Project) Series 2012 VRDN (Manufacturers and Traders Trust Co. LOC), 0.12%, 4/04/13 (a) |
15,000 | 15,000,000 | ||||||
New York State Housing Finance Agency RB (Gotham West Housing Project) Series 2012A-2 VRDN (Wells Fargo & Co. LOC), 0.12%, 4/04/13 (a) |
1,100 | 1,100,000 | ||||||
|
|
|||||||
26,451,413 | ||||||||
|
||||||||
North Carolina 1.6% |
||||||||
North Carolina GO (Public Improvements Project) Series 2004A MB, 5.00%, 3/01/14 |
700 | 730,442 | ||||||
Raleigh COP (Downtown Improvement Project) Series 2004A VRDN (Wells Fargo Bank N.A. SBPA), 0.13%, 4/04/13 (a) |
2,200 | 2,200,000 | ||||||
|
|
|||||||
2,930,442 | ||||||||
|
||||||||
Ohio 1.6% |
||||||||
Strongsville GO (Library Project) Series 2012 BAN, 1.00%, 10/23/13 |
300 | 301,174 | ||||||
Strongsville GO (Street Improvement Project) Series 2012 BAN, 1.00%, 10/23/13 |
400 | 401,566 | ||||||
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 4/04/13 (a) |
2,220 | 2,220,000 | ||||||
|
|
|||||||
2,922,740 | ||||||||
|
||||||||
Pennsylvania 6.5% |
||||||||
Berks County IDRB (Zenith Properties LP Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC), 0.34%,
|
5,560 | 5,560,000 | ||||||
Pennsylvania Clipper Tax-Exempt Certificate Trust RB Series 2007 VRDN (State Street Bank & Trust Co. SBPA), 0.12%, 4/04/13 (a)(b)(c) |
5,000 | 5,000,000 | ||||||
Pennsylvania Turnpike Commission RB RBC Municipal Products, Inc. Trust Series 2011E-22 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada
SBPA),
|
500 | 500,000 | ||||||
West Chester Area School District GO Series 2006 MB, 4.00%, 4/15/13 |
500 | 500,735 |
See Notes to Financial Statements. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 17 |
Schedule of Investments (continued) |
BlackRock Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
|
||||||||
Pennsylvania (concluded) |
||||||||
York County Hospital Authority RB (Homewood Retirement Centers of The United Church of Christ, Inc. Project) Series 1990 VRDN
(Manufacturers and Traders Trust Co. LOC),
|
$ | 700 | $ | 700,000 | ||||
|
|
|||||||
12,260,735 | ||||||||
|
||||||||
Tennessee 1.0% |
||||||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit
Group Project) Series 2001B-1 VRDN 7 Month Window (Ascension Health System Obligor),
|
1,200 | 1,200,000 | ||||||
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.17%, 4/04/13 (a) |
625 | 625,000 | ||||||
|
|
|||||||
1,825,000 | ||||||||
|
||||||||
Texas 6.1% |
||||||||
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hospital Project) Series 2008C-2 VRDN, 0.14%,
|
900 | 900,000 | ||||||
Port of Arthur Navigation District Industrial Development Corp. RB (Total Petrochemicals Project) Series 2012 VRDN (Total S.A. Credit Agreement), 0.15%, 4/04/13 (a) |
600 | 600,000 | ||||||
Texas Tollway Authority RB SPEARS Series 2008DB-626 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.13%, 4/04/13 (a)(b)(c) |
10,000 | 10,000,000 | ||||||
|
|
|||||||
11,500,000 | ||||||||
|
||||||||
Utah 2.4% |
||||||||
Murray City Hospital RB (IHC Health Services, Inc. Project) Series 2003C VRDN, 0.14%, 4/01/13 (a) |
1,500 | 1,500,000 | ||||||
Utah GO Municipal Trust Receipts Floaters Series 2009-2987 VRDN (Morgan Stanley Bank SBPA),
|
3,050 | 3,050,000 | ||||||
|
|
|||||||
4,550,000 | ||||||||
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
See Notes to Financial Statements. | ||||||
18 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) | BlackRock Municipal Money Market Portfolio |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Short-Term Securities 1 |
| $ | 187,634,091 | | $ | 187,634,091 | ||||||||||
1 See above Schedule of Investments for values in each 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 $78,161 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 19 |
Schedule of Investments March 31, 2013 |
BlackRock New Jersey Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
New Jersey 81.8% |
||||||||
Avalon Borough GO Series 2013 BAN, 1.00%, 2/27/14 |
$ | 600 | $ | 603,422 | ||||
Burlington County Bridge Commission RB (Solid Waste Project) Series 2012, 2.00%, 10/08/13 |
1,200 | 1,209,320 | ||||||
Colts Neck Township GO Series 2013A BAN, 1.00%, 2/25/14 |
500 | 502,203 | ||||||
Delran Township GO Series 2012 BAN, 1.00%, 11/12/13 |
1,200 | 1,201,906 | ||||||
Lower Township Municipal Utilities Authority RB Series 2012B, 1.50%, 9/20/13 |
1,000 | 1,004,688 | ||||||
Marlboro Township GO Series 2012 BAN, 1.25%, 6/13/13 |
400 | 400,597 | ||||||
Neptune Township GO Series 2012 BAN, 1.00%, 9/13/13 |
800 | 801,291 | ||||||
New Jersey Clipper Tax-Exempt Certificate Trust RB Series 2009-31 VRDN (State Street Bank & Trust Co. Credit Agreement, State Street
Bank & Trust Co. SBPA), 0.12%,
|
3,800 | 3,800,000 | ||||||
New Jersey Economic Development Authority PCRB (Exxon Project) Series 1989 VRDN, 0.08%, 4/01/13 (c) |
1,560 | 1,560,000 | ||||||
New Jersey Economic Development Authority RB (Hamilton Industrial Development Project) Series 1998 VRDN (Wells Fargo Bank N.A. LOC), 0.29%, 4/04/13 (c) |
845 | 845,000 | ||||||
New Jersey Economic Development Authority RB (Morris Museum Project) Series 2006 VRDN (JPMorgan Chase Bank N.A. LOC), 0.11%, 4/04/13 (c) |
2,750 | 2,750,000 | ||||||
New Jersey Economic Development Authority RB (Nandan Co. Project) Series 2000 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 4/04/13 (c) |
1,285 | 1,285,000 | ||||||
New Jersey Economic Development Authority RB (Paddock Realty LLC Project) Series 2006 AMT VRDN (Wells Fargo Bank N.A. LOC), 0.29%, 4/04/13 (c) |
1,000 | 1,000,000 | ||||||
New Jersey Economic Development Authority RB (Pennington Montessori School Project) Series 1999 VRDN (Wells Fargo Bank N.A. LOC), 0.24%, 4/04/13 (c) |
815 | 815,000 | ||||||
New Jersey Environmental Infrastructure Trust RB Municipal Trust Receipts Floaters Series 2012A-R-4729 VRDN (Bank of America N.A. SBPA), 0.12%, 4/04/13 (a)(b)(c) |
1,515 | 1,515,000 | ||||||
New Jersey Health Care Facilities Financing Authority RB (Recovery Management Systems, Inc. Project) Series 2005 VRDN (TD Bank N.A. LOC), 0.11%, 4/04/13 (c) |
400 | 400,000 | ||||||
New Jersey Health Care Facilities Financing Authority RB (Robert Wood Johnson University Project) Series 2004 VRDN (Wells Fargo Bank N.A. LOC), 0.12%, 4/04/13 (c) |
1,700 | 1,700,000 | ||||||
New Jersey Health Care Facilities Financing Authority RB (RWJ Health Care Corp. Project) Series 2002 VRDN (TD Bank N.A. LOC), 0.10%, 4/04/13 (c) |
4,200 | 4,200,000 | ||||||
New Jersey Higher Education Assistance Authority Student Loan RBC Municipal Products, Inc. Trust Series 2008L-36 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.17%, 4/04/13 (c) |
700 | 700,000 |
Municipal Bonds |
Par (000) |
Value | ||||||
New Jersey (concluded) |
||||||||
New Jersey Housing & Mortgage Finance Agency RB (Single Family Housing Project) Series 2005Q VRDN (Barclays Bank Plc SBPA), 0.13%, 4/04/13 (c) |
$ | 2,000 | $ | 2,000,000 | ||||
New Jersey Housing & Mortgage Finance Agency RB (Single Family Mortgage Project) Series 2005O AMT VRDN (Barclays Bank Plc SBPA), 0.13%, 4/04/13 (c) |
2,000 | 2,000,000 | ||||||
New Jersey Transportation Trust Fund Authority RB SPEARS (Transportation System Project) Series 2007DB-447 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.13%, 4/04/13 (a)(b)(c) |
1,445 | 1,445,000 | ||||||
Ocean City GO Series 2013 BAN, 1.00%, 3/07/14 |
500 | 501,663 | ||||||
Old Bridge Township GO Series 2012 BAN, 1.00%, 10/15/13 |
100 | 100,301 | ||||||
Saddle River Borough GO Series 2012 BAN, 1.00%, 8/02/13 |
500 | 500,770 | ||||||
Sparta Township GO Series 2013 BAN, 1.00%, 11/01/13 |
100 | 100,387 | ||||||
Union County Industrial Pollution Control Financing Authority PCRB (Exxon Mobil Corp. Project) Series 1989 VRDN, 0.08%,
|
5,205 | 5,205,000 | ||||||
Voorhees Township GO Series 2012 BAN, 1.00%, 8/08/13 |
500 | 500,737 | ||||||
Westwood GO Series 2012 BAN, 1.25%, 5/03/13 |
200 | 200,070 | ||||||
Wood-Ridge GO Series 2013 BAN, 1.00%, 2/14/14 |
900 | 902,808 | ||||||
|
|
|||||||
39,750,163 | ||||||||
Puerto Rico 3.6% |
||||||||
Commonwealth of Puerto Rico GO (Public Improvement Project) Series 2003C5-2 VRDN (Barclays Bank Plc LOC), 0.12%, 4/04/13 (c) |
1,750 | 1,750,000 | ||||||
Total Municipal Bonds 85.4% |
41,500,163 | |||||||
|
||||||||
|
||||||||
Closed-End Investment Companies |
||||||||
New Jersey 12.3% |
||||||||
Nuveen New Jersey Investment Quality Municipal Fund, Inc. Series 2010-1-1443 VRDP (Citibank N.A. Liquidity Facility), 0.22%, 4/04/13 (a)(c) |
4,000 | 4,000,000 | ||||||
Nuveen New Jersey Premium Income Municipal Fund, Inc. Series 2010-1-886 VRDP (Citibank N.A. Liquidity Facility), 0.22%, 4/04/13 (a)(c) |
2,000 | 2,000,000 | ||||||
Total Closed-End Investment Companies 12.3% |
|
6,000,000 | ||||||
Total Investments (Cost $47,500,163*) 97.7% |
|
47,500,163 | ||||||
Other Assets Less Liabilities 2.3% |
1,116,661 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 48,616,824 | ||||||
|
|
See Notes to Financial Statements. | ||||||
20 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) | BlackRock New Jersey Municipal Money Market Portfolio |
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
(c) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: |
||||||||||||
Investments: |
||||||||||||
Short-Term Securities 1 |
| $ | 47,500,163 | | $ | 47,500,163 | ||||||
1 See above Schedule of Investments for values in the state or political subdivision. |
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 $26,895 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 21 |
Schedule of Investments March 31, 2013 |
BlackRock North Carolina Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
North Carolina 99.1% |
||||||||
Alamance County GO Series 2003 MB, 5.00%, 3/01/14 |
$ | 500 | $ | 521,360 | ||||
Appalachian State University RB (University & College Improvements Project) Series 2003A MB, 5.13%, 5/01/13 |
300 | 301,235 | ||||||
Appalachian State University RB Series 2011 MB, 2.00%, 10/01/13 |
850 | 857,010 | ||||||
Asheville RB Series 2012 MB, 3.00%, 4/01/13 |
1,450 | 1,450,000 | ||||||
Cabarrus County GO (Public Improvements Project) Series 2006 MB, 4.25%, 3/01/14 |
500 | 518,210 | ||||||
Cabarrus County GO Series 2004 MB, 5.00%, 2/01/14 |
250 | 259,901 | ||||||
Charlotte COP (Equipment Acquisition & Public Facilities Project) Series 2009 MB, 5.00%, 6/01/13 |
2,500 | 2,519,845 | ||||||
Charlotte Housing Authority RB (Oak Park Project) Series 2005 VRDN (Wells Fargo Bank N.A. LOC), 0.12%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
Charlotte Housing Authority RB (Stonehaven East Project) Series 2005 VRDN (Wells Fargo Bank N.A. LOC), 0.12%, 4/04/13 (a) |
200 | 200,000 | ||||||
Charlotte Water & Sewer System RB Series 2002B VRDN (Wells Fargo Bank N.A. LOC), 0.13%, 4/04/13 (a) |
7,000 | 7,000,000 | ||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare Project) Austin Trust Series 2008-1149 VRDN (Bank of America N.A. SBPA), 0.12%, 4/04/13 (a)(b)(c) |
2,345 | 2,345,000 | ||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Municipal Trust Receipts Floater Series 2011-72C-A VRDN (Wells Fargo Bank N.A. SBPA), 0.13%, 4/04/13 (a)(b)(c) |
4,000 | 4,000,000 | ||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare System Project) Series 2005B VRDN (US Bank N.A. LOC), 0.13%, 4/01/13 (a) |
1,100 | 1,100,000 | ||||||
Cumberland County GO Series 2011 MB, 3.00%, 8/01/13 |
345 | 348,140 | ||||||
Durham GO Series 2010A MB, 4.00%, 10/01/13 |
750 | 764,080 | ||||||
Forsyth County GO Series 2004 MB, 5.00%, 8/01/13 |
300 | 304,816 | ||||||
Forsyth County GO Series 2007 MB, 3.50%, 7/01/13 |
100 | 100,825 | ||||||
Greensboro GO Series 2010A MB, 5.00%, 10/01/13 |
1,400 | 1,433,483 | ||||||
Lenoir County GO Series 2013 MB, 2.00%, 2/01/14 |
205 | 207,886 | ||||||
Mecklenburg County GO Series 2009D VRDN 7 Month Window, 0.22%, 10/24/13 (a) |
5,685 | 5,685,000 | ||||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), 0.14%, 4/04/13 (a) |
755 | 755,000 | ||||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), 0.14%, 4/04/13 (a) |
2,900 | 2,900,000 |
Municipal Bonds |
Par
(000) |
Value | ||||||
North Carolina (concluded) |
||||||||
North Carolina Capital Facilities Finance Agency RB (Aquarium Society Project) Series 2004 VRDN (Bank of America N.A. LOC), 0.17%, 4/04/13 (a) |
$ | 2,100 | $ | 2,100,000 | ||||
North Carolina Capital Facilities Finance Agency RB (Campbell University Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), 0.14%, 4/04/13 (a) |
1,900 | 1,900,000 | ||||||
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1992A VRDN, 0.10%, 4/04/13 (a) |
1,015 | 1,015,000 | ||||||
North Carolina Educational Facilities Finance Agency RB (Elon College Project) Series 2000 VRDN (TD Bank N.A. LOC), 0.11%, 4/04/13 (a) |
1,205 | 1,205,000 | ||||||
North Carolina GO (Highway Improvements Project) Series 2003 MB, 5.00%, 5/01/13 |
2,000 | 2,007,888 | ||||||
North Carolina GO (Public Improvements Project) Series 2004A MB, 5.00%, 3/01/14 |
345 | 360,003 | ||||||
North Carolina Medical Care Commission Health Care Facilities RBC Municipal Products, Inc. Trust (Duke University Health System Project) Series 2012-O-39 VRDN (Royal Bank of Canada SBPA), 0.12%, 4/04/13 (a)(b)(c) |
1,900 | 1,900,000 | ||||||
North Carolina Medical Care Commission Hospital RB (Moses Cone Health System Project) Series 2001B VRDN (BMO Harris Bank N.A. SBPA), 0.13%, 4/01/13 (a) |
2,100 | 2,100,000 | ||||||
North Carolina State University Raleigh RB Series 2003B VRDN (Bayerische Landesbank Girozentrale SBPA), 0.13%, 4/04/13 (a) |
5,700 | 5,700,000 | ||||||
Raleigh RB Series 2009 VRDN 7 Month Window, 0.22%, 10/24/13 (a) |
805 | 805,000 | ||||||
Sampson County COP Eclipse Funding Trust Series 2006-0160 VRDN (U.S. Bank N.A. LOC, U.S. Bank N.A. SBPA), 0.12%, 4/04/13 (a)(b)(c) |
2,010 | 2,010,000 | ||||||
University of North Carolina at Chapel Hill RB Series 2001B VRDN, 0.10%, 4/04/13 (a) |
850 | 850,000 | ||||||
University of North Carolina at Chapel Hill RB Series 2001B VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.15%, 4/01/13 (a) |
2,000 | 2,000,000 | ||||||
University of North Carolina RB Series 2012A MB, 2.00%, 4/01/13 |
1,095 | 1,095,000 | ||||||
|
|
|||||||
59,619,682 | ||||||||
Puerto Rico 1.7% |
||||||||
Commonwealth of Puerto Rico GO (Public Improvement Project) Series 2003C5-2 VRDN (Barclays Bank Plc LOC), 0.12%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
|
||||||||
Total Investments (Cost $60,619,682*) 100.8% |
|
60,619,682 | ||||||
Liabilities in Excess of Other Assets (0.8)% |
(477,730 | ) | ||||||
|
|
|||||||
Net Assets 100.0% |
$ | 60,141,952 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
See Notes to Financial Statements. | ||||||
22 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) | BlackRock North Carolina Municipal Money Market Portfolio |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: |
||||||||||||
Investments: |
||||||||||||
Short-Term Securities 1 |
| $ | 60,619,682 | | $ | 60,619,682 |
1 See above Schedule of Investments for values in the state or political subdivision.
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 $98,709 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 23 |
Schedule of Investments March 31, 2013 |
BlackRock Ohio Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
Ohio 100.9% |
||||||||
Beachwood GO Series 2012 BAN, 1.00%, 8/07/13 |
$ | 700 | $ | 701,762 | ||||
Butler County GO Series 2012 BAN, 0.40%, 8/01/13 |
600 | 600,000 | ||||||
Butler County Healthcare Facilities RB (Lifesphere Project) Series 2002 VRDN (U.S. Bank N.A. LOC), 0.12%, 4/04/13 (a) |
660 | 660,000 | ||||||
Cleveland Department of Public Utilities Division of Water RB Series 2011W MB, 4.00%, 1/01/14 |
800 | 822,414 | ||||||
Cleveland Waterworks RB Series 2008Q VRDN (The Bank of New York Mellon Corp. LOC), 0.12%, 4/04/13 (a) |
1,300 | 1,300,000 | ||||||
Columbus GO Series 2012-1, 1.50%, 11/21/13 |
2,000 | 2,016,491 | ||||||
Columbus Sewerage System RB Municipal Trust Receipts Floaters Series 2008A-13 VRDN (Branch Banking & Trust Co. SBPA), 0.11%, 4/04/13 (a)(b)(c) |
5,365 | 5,365,000 | ||||||
Columbus Sewerage System RB PUTTERS Series 2008-2456 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.13%, 4/04/13 (a)(b)(c) |
200 | 200,000 | ||||||
Franklin County Hospital Facilities RB Municipal Trust Receipts Floaters (Nationwide Children Hospital Project) Series 2012A-0-46 VRDN (Royal Bank of Canada SBPA), 0.12%, 4/04/13 (a)(b)(c) |
2,700 | 2,700,000 | ||||||
Franklin County RB Municipal Trust Receipts Floaters Series 2011-21B VRDN (Barclays Bank Plc SBPA), 0.13%, 4/04/13 (a)(b)(c) |
2,320 | 2,320,000 | ||||||
Independence GO Series 2012 BAN, 1.13%, 4/19/13 |
600 | 600,214 | ||||||
Lake County GO Series 2012 BAN, 1.00%, 7/23/13 |
1,425 | 1,427,770 | ||||||
Lima RB (Lima Memorial Hospital Project) Series 2007 VRDN (JPMorgan Chase Bank N.A. LOC), 0.13%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
Miamisburg GO Series 2013 BAN, 1.00%, 3/12/14 |
2,000 | 2,011,286 | ||||||
Montgomery County RB (Miami Valley Hospital Project) Series 2011B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.14%, 4/01/13 (a) |
2,000 | 2,000,000 | ||||||
North Ridgeville GO (Capital Improvement and Equipment Project) Series 2012 BAN, 0.85%, 4/04/13 |
700 | 700,011 | ||||||
North Ridgeville GO Series 2013 BAN, 0.65%, 4/03/14 |
600 | 601,188 | ||||||
Ohio Air Quality Development Authority RB (Dayton Power & Light Project) Series 2008B VRDN (JPMorgan Chase Bank, N.A. LOC), 0.15%, 4/04/13 (a) |
2,000 | 2,000,000 |
Municipal Bonds |
Par
(000) |
Value | ||||||
Ohio (concluded) |
||||||||
Ohio Air Quality Development Authority RB (Ohio Valley Electric Corp. Project) Series 2009C VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.12%, 4/04/13 (a) |
$ | 2,700 | $ | 2,700,000 | ||||
Ohio GO (Common Schools Project) Series 2005A VRDN (Ohio Housing Authority Guaranty), 0.10%, 4/04/13 (a) |
4,100 | 4,100,000 | ||||||
Ohio GO (Common Schools Project) Series 2011B MB, 3.00%, 9/15/13 |
500 | 506,324 | ||||||
Ohio GO Series 2009K MB, 5.00%, 8/01/13 |
100 | 101,607 | ||||||
Ohio Higher Educational Facility Commission (Case Western University Project) Series 2013 TECP (The Northern Trust Co. SBPA), 0.15%, 5/08/13 |
5,000 | 5,000,000 | ||||||
Ohio Higher Educational Facility Commission RB (Case Western Reserve University Project) Series 2002A VRDN (Wells Fargo Bank N.A. SBPA), 0.14%, 4/01/13 (a) |
6,000 | 6,000,000 | ||||||
Ohio Higher Educational Facility RB (Cleveland Clinic Project) Series 2008B-4 VRDN, 0.14%, 4/01/13 (a) |
3,900 | 3,900,000 | ||||||
Ohio Higher Educational Facility RB (Ohio Dominican University Project) Series 2007 VRDN (JPMorgan Chase Bank N.A. LOC), 0.12%, 4/04/13 (a) |
1,900 | 1,900,000 | ||||||
Ohio Housing Finance Agency Mortgage RB (Residential Mortgage-Backed Securities Project) Series 2006I AMT VRDN (Wells Fargo Bank N.A. SBPA), 0.17%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
Sharonville GO Series 2012 BAN, 1.00%, 7/11/13 |
100 | 100,138 | ||||||
Strongsville GO (Street Improvement Project) Series 2012 BAN, 1.00%, 10/23/13 |
1,000 | 1,003,914 | ||||||
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 4/04/13 (a) |
5,200 | 5,200,000 | ||||||
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT VRDN (Wells Fargo Bank N.A. LOC), 0.20%, 4/01/13 (a) |
3,600 | 3,600,000 | ||||||
Total Investments (Cost $62,138,119*) 100.9% |
|
62,138,119 | ||||||
Liabilities in Excess of Other Assets (0.9)% |
|
(526,973 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
$ | 61,611,146 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
See Notes to Financial Statements. | ||||||
24 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (concluded) | BlackRock Ohio Municipal Money Market Portfolio |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||
Assets: |
||||||||
Investments: |
||||||||
Short-Term Securities 1 |
| $62,138,119 | | $62,138,119 | ||||
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 $62,152 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. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 25 |
Schedule of Investments March 31, 2013 |
BlackRock Pennsylvania Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par
(000) |
Value | ||||||
Pennsylvania 98.4% |
||||||||
Abington Township GO Series 2010 MB, 2.00%, 11/15/13 |
$ | 1,555 | $ | 1,570,419 | ||||
Adams County IDRB (Gettysburg College Project) Series 2010 MB, 4.00%, 8/15/13 |
100 | 101,299 | ||||||
Beaver County IDA RB (FirstEnergy Generation Corp. Project) Series 2008 VRDN (Bank of Nova Scotia LOC), 0.14%, 4/01/13 (a) |
3,590 | 3,590,000 | ||||||
Beaver County IDA RB (PA Electric Co. Project) Series 2005B VRDN (UBS A.G. LOC), 0.13%, 4/01/13 (a) |
3,125 | 3,125,000 | ||||||
Berks County IDRB (Tray-Pak Corp. Project) Series 2001A AMT VRDN (Wells Fargo Bank N.A. LOC), 0.34%, 4/04/13 (a) |
765 | 765,000 | ||||||
Blair County IDA RB (Homewood at Martinsburg Project) Series 2004 VRDN (Manufacturers and Traders Trust Co. LOC), 0.17%, 4/04/13 (a) |
4,050 | 4,050,000 | ||||||
Bucks County Centennial School District GO (School Improvements Project) Series 2010A MB, 2.00%, 12/15/13 |
150 | 151,746 | ||||||
Central Bradford Progress Authority RB (Robert Packer Hospital Project) Series 2011 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.12%, 4/04/13 (a)(b) |
6,700 | 6,700,000 | ||||||
Central Bucks School District GO (School Improvements Project) Series 2003 MB, 5.00%, 5/15/13 |
100 | 100,554 | ||||||
Chester County GO Series 2008 MB, 3.50%, 11/15/13 |
160 | 163,128 | ||||||
Cumberland County Municipal Authority RB (Presbyterian Homes Project) Series 2003B VRDN (Manufacturers and Traders Trust Co. LOC), 0.14%, 4/04/13 (a) |
7,665 | 7,665,000 | ||||||
Delaware County GO Series 2009A MB, 3.00%, 10/01/13 |
135 | 136,744 | ||||||
Delaware County IDRB (Scott Paper Co. Project) Series 1984A VRDN (Kimberly Clark Tissue Co. Corporate Guaranty), 0.14%, 4/04/13 (a) |
2,600 | 2,600,000 | ||||||
Delaware County RB (Riddle Village Project) Series 2006 VRDN (Bank of America N.A. LOC), 0.14%, 4/04/13 (a) |
3,400 | 3,400,000 | ||||||
Delaware River Joint Toll Bridge Commission RB Series 2003 MB: |
||||||||
5.00%, 7/01/13 |
400 | 404,772 | ||||||
5.25%, 7/01/13 |
1,950 | 1,973,696 | ||||||
Delaware River Port Authority RB Series 2010A VRDN (Royal Bank of Canada LOC), 0.10%, 4/04/13 (a) |
5,000 | 5,000,000 | ||||||
Delaware River Port Authority RB Series 2010B VRDN (Barclays Bank Plc LOC), 0.10%, 4/04/13 (a) |
5,000 | 5,000,000 | ||||||
Downingtown Area School District GO Series 2003 MB, 4.60%, 6/01/13 |
150 | 151,078 | ||||||
Emmaus General Authority RB (Local Government Project) Series 1989B-32 VRDN (U.S. Bank N.A. LOC), 0.13%, 4/04/13 (a) |
2,100 | 2,100,000 | ||||||
Emmaus General Authority RB (Local Government Project) Series 1989H-22 VRDN (U.S. Bank N.A. LOC), 0.13%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
Emmaus General Authority RB Series 1989 VRDN (U.S. Bank N.A. LOC), 0.13%, 4/04/13 (a) |
4,700 | 4,700,000 | ||||||
Emmaus General Authority RB Series 1989F-24 VRDN (U.S. Bank N.A. LOC), 0.13%, 4/04/13 (a) |
1,100 | 1,100,000 |
Municipal Bonds |
Par
(000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Franklin County IDRB (Precast System Project) Series 2001A AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 4/04/13 (a) |
$ | 1,320 | $ | 1,320,000 | ||||
Haverford Township School District GO Series 2009 VRDN (TD Bank N.A. LOC), 0.12%, 4/04/13 (a) |
1,120 | 1,120,000 | ||||||
Lancaster County Hospital Authority RB (General Hospital Project) Series 2003 MB, 5.50%, 9/15/13 |
500 | 511,653 | ||||||
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008D VRDN (JPMorgan Chase Bank N.A. LOC), 0.14%, 4/01/13 (a) |
3,430 | 3,430,000 | ||||||
Lehigh County General Purpose Authority RB (St. Lukes Bethlehem Project) Series 2003 MB, 5.25%, 8/15/13 |
225 | 229,134 | ||||||
Lower Bucks County Joint Municipal Authority RB Series 2010 MB, 3.00%, 11/15/13 |
350 | 355,644 | ||||||
Lower Merion Township GO Series 2010A MB, 4.00%, 1/15/14 |
100 | 102,929 | ||||||
Lower Moreland Township School District GO Series 2009 MB, 4.00%, 2/15/14 |
150 | 154,707 | ||||||
Mechanicsburg Area School District GO Series 2013 MB, 0.40%, 8/15/13 |
130 | 130,000 | ||||||
Montgomery County GO Series 2009C MB, 4.00%, 12/15/13 |
220 | 225,663 | ||||||
Montgomery County IDA RB (Fountain Life Christian Project) Series 2007A VRDN (JPMorgan Chase Bank N.A. LOC), 0.18%, 4/04/13 (a) |
3,225 | 3,225,000 | ||||||
Montgomery County IDA RB (Girl Scouts Southeastern Pennsylvania Project) Series 2000 VRDN (TD Bank N.A. LOC), 0.11%, 4/04/13 (a) |
1,555 | 1,555,000 | ||||||
Northampton Area School District GO Series 2013 MB, 1.00%, 8/15/13 |
2,025 | 2,030,462 | ||||||
Northampton County IDRB (Trent Family Partnership Project) Series 2002 AMT VRDN (Wells Fargo Bank N.A. LOC), 0.34%, 4/04/13 (a) |
1,285 | 1,285,000 | ||||||
Owen J. Roberts School District GO Series 2012 MB, 1.50%, 8/15/13 |
675 | 678,017 | ||||||
Pennsylvania Clipper Tax-Exempt Certificate Trust RB Series 2007 VRDN (State Street Bank & Trust Co. SBPA), 0.12%,
|
34,600 | 34,600,000 | ||||||
Pennsylvania Economic Development Financing Authority RB (Evergreen Community Power Facility Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 4/04/13 (a) |
13,600 | 13,600,000 | ||||||
Pennsylvania Economic Development Financing Authority RB (Homewood Retirement Project) Series 1992E VRDN (Manufacturers and Traders Trust
Co. LOC), 0.17%,
|
1,085 | 1,085,000 | ||||||
Pennsylvania Economic Development Financing Authority RB (Solar Innovations Inc. Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.42%, 4/04/13 (a) |
3,770 | 3,770,000 | ||||||
Pennsylvania GO Series 2003-2 MB (National Public Finance Guarantee Corp. Guaranty), 5.00%, 7/01/13 |
175 | 177,033 | ||||||
Pennsylvania GO Series 2005-1 MB, 5.00%, 7/01/13 |
75 | 75,882 | ||||||
Pennsylvania GO Series 2010A2 MB, 5.00%, 5/01/13 |
330 | 331,286 |
See Notes to Financial Statements. | ||||||
26 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments (continued) |
BlackRock Pennsylvania Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Higher Educational Facilities Authority RB (Drexel University Project) Series 2000 VRDN (JPMorgan Chase Bank, N.A. LOC), 0.12%, 4/04/13 (a) |
$ | 4,680 | $ | 4,680,000 | ||||
Pennsylvania Higher Educational Facilities Authority RB (Gwynedd Mercy College Project) Series 2007-P1 VRDN (TD Bank N.A. LOC, TD Bank N.A. SBPA), 0.11%, 4/04/13 (a) |
3,300 | 3,300,000 | ||||||
Pennsylvania Higher Educational Facilities Authority RB (Holy Family College Project) Series 2002A VRDN (TD Bank N.A. LOC), 0.11%, 4/04/13 (a) |
905 | 905,000 | ||||||
Pennsylvania Higher Educational Facilities Authority RB (Thomas Jefferson University Project) Series 2008B VRDN (JPMorgan Chase Bank N.A. LOC), 0.11%, 4/04/13 (a) |
1,635 | 1,635,000 | ||||||
Pennsylvania Higher Educational Facilities Authority RB PUTTERS (Trustees of the University of Pennsylvania Project) Series 2008-2844 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.13%, 4/04/13 (a)(c) |
1,605 | 1,605,000 | ||||||
Pennsylvania Higher Educational Facilities Authority RB Series 2008AH MB, 5.00%, 6/15/13 |
125 | 126,105 | ||||||
Pennsylvania Housing Finance Agency RB (Single Family Mortgage Project) Series 2002-75A VRDN (Barclays Bank Plc SBPA), 0.14%, 4/04/13 (a) |
4,565 | 4,565,000 | ||||||
Pennsylvania Housing Finance Agency RB Series 2004-81C VRDN (Royal Bank of Canada SBPA), 0.13%, 4/04/13 (a) |
4,850 | 4,850,000 | ||||||
Pennsylvania Housing Finance Agency RB Series 2004-83B AMT VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.15%, 4/04/13 (a) |
2,800 | 2,800,000 | ||||||
Pennsylvania Housing Finance Agency RB Series 2004-83C AMT VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.15%, 4/04/13 (a) |
9,525 | 9,525,000 | ||||||
Pennsylvania Housing Finance Agency RB Series 2006-93-B AMT VRDN (JPMorgan Chase Bank N.A. SBPA), 0.17%, 4/01/13 (a) |
2,100 | 2,100,000 | ||||||
Pennsylvania Housing Finance Agency RB Series 2007-99-C AMT VRDN (JPMorgan Chase Bank N.A. SBPA), 0.17%, 4/01/13 (a) |
3,000 | 3,000,000 | ||||||
Pennsylvania State Turnpike Commission RB SPEARS Series 2012DBE-1096 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.17%, 4/04/13 (a)(b)(c) |
4,740 | 4,740,000 | ||||||
Pennsylvania State University RB PUTTERS Series 2007-1971 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.13%, 4/04/13 (a)(b)(c) |
630 | 630,000 | ||||||
Pennsylvania State University RB Series 2002 MB, 5.25%, 8/15/13 |
905 | 921,609 | ||||||
Pennsylvania State University RB Series 2005 MB, 5.00%, 9/01/13 |
200 | 203,817 | ||||||
Pennsylvania Turnpike Commission RB (Multi-Modal Project) Series 2010A-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.14%, 4/04/13 (a) |
2,855 | 2,855,000 | ||||||
Pennsylvania Turnpike Commission RB RBC Municipal Products, Inc. Trust Series 2011E-22 VRDN (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.12%, 4/04/13 (a)(b) |
2,400 | 2,400,000 | ||||||
Pennsylvania Turnpike Commission RB Series 2009 ROC-RR-II R-12259 VRDN (Berkshire Hathaway Assurance Corp. Insurance, Citibank N.A. SBPA), 0.13%, 4/01/13 (a)(b)(c) |
29,365 | 29,365,000 |
Municipal Bonds |
Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Turnpike Commission RB Series 2009A MB (AGM Insurance), 3.00%, 6/01/13 |
$ | 1,800 | $ | 1,808,254 | ||||
Philadelphia Authority IDRB (Gift of Life Donor Program Project) Series 2003 VRDN (TD Bank N.A. LOC), 0.11%, 4/04/13 (a) |
1,405 | 1,405,000 | ||||||
Philadelphia Authority IDRB (Girard Estate Aramark Tower Acquisition Project) Series 2002 VRDN (JPMorgan Chase Bank N.A. LOC), 0.16%, 4/04/13 (a) |
15,000 | 15,000,000 | ||||||
Philadelphia Authority IDRB (Girard Estate Facilities Leasing Project) Series 2001 VRDN (JPMorgan Chase Bank N.A. LOC), 0.16%, 4/04/13 (a) |
3,300 | 3,300,000 | ||||||
Philadelphia Authority IDRB (Liberty Lutheran Services Project) Series 2008 VRDN (Bank of America N.A. LOC), 0.14%, 4/04/13 (a) |
2,900 | 2,900,000 | ||||||
Philadelphia Authority IDRB (Universal Community Homes Project) Series 2003 VRDN (Wells Fargo Bank N.A. LOC), 0.29%, 4/04/13 (a) |
350 | 350,000 | ||||||
Philadelphia Gas Works RB Series
|
1,000 | 1,000,000 | ||||||
Philadelphia GO (Multi-Modal Project) Series 2009B VRDN (The Bank of New York Mellon Corp. LOC), 0.14%, 4/04/13 (a) |
28,000 | 28,000,000 | ||||||
Philadelphia School District GO Series 2011F VRDN (Barclays Bank Plc LOC), 0.12%, 4/04/13 (a) |
19,400 | 19,400,000 | ||||||
Phoenixville Area School District GO Series 2012A MB, 2.00%, 5/15/13 |
735 | 736,426 | ||||||
Pittsburgh Water & Sewer Authority RB Series 2009C-1A Mandatory Put Bonds (Federal Home Loan Bank LOC), 0.40%, 9/01/13 (a) |
5,100 | 5,100,000 | ||||||
Spring-Ford Area School District GO Series 2012A MB, 3.00%, 2/01/14 |
125 | 127,646 | ||||||
St. Mary Hospital Authority Bucks County RB (Catholic Health Initiatives Project) Series 2004B VRDN (Wells Fargo Bank N.A. SBPA), 0.12%, 4/04/13 (a) |
13,900 | 13,900,000 | ||||||
State Public School Building Authority RB (Philadelphia School District Project) Series 2003 MB (AGM Insurance): |
||||||||
5.00%, 6/01/13 |
1,145 | 1,153,953 | ||||||
5.25%, 6/01/13 |
950 | 957,863 | ||||||
Swarthmore Borough Authority RB (Swarthmore College Project) Series 2009 MB, 5.00%, 9/15/13 |
170 | 173,580 | ||||||
Swarthmore Borough Authority RB Series 2008 MB, 5.00%, 9/15/13 |
675 | 689,427 | ||||||
Swarthmore Borough Authority RB Series 2011B MB, 2.00%, 9/15/13 |
100 | 100,738 | ||||||
Union County Higher Educational Facilities Financing Authority RB (Bucknell University Project) Series 2013A MB, 2.00%, 4/01/14 |
100 | 101,702 | ||||||
Unionville-Chadds Ford School District GO Series 2012 MB, 1.00%, 6/01/13 |
1,720 | 1,722,155 | ||||||
University of Pittsburgh RB (University Capacity Project) Series 2000A MB, 5.00%, 9/15/13 |
190 | 194,023 | ||||||
University of Pittsburgh RB (University Capacity Project) Series 2002B MB, 5.50%, 9/15/13 |
375 | 383,780 | ||||||
University of Pittsburgh RB (University Capacity Project) Series 2005A MB, 5.50%, 9/15/13 |
225 | 230,673 | ||||||
West Chester Area School District GO Series 2013 MB, 2.00%, 10/01/13 |
560 | 564,468 |
See Notes to Financial Statements. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 27 |
Schedule of Investments (concluded) |
BlackRock Pennsylvania Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
Pennsylvania (continued) |
||||||||
York County Hospital Authority RB (Homewood Retirement Centers of The United Church of Christ, Inc. Project) Series 1990 VRDN (Manufacturers and Traders Trust Co. LOC), 0.12%, 4/04/13 (a) |
$ | 380 | $ | 380,000 | ||||
York County IDRB (Allied-Signal, Inc. Project) Series 1993 VRDN (Allied-Signal, Inc. Guaranty), 0.17%, 4/04/13 (a) |
1,000 | 1,000,000 | ||||||
York County IDRB (Interstate Holdings Co. Project) Series 2003 AMT VRDN (Wells Fargo Bank N.A. LOC), 0.34%, 4/04/13 (a) |
915 | 915,000 | ||||||
|
|
|||||||
307,342,065 | ||||||||
Total Municipal Bonds 98.4% |
307,342,065 |
Closed-End Investment Companies |
Par (000) |
Value | ||||||
Pennsylvania 1.8% |
||||||||
Nuveen Pennsylvania Investment Quality Municipal Fund, Inc. Series 2012-2 VRDP (Royal Bank of Canada Liquidity Facility), 0.23%, 4/04/13 (a)(b) |
$ | 3,000 | $ | 3,000,000 | ||||
Nuveen Pennsylvania Premium Income Municipal Fund, Inc. II Series 2012-2 VRDP (RBC Capital Markets Liquidity Facility), 0.23%, 4/04/13 (a)(b) |
2,500 | 2,500,000 | ||||||
Total Closed-End Investment Companies 1.8% |
|
5,500,000 | ||||||
Total Investments (Cost $312,842,065*) 100.2% |
|
312,842,065 | ||||||
Liabilities in Excess of Other Assets (0.2)% |
|
(664,366 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
$ | 312,177,699 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||
Assets: |
||||||||
Investments: |
||||||||
Short-Term Securities 1 |
| $312,842,065 | | $312,842,065 | ||||
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 $395,147 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. | ||||||
28 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Schedule of Investments March 31, 2013 |
BlackRock Virginia Municipal Money Market Portfolio (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
|
||||||||
Virginia 99.9% |
||||||||
Alexandria IDRB (Goodwin House Project)
|
$ | 700 | $ | 700,000 | ||||
Alexandria IDRB (YMCA of Billings Project)
|
1,350 | 1,350,000 | ||||||
Arlington County IDRB (Woodbury Park Project) Series 2005A VRDN (Freddie Mac Guaranty, Freddie Mac LOC), 0.12%, 4/04/13 (a) |
750 | 750,000 | ||||||
Fairfax County Economic Development Authority Health Care Facilities RB (Capital Hospice Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), 0.14%, 4/04/13 (a) |
635 | 635,000 | ||||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2005A-1 VRDN (TD Bank N.A. SBPA), 0.10%, 4/04/13 (a) |
850 | 850,000 | ||||||
Fairfax County IDA RB (Inova Health Systems Project) Series 2005C-1 VRDN (JPMorgan Chase Bank N.A. SBPA),
|
1,600 | 1,600,000 | ||||||
Hampton Redevelopment & Housing Authority RB (Township Apartments Project) Series 1998 VRDN (Fannie Mae Guaranty), 0.12%, 4/04/13 (a) |
325 | 325,000 | ||||||
Henrico County GO Series 2006 MB, 4.00%, 12/01/13 |
100 | 102,399 | ||||||
Loudoun County IDA RB (Howard Hughes Medical Institute Project) Series 2003F VRDN, 0.12%, 4/04/13 (a) |
100 | 100,000 | ||||||
Louisa County IDRB (Pooled Financing Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.19%, 4/04/13 (a) |
425 | 425,000 | ||||||
Richmond IDA RB (Crow-Klein Project)
|
990 | 990,000 | ||||||
Richmond Utility RB Series 2009 ROC-RR-II- R-10410 VRDN (AGM Insurance, Citibank N.A. SBPA), 0.14%, 4/04/13 (a)(b)(c) |
650 | 650,000 |
Municipal Bonds |
Par (000) |
Value | ||||||
|
||||||||
Virginia (concluded) |
||||||||
Stafford County & Staunton IDA RB (Vaco
|
$ | 745 | $ | 745,000 | ||||
Virginia Beach Development Authority IDRB
|
400 | 400,000 | ||||||
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), 0.14%, 4/01/13 (a) |
115 | 115,000 | ||||||
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 VRDN (Wells Fargo Bank N.A. SBPA), 0.14%, 4/01/13 (a) |
1,750 | 1,750,000 | ||||||
Virginia College Building Authority RB (21st
|
2,000 | 2,000,000 | ||||||
Virginia Commonwealth Transportation Board Clipper Tax-Exempt Certificates Trust Series 2007A-2009-38 AMT VRDN (State Street Bank & Trust Co. SBPA), 0.12%, 4/04/13 (a)(b)(c) |
600 | 600,000 | ||||||
Winchester Authority Residential Care Facility IDRB (Westminster-Canterbury Project) Series 2005B VRDN (Branch Banking & Trust Co. LOC), 0.14%, 4/04/13 (a) |
600 | 600,000 | ||||||
|
||||||||
Total Investments (Cost $14,687,399*) 99.9% |
|
14,687,399 | ||||||
Other Assets Less Liabilities 0.1% |
18,245 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 14,705,644 | ||||||
|
|
Notes to Schedule of Investments |
* | Cost for federal income tax purposes. |
(a) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. |
|
Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
|
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
|
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other marketcorroborated inputs) |
|
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
See Notes to Financial Statements. | ||||||
BLACKROCK FUNDS | MARCH 31, 2013 | 29 |
Schedule of Investments (concluded) | BlackRock Virginia Municipal Money Market Portfolio |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of March 31, 2013:
|
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
|
BlackRock
U.S. Treasury
|
BlackRock
|
BlackRock
|
||||||||||||
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
|
BlackRock
|
BlackRock
|
BlackRock
|
||||||||||||
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 |
Statements of Operations |
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
|
(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
|
Year Ended March 31, |
Period
October 1, 2008 to March 31, |
Year
Ended
|
|||||||||||||||||||||||||||||||||||||||||||||||
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. |
6 |
Annualized. |
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
2009 |
Year Ended
September 30, |
Year Ended March 31, |
Period
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. |
6 |
Annualized. |
See Notes to Financial Statements. | ||||||
40 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Financial Highlights |
BlackRock U.S. Treasury Money Market Portfolio |
Investor A | ||||||||||||||||||||||||||
Year Ended March 31, |
Period
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. |
6 |
Annualized. |
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
2009 |
Year Ended
September 30, |
Year Ended March 31, |
Period
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
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. |
6 |
Annualized. |
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
2009 |
Year Ended
September 30, |
Year Ended March 31, |
Period
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. |
6 |
Annualized. |
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. |
6 |
Annualized. |
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
2009 |
Year Ended
September 30, |
Year Ended March 31, |
Period
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
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. |
6 |
Annualized. |
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. |
6 |
Annualized. |
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
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. |
6 |
Annualized. |
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
|
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 | ) |
BLACKROCK FUNDS | MARCH 31, 2013 | 55 |
Notes to Financial Statements (continued) |
Year Ended March 31, | ||||||||
U.S. Treasury (concluded) | 2013 | 2012 | ||||||
Investor A |
||||||||
Shares sold |
30,717,267 | 29,755,446 | ||||||
Shares issued in reinvestment of dividends and distributions |
294 | 221 | ||||||
Shares redeemed |
(16,074,331 | ) | (114,192,100 | ) | ||||
|
|
|||||||
Net increase (decrease) |
14,643,230 | (84,436,433 | ) | |||||
|
||||||||
Total Net Increase (Decrease) |
67,103,703 | (48,520,158 | ) | |||||
|
|
|||||||
Municipal |
||||||||
Institutional |
||||||||
Shares sold |
102,928,635 | 125,999,629 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 166 | ||||||
Shares redeemed |
(107,424,478 | ) | (110,258,097 | ) | ||||
|
|
|||||||
Net increase (decrease) |
(4,495,843 | ) | 15,741,698 | |||||
|
|
|||||||
Service |
||||||||
Shares sold |
193,729,826 | 207,336,980 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 3 | ||||||
Shares redeemed |
(139,559,742 | ) | (185,367,359 | ) | ||||
|
|
|||||||
Net increase |
54,170,084 | 21,969,624 | ||||||
|
|
|||||||
Hilliard Lyons 1 |
||||||||
Shares sold |
| 2,315,734 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 2 | ||||||
Shares redeemed |
| (10,745,849 | ) | |||||
|
|
|||||||
Net decrease |
| (8,430,113 | ) | |||||
|
|
|||||||
Investor A |
||||||||
Shares sold |
2,231,813 | 1,096,967 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 46 | ||||||
Total issued |
2,231,813 | |||||||
Shares redeemed |
(359,420 | ) | (2,993,108 | ) | ||||
|
|
|||||||
Net increase (decrease) |
1,872,393 | (1,896,095 | ) | |||||
|
||||||||
Total Net Increase |
51,546,634 | 27,385,114 | ||||||
|
|
|||||||
New Jersey Municipal |
||||||||
Institutional |
||||||||
Shares sold |
50,482,373 | 66,677,879 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 1 | ||||||
Shares redeemed |
(60,101,202 | ) | (71,467,770 | ) | ||||
|
|
|||||||
Net decrease |
(9,618,829 | ) | (4,789,890 | ) | ||||
|
|
Year Ended March 31, | ||||||||
New Jersey Municipal (concluded) |
2013 | 2012 | ||||||
Service |
||||||||
Shares sold |
13,307,820 | 4,482,619 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 164 | ||||||
Shares redeemed |
(10,179,990 | ) | (7,525,634 | ) | ||||
|
|
|||||||
Net increase (decrease) |
3,127,830 | (3,042,851 | ) | |||||
|
|
|||||||
|
||||||||
Investor A |
||||||||
Shares sold |
214,286 | 2,002,085 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 215 | ||||||
Shares redeemed |
(89,095 | ) | (13,193,610 | ) | ||||
|
|
|||||||
Net increase (decrease) |
125,191 | (11,191,310 | ) | |||||
|
||||||||
Total Net Decrease |
(6,365,808 | ) | (19,024,051 | ) | ||||
|
|
|||||||
North Carolina Municipal |
||||||||
Institutional |
||||||||
Shares sold |
156,520,933 | 168,544,650 | ||||||
Shares issued in reinvestment of dividends and distributions |
1 | 2 | ||||||
Shares redeemed |
(140,602,382 | ) | (171,006,899 | ) | ||||
|
|
|||||||
Net increase (decrease) |
15,918,552 | (2,462,247 | ) | |||||
|
|
|||||||
|
||||||||
Service |
||||||||
Shares sold |
834,798 | 521,320 | ||||||
Shares redeemed |
(870,344 | ) | (594,234 | ) | ||||
|
|
|||||||
Net decrease |
(35,546 | ) | (72,914 | ) | ||||
|
|
|||||||
|
||||||||
Investor A |
||||||||
Shares sold |
800 | 12,300 | ||||||
Shares redeemed |
(44,412 | ) | (24,708 | ) | ||||
|
|
|||||||
Net decrease |
(43,612 | ) | (12,408 | ) | ||||
|
||||||||
Total Net Increase (Decrease) |
15,839,394 | (2,547,569 | ) | |||||
|
|
|||||||
Ohio Municipal |
||||||||
Institutional |
||||||||
Shares sold |
135,857,621 | 663,166,536 | ||||||
Shares redeemed |
(142,707,892 | ) | (692,620,744 | ) | ||||
|
|
|||||||
Net decrease |
(6,850,271 | ) | (29,454,208 | ) | ||||
|
|
|||||||
Service |
||||||||
Shares sold |
13,730,695 | 7,989,886 | ||||||
Shares redeemed |
(8,929,785 | ) | (7,523,976 | ) | ||||
|
|
|||||||
Net increase |
4,800,910 | 465,910 | ||||||
|
|
56 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Notes to Financial Statements (concluded) |
Year Ended March 31, | ||||||||
Ohio Municipal (concluded) | 2013 | 2012 | ||||||
Investor A |
||||||||
Shares sold |
18,600 | 648,664 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 1 | ||||||
Shares redeemed |
(18,891 | ) | (6,032,787 | ) | ||||
Net decrease |
(291 | ) | (5,384,122 | ) | ||||
Total Net Decrease |
(2,049,652 | ) | (34,372,420 | ) | ||||
Pennsylvania Municipal |
||||||||
Institutional |
||||||||
Shares sold |
502,206,476 | 578,902,084 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 9 | ||||||
Shares redeemed |
(456,241,595 | ) | (617,458,417 | ) | ||||
Net increase (decrease) |
45,964,881 | (38,556,324 | ) |
Service |
||||||||
Shares sold |
112,205,497 | 33,885,135 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 2 | ||||||
Shares redeemed |
(111,224,409 | ) | (48,207,797 | ) | ||||
Net increase (decrease) |
981,088 | (14,322,660 | ) |
Year Ended March 31, | ||||||||
Pennsylvania Municipal (concluded) |
2013 | 2012 | ||||||
Investor A |
||||||||
Shares sold |
947 | 5,015,659 | ||||||
Shares issued in reinvestment of dividends and distributions |
| 2 | ||||||
Shares redeemed |
(6,834 | ) | (22,376,086 | ) | ||||
Net decrease |
(5,887 | ) | (17,360,425 | ) | ||||
Total Net Increase (Decrease) |
46,940,082 | (70,239,409 | ) | |||||
Virginia Municipal |
||||||||
Institutional |
||||||||
Shares sold |
60,694,447 | 80,269,511 | ||||||
Shares issued in reinvestment of dividends and distributions |
3 | | ||||||
Shares redeemed |
(68,282,664 | ) | (86,345,489 | ) | ||||
Net decrease |
(7,588,214 | ) | (6,075,978 | ) |
Service |
||||||||
Shares sold |
| 987,371 | ||||||
Shares redeemed |
| (988,179 | ) | |||||
Net decrease |
| (808 | ) | |||||
Total Net Decrease |
(7,588,214 | ) | (6,076,786 | ) |
1 |
As of March 12, 2012, Money Market and Municipal no longer accepted orders to purchase Hilliard Lyons shares. |
6. Subsequent Events:
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
BLACKROCK FUNDS | MARCH 31, 2013 | 57 |
Report of Independent Registered Public Accounting Firm |
To the Board of Trustees of BlackRock Funds and Shareholders of BlackRock Money Market Portfolio, BlackRock U.S. Treasury Money Market Portfolio, BlackRock Municipal Money Market Portfolio, BlackRock New Jersey Municipal Money Market Portfolio, BlackRock North Carolina Municipal Money Market Portfolio, BlackRock Ohio Municipal Money Market Portfolio, BlackRock Pennsylvania Municipal Money Market Portfolio, and BlackRock Virginia Municipal Money Market Portfolio:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the BlackRock Money Market Portfolio, BlackRock U.S. Treasury Money Market Portfolio, BlackRock Municipal Money Market Portfolio, BlackRock New Jersey Municipal Money Market Portfolio, BlackRock North Carolina Municipal Money Market Portfolio, BlackRock Ohio Municipal Money Market Portfolio, BlackRock Pennsylvania Municipal Money Market Portfolio, and BlackRock Virginia Municipal Money Market Portfolio (collectively, the Portfolios) as of March 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Portfolios management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control
over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2013, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Money Market Portfolio, BlackRock U.S. Treasury Money Market Portfolio, BlackRock Municipal Money Market Portfolio, BlackRock New Jersey Municipal Money Market Portfolio, BlackRock North Carolina Municipal Money Market Portfolio, BlackRock Ohio Municipal Money Market Portfolio, BlackRock Pennsylvania Municipal Money Market Portfolio, and BlackRock Virginia Municipal Money Market Portfolio as of March 31, 2013, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Philadelphia, Pennsylvania
May 24, 2013
|
Important Tax Information (Unaudited)
All of the net investment income distributions paid by BlackRock Municipal Money Market Portfolio, BlackRock New Jersey Municipal Money Market Portfolio, BlackRock North Carolina Municipal Money Market Portfolio, BlackRock Ohio Municipal Money Market Portfolio, BlackRock Pennsylvania Municipal Money Market Portfolio, and BlackRock Virginia Municipal Money Market Portfolio during the taxable year ended March 31, 2013 qualify as tax-exempt interest dividends for Federal income tax purposes.
The following information is provided with respect to the ordinary income distributions paid by the Funds during the fiscal year ended March 31, 2013:
1 |
Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations. |
2 |
The law varies in each state as to whether and what percentage of dividend income attributable to federal obligations is exempt from state income tax. We recommend that you consult your tax advisor to determine if any portion of the dividends you received is exempt from state income taxes. |
58 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Officers and Trustees |
Name, Address, and Year of Birth
|
Position(s) Held with Trust
|
Length of Time Served as a Trustee 2
|
Principal Occupation(s) During Past 5 Years
|
Number of BlackRock-
(Portfolios) Overseen
|
Public Directorships
|
|||||
Independent Trustees 1 |
||||||||||
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940 |
Co-Chair of the Board and Trustee |
Since 2007 |
Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000. |
33 RICs consisting of 107 Portfolios |
None | |||||
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941 |
Co-Chair of the Board and Trustee |
Since 2007 |
President, Fairmount Capital Advisors, Inc. since 1987; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011. |
33 RICs consisting of 107 Portfolios |
None | |||||
David O. Beim 55 East 52nd Street New York, NY 10055 1940 |
Trustee |
Since 2007 |
Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006. |
33 RICs consisting of 107 Portfolios |
None | |||||
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939 |
Trustee |
Since 2004 |
Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003. |
33 RICs consisting of 107 Portfolios |
NSTAR (electric and gas utility) | |||||
Herbert I. London 55 East 52nd Street New York, NY 10055 1939 |
Trustee |
Since 2007 |
Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. since 2005; Director, Cerego, LLC (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director, AIMS Worldwide, Inc. from 2007 to 2012. |
33 RICs consisting of 107 Portfolios |
None | |||||
Ian A. MacKinnon 55 East 52nd Street New York, NY 10055 1948 |
Trustee |
Since 2012 |
Director, Kennett Capital, Inc. (investments) since 2006; Director, Free Library of Philadelphia from 1999 to 2008. |
33 RICs consisting of 107 Portfolios |
None | |||||
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952 |
Trustee |
Since 2007 |
Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010. |
33 RICs consisting of 107 Portfolios |
Newell Rubbermaid, Inc. (manufacturing) | |||||
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947 |
Trustee |
Since 2007 |
Director, Jones and Brown (Canadian insurance broker) since 1998; Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; General Partner, Thorn Partners, LP (private investment) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008. |
33 RICs consisting of 107 Portfolios |
Greenlight Capital Re, Ltd. (reinsurance company) | |||||
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945 |
Trustee |
Since 2007 |
Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981. |
33 RICs consisting of 107 Portfolios |
None | |||||
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938 |
Trustee |
Since 2005 |
President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, A.P. Pharma, Inc. (specialty pharmaceuticals) from 1983 to 2011; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008. |
33 RICs consisting of 107 Portfolios |
None |
BLACKROCK FUNDS | MARCH 31, 2013 | 59 |
Officers and Trustees (continued) |
60 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Officers and Trustees (continued) |
Name, Address, and Year of Birth
|
Position(s) Held with Trust
|
Length
|
Principal Occupation(s) During Past 5 Years
|
|||
Officers 1 |
||||||
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964 |
President and Chief Executive Officer |
Since
2010 |
Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009. | |||
Richard Hoerner, CFA 55 East 52nd Street New York, NY 10055 1958 |
Vice President |
Since
2009 |
Managing Director of BlackRock since 2000; Head of the Global Cash Group since 2013; Co-head of the Global Cash and Securities Lending Group from 2010 to 2013; Member of the Cash Management Group Executive Committee since 2005. | |||
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977 |
Vice President |
Since
2009 |
Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product Development and Management for BlackRocks U.S. Retail Group since 2009 and Co-head thereof from 2007 to 2009; Vice President of BlackRock from 2005 to 2008. | |||
Christopher Stavrakos, CFA 55 East 52nd Street New York, NY 10055 1959 |
Vice President |
Since
2009 |
Managing Director of BlackRock since 2006; Co-head of BlackRocks Cash Management Portfolio Management Group since 2006; Senior Vice President, CIO, and Director of Liability Management for the Securities Lending Group at Mellon Bank from 1999 to 2006. | |||
Neal Andrews 55 East 52nd Street New York, NY 10055 1966 |
Chief Financial Officer |
Since
2007 |
Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. | |||
Jay Fife 55 East 52nd Street New York, NY 10055 1970 |
Treasurer |
Since
2007 |
Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. | |||
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959 |
Chief Compliance Officer and Anti-Money Laundering Officer |
Since
2007 |
Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock since 2005. | |||
Benjamin Archibald 55 East 52nd Street New York, NY 10055 1975 |
Secretary |
Since
2012 |
Director of BlackRock since 2010; Assistant Secretary to the funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009. | |||
1 Officers of the Trust serve at the pleasure of the Board. |
||||||
Further information about the Trusts Officers and Trustees is available in the Trusts Statement of Additional Information, which can be obtained without charge by calling 1-800-441-7762. |
BLACKROCK FUNDS | MARCH 31, 2013 | 61 |
Officers and Trustees (concluded) |
Investment Advisor and Co-Administrator BlackRock Advisors, LLC Wilmington, DE 19809 |
Accounting Agent, Co-Administrator and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809 |
Distributor BlackRock Investments, LLC New York, NY 10022 |
Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103 |
|||
Custodian The Bank of New York Mellon New York, NY 10286 |
Legal Counsel Sidley Austin LLP New York, NY 10019 |
Address of the Trust 100 Bellevue Parkway Wilmington, DE 19809 |
62 |
BLACKROCK FUNDS | MARCH 31, 2013 |
Add itional Information |
General Information |
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on the Funds website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Funds electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly With BlackRock:
1) | Access the BlackRock website at http://www.blackrock.com/ edelivery |
2) | Select eDelivery under the More Information section |
3) | Log into your account |
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called householding and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commissions (the SEC) for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the SECs website at http://www.sec.gov and may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C. Information on how to access documents on the SECs website without charge may be obtained by calling (800) SEC-0330. The Funds Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SECs website at http:// www.sec.gov.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in the Funds portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SECs website at http://www.sec.gov.
Shareholder Privileges |
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com/funds.
Automatic Investment Plans
Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plan
Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BLACKROCK FUNDS | MARCH 31, 2013 | 63 |
Additional Information (concluded) |
BlackRock Privacy Principles |
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, Clients) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
64 |
BLACKROCK FUNDS | MARCH 31, 2013 |
A World-Class Mutual Fund Family |
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing.
Equity Funds | ||||||||
BlackRock ACWI ex-US Index Fund |
BlackRock Global Long/Short Equity Fund | BlackRock Mid-Cap Value Opportunities Fund | ||||||
BlackRock All-Cap Energy & Resources Portfolio |
BlackRock Global Opportunities Portfolio | BlackRock Natural Resources Trust | ||||||
BlackRock Basic Value Fund |
BlackRock Global SmallCap Fund | BlackRock Pacific Fund | ||||||
BlackRock Capital Appreciation Fund |
BlackRock Health Sciences Opportunities Portfolio |
BlackRock Real Estate Securities Fund | ||||||
BlackRock China Fund |
BlackRock India Fund | BlackRock Russell 1000 Index Fund | ||||||
BlackRock Commodity Strategies Fund BlackRock Disciplined Small Cap Core Fund |
BlackRock International Fund
BlackRock International Index Fund |
BlackRock Science & Technology Opportunities Portfolio |
||||||
BlackRock Emerging Markets Fund |
BlackRock International Opportunities Portfolio | BlackRock Small Cap Growth Equity Portfolio | ||||||
BlackRock Emerging Markets Long/Short Equity Fund |
BlackRock Large Cap Core Fund
BlackRock Large Cap Core Plus Fund |
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund |
||||||
BlackRock Energy & Resources Portfolio |
BlackRock Large Cap Growth Fund | BlackRock S&P 500 Stock Fund | ||||||
BlackRock Equity Dividend Fund |
BlackRock Large Cap Value Fund | BlackRock U.S. Opportunities Portfolio | ||||||
BlackRock EuroFund |
BlackRock Latin America Fund | BlackRock Value Opportunities Fund | ||||||
BlackRock Flexible Equity Fund |
BlackRock Long-Horizon Equity Fund | BlackRock World Gold Fund | ||||||
BlackRock Focus Growth Fund |
BlackRock Mid-Cap Growth Equity Portfolio | |||||||
BlackRock Global Dividend Income Portfolio
|
||||||||
Taxable Fixed Income Funds | ||||||||
BlackRock Bond Index Fund BlackRock Core Bond Portfolio |
BlackRock Inflation Protected Bond Portfolio
BlackRock International Bond Portfolio |
BlackRock Strategic Income Opportunities Portfolio |
||||||
BlackRock CoreAlpha Bond Fund |
BlackRock Long Duration Bond Portfolio | BlackRock Total Return Fund | ||||||
BlackRock Emerging Market Local Debt Portfolio |
BlackRock Low Duration Bond Portfolio | BlackRock U.S. Government Bond Portfolio | ||||||
BlackRock Floating Rate Income Portfolio |
BlackRock Secured Credit Portfolio | BlackRock U.S. Mortgage Portfolio | ||||||
BlackRock Global Long/Short Credit Fund |
BlackRock Short Obligations Fund | BlackRock Ultra-Short Obligations Fund | ||||||
BlackRock GNMA Portfolio |
BlackRock Short-Term Treasury Fund | BlackRock World Income Fund | ||||||
BlackRock High Yield Bond Portfolio
|
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Municipal Fixed Income Funds | ||||||||
BlackRock California Municipal Bond Fund |
BlackRock National Municipal Fund | BlackRock Pennsylvania Municipal Bond Fund | ||||||
BlackRock High Yield Municipal Fund |
BlackRock New Jersey Municipal Bond Fund | BlackRock Short-Term Municipal Fund | ||||||
BlackRock Intermediate Municipal Fund
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BlackRock New York Municipal Bond Fund | |||||||
Mixed Asset Funds | ||||||||
BlackRock Balanced Capital Fund |
LifePath Active Portfolios | LifePath Index Portfolios | ||||||
BlackRock Emerging Market Allocation Portfolio |
2015 |
2040 |
Retirement |
2040 |
||||
BlackRock Global Allocation Fund |
2020 |
2045 |
2020 |
2045 |
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BlackRock Managed Volatility Portfolio |
2025 |
2050 |
2025 |
2050 |
||||
BlackRock Multi-Asset Income Portfolio |
2030 |
2055 |
2030 |
2055 |
||||
BlackRock Multi-Asset Real Return Fund |
2035 | 2035 | ||||||
BlackRock Strategic Risk Allocation Fund |
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LifePath Portfolios | ||||||||
BlackRock Prepared Portfolios |
Retirement |
2040 |
||||||
Conservative Prepared Portfolio |
2020 |
2045 |
||||||
Moderate Prepared Portfolio |
2025 |
2050 |
||||||
Growth Prepared Portfolio |
2030 |
2055 |
||||||
Aggressive Growth Prepared Portfolio |
2035 |
BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each funds prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.
BLACKROCK FUNDS | MARCH 31, 2013 | 65 |
(a) Audit Fees | (b) Audit-Related Fees 1 | (c) Tax Fees 2 | (d) All Other Fees 3 | |||||||||||||||||||||||||||||||||||||
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
||||||||||||||||||||||||||||||||
BlackRock Money Market Portfolio | $18,763 | $18,500 | $0 | $0 | $9,600 | $9,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock Municipal Money Market Portfolio | $21,163 | $20,900 | $0 | $0 | $10,600 | $10,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock New Jersey Municipal Money Market Portfolio | $18,763 | $18,500 | $0 | $0 | $10,600 | $10,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock North Carolina Municipal Money Market Portfolio | $18,763 | $18,500 | $0 | $0 | $10,600 | $10,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock Ohio Municipal Money Market Portfolio | $18,763 | $18,500 | $0 | $0 | $10,600 | $10,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock Pennsylvania Municipal Money Market Portfolio | $21,163 | $20,900 | $0 | $0 | $10,600 | $10,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock U.S. Treasury Money Market Portfolio | $16,363 | $16,100 | $0 | $0 | $9,600 | $9,100 | $0 | $0 | ||||||||||||||||||||||||||||||||
BlackRock Virginia Municipal Money Market Portfolio | $16,363 | $16,100 | $0 | $0 | $10,600 | $10,100 | $0 | $0 |
2
The following table presents fees billed by D&T that were required to be approved by the registrants audit committee (the Committee) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (Investment Adviser or BlackRock) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (Fund Service Providers): |
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees 1 |
$0 | $0 | ||
(c) Tax Fees 2 |
$0 | $0 | ||
(d) All Other Fees 3 |
$2,865,000 | $2,970,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, tax advice and tax planning.
3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
(e)(1) Audit Committee Pre-Approval Policies and Procedures: | ||
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SECs auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (general pre-approval). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels. |
||
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels. |
||
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimus exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | ||
(f) Not Applicable | ||
(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were: |
3
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
||||
BlackRock Money Market Portfolio | $9,600 | $9,100 | ||||
BlackRock Municipal Money Market Portfolio | $10,600 | $10,100 | ||||
BlackRock New Jersey Municipal Money Market Portfolio | $10,600 | $10,100 | ||||
BlackRock North Carolina Municipal Money Market Portfolio | $10,600 | $10,100 | ||||
BlackRock Ohio Municipal Money Market Portfolio | $10,600 | $10,100 | ||||
BlackRock Pennsylvania Municipal Money Market Portfolio | $10,600 | $10,100 | ||||
BlackRock U.S. Treasury Money Market Portfolio | $9,600 | $9,100 | ||||
BlackRock Virginia Municipal Money Market Portfolio | $10,600 | $10,100 |
4
under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. | ||
Item 12 | Exhibits attached hereto | |
(a)(1) Code of Ethics See Item 2 | ||
(a)(2) Certifications Attached hereto | ||
(a)(3) Not Applicable | ||
(b) Certifications Attached hereto |
5
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds
By: |
/s/ John M. Perlowski |
|||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Funds |
Date: June 3, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ John M. Perlowski |
|||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Funds |
Date: June 3, 2013
By: |
/s/ Neal J. Andrews |
|||
Neal J. Andrews | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Funds |
Date: June 3, 2013
6
1 Year Blackrock Fds, All-Cap Energy & Resources Ptf Investor A Class (MM) Chart |
1 Month Blackrock Fds, All-Cap Energy & Resources Ptf Investor A Class (MM) Chart |
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