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<PAGE> PAGE 5
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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008 A000801 BLACKROCK ADVISOR, INC.
008 B000801 A
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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008 A000901 BLACKROCK ADVISOR, INC.
<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001001 BLACKROCK ADVISOR, INC.
008 B001001 A
008 C001001 801-47710
008 D011001 NEW YORK
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008 D031001 10154
008 A001002 BLACKROCK FINANCIAL MANAGEMENT, INC.
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015 A001001 PNC BANK NATIONAL ASSOCIATION
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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008 B001101 A
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<PAGE> PAGE 56
015 A001101 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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008 A001601 BLACKROCK ADVISOR, INC.
008 B001601 A
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008 A001602 BLACKROCK FINANCIAL MANAGEMENT, INC.
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015 A001601 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
070 F021600 N
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<PAGE> PAGE 82
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008 A001701 BLACKROCK ADVISOR, INC.
008 B001701 A
008 C001701 801-47710
<PAGE> PAGE 83
008 D011701 NEW YORK
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008 D031701 10154
008 A001702 BLACKROCK INSTITUTIONAL MANAGEMENT CORP.
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015 A001701 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 84
032 001700 0
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<PAGE> PAGE 85
063 A001700 28
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070 F021700 N
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070 H011700 N
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070 I011700 N
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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008 A001801 BLACKROCK ADVISOR, INC.
008 B001801 A
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008 A001802 BLACKROCK FINANCIAL MANAGEMENT, INC.
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025 C001802 D
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025 A001803 MORGAN STANLEY & COMPANY
025 B001803 13-2655998
025 C001803 D
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
070 B011800 N
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
008 C002001 801-47710
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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008 A002101 BLACKROCK ADVISOR, INC.
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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008 A002201 BLACKROCK ADVISOR, INC.
008 B002201 A
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015 A002201 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
070 K012200 Y
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<PAGE> PAGE 110
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<PAGE> PAGE 111
015 A002301 PNC BANK, NATIONAL ASSOCIATION
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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<PAGE> PAGE 148
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<PAGE> PAGE 149
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<PAGE> PAGE 159
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<PAGE> PAGE 160
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<PAGE> PAGE 161
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<PAGE> PAGE 162
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<PAGE> PAGE 163
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<PAGE> PAGE 164
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<PAGE> PAGE 165
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<PAGE> PAGE 166
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<PAGE> PAGE 167
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<PAGE> PAGE 168
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<PAGE> PAGE 169
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<PAGE> PAGE 170
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<PAGE> PAGE 171
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<PAGE> PAGE 172
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<PAGE> PAGE 173
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<PAGE> PAGE 174
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<PAGE> PAGE 175
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<PAGE> PAGE 176
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<PAGE> PAGE 177
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<PAGE> PAGE 178
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<NAME> BLACKROCK FUNDS
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<NAME> BLACKROCK FUNDS
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<NAME> NEW JERSEY TAX FREE INCOME PORTFOLIO-INVESTOR B CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> CORE BOND PORTFOLIO-SERVICE CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> CORE BOND PORTFOLIO-INVESTOR A CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> CORE BOND PORTFOLIO-INVESTOR B CLASS
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<NAME> CORE BOND PORTFOLIO-INVESTOR C CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> CORE BOND PORTFOLIO-BLACKROCK CLASS
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<NAME> BLACKROCK FUNDS
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<NAME> BLACKROCK FUNDS
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12764690
<NUMBER-OF-SHARES-REDEEMED> (1018799)
<SHARES-REINVESTED> 66
<NET-CHANGE-IN-ASSETS> 118739993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 242151
<INTEREST-EXPENSE> 12627
<GROSS-EXPENSE> 438660
<AVERAGE-NET-ASSETS> 118161183
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> .57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
Exhibit A:
Attachment to item 77B: Accountant's report on internal control
- -------------------------------------------------------------------------
Exhibit A
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of the BlackRock Funds:
In planning and performing our audit of the financial statements and
financialhighlights of the BlackRock Funds (comprising, respectively, Large
Cap ValueEquity, Large Cap Growth Equity, Mid-Cap Value Equity, Mid-Cap
Growth Equity,Small Cap Value Equity, Small Cap Growth Equity, Micro-Cap
Equity,International Equity, International Small Cap Equity, International
EmergingMarkets, Select Equity, Index Equity, Balanced, Low Duration
Bond,Intermediate Government Bond, Intermediate Bond, Core Bond, Government
Income,GNMA, Managed Income, International Bond, Tax-Free Income,
Pennsylvania Tax-Free Income, New Jersey Tax-Free Income, Ohio Tax-Free
Income, Delaware Tax-Free Income, Kentucky Tax-Free Income, Money Market,
U.S. Treasury MoneyMarket, Municipal Money Market, New Jersey Municipal
Money Market, NorthCarolina Municipal Money Market, North Carolina
Municipal Money Market, OhioMunicipal Money Market, Pennsylvania Municpal
Money Market, Virginia MunicipalMoney Market, BlackRock Strategic Portfolio
I, and The Multi-Sector MortgageSecurities Portfolio III Portfolios) for the
year (or period) ended September30, 1998, we considered its internal
control, including control activities forsafeguarding securities, in order
to determine our auditing procedures for thepurpose of expressing our
opinion on the financial statements and financialhighlights and to comply
with the requirements of Form N-SAR, not to provideassurance on internal
control.
The management of the BlackRock Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements and
financial highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal controls, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by errors or fraud in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls activities for safeguarding securities, that we consider
to be material weaknesses as defined above as of September 30, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of the BlackRock Funds, and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
November 13, 1998
