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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 28
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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 39
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<PAGE> PAGE 40
070 E010700 Y
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<PAGE> PAGE 41
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<PAGE> PAGE 42
008 A000801 BLACKROCK ADVISOR, INC.
008 B000801 A
008 C000801 801-47710
008 D010801 NEW YORK
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008 D030801 10154
008 A000802 BLACKROCK INTERNATIONAL LIMITED
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008 D060802 EH23AH
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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.
008 B000901 A
008 C000901 801-47710
008 D010901 NEW YORK
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008 D030901 10154
008 A000902 BLACKROCK INSTITUTIONAL MANAGEMENT CORP.
<PAGE> PAGE 47
008 B000902 S
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015 A000901 PFPC TRUST COMPANY
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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
008 D021001 NY
008 D031001 10154
008 A001002 BLACKROCK FINANCIAL MANAGEMENT, INC.
008 B001002 S
008 C001002 801-48433
008 D011002 NEW YORK
008 D021002 NY
008 D031002 10154
015 A001001 PFPC TRUST COMPANY
015 B001001 C
015 C011001 PHILADELPHIA
015 C021001 PA
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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 A001101 BLACKROCK ADVISOR, INC.
008 B001101 A
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008 D011101 NEW YORK
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008 D031101 10154
008 A001102 BLACKROCK FINANCIAL MANAGEMENT, INC.
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015 A001101 PFPC TRUST COMPANY
015 B001101 C
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<PAGE> PAGE 56
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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
070 I011200 N
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<PAGE> PAGE 64
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008 A001301 BLACKROCK ADVISOR, INC.
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<PAGE> PAGE 65
008 C001302 801-48433
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015 A001301 PFPC TRUST COMPANY
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<PAGE> PAGE 66
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<PAGE> PAGE 67
066 D001300 N
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070 F011300 Y
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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008 A001401 BLACKROCK ADVISOR, INC.
008 B001401 A
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015 A001401 PFPC TRUST COMPANY
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<PAGE> PAGE 70
028 A011400 25299
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<PAGE> PAGE 71
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<PAGE> PAGE 72
070 D021400 N
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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008 A001501 BLACKROCK ADVISOR, INC.
008 B001501 A
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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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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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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
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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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<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 B002201 A
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
070 G022200 N
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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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 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 137
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<PAGE> PAGE 138
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<PAGE> PAGE 148
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<PAGE> PAGE 151
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<PAGE> PAGE 153
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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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<PAGE> PAGE 179
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008 D013801 NEW YORK
008 D023801 NY
008 D033801 10154
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015 A003801 PFPC TRUST COMPANY
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<PAGE> PAGE 180
015 E033801 X
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<PAGE> PAGE 181
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<PAGE> PAGE 182
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<PAGE> PAGE 183
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<PAGE> PAGE 184
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<GROSS-ADVISORY-FEES> 263946
<INTEREST-EXPENSE> 175871
<GROSS-EXPENSE> 1001480
<AVERAGE-NET-ASSETS> 42889188
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .79
<PER-SHARE-GAIN-APPREC> (.31)
<PER-SHARE-DIVIDEND> (.75)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 1.96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000844779
<NAME> BLACKROCK FUNDS
<SERIES>
<NUMBER> 386
<NAME> HIGH YIELD BOND PORTFOLIO-BLACKROCK
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 94176716
<INVESTMENTS-AT-VALUE> 91575007
<RECEIVABLES> 4840622
<ASSETS-OTHER> 30644
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96446273
<PAYABLE-FOR-SECURITIES> 5475188
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7646074
<TOTAL-LIABILITIES> 13121262
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 271952
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (683582)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2601709)
<NET-ASSETS> 83325011
<DIVIDEND-INCOME> 572176
<INTEREST-INCOME> 5569680
<OTHER-INCOME> 0
<EXPENSES-NET> (654583)
<NET-INVESTMENT-INCOME> 5487273
<REALIZED-GAINS-CURRENT> (683582)
<APPREC-INCREASE-CURRENT> (2601709)
<NET-CHANGE-FROM-OPS> 2201982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (124941)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 285616
<NUMBER-OF-SHARES-REDEEMED> 16479
<SHARES-REINVESTED> 2815
<NET-CHANGE-IN-ASSETS> 83325011
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 263946
<INTEREST-EXPENSE> 175871
<GROSS-EXPENSE> 1001480
<AVERAGE-NET-ASSETS> 42889188
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> (.31)
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 1.94
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants 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
financial highlights of the BlackRock Funds, consisting of the Money
Market, U.S. Treasury Money Market, Municipal Money Market, New
Jersey Municipal Money Market, North Carolina Municipal Money
Market, Ohio Municipal Money Market, Pennsylvania Municipal Money
Market, Virginia Municipal Money Market, High Yield Debt, Low
Duration Bond, Intermediate Government Bond, Intermediate Bond, Core
Bond, Government Income, Managed Income, Multi-Sector Mortgage
Securities Portfolio III, International Bond, Tax-Free Income,
Pennsylvania Tax-Free Income, New Jersey Tax-Free Income, Ohio Tax-
Free Income, Kentucky Tax-Free Income, Delaware Tax Free Income,
GNMA, BlackRock Strategic Portfolio I, Large Cap Value Equity, Large
Cap Growth Equity, Mid Cap Value Equity, Mid Cap Growth Equity,
Small Cap Value Equity, Small Cap Growth Equity, Micro-Cap Equity,
Select Equity, Index Equity, International Equity, International
Emerging Markets, International Small Cap Equity and Balanced
Portfolios (hereinafter collectively referred to as the "Fund") for
the year ended September 30, 1999, we considered its internal
control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgements 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 over safeguarding
securities, that we consider to be material weaknesses as defined
above as of September 30, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of the Fund and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
November 15,1999
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia PA 19103
Telephone (215) 963 8000
Facsimile (215) 963 8700
