0000844779 bf3:C000237396Member 2024-05-01 2024-10-31 0000844779 2024-05-01 2024-10-31 0000844779 bf3:C000237396Member 2024-10-31 0000844779 bf3:OtherAssetsLessLiabilitiesMember bf3:C000237396Member 2024-10-31 0000844779 us-gaap:RepurchaseAgreementsMember bf3:C000237396Member 2024-10-31 0000844779 bf3:USTreasuryObligationsMember bf3:C000237396Member 2024-10-31 iso4217:USD iso4217:USD shares pure shares utr:D bf3:Holding 0000844779 false N-1A N-CSRS BlackRock Funds 2024-10-31 Circle Reserve Fund Institutional Shares USDXX This semi-annual shareholder report contains important information about Circle Reserve Fund (the “Fund”) for the period of May 1, 2024 to October 31, 2024. semi-annual shareholder report You can find additional information about the Fund at <span style="color: #000000; font-weight: bold; text-decoration-line: none; font-family: 'arial'; font-size: 8pt; line-height: 10.4pt; text-align: justify;">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7450. blackrock.com/fundreports (800) 441‑7450 <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; margin-bottom: -0.18pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: #000000;">(based on a hypothetical $10,000 investment)</div> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: #000000; background-color: #ffce00; vertical-align: bottom; text-align: left; padding: 2pt 0 2pt 0;">Class name</td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: #000000; background-color: #ffce00; text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs of a $10,000<br/>investment</td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: #000000; background-color: #ffce00; text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">Costs paid as a percentage of a <br/>$10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; color: #000000; overflow-x: hidden; font-size: 8pt; line-height: 10pt; text-align: left; vertical-align: bottom; padding: 4pt 0 2pt 0;">Institutional Shares</td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; vertical-align: bottom; padding: 4pt 0 2pt 0;"><span style="float: none;">$</span>5</td> <td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; text-align: center; font-size: 8pt; line-height: 10pt; vertical-align: bottom; padding: 4pt 0 2pt 0;">0.09<span>%</span><span style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;">(a)</span><sup style="vertical-align: 0.5em; font-size: smaller; line-height: 0px;"></sup></td> </tr> </table> <table style="break-inside: avoid-page; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 1.6pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;">​<sup style="; font-size: smaller; line-height: 0px;">(a)</sup></div> </td> <td style="break-inside: avoid-page; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: #000000; vertical-align: top; text-indent: 0; width: 100%; padding: 1.6pt 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 5 0.0009 <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;">Key Fund statistics</div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"><span style="float: none;">$</span>30,438,870,951</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;">27</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: 0; padding: 1.6pt 6pt 0 0;"><strong>Current seven-day yields as of October 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)</strong></td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">7-Day SEC Yield</td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;">4.78<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">7-Day Yield</td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 1.6pt 6pt;">4.78<span>%</span></td> </tr> </table> 30438870951 27 <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; margin-bottom: -0.18pt;">What did the Fund invest in?</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; color: #000000; margin-bottom: 0px;">(as of October 31, 2024)</div> <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Portfolio composition</b></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;"> <tr style="border-bottom-style: solid; border-bottom-width: 0.5pt; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;"><em>Asset Type</em></td> <td style="break-inside: avoid-page; text-align: right; font-kerning: none; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"><em>Percent of<br/>Net Assets</em></td> <td style="width: auto; break-inside: avoid-page; font-kerning: none; text-align: left; white-space: nowrap; vertical-align: bottom; padding: 1.6pt 0 0 0;"></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">62.1</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 0 6pt;">U.S. Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 0 0;">35.0</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 0 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: 100%; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 0 1.6pt 6pt;">Other Assets Less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-kerning: none; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 2pt 0 1.6pt 0;">2.9</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; width: auto; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 1.6pt 0 1.6pt 0;"><span style="visibility: hidden; margin-left: -7pt;">%</span></td> </tr> </table> 0.621 0.350 0.029 Past performance is not an indication of future results. Annualized.