BlackRock 20/80 Target Allocation Fund, Investor A (BACPX) N-CSRS Certified semi-annual shareholder report (management investment company)

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

^SM

BlackRock Wealth Liquid Environmentally Aware Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds

^SM

, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 03/31/2022

Date of reporting period: 09/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

September

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

SM

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

September

30,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States

began

the

reporting

period

as

the

initial

reopening-led

economic

rebound

was

beginning

to

slow.

Nonetheless,

the

economy

continued

to

grow

at

a

brisk

pace

for

the

reporting

period,

eventually

regaining

the

output

lost

from

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

strong

fiscal

and

monetary

support,

as

well

as

the

development

of

vaccines,

made

investors

increasingly

optimistic

about

the

economic

outlook.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

two

additional

fiscal

stimulus

packages

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

returns

of

small-capitalization

stocks,

which

benefited

the

most

from

the

resumption

of

in-person

activities,

outpaced

large-capitalization

stocks.

International

equities

also

gained,

as

both

developed

and

emerging

markets

continued

to

recover

from

the

effects

of

the

pandemic.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

solid

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near-zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

In

response

to

rising

inflation

late

in

the

period,

the

Fed

changed

its

market

guidance,

raising

the

possibility

of

higher

rates

in

2022

and

reducing

bond

purchasing

beginning

in

late

2021.

Looking

ahead,

we

believe

that

the

global

expansion

will

continue

to

broaden

as

Europe

and

other

developed

market

economies

gain

momentum,

although

the

delta

variant

of

the

coronavirus

remains

a

threat,

particularly

in

emerging

markets.

While

we

expect

inflation

to

remain

elevated

in

the

medium-term

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long-term.

U.S.

small-capitalization

stocks

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart,

while

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment

as

the

Chinese

economy

slows.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

9.18%

30.00%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.25)

47.68

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

4.70

25.73

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(3.45)

18.20

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.01

0.07

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

2.92

(6.22)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

1.88

(0.90)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.24

2.71

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.65

11.27

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Money

Market

Overview

..................................................................................................

4

Fund

Information

.......................................................................................................

5

Disclosure

of

Expenses

...................................................................................................

5

Financial

Statements:

Schedule

of

Investments

................................................................................................

6

Statement

of

Assets

and

Liabilities

..........................................................................................

9

Statement

of

Operations

................................................................................................

11

Statements

of

Changes

in

Net

Assets

........................................................................................

12

Financial

Highlights

.....................................................................................................

13

Notes

to

Financial

Statements

...............................................................................................

18

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

...................................................................

24

Additional

Information

....................................................................................................

27

Glossary

of

Terms

Used

in

This

Report

.........................................................................................

29

Money

Market

Overview

For

the

Six-Month

Period

Ended

September

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

Throughout

much

of

the

period,

the

COVID-19

delta

variant

dominated

headlines

in

the

United

States

as

cases

and

hospitalizations

spiked,

threatening

the

sustained

economic

recovery,

both

domestically

and

abroad.

Economic

data

continued

to

improve

throughout

the

period,

underscored

by

the

drop

in

the

unemployment

rate

from

6.0%

in

March

2021

to

4.8%

as

of

September

30,

2021.

The

Fed

made

upward

“technical”

adjustments

of

0.05%

to

the

interest

rate

paid

on

required

and

excess

reserves

and

the

offering

rate

on

overnight

repurchase

agreements

operations

in

June

2021,

bringing

these

“administered

rates”

to

0.15%

and

0.05%,

respectively.

Fed

Chair

Jerome

Powell

noted

that

the

adjustments

were

made

“in

order

to

keep

the

Federal

Funds

rate

well

within

the

target

range

and

to

support

smooth

functioning

in

the

money

markets.”

At

its

September

2021

meeting,

the

Federal

Open

Market

Committee

(the

“FOMC”)

noted

that

“if

progress

(toward

its

maximum

employment

and

price

stability

goals)

continues

broadly

as

expected,

the

Committee

judges

that

a

moderation

in

the

pace

of

asset

purchases

may

soon

be

warranted.”

At

the

press

conference

following

the

meeting,

Fed

Chair

Jerome

Powell

noted

the

FOMC

“could

easily

move

ahead

at

the

next

meeting”

(which

concludes

November

3,

2021).

Fed

Chair

Powell

also

acknowledged

that

“the

timing

and

pace

of

the

coming

reduction

in

asset

purchases

will

not

be

intended

to

carry

a

direct

signal

regarding

the

timing

of

interest-rate

liftoff,

for

which

(the

Fed

has)

articulated

a

different

and

substantially

more

stringent

test.”

As

expected,

the

FOMC

left

the

range

for

the

Federal

Funds

target

rate

unchanged

at

0.00%

to

0.25%

during

the

period.

Following

the

September

2021

meeting,

the

“dot

plot”

interest

rate

projections,

in

our

opinion,

had

a

hawkish

lean

over

the

forecast

horizon.

The

forecast

for

2022

rose

to

0.25%

from

0.125%,

with

an

additional

six

rate

hikes

penciled

in

through

2024.

The

federal

debt

ceiling

situation

remains

front

and

center.

The

U.S.

Treasury

continues

to

employ

accounting

“maneuvers”

known

as

“extraordinary

measures”

to

fund

the

U.S.

government

following

the

expiration

of

the

suspension

of

the

debt

ceiling

at

the

end

of

July

2021.

Treasury

Secretary

Janet

Yellen

in

a

letter

to

Speaker

of

U.S.

House

of

Representatives

Nancy

Pelosi

and

congressional

leaders

on

September

28,

2021

estimated

that

“Treasury

is

likely

to

exhaust

its

extraordinary

measures

if

Congress

has

not

acted

to

raise

or

suspend

the

debt

limit

by

October

18.”

Yields

on

Treasury

securities

maturing

around

this

so-called

“X-date”

were

moderately

elevated

relative

to

nearby

issues

in

late

September

2021.

Congress

passed

a

continuing

resolution

to

fund

the

U.S.

government

until

December

3,

2021;

however,

this

“stop-gap”

spending

bill

did

not

address

the

debt

ceiling,

which

will

need

to

be

either

re-suspended

or

raised

in

the

next

few

weeks.

With

the

debt

ceiling

yet

to

be

resolved,

net

Treasury

bill

issuance

fell

an

additional

$561

billion

throughout

the

third

quarter

of

2021,

on

top

of

a

decline

of

over

$680

billion

through

the

first

half

of

2021.

The

reduction

in

net

Treasury

bill

issuance

further

exacerbated

the

painful

supply-demand

imbalance

in

the

front-end

of

the

market.

Further,

liquidity

in

the

banking

system

remained

ample

given

ongoing

asset

purchases

by

the

Fed

and

a

sizable

contraction

in

the

Treasury

General

Account

more

than

$1

trillion

since

the

end

of

2020.

The

Fed’s

overnight

reverse

repo

program

saw

increasingly

elevated

daily

volume

given

the

acute

disparity

between

supply

and

demand

in

the

front

end

of

the

market,

with

daily

utilization

peaking

at

a

record

$1.6

trillion

on

September

30,

2021.

The

secured

overnight

financing

rate—a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities—

held

steady

at

0.05%

throughout

the

third

quarter

of

2021.

The

secured

overnight

financing

rate

increased

to

0.05%

from

0.01%

following

the

FOMC’s

technical

adjustments

to

the

interest

rate

on

excess

reserves

and

reverse

repo

program

rates

in

June.

The

supply-demand

picture

also

remained

challenging

in

the

credit

space.

The

three-month

London

Inter-bank

Offered

Rate

(“LIBOR”)

fell

to

an

all-time

low

of

0.11413%

on

September

9,

2021.

Similarly,

the

three-month

LIBOR-Overnight

Indexed

Swap

spread—a

gauge

of

stress

in

the

financial

system—remained

in

the

low

single

digits.

Industry-wide

money

market

mutual

funds

experienced

net

inflows

of

nearly

$47

billion

during

the

period

ending

September

30,

2021.

Of

this,

assets

of

prime

and

municipal

money

market

funds

fell

$10

billion

and

$46

billion,

respectively,

while

government

money

market

funds

experienced

over

$102

billion

of

inflows.

Specific

to

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund,

the

Fund’s

strategic

allocations

as

of

September

30,

2021

embodied

the

investment

adviser’s

outlook

that

downward

pressure

on

supply

will

persist

and

demand

for

money

market

assets

is

likely

to

continue

to

outpace

supply

over

much

of

the

remainder

of

2021.

Portfolio

purchases

during

the

period

were

focused

primarily

on

high-quality

commercial

paper

and

U.S.

dollar-denominated

certificates

of

deposits

in

the

one-

to

three-month

tenors.

The

portfolio

also

opportunistically

and

selectively

added

some

longer-dated

exposures,

in

both

fixed

and

floating

securities

throughout

the

period.

Issuer

and

security

selection

were

consistent

with

the

environmental

focus

of

the

portfolio.

Past

performance

is

no

guarantee

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Information

as

of

September

30,

2021

5

Fund

Information

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Investment

Objective

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund’s

(the

"Fund")

investment

objective

is

to

seek

as

high

a

level

of

current

income

as

is

consistent

with

liquidity

and

preservation

of

capital

while

giving

consideration

to

select

environmental

criteria.

Expense

Example

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on April

1,

2021 and

held

through

September

30,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

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 share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

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

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example 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.

Actual

Hypothetical

(a)

Beginning

Account

Value

(04/01/21)

Ending

Account

Value

(09/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(04/01/21)

Ending

Account

Value

(09/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,000.00‌

$

0.85‌

$

1,000.00‌

$

1,024.22‌

$

0.86‌

0.17‌%

Premier

..................................

1,000.00‌

1,000.00‌

0.90‌

1,000.00‌

1,024.17‌

0.91‌

0.18‌

Service

..................................

1,000.00‌

1,000.00‌

0.90‌

1,000.00‌

1,024.17‌

0.91‌

0.18‌

Investor

A

................................

1,000.00‌

1,000.00‌

0.90‌

1,000.00‌

1,024.17‌

0.91‌

0.18‌

Investor

C

................................

1,000.00‌

1,000.00‌

0.90‌

1,000.00‌

1,024.17‌

0.91‌

0.18‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yields

7-Day

Yields

Institutional

..............................

0.01‌

%

0.01‌

%

Premier

................................

0.01‌

0.01‌

Service

................................

0.01‌

0.01‌

Investor

A

...............................

0.01‌

0.01‌

Investor

C

...............................

0.01‌

0.01‌

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

an

indication

of

future

results.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Commercial

Paper

...................................

47‌

%

Certificates

of

Deposit

.................................

23‌

Municipal

Bonds

....................................

10‌

Time

Deposits

......................................

10‌

Repurchase

Agreements

...............................

5‌

U.S.

Government

Sponsored

Agency

Obligations

..............

1‌

Corporate

Bonds

....................................

1‌

Other

Assets

Less

Liabilities

............................

3‌

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

—

23.5%

Domestic

—

0.8%

(a)

Bank

of

America

Corp.,

0.21%, 07/08/22

....

USD

1,750

$

1,750,000

Goldman

Sachs

Bank,

(SOFR

+

0.17%),

0.22%, 07/26/22

..................

10,000

10,000,000

11,750,000

Euro

—

1.2%

(b)

Bank

of

Montreal,

0.28%, 03/09/22

........

5,000

4,993,834

National

Westminster

Bank

plc,

0.21%, 03/31/22

..................

14,000

13,985,237

18,979,071

Yankee

—

21.5%

(c)

Bank

of

Montreal,

Chicago

(a)

:

(LIBOR

USD

3

Month

+

0.04%),

0.18%, 10/06/21

................

30,000

30,000,000

(SOFR

+

0.15%),

0.20%, 09/21/22

......

10,000

10,000,000

Bank

of

Nova

Scotia,

Houston

(a)

:

(SOFR

+

0.16%),

0.21%, 06/03/22

......

12,000

12,000,000

(SOFR

+

0.20%),

0.25%, 06/17/22

......

15,000

15,000,000

Canadian

Imperial

Bank

of

Commerce,

New

York

(a)

:

(LIBOR

USD

3

Month

+

0.04%),

0.18%, 10/04/21

................

30,000

30,000,000

(LIBOR

USD

3

Month

+

0.11%),

0.24%, 01/14/22

................

10,000

10,000,000

Credit

Suisse

AG,

New

York,

(SOFR

+

0.30%),

0.35%, 11/16/21

(a)

.................

20,000

20,000,000

Kookmin

Bank,

New

York,

(LIBOR

USD

1

Month

+

0.23%),

0.31%, 02/07/22

(a)

.....

9,000

9,000,000

Landesbank

Baden-Wuerttemberg,

New

York,

0.07%, 10/07/21

..................

49,000

49,000,000

MUFG

Bank

Ltd.,

New

York:

0.24%, 01/13/22

..................

5,000

5,000,000

0.23%, 01/28/22

..................

15,000

15,000,000

Natixis

SA,

New

York,

(SOFR

+

0.17%),

0.22%, 08/05/22

(a)

.................

12,000

12,000,000

Royal

Bank

of

Canada,

New

York,

(LIBOR

USD

3

Month

+

0.09%),

0.21%, 12/10/21

(a)

....

18,000

18,000,000

Standard

Chartered

Bank,

New

York

(a)

:

0.24%, 02/01/22

-

09/02/22

...........

22,250

22,250,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York,

0.06%, 10/06/21

..................

45,000

45,000,000

Svenska

Handelsbanken

AB,

New

York,

0.24%, 04/06/22

..................

12,000

12,000,310

Swedbank

AB,

New

York,

(LIBOR

USD

3

Month

+

0.05%),

0.18%, 10/20/21

(a)

..........

20,000

19,999,945

334,250,255

Total

Certificates

of

Deposit

—

23.5%

(Cost:

$364,979,326)

..............................

364,979,326

Commercial

Paper

—

46.9%

Alinghi

Funding

Co.

LLC

(b)

:

0.14%,

12/07/21

..................

12,000

11,993,970

0.21%,

05/24/22

..................

6,000

5,991,775

Alpine

Securitization

LLC,

0.21%

,

06/13/22

(d)

.

20,000

20,000,000

Alpine

Securitization

Ltd.,

0.26%

,

07/08/22

(d)

.

25,000

25,000,000

Antalis

SA

(b)

:

0.10%,

10/05/21

..................

15,000

14,999,883

0.11%,

10/18/21

..................

21,000

20,998,711

0.12%,

11/10/21

..................

6,000

5,999,133

0.13%,

12/08/21

..................

10,650

10,646,379

0.14%,

01/20/22

..................

7,000

6,996,115

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

ANZ

New

Zealand

Int'l

Ltd.

(b)

:

0.12%,

04/19/22

..................

USD

10,000

$

9,991,111

0.13%,

04/26/22

..................

12,000

11,982,750

0.14%,

05/05/22

..................

10,000

9,985,000

ASB

Finance

Ltd.

(b)

:

0.13%,

03/07/22

..................

7,000

6,994,505

0.14%,

04/20/22

..................

20,000

19,981,575

Australia

&

New

Zealand

Banking

Group

Ltd.,

(LIBOR

USD

3

Month

+

0.03%),

0.15%

,

03/02/22

(a)

......................

10,000

10,000,000

Barclays

Bank

plc,

0.08%

,

10/01/21

(b)

......

20,000

20,000,000

Bayerische

Landesbank

(b)

:

0.06%,

10/01/21

..................

15,000

15,000,000

0.06%,

10/06/21

..................

40,000

39,999,667

BNZ

International

Funding

Ltd.

(b)

:

0.08%,

11/16/21

..................

8,000

7,997,904

0.11%,

01/25/22

..................

20,000

19,989,045

BPCE

SA

(b)

:

0.10%,

12/01/21

..................

14,000

13,992,053

0.10%,

12/09/21

..................

10,000

9,993,579

Britannia

Funding

Co.

LLC

(b)(d)

:

0.17%,

02/16/22

..................

30,700

30,679,994

0.17%,

02/22/22

..................

7,000

6,995,240

Cargill,

Inc.,

0.07%

,

10/01/21

(b)

...........

35,000

35,000,000

Citigroup

Global

Markets,

Inc.,

0.17%

,

06/03/22

(b)

......................

20,000

19,974,139

Commonwealth

Bank

of

Australia,

(LIBOR

USD

3

Month

+

0.04%),

0.17%

,

05/23/22

(a)

....

35,000

35,000,000

Crown

Point

Capital

Co.

LLC,

0.34%

,

04/25/22

(d)

......................

10,000

10,000,000

Goldman

Sachs

International,

0.30%

,

09/23/22

(b)

......................

6,000

5,985,125

Hydro-Quebec,

0.06%

,

10/01/21

(b)

........

35,000

35,000,000

ING

US

Funding

LLC

(b)

:

0.10%,

12/14/21

..................

9,000

8,994,543

0.12%,

02/18/22

..................

6,500

6,494,944

Kookmin

Bank,

0.09%

,

11/02/21

(b)

.........

17,000

16,997,733

National

Australia

Bank

Ltd.

(a)

:

(LIBOR

USD

3

Month

+

0.04%),

0.17%,

03/29/22

.....................

7,000

7,000,000

(SOFR

+

0.12%),

0.17%,

06/16/22

......

12,000

12,000,000

National

Bank

of

Canada,

0.09%

,

10/25/21

(b)

.

25,000

24,996,667

Santander

UK

plc,

0.07%

,

10/01/21

(b)

......

50,000

50,000,000

Skandinaviska

Enskilda

Banken

AB,

0.15%

,

05/02/22

(b)

......................

10,000

9,989,350

Societe

Generale

SA,

0.14%

,

03/31/22

(b)

....

5,000

4,995,475

Sumitomo

Mitsui

Trust

Bank

Ltd.,

0.08%

,

10/27/21

(b)

......................

7,000

6,999,318

Toronto-Dominion

Bank

(The),

0.08%

,

10/04/21

(b)

......................

30,000

29,999,850

UBS

AG:

(SOFR

+

0.20%),

0.25%,

02/08/22

(a)

....

8,000

8,000,000

0.23%,

08/18/22

(b)

.................

12,000

11,973,250

0.22%,

09/22/22

(a)

.................

10,000

10,000,000

Westpac

Banking

Corp.

(a)

:

(LIBOR

USD

3

Month

+

0.01%),

0.13%,

02/04/22

.....................

10,000

9,999,648

(LIBOR

USD

3

Month

+

0.02%),

0.14%,

02/17/22

.....................

14,000

13,999,644

Total

Commercial

Paper

—

46.9%

(Cost:

$729,608,075)

..............................

729,608,075

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Corporate

Bonds

—

0.6%

Consumer

Finance

—

0.6%

Toyota

Motor

Credit

Corp.,

(SOFR

+

0.15%),

0.20%,

08/15/22

(a)

................

USD

9,198

$

9,198,000

Total

Corporate

Bonds

—

0.6%

(Cost:

$9,198,000)

...............................

9,198,000

Municipal

Bonds

—

10.2%

Arizona

—

3.5%

(d)(e)(f)

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9031,

RB,

VRDN

(Mizuho

Capital

Mkts

LLC

LOC),

0.34%, 11/04/21

..................

13,630

13,630,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9037,

RB,

VRDN

(Mizuho

Capital

Mkts

LLC

LOC),

0.34%, 11/04/21

..................

25,000

25,000,000

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9045,

RB,

VRDN

(Mizuho

Capital

Mkts

LLC

LOC),

0.34%, 11/04/21

..................

15,000

15,000,000

53,630,000

California

—

0.6%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9048,

RB,

VRDN

(Mizuho

Capital

Mkts

LLC

LOC),

0.34%, 11/04/21

(d)(e)(f)

...............

9,345

9,345,000

Colorado

—

0.6%

Colorado

Housing

and

Finance

Authority,

Series

2021C-2,

RB,

VRDN

(Federal

Home

Loan

Bank

SBPA),

0.06%, 10/07/21

(f)

........

9,485

9,485,000

Florida

—

1.8%

Abag

Finance

Authority

for

Nonprofit

Corp.,

Tender

Option

Bond

Trust

Receipts/

Certificates

Various

States,

Series

2020-

XFT1204,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 10/07/21

(d)(e)(f)

.....

28,325

28,325,000

Security

Par

(000)

Par

(000)

Value

New

York

—

1.7%

Taxable

Series

2021-XFT1210,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2021-XFT1210,

RB,

VRDN

(JP

Morgan

Chase

Bank

NA

LIQ),

0.14%, 10/07/21

(d)(e)(f)

...............

USD

26,390

$

26,390,000

Rhode

Island

—

2.0%

Mizuho

Floater/Residual

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates

Various

States,

Series

2020-MIZ9023,

RB,

VRDN

(Mizuho

Capital

Mkts

LLC

LOC),

0.33%, 11/04/21

(d)(e)(f)

...............

30,915

30,915,000

Total

Municipal

Bonds

—

10.2%

(Cost:

$158,090,000)

..............................

158,090,000

Time

Deposits

—

9.5%

Credit

Agricole

Corporate

and

Investment

Bank

SA,

0.05%, 10/01/21

...............

1,600

1,600,000

Royal

Bank

of

Canada,

0.05%, 10/01/21

....

25,000

25,000,000

Skandinaviska

Enskilda

Banken

AB,

0.05%, 10/01/21

..................

62,000

62,000,000

Svenska

Handelsbanken

AB,

0.05%, 10/01/21

20,000

20,000,000

Swedbank

AB,

0.06%, 10/01/21

..........

40,000

40,000,000

Total

Time

Deposits

—

9.5%

(Cost:

$148,600,000)

..............................

148,600,000

U.S.

Government

Sponsored

Agency

Obligations

—

1.2%

United

States

International

Development

Finance

Corp.

Variable

Rate

Notes:

(3

Month

Treasury

B

ill

Rate

+

0.00%),

0.09%,

 10/07/21

(a)

...............

18,319

18,318,750

Total

U.S.

Government

Sponsored

Agency

Obligations

—

1.2%

(Cost:

$18,318,750)

...............................

18,318,750

Total

Repurchase

Agreements

—

5.3%

(Cost:

$83,000,000)

...............................

83,000,000

Total

Investments

—

97.2%

(Cost:

$1,511,794,151

)

(g)

...........................

1,511,794,151

Other

Assets

Less

Liabilities

—

2.8%

....................

43,604,836

Net

Assets

—

100.0%

...............................

$

1,555,398,987

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Issuer

is

a

U.S.

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)

These

securities

are

short-term

floating

rate

certificates

issued

by

tender

option

bond

trusts

and

are

secured

by

the

underlying

municipal

bond

securities.

(f)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(g)

Cost

for

U.S.

federal

income

tax

purposes.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

See

notes

to

financial

statements.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

0.05

%

09/30/21

10/01/21

$

43,000

$

43,000

$

43,000,060

U.S.

Treasury

Obligation,

2.00%,

due

11/30/22

.........

$

42,648,800

$

43,860,012

$

–

$

–

Citigroup

Global

Markets,

Inc.

...........

0.06

09/30/21

10/01/21

20,000

20,000

20,000,033

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

23.58%,

due

11/25/36

to

10/15/48

.......

26,096,415

21,406,357

$

–

$

–

Fixed

Income

Clearing

Corp

.

..........

0.05

09/30/21

10/01/21

8,000

8,000

8,000,011

U.S.

Treasury

Obligation,

0.05%,

due

10/01/21

.........

9,396,200

8,160,015

$

–

$

–

JP

Morgan

Securities

LLC

...........

0.05

09/30/21

10/01/21

10,000

10,000

10,000,014

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

5.00%,

due

03/20/32

to

03/20/51

.........

14,151,666

10,200,000

$

–

$

–

Mizuho

Securities

USA

LLC

...........

0.05

09/30/21

10/01/21

2,000

2,000

2,000,003

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

09/20/51

.........

2,076,643

2,100,000

$

–

$

–

$

83,000

$

85,726,384

$

–

$

–

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

1,511,794,151

$

—

$

1,511,794,151

Statement

of

Assets

and

Liabilities

(unaudited)

September

30,

2021

9

Financial

Statements

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

1,428,794,151‌

Cash

.............................................................................................................

44,684,359‌

Repurchase

agreements,

at

value

(b)

.........................................................................................

83,000,000‌

Receivables:

–‌

Capital

shares

sold

...................................................................................................

575,925‌

Interest

—

unaffiliated

.................................................................................................

236,634‌

From

the

Manager

...................................................................................................

1,786‌

Prepaid

expenses

.....................................................................................................

168,483‌

Total

assets

.........................................................................................................

1,557,461,338‌

LIABILITIES

Payables:

–‌

Administration

fees

...................................................................................................

74,257‌

Capital

shares

redeemed

...............................................................................................

1,617,889‌

Income

dividend

distributions

............................................................................................

726‌

Investment

advisory

fees

..............................................................................................

98,555‌

Trustees'

and

Officer's

fees

.............................................................................................

4,000‌

Other

affiliate

fees

...................................................................................................

35,533‌

Other

accrued

expenses

...............................................................................................

231,391‌

Total

liabilities

........................................................................................................

2,062,351‌

NET

ASSETS

........................................................................................................

$

1,555,398,987‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

1,555,196,802‌

Accumulated

earnings

..................................................................................................

202,185‌

NET

ASSETS

........................................................................................................

$

1,555,398,987‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

1,428,794,151‌

(b)

  Repurchase

agreements,

at

cost

—

unaffiliated

................................................................................

$

83,000,000‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

272,758,205‌

Shares

outstanding

.................................................................................................

272,745,467‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Premier

Net

assets

........................................................................................................

$

36,746‌

Shares

outstanding

.................................................................................................

36,744‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Service

Net

assets

........................................................................................................

$

28,176,752‌

Shares

outstanding

.................................................................................................

28,175,436‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

A

Net

assets

........................................................................................................

$

1,242,193,331‌

Shares

outstanding

.................................................................................................

1,242,135,270‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Investor

C

Net

assets

........................................................................................................

$

12,233,953‌

Shares

outstanding

.................................................................................................

12,233,382‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.00

1‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2021

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

INVESTMENT

INCOME

Interest

—

unaffiliated

................................................................................................

$

1,707,162‌

Total

investment

income

.................................................................................................

1,707,162‌

EXPENSES

Investment

advisory

..................................................................................................

3,965,431‌

Service

and

distribution

—

class

specific

....................................................................................

1,916,094‌

Administration

.....................................................................................................

367,052‌

Administration

—

class

specific

..........................................................................................

185,798‌

Transfer

agent

—

class

specific

..........................................................................................

183,962‌

Registration

.......................................................................................................

103,402‌

Professional

.......................................................................................................

81,711‌

Accounting

services

..................................................................................................

32,123‌

Custodian

.........................................................................................................

21,336‌

Trustees

and

Officer

..................................................................................................

8,001‌

Miscellaneous

......................................................................................................

64,331‌

Total

expenses

.......................................................................................................

6,929,241‌

Less:

–‌

Administration

fees

waived

—

class

specific

..................................................................................

(179,753‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(3,008,117‌)

Service

and

distribution

fees

waived

and/or

reimbursed

—

class

specific

...............................................................

(1,916,094‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.....................................................................

(161,334‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

1,663,943‌

Net

investment

income

..................................................................................................

43,219‌

REALIZED

GAIN

$

11,534‌

Net

realized

gain

from

investments

........................................................................................

11,534‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

54,753‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

03/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

43,219‌

$

3,361,668‌

Net

realized

gain

..................................................................................

11,534‌

221,016‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

54,753‌

3,582,684‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(13,746‌)

(971,388‌)

Premier

.......................................................................................

(1‌)

(79‌)

Service

.......................................................................................

(683‌)

(15,811‌)

Investor

A

.....................................................................................

(28,509‌)

(2,515,253‌)

Investor

C

.....................................................................................

(280‌)

(20,815‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(43,219‌)

(3,523,346‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(706,824,881‌)

(758,932,753‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(706,813,347‌)

(758,873,415‌)

Beginning

of

period

..................................................................................

2,262,212,334‌

3,021,085,749‌

End

of

period

......................................................................................

$

1,555,398,987‌

$

2,262,212,334‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Institutional

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0021‌

0.0195‌

0.0213‌

0.0118‌

0.0061‌

Net

realized

gain

............................

0.0000‌

(a)

0.0001‌

0.0000‌

(a)

0.0000‌

(a)

0.0004‌

0.0002‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0022‌

0.0195‌

0.0213‌

0.0122‌

0.0063‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0021‌)

(0.0195‌)

(0.0213‌)

(0.0122‌)

(0.0061‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0002‌)

Total

distributions

.............................

(0.0000‌)

(0.0022‌)

(0.0195‌)

(0.0213‌)

(0.0122‌)

(0.0063‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

—

0.21%

1.97%

2.15%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.21%

1.97%

2.15%

1.23%

0.63%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.53%

(g)

0.53%

0.56%

0.60%

0.56%

0.56%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.17%

(g)

0.20%

0.20%

0.20%

0.20%

0.20%

Net

investment

income

.........................

0.01%

(g)

0.18%

1.94%

2.17%

1.18%

0.61%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

272,758‌

$

523,322‌

$

369,187‌

$

336,387‌

$

305,669‌

$

569,757‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Premier

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

03/31/2021

Period

from

07/26/19

(a)

to

03/31/20

Net

asset

value,

beginning

of

period

...........................................................

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

....................................................................

0.0000‌

(b)

0.0021‌

0.0117‌

Net

realized

gain

........................................................................

0.0000‌

(b)

0.0001‌

0.0000‌

(b)

Net

increase

from

investment

operations

..........................................................

0.0000‌

0.0022‌

0.0117‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.0000‌)

(d)

(0.0021‌)

(0.0117‌)

From

net

realized

gain

.....................................................................

—‌

(0.0001‌)

(0.0000‌)

(d)

Total

distributions

.........................................................................

(0.0000‌)

(0.0022‌)

(0.0117‌)

Net

asset

value,

end

of

period

................................................................

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(e)

—

0.22%

1.18%

Based

on

net

asset

value

....................................................................

0.00%

(f)(g)

0.22%

1.18%

(f)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.61%

(h)

0.58%

0.70%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.18%

(h)

0.20%

0.20%

(h)

Net

investment

income

.....................................................................

0.00%

(g)(h)

0.21%

1.75%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

37‌

$

37‌

$

37‌

(a)

Commencement

of

operations.

(b)

Amount

is

less

than

$0.00005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Amount

is

less

than

0.005%.

(h)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Service

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0009‌

0.0165‌

0.0185‌

0.0092‌

0.0009‌

Net

realized

gain

............................

0.0000‌

(a)

0.0001‌

0.0000‌

(a)

0.0000‌

(a)

0.0001‌

0.0024‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0010‌

0.0165‌

0.0185‌

0.0093‌

0.0033‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0009‌)

(0.0165‌)

(0.0185‌)

(0.0093‌)

(0.0009‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0024‌)

Total

distributions

.............................

(0.0000‌)

(0.0010‌)

(0.0165‌)

(0.0185‌)

(0.0093‌)

(0.0033‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

—

0.10%

1.66%

1.87%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.10%

1.66%

1.87%

0.93%

0.33%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.78%

(g)

0.78%

0.84%

0.83%

0.86%

0.89%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.18%

(g)

0.25%

0.50%

0.47%

0.50%

0.50%

Net

investment

income

.........................

0.00%

(f)(g)

0.04%

1.65%

1.87%

0.92%

0.09%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

28,177‌

$

45,926‌

$

5,692‌

$

6,152‌

$

5,655‌

$

6,191‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Investor

A

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0009‌

0.0164‌

0.0178‌

0.0090‌

0.0025‌

Net

realized

gain

(loss)

........................

0.0000‌

(a)

0.0001‌

0.0000‌

(a)

0.0000‌

(a)

(0.0002‌)

0.0003‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0010‌

0.0164‌

0.0178‌

0.0088‌

0.0028‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0009‌)

(0.0164‌)

(0.0178‌)

(0.0088‌)

(0.0025‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0003‌)

Total

distributions

.............................

(0.0000‌)

(0.0010‌)

(0.0164‌)

(0.0178‌)

(0.0088‌)

(0.0028‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

—

0.10%

1.66%

1.80%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.10%

1.66%

1.80%

0.88%

0.28%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.79%

(g)

0.78%

0.81%

0.90%

0.91%

0.97%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.18%

(g)

0.34%

0.50%

0.54%

0.54%

0.55%

Net

investment

income

.........................

0.00%

(f)(g)

0.10%

1.45%

1.85%

0.90%

0.25%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,242,193‌

$

1,677,581‌

$

2,616,196‌

$

484,301‌

$

180,873‌

$

122,896‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Investor

C

Six

Months

Ended

09/30/21

(unaudited)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

........................

0.0000‌

(a)

0.0008‌

0.0086‌

0.0105‌

0.0017‌

0.0009‌

Net

realized

gain

............................

0.0000‌

(a)

0.0001‌

0.0000‌

(a)

0.0000‌

(a)

0.0001‌

0.0001‌

Net

increase

from

investment

operations

..............

0.0000‌

0.0009‌

0.0086‌

0.0105‌

0.0018‌

0.0010‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.0000‌)

(c)

(0.0008‌)

(0.0086‌)

(0.0105‌)

(0.0018‌)

(0.0009‌)

From

net

realized

gain

.........................

—‌

(0.0001‌)

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0001‌)

Total

distributions

.............................

(0.0000‌)

(0.0009‌)

(0.0086‌)

(0.0105‌)

(0.0018‌)

(0.0010‌)

Net

asset

value,

end

of

period

....................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

—

0.08%

0.87%

1.05%

—

—

Based

on

net

asset

value

........................

0.00%

(e)(f)

0.08%

0.87%

1.05%

0.18%

0.10%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.59%

(g)

1.54%

1.62%

1.64%

1.65%

1.62%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.18%

(g)

0.35%

1.28%

1.28%

1.24%

0.71%

Net

investment

income

.........................

0.00%

(f)(g)

0.09%

0.85%

1.07%

0.17%

0.09%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

12,234‌

$

15,347‌

$

29,973‌

$

15,174‌

$

21,727‌

$

26,434‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

1.

ORGANIZATION 

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 

Massachusetts

business

trust.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Service

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Premier

Shares

are

sold

without

a

sales

charge

and

are

only

available

through

financial

intermediaries

trading

on

the

NSCC

Fund/SERV

trading

platform.

Service,

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

are

available

only

through

exchanges

and

dividend

and

capital

gain

reinvestments

by

current

holders.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

 Premier

Shares

commenced

operations

on

July

26,

2019.

(b)

Investor

A

Shares

may

be

subject

to

a

CDSC

upon

redemption

of

shares

received

in

an

exchange

transaction

for

Investor A

Shares

of

a

fund

advised

by

the

Manager

(defined

below)

or

its

affiliates

(each,

a

“BlackRock

Fund”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase

of

such

fund.

Investor C

Shares

may

be

subject

to

a

CDSC

upon

redemption

of

shares

received

in

an

exchange

transaction

for

Investor C

Shares

of

a

non-money

market

BlackRock

Fund.

The

Fund

operates

as

a

“retail

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

The

Board

of

Trustees

of

the

Trust (the

"Board")

is

permitted

to

impose

a

liquidity

fee

of

up

to

2%

of

the

value

of

shares

redeemed

or

temporarily

restrict

redemptions

from

the

Fund

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

distributed

at

least

annually

and

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

. 

Liquidity

Fees:

Any

liquidity

fees

imposed

on

the

value

of

shares

redeemed

in

the

event

that

the

Fund’s

weekly

liquid

assets

fall

below

certain

thresholds

are

recorded

as

paid-in-capital.

The

liquidity

fees

are

collected

and

retained

by

the

Fund

for

the

benefit

of the

Fund’s

remaining

interest

holders. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

The

Fund

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

The

Fund

may

incur

charges

on

overdrafts,

subject

to

certain

conditions.

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Service

Shares

.....................................

No

No

None

Premier

Shares

(a)

..............................................

No

No

None

Investor

A

Shares

..............................................

No

No

(b)

None

Investor

C

Shares

.............................................

No

No

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

19

Notes

to

Financial

Statements

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 U.S.

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

Fund’s

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

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security.

The

Fund

seeks

to

maintain

its

net

asset

value

(“NAV”)

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

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

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

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

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

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

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri

party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third-party

custodian

maintains

accounts

to

hold

collateral

for a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively. 

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty. 

5.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into

a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a 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

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

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

shareholders.

For

the six

months

ended

September

30,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Administration

Agreement

with

the

Manager,

and

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below:

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

September

30,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

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

six

months ended September

30,

2021,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.450

%

$1

Billion

-

$2

Billion

.....................................................................................................

0.400

$2

Billion

-

$3

Billion

....................................................................................................

0.375

Greater

than

$3

Billion

...................................................................................................

0.350

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌%

—‌%

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

Service

and

Distribution

Fees

Service

.........................................................................................................

$

44,174‌

Investor

A

........................................................................................................

1,802,657‌

Investor

C

........................................................................................................

69,263‌

$

1,916,094‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Institutional

.......................................................................................................

$

36,675‌

Premier

.........................................................................................................

4‌

Service

.........................................................................................................

3,533‌

Investor

A

........................................................................................................

144,201‌

Investor

C

........................................................................................................

1,385‌

$

185,798‌

Institutional

.............................................................................................................

$

1,184‌

Investor

A

..............................................................................................................

68

0‌

$

1

,

864‌

Notes

to

Financial

Statements

(unaudited)

(continued)

21

Notes

to

Financial

Statements

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

September

30,

2021,

the

Fund

did

not

reimburse

the

Manager

any

amounts

in

return

for

these

services.

For

the

six

months ended

September

30,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

six

months

ended

September

30,

2021

,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses

,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”)

.

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2023,

unless

approved

by

the

Board,

including

a

majority

of

the trustees who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

September

30,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$2,786,022,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/

or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

September

30,

2021,

class

specific

expense

waivers

and/or

reimbursements are

as

follows: 

The

Manager

and

BRIL

have

also

voluntarily

agreed

to

waive

a

portion

of

their

respective

investment

advisory

and

service

and

distribution

fees

and/or

reimburse

operating

expenses

to

enable

the

Fund

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statement

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager,

administration

fees

waived

—

class

specific,

service

and

distribution

fees

waived

and/or

reimbursed —

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific.

The

Manager

and

BRIL

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

six

months ended

September

30,

2021,

there

were

$2,430,292 waived

and/or

reimbursed

by

the

Manager

and

BRIL

under

this

agreement.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

six

months ended

September

30,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

affiliated

fund

s

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

Institutional

.......................................................................................................

$

12,441‌

Premier

.........................................................................................................

17‌

Service

.........................................................................................................

1,166‌

Investor

A

........................................................................................................

165,537‌

Investor

C

........................................................................................................

4,801‌

$

183,962‌

Investor

A

$

26,780‌

Investor

C

268‌

Institutional

..........................................................................................................

0.20‌%

Premier

............................................................................................................

0.20‌

Service

............................................................................................................

0.50‌

Investor

A

...........................................................................................................

0.55‌

Investor

C

...........................................................................................................

1.30‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Institutional

....................................................................................

$

36,675‌

$

12,

289‌

Premier

......................................................................................

4‌

16‌

Service

......................................................................................

—‌

—‌

Investor

A

.....................................................................................

—‌

—‌

Investor

C

.....................................................................................

—‌

—‌

$

36,679‌

$

12,3

05‌

Purchases

...............................................................................................................

$

—‌

Sales

...................................................................................................................

24,992,649‌

Net

Realized

Gain

(Loss)

.....................................................................................................

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

6.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

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

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

September

30,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

7.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Certain

obligations

held

by

the

Fund

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

Fund

monitors

its

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. 

Market

Risk:

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer's

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

8.

CAPITAL

SHARE

TRANSACTIONS 

The

number

of

shares

sold,

reinvested

and

redeemed

corresponds

to

the

net

proceeds

from

the

sale

of

shares,

reinvestment

of

all

distributions

and

cost

of

shares

redeemed,

respectively,

since

shares

are

sold

and

redeemed

at

$1.00

per

share.

As

of

September

30,

2021,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

36,744

Premier

Shares

of

the

Fund.

9.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

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.

d

Fund

Name

/Share

Class

Six

Months

Ended

09/30/21

Year

Ended

03/31/21

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Institutional

Shares

sold

236,168,879‌

1,170,723,442‌

Shares

issued

in

reinvestment

of

distributions

........................................................

6,460‌

438,340‌

Shares

redeemed

(486,737,579‌)

(1,017,040,963‌)

(250,562,240‌)

154,120,819‌

Premier

Shares

sold

—‌

—‌

Shares

issued

in

reinvestment

of

distributions

........................................................

—‌

—‌

Shares

redeemed

—‌

—‌

—‌

—‌

Service

Shares

sold

5,580,379‌

72,032,686‌

Shares

issued

in

reinvestment

of

distributions

........................................................

678‌

15,339‌

Shares

redeemed

(23,330,331‌)

(31,815,664‌)

(17,749,274‌)

40,232,361‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

69,064,732‌

1,380,124,647‌

Shares

issued

in

reinvestment

of

distributions

........................................................

28,355‌

2,512,348‌

Shares

redeemed

(504,493,307‌)

(2,321,296,419‌)

(435,400,220‌)

(938,659,424‌)

Investor

C

Shares

sold

4,230,989‌

22,616,645‌

Shares

issued

in

reinvestment

of

distributions

........................................................

257‌

20,363‌

Shares

redeemed

and

automatic

conversion

of

shares

(7,344,393‌)

(37,263,517‌)

(3,113,147‌)

(14,626,509‌)

(706,824,881‌)

(758,932,753‌)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

April

7,

2021

(the

“April

Meeting”)

and

May

10-12,

2021

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

the

Manager

and

BlackRock

International

Limited

(the

“Sub-Advisor”)

with

respect

to

the

Fund.

The

Manager

and

the

Sub-Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreement

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

the

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

the

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock's

and

the

Fund's

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

members

of

the

Board

gave

attention

to

all

of

the

information

that

was

furnished,

and

each

Board

Member

placed

varying

degrees

of

importance

on

the

various

pieces

of

information

that

were

provided

to

them.

The

Board

evaluated

the

information

available

to

it

on

a

fund

by

fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

25

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

the

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

the

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

the

Fund.

BlackRock

and

its

affiliates

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

the

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

the

Fund's

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

a

weighted

average

benchmark

of

similar

funds,

as

defined

by

BlackRock

(“Benchmark

Weighted

Average”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

the

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

reviewed

the

Fund’s

performance

within

the

context

of

the

low

yield

environment.

In

addition

to

reviewing

the

Fund’s

performance

and

current

yield,

it

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

of

the

Fund’s

portfolio.

The

Board

noted

that

for

the

one-

and

three-year

periods

reported,

the

Fund

outperformed

and

underperformed,

respectively,

its

Benchmark

Weighted

Average.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Benchmark

Weighted

Average

during

the

applicable

period.

The

Board

noted

that

effective

May

11,

2020,

the

Fund

had

undergone

a

change

in

its

investment

objective

and

investment

strategy,

and

changed

its

name

from

BlackRock

Money

Market

Portfolio

to

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

the

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

the

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

reviewed

the

expenses

within

the

context

of

the

low

yield

environment,

and

any

consequent

expense

waivers

and

reimbursements

necessary

to

maintain

minimum

levels

of

daily

net

investment

income,

as

applicable.

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

additionally

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

the

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

27

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

ann

ual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

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

Transfer

Agent at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

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

Plans

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

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

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

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.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

The

Bank

of

New

York

Mellon

New

York,

NY

10286

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

This

Report

29

Glossary

of

Terms

Used

in

This

Report

Currency

Abbreviations

USD

United

States

Dollar

Portfolio

Abbreviations

LIBOR

London

Interbank

Offered

Rate

LIQ

Liquidity

Agreement

LOC

Letter

of

Credit

RB

Revenue

Bonds

SBPA

Stand-by-Bond

Purchase

Agreement

SOFR

Secured

Overnight

Financing

Rate

VRDN

Variable

Rate

Demand

Notes

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund's

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

the

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

The

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

the

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

MM-9/21-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) 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 registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)

that occurred during the period covered by this report

that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

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

^SM

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: December 3, 2021

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

^SM

Date: December 3, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

^SM

Date: December 3, 2021